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How accounting creates performative moments and performative momentum
Christner, Carl Henning; Sjögren, Ebba - In: Accounting, auditing & accountability journal 35 (2022) 9, pp. 304-329
Persistent link: https://www.econbiz.de/10013543079
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CEO Underperformance, Risk-Taking, and Shareholder Wealth Effects of Mergers and Acquisitions
Nie, Wei-Ying; Yen, Kuang-Chieh - 2023
This study explores the investment behavior of underperforming chief executive officers (CEOs) on merger frequency and the effect on acquirers’ shareholder wealth of merger bids in U.S. industrial firms. We find that underperforming CEOs are more likely to make acquisitions, especially...
Persistent link: https://www.econbiz.de/10014353352
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CEO Underperformance, Risk-Taking, And Shareholder Wealth Effects of Mergers and Acquisitions
Nie, Wei-Ying; Yen, Kuang-Chieh - 2023
This study explores the behavior of underperforming chief executive officers (CEOs) on merger frequency and the effect on acquirers’ shareholder wealth of merger bids in U.S. industrial firms from 1994 to 2018. We find that underperforming CEOs are more likely to make acquisitions, especially...
Persistent link: https://www.econbiz.de/10014256726
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Shareholder Rights and Bidder Returns : The Impact of Market Learning and M&A Activity
Ahn, Seoungpil - 2016
I examine whether market learning and M&A activity affect the association between shareholder rights and acquisition performance. Using a sample of acquisitions completed in the period of 1990-2006, I find that the negative association between governance indices and bidder returns disappears in...
Persistent link: https://www.econbiz.de/10012980117
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Internal Rates of Return and Shareholder Value Creation
Magni, Carlo Alberto - 2021
We propose a genuinely internal approach to project valuation and decision based on the average Return On Investment (ROI), obtained as the ratio of total operating profit (NOPAT) to total invested capital or, equivalently, as the ratio of net cash flow to total invested capital. The approach...
Persistent link: https://www.econbiz.de/10013237114
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Risk-Managed 52-Week High Industry Momentum, Momentum Crashes, and Hedging Macroeconomic Risk
Grobys, Klaus - 2017
This is the first study to investigate the profitability of Barroso and Santa-Clara's (2015) risk-managing approach for George and Hwang's (2004) 52-week high momentum strategy in an industrial portfolio setting. The findings indicate that risk-managing adds value as the Sharpe ratio increases,...
Persistent link: https://www.econbiz.de/10012964844
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Why hedge? : a critical review of theory and empirical evidence
Ammon, Norbert - 1998
Finance theory does not provide a comprehensive framework for explaining risk management within the imperfect financial … corporate hedging: equity value maximising strategies and strategies determined by managerial risk aversion. The first category … distress and costs of external finance or to replace home-made hedging by shareholders. The second category considers that …
Persistent link: https://www.econbiz.de/10011441429
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Why hedge? : a critical review of theory and empirical evidence
Ammon, Norbert - 1998
Finance theory does not provide a comprehensive framework for explaining risk management within the imperfect financial … corporate hedging: equity value maximising strategies and strategies determined by managerial risk aversion. The first category … distress and costs of external finance or to replace home-made hedging by shareholders. The second category considers that …
Persistent link: https://www.econbiz.de/10013428154
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Noisy stock prices and corporate investment
Dessain, Olivier; Foucault, Thierry; Frésard, Laurent; … - 2018
Firms significantly reduce their investment in response to non-fundamental drops in the stock price of their product-market peers. We argue that this result arises because of managers' limited ability to filter out the noise in stock prices when using them as signals about their investment...
Persistent link: https://www.econbiz.de/10011938663
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The impact of the COVID-19 pandemic on the performance and risk profile of airline stocks
Huan H. Nguyen; Truc Thi Nha Phan; Vu Minh Ngo - In: Contemporary economics 16 (2022) 3, pp. 257-275
The COVID-19 outbreak dealt a severe blow to the global economy, especially to the airline industry, due to worldwide lockdown measures implemented by the authorities. This paper aims to investigate the impact of the COVID-19 pandemic on the airline stock performance of seven markets in Asia and...
Persistent link: https://www.econbiz.de/10013459218