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Supply Chain Risk : Changes in Supplier Composition and Vertical Integration
Ersahin, Nuri; Giannetti, Mariassunta; Huang, Ruidi - National Bureau of Economic Research - 2023
Using textual analysis of earnings conference calls, we quantify firms' supply chain risk and its sources. Our proxy for supply chain risk exhibits large cross-sectional and time-series variation that aligns with reasonable priors and is unprecedently high during the Covid-19 pandemic. In...
Persistent link: https://www.econbiz.de/10014250152
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Is There Information in Corporate Acquisition Plans?
Gokkaya, Sinan; Liu, Xi; Stulz, René M. - National Bureau of Economic Research - 2024
. Communication of acquisition plans does not increase takeover premiums but is less common in more competitive industries …
Persistent link: https://www.econbiz.de/10014512055
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Project Development with Delegated Bargaining : The Role of Elevated Hurdle Rates
Barry, John W.; Carlin, Bruce Ian; Crane, Alan D.; … - National Bureau of Economic Research - 2024
During project development, costs are endogenously determined through delegated bargaining with counterparties. In surveys, nearly 80% of CFOs report using an elevated hurdle rate, the implications of which we explore in a delegated bargaining model. We show that elevated hurdle rates can convey...
Persistent link: https://www.econbiz.de/10014512137
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Modeling Managers As EPS Maximizers
Ben-David, Itzhak; Chinco, Alexander M. - National Bureau of Economic Research - 2023
, real-world firm managers consistently say that they are maximizing something else entirely: earnings per share (EPS …
Persistent link: https://www.econbiz.de/10014250143
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Cash Flow and Investment : Evidence from Internal Capital Markets
Lamont, Owen - 1996
companies. I test the joint hypothesis that 1) a decrease in cash/collateral decreases investment, holding fixed the … profitability of investment, and 2) the finance costs of different parts of the same corporation are interdependent. The results … support this joint hypothesis: oil companies significantly reduced their non-oil investment compared to the median industry …
Persistent link: https://www.econbiz.de/10012473360
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Cross-Border Mergers and Acquisitions
Erel, Isil; Jang, Yeejin; Weisbach, Michael S. - National Bureau of Economic Research - 2022
total number and 37% of the total volume of M&As around the world since the early 1990s. We survey the literature on cross …
Persistent link: https://www.econbiz.de/10013435159
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CEO Compensation and Cash-Flow Shocks : Evidence from Changes in Environmental Regulations
Choi, Seungho; Levine, Ross; Park, Jonghyeon; Xu, Simon - National Bureau of Economic Research - 2024
This paper investigates how shocks to expected cash flows influence CEO incentive compensation. Exploiting changes in compliance with environmental regulations as shocks to expected future cash flows, we find that adverse shocks typically prompt corporate boards to recalibrate CEO compensation...
Persistent link: https://www.econbiz.de/10014486193
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The Valuation of Cash Flow Forecasts : An Empirical Analysis
Kaplan, Steven N. - 1994
This paper compares the market value of highly leveraged transactions (HLTs) to the discounted value of their corresponding cash flow forecasts. These forecasts are provided by management to investors and shareholders in 51 HLTs completed between 1983 and 1989. Our estimates of discounted cash...
Persistent link: https://www.econbiz.de/10012474204
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Investment-Cash Flow Sensitivities are not Valid Measures of Financing Constraints
Kaplan, Steven N. - 2000
Kaplan and Zingales [1997] provide both theoretical arguments and empirical evidence that investment-cash flow …
Persistent link: https://www.econbiz.de/10012471108
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Investment, Finacial Factors and Cash Flow : Evidence From UK Panel Data
Devereux, Michael - 1989
measures of liquidity on the investment decisions of U. K. firms. These variables are introduced via an extension of the Q … model of investment which explicitly includes agency/financial distress costs. We discuss if the significance of cash flow …
Persistent link: https://www.econbiz.de/10012475929