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The choice between rights and underwritten equity offerings: Evidence from Chinese stock markets

Dang, Li; Yang, J. Jimmy - In: Journal of Multinational Financial Management 23 (2013) 3, pp. 235-253

We study the choice and valuation effects of alternative flotation methods using a sample of Chinese firms that must meet the return on equity (ROE) thresholds set by the government to raise equity capital. The ROE requirement, although changed over time, seems to play an important role on the...

Persistent link: https://www.econbiz.de/10010664203

The Choice of Seasoned-Equity Selling Mechanism: Theory and Evidence

Eckbo, B Espen; Norli, Øyvind - C.E.P.R. Discussion Papers - 2005

Extending the Myers and Majluf (1984) framework, we present a model for the choice of seasoned-equity selling mechanism. A sequential pooling equilibrium exists which implies a positive market reaction to certain flotation strategies. We examine the model implications using the market reaction...

Persistent link: https://www.econbiz.de/10005114232

The market microstructure of the European climate exchange

Mizrach, Bruce; Otsubo, Yoichi - In: Journal of Banking & Finance 39 (2014) C, pp. 107-116

This paper analyzes the market microstructure of the European Climate Exchange, the largest EU ETS trading venue. The ECX captures 2/3 of the screen traded market in EUA and more than 90% in CER. Volume growth has averaged 277% in EUA between 2005 and 2009 and 724% in CER since 2007. Spreads...

Persistent link: https://www.econbiz.de/10011065713

A dialogue on the costs and benefits of automatic stays for derivatives and repurchase agreements

Duffie, Darrell; Skeel, David - 2012 - Last rev.: March 04, 2012

For nearly two years, the two of us have had a running discussion of the costs and benefits of automatic stays in bankruptcy for qualified financial contracts (QFCs) such as derivatives and repurchase agreements, particularly those held by systemically important major dealer banks. Under current...

Persistent link: https://www.econbiz.de/10009504439

Corporate failure and the business cycle : measuring systematic risk

Ogneva, Maria; Piotroski, Joseph D.; Zakolyukina, … - 2016

In this paper, we use accounting fundamentals to measure systematic risk of distress. Our main testable prediction—that this risk increases with the probability of recessionary failure, P(R|F)—is based on a stylized model that guides our empirical analyses. We first apply the lasso method to...

Persistent link: https://www.econbiz.de/10011524470

Why high leverage is optimal for banks

DeAngelo, Harry; Stulz, René M. - 2013 - Rev. May 29, 2013

Liquidity production is a central function of banks. High leverage is optimal for banks in a model that has just enough …) safe/liquid debt, but no taxes or other traditional motives to lever up. Because only safe debt commands a liquidity …

Persistent link: https://www.econbiz.de/10009782420

Earning volatility, capital structure decisions and financial distress by SEM

Ghasemzadeh, Morteza; Heydari, Mehdi; Mansourfar, Gholamreza - In: Emerging markets, finance & trade : a journal of the … 57 (2021) 9, pp. 2632-2650

Persistent link: https://www.econbiz.de/10012549936

Financial distress and the role of management in micro and small-sized firms

Alexandre, Fernando - 2021

In this paper, we focus on the managerial characteristics of micro and small-sized firms. Using linked employer-employee data on the Portuguese economy for the 2010-2018 period, we estimate the impact of management teams’ human capital on the probability of firms becoming financially...

Persistent link: https://www.econbiz.de/10012630480

The Effect of Stock Liquidity on Debt-Equity Choices

Cheung, William M.; Im, Hyun Joong; Zhang, Bohui - 2021

We examine the effect of stock liquidity on the choice between debt and equity financing. Using three quasi …-natural experiments, we show that increased stock liquidity increases firms' propensity to finance using debt. In addition, we document … that liquidity reduces the cost of debt finance. Taken together, these results suggest that increased liquidity, by …

Persistent link: https://www.econbiz.de/10013251994

Cash holdings and credit risk

Acharya, Viral V.; Davydenko, Sergei A.; Strebulaev, Ilya A. - 2012

firms with higher cash reserves are less likely to default in the short term, endogenously determined liquidity may be …

Persistent link: https://www.econbiz.de/10010206259

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