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Herding dynamics in exchange groups: Evidence from Euronext
Economou, Fotini; Gavriilidis, Konstantinos; Goyal, Abhinav - In: Journal of International Financial Markets, … 34 (2015) C, pp. 228-244
This study investigates in the context of the Euronext, whether joining an exchange group affects herding in the group … of the group's member-markets and the outbreak of financial crises. We find that herding is significant post-merger in … all four constituent equity markets (Belgium, France, the Netherlands and Portugal) of the Euronext, with herding in …
Persistent link: https://www.econbiz.de/10011189487
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Debt renegotiation and investment decisions across countries
Favara, Giovanni; Morellec, Erwan; Schroth, Enrique J.; … - 2013
We argue that the prospect of an imperfect enforcement of debt contracts in default reduces shareholder-debtholder conflicts and induces leveraged firms to invest more and take on less risk as they approach financial distress. To test these predictions, we use a large panel of firms in 41...
Persistent link: https://www.econbiz.de/10010257850
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Internal information and investment sensitivities to market value and cash flow
Heitzman, Shane; Huang, Mengjie - 2014
We ask whether the quality of internal information matters for investment decisions. We predict that investment is more sensitive to internal profit signals and less sensitive to external price signals when managers have higher quality internal information. Consistent with recent theoretical and...
Persistent link: https://www.econbiz.de/10010483655
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Multinational versus national firms on capital adjustment costs : a structural approach
Lapatinas, Athanasios - 2015
This paper provides an alternative perspective on the firm-level empirical analysis of the relation between foreign ownership and capital demand adjustment in host countries. The author estimates a dynamic structural model of investment on a sample of 4,672 Belgian firms for the period 2003 -...
Persistent link: https://www.econbiz.de/10011290859
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Measuring the alignment of real economy investments with climate mitigation objectives : The United Kingdom’s buildings sector
Jachnik, Raphaël - 2021
This paper explores data and methods to assess the alignment or misalignment with climate mitigation objectives of investments in the construction and refurbishment of residential and non-residential buildings. It takes the United Kingdom (UK) as a case study, where such investments reached GBP...
Persistent link: https://www.econbiz.de/10012630128
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Auditor Litigation Risk and Corporate Investments
Boasiako, Kwabena Antwi; Kyiu, Anthony; Adasi Manu, … - 2022
We investigate the effect of auditor litigation risk on firm-level investment. Exploiting the staggered increase in third-party auditor legal liability in US states as an exogenous shock, we find that increased risk of auditor litigation leads to an increase in corporate investments. This effect...
Persistent link: https://www.econbiz.de/10013289277
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Exploring options to measure the climate consistency of real economy investments : the transport sector in Latvia
Dobrinevski, Alexander; Jachnik, Raphaël - 2020
Mitigating climate change requires aligning real economy investments with climate objectives. This pilot study measures the climate consistency of investments in transport infrastructure and vehicles in Latvia between 2008 and 2018, estimated at EUR 1.5 billion per year on average. To do so,...
Persistent link: https://www.econbiz.de/10012422659
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Repatriation taxes and internal agency conflicts and subsidiary-level investment efficiency
Amberger, Harald; Markle, Kevin S.; Samuel, David M. P. - 2019
Using a global sample of multinational corporations (MNCs) and their foreign subsidiaries, we find that repatriation taxes impair subsidiary-level investment efficiency. Consistent with internal agency conflicts between the central management of the MNC and the manager of the foreign subsidiary...
Persistent link: https://www.econbiz.de/10011922836
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CEO age and the riskiness of corporate policies
Serfling, Matthew A. - In: Journal of Corporate Finance 25 (2014) C, pp. 251-273
Prior theoretical work generates conflicting predictions with respect to how CEO age impacts risk-taking behavior. Consistent with the prediction that risk-taking behavior decreases as CEOs become older, I document a negative relation between CEO age and stock return volatility. Further analyses...
Persistent link: https://www.econbiz.de/10010753534
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Chapter 2. Agency, Information and Corporate Investment
Stein, Jeremy C. - 2003
This essay surveys the body of research that asks how the efficiency of corporate investment is influenced by problems of asymmetric information and agency. I organize the material around two basic questions. First, does the external capital market channel the right amount of money to each firm?...
Persistent link: https://www.econbiz.de/10014023874