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Creditor rights and corporate risk-taking

Acharya, Viral V.; Amihud, Yakov; Litov, Lubomir - National Bureau of Economic Research (NBER) - 2009

propensity of firms to engage in diversifying acquisitions, which result in poorer operating and stock-market abnormal …

Persistent link: https://www.econbiz.de/10008628428

Behavioral Corporate Finance: An Updated Survey

Baker, Malcolm; Wurgler, Jeffrey - National Bureau of Economic Research (NBER) - 2011

We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The market timing and catering approach views managerial financing and investment decisions as rational managerial responses to securities mispricing. The managerial biases approach...

Persistent link: https://www.econbiz.de/10009251520

Corporate Governance, Debt, and Investment Policy during the Great Depression

Graham, John R.; Hazarika, Sonali; Narasimhan, … - National Bureau of Economic Research (NBER) - 2011

We study a period of severe disequilibrium to investigate whether board characteristics are related to corporate investment, debt usage, and firm value. During the 1930-1938 Depression era, when the corporate sector was shocked by an unprecedented downturn, we document a relation between board...

Persistent link: https://www.econbiz.de/10009278247

Comparing the Investment Behavior of Public and Private Firms

Asker, John; Farre-Mensa, Joan; Ljungqvist, Alexander - National Bureau of Economic Research (NBER) - 2011

We evaluate differences in investment behavior between stock market listed and privately held firms in the U.S. using a rich new data source on private firms. Listed firms invest less and are less responsive to changes in investment opportunities compared to observably similar, matched private...

Persistent link: https://www.econbiz.de/10009278252

State Capitalism vs. Private Enterprise

Chen, Donghua; Jiang, Dequan; Ljungqvist, Alexander; … - National Bureau of Economic Research (NBER) - 2015

We study the efficiency of internal capital markets at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital flows, we document stark differences: while private groups allocate more capital to units with better investment opportunities,...

Persistent link: https://www.econbiz.de/10011165127

Globalization, Governance, and the Returns to Cross-Border Acquisitions

Ellis, Jesse; Moeller, Sara B.; Schlingemann, Frederik P.; … - National Bureau of Economic Research (NBER) - 2011

Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from … countries with better governance gain more from such acquisitions and their gains are higher when targets are from countries …-price reaction than the country of the acquirer. Second, for acquisitions of private firms or subsidiaries, acquirers gain more when …

Persistent link: https://www.econbiz.de/10008784910

Liquidity Mergers

Campello, Murillo; Hackbarth, Dirk; Almeida, Heitor - National Bureau of Economic Research (NBER) - 2011

verify the model's prediction that liquidity-driven acquisitions are more likely to occur in industries in which assets are …

Persistent link: https://www.econbiz.de/10008804687

Do Acquirers With More Uncertain Growth Prospects Gain Less From Acquisitions?

Moeller, Sara B.; Schlingemann, Frederik P.; Stulz, Rene M. - National Bureau of Economic Research (NBER) - 2004

abnormal returns for acquisitions of public firms paid for with equity (but not for acquisitions of private firms paid for with …, and higher idiosyncratic volatility. The opposite result holds for acquisitions of public firms paid for with cash for …

Persistent link: https://www.econbiz.de/10005777881

Understanding the Accrual Anomaly

Zhang, Lu; Wu, Jin Ginger; Zhang, X. Frank - National Bureau of Economic Research (NBER) - 2007

Interpreting accruals as working capital investment, we hypothesize that firms rationally adjust their investment to respond to discount rate changes. Consistent with the optimal investment hypothesis, we document that (i) the predictive power of accruals for future stock returns increases with...

Persistent link: https://www.econbiz.de/10005828684

The Internal Governance of Firms

Acharya, Viral V.; Rajan, Raghuram G.; Myers, Stewart C. - National Bureau of Economic Research (NBER) - 2009

We develop a model of internal governance where the self-serving actions of top management are limited by the potential reaction of subordinates. Internal governance can mitigate agency problems and ensure that firms have substantial value, even with little or no external governance by...

Persistent link: https://www.econbiz.de/10008631120

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