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Corporate reputation and the future cost of equity
Pfister, Benjamin; Schwaiger, Manfred; Morath, Tobias - In: Business Research 13 (2020) 1, pp. 343-384
Corporate reputation is an important management objective, bearing the potential to create sustainable competitive …. Applying a validated measure of reputation, we scrutinize its impact for a set of German blue-chip companies between 2005 and … 2011. We show that higher levels of reputation are associated with a lower future cost of equity. While reputation …
Persistent link: https://www.econbiz.de/10012502904
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Conditional Conservatism and the Cost of Equity Capital : Information Precision and Information Asymmetry Effects
Biddle, Gary C. - 2017
Prior studies report negative or insignificant relations between conditional conservatism and the cost of equity capital, arguing that conservatism reduces information risk. Using accounting-based conditional conservatism proxies, however, we find a significantly positive association between...
Persistent link: https://www.econbiz.de/10012973175
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Asymmetric Effects of Informed Trading on the Cost of Equity Capital
Brennan, Michael J. - 2015
We decompose the structural estimate of the probability of informed trading, PIN, into components that capture informed trading on good and on bad news. We estimate these two components at quarterly intervals, and provide new evidence that they capture informed trading around earnings...
Persistent link: https://www.econbiz.de/10013036090
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Information aggregation through stock prices and the cost of capital
Gorelkina, Olga; Kuhle, Wolfgang - 2013
This paper studies a firmś optimal capital structure in an environment, where the firmś stock price serves as a public signal for its credit worthiness. In equilibrium, equity investors choose how much information to acquire privately, which induces a positive relation between the amount of...
Persistent link: https://www.econbiz.de/10010189328
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Intangible investments and cost of equity capital : An empirical research on Vietnamese firms
Trinh Hiep Thien; Nguyen Xuan Hung - In: Cogent economics & finance 11 (2023) 1, pp. 1-16
Together with the development of knowledge-based economy, investment in intangibles has been dramatically increasing. Although intangibles are widely recognized as primary value drivers for more firms, as evidence of many studies related to the value relevance or the market valuation of...
Persistent link: https://www.econbiz.de/10014500488
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Organization Capital and the Cost of Equity Financing in Medium-Sized Manufacturing Firms
Attig, Najah - 2017
We examine the effects of organization capital — evident in management quality practices — on firms' implied cost of equity. We show that superior management practices decrease firms' cost of equity capital. This novel finding, robust to a battery of sensitivity analyses and to endogeneity...
Persistent link: https://www.econbiz.de/10012956213
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Corporate Social Responsibility and Firms’ Cost of Equity : How Does Culture Matter?
Matthiesen, Marie-Louise - 2017
The paper examines the relationship between CSR and cost of equity in an in-ternational context assessing the moderating effect of culture on the relation between CSR and the cost of equity. We use an international sample of 42 countries, and company-level data from 2002-2013, to address...
Persistent link: https://www.econbiz.de/10012971826
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Carbon Intensity and the Cost of Equity Capital
Trinks, Arjan - 2020
The transition from high- to lower-carbon production systems increasingly creates regulatory and market risks for high-emitting firms. We test to which extent financial investors demand a premium to compensate for such risks and thus might raise firms' cost of equity capital (CoE). Using data...
Persistent link: https://www.econbiz.de/10012853766
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Investor Relations and Stakeholder Communications (IRSC) and Cost of Debt and Equity Capital
Bhabra, Harjeet S - 2020
In this study, we examine whether firms' engagement in Investor Relations and Stakeholder Communication (IRSC) activities reduce the cost of information asymmetry at the time of external financing. We also analyze the intermediary role of financing source (debt vs equity) and the existing level...
Persistent link: https://www.econbiz.de/10012843839