Showing 1 - 10 of 13
New international standards for environmental auditing are now being actively promoted by public authorities and adopted by private firms. One important feature of these standards is their emphasis on managerial systems and incentives that support a wiser use of environmental resources. This...
Persistent link: https://www.econbiz.de/10005101002
We examine whether risk, timing or mispricing hypotheses can explain the underperformance of private and public equity issuers, in Canada, where both categories share several common characteristics. Adding an investment risk factor to the TFPM reduces, but does not eliminate, the...
Persistent link: https://www.econbiz.de/10005100594
Of the many fundamental questions left unanswered in finance, one relates to corporate risk management practices. My contention in this paper is that managerial habits and organizational inertia play an important role in the decision to purchase corporate insurance and engage in risk management...
Persistent link: https://www.econbiz.de/10005100630
We model the portfolio decisions by managers with career concerns in a context where ownership of the firm's stock can affect the outcome of promotion contests. In addition to their utility from wealth, such managers derive utility from the monetary and non-monetary benefits (prestige) of...
Persistent link: https://www.econbiz.de/10005100819
Corporate directors are liable for the corporation's actions as well as their own. Strangely, and by far, the most likely plaintiffs in a lawsuit against corporate directors are the shareholders who appointed them in the first place. As a result, directors often require protection so that their...
Persistent link: https://www.econbiz.de/10005100862
We characterize a firm as a nexus of activities and projects with their associated cashflows. Production and operations activities and real risk management activities distribute cashflows over states of nature and time periods, leading to a transformation possibility frontier similar to a...
Persistent link: https://www.econbiz.de/10005100941
The paper examines a micro data set of 417 commercial bankruptcies and 393 financial reorganizations field in Canada during the period 1977-87. Descriptive statistics from the data are used to characterize the0501n features of the bankruptcy process in Canada. Firms in bankruptcy or in...
Persistent link: https://www.econbiz.de/10005168993
The0501n objective of the new Bankruptcy Act (Bill C-22) is to promote the use of financial reorganization in order to increase the chances of survival of businesses that are experiencing financial difficulties and, as a consequence, to save jobs. Data from a sample of 417 commercial...
Persistent link: https://www.econbiz.de/10005168996
This article proposes a signaling model of financial reorganization in which the firms use the provisions of the reorganization proposal, in particular the split between short term cash and deferred payments, to signal their viability to uninformed unsecured creditors. The empirical analysis...
Persistent link: https://www.econbiz.de/10005169011
The paper examines a data set of 338 randomly selected financial reorganization plans filed in Canada during the period 1978-87. Creditors reject roughly 25% of reorganization plans, while about 20% of the plans creditors accept fail before completion, providing evidence of filtering failure in...
Persistent link: https://www.econbiz.de/10005169014