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Liquidity Constraints and Linkages with Multinationals
Javorcik, Beata; Spatareanu, Mariana - C.E.P.R. Discussion Papers - 2008
Using a unique data set from the Czech Republic for 1994-2003, this study examines the relationship between a firm’s liquidity constraints and its supply linkages with multinational corporations (MNCs). The empirical analysis indicates that Czech firms supplying MNCs are less credit...
Persistent link: https://www.econbiz.de/10005497887
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Stock Market Returns, Corporate Governance and Capital Market Equilibrium
Parigi, Bruno; Pelizzon, Loriana; von Thadden, Ernst-Ludwig - C.E.P.R. Discussion Papers - 2015
firm's earnings, stock returns, and managerial ownership, because governance impacts the firm's risk-return structure. In … particular, the strictness of corporate governance is negatively related to earnings and positively to ß;. Various empirical …
Persistent link: https://www.econbiz.de/10011165663
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Investment and Value: A Neoclassical Benchmark
Eberly, Janice; Rebelo, Sérgio; Vincent, Nicolas - C.E.P.R. Discussion Papers - 2008
Which investment model best fits firm-level data? To answer this question we estimate alternative models using Compustat data. Surprisingly, the two best-performing specifications are based on Hayashi's (1982) model. This model's foremost implication, that Q is a sufficient statistic for...
Persistent link: https://www.econbiz.de/10005791890
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What Explains the Lagged Investment Effect?
Eberly, Janice; Rebelo, Sérgio; Vincent, Nicolas - C.E.P.R. Discussion Papers - 2011
The best predictor of current investment at the firm level is lagged investment. This lagged-investment effect is empirically more important than the cash-flow and Q effects combined. We show that the specification of investment adjustment costs proposed by Christiano, Eichenbaum and Evans...
Persistent link: https://www.econbiz.de/10008925713
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Asset Price Dynamics When Traders Care About Reputation
Dasgupta, Amil; Prat, Andrea - C.E.P.R. Discussion Papers - 2005
each asset carries an endogenous reputational benefit or cost, which may lead to systematic mispricing if asset supply is …
Persistent link: https://www.econbiz.de/10005067667
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CDS Auctions
Chernov, Mikhail; Gorbenko, Alexander; Makarov, Igor - C.E.P.R. Discussion Papers - 2011
auction design to minimize mispricing. In our empirical study, we find support for our theoretical predictions. We show that …
Persistent link: https://www.econbiz.de/10009144729
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Emerging Market Debt: Measuring Credit Quality and Examining Relative Pricing
Cumby, Robert; Pastine, Tuvana - C.E.P.R. Discussion Papers - 2001
We investigate the pricing of ‘Brady’ bonds that are issued by the governments of five developing countries as part of debt and debt service reduction agreements. We first present a measure of credit quality that takes account of the individual features of each bond and is comparable across...
Persistent link: https://www.econbiz.de/10005114476
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Endogenous Information Flows and the Clustering of Announcements
Acharya, Viral V; DeMarzo, Peter; Kremer, Ilan - C.E.P.R. Discussion Papers - 2008
We consider the release of information by a firm when the manager has discretion regarding the timing of its release. While it is well known that firms appear to delay the release of bad news, we examine how external information about the state of the economy (or the industry) affects this...
Persistent link: https://www.econbiz.de/10005788970
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Endogenous Information Flows and the Clustering of Announcements
Acharya, Viral V; DeMarzo, Peter; Kremer, Ilan - C.E.P.R. Discussion Papers - 2011
We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don’t know whether or when the firm is informed, the firm will not necessarily disclose immediately. We show that bad market news can trigger the immediate release of information by firms....
Persistent link: https://www.econbiz.de/10009364996
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Individual Investor Trading and Return Patterns around Earnings Announcements
Kaniel, Ron; Liu, Shuming; Saar, Gideon; Titman, Sheridan - C.E.P.R. Discussion Papers - 2011
This paper documents evidence consistent with informed trading by individual investors around earnings announcements … positive (negative) abnormal returns on and after earnings announcement dates. We decompose the abnormal returns into a … information. We also examine the behavior of individuals after the earnings announcement and find that they trade in the opposite …
Persistent link: https://www.econbiz.de/10008854465