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Firms' Innovation Strategy under the Shadow of Analyst Coverage
Guo, Bing; Pérez-Castrillo, David; Toldrà-Simats, Anna - 2017
We study the effect of analyst coverage on firms’ innovation strategy and outcome. By considering three different channels that allow firms to innovate: internal R&D, acquisitions of other innovative firms, and investments in corporate venture capital (CVC), we are able to distinguish between...
Persistent link: https://www.econbiz.de/10011698741
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Stigma or Cushion? IMF Programs and Sovereign Creditworthiness
Gehring, Kai; Lang, Valentin F. - 2018
IMF programs are often considered to carry a “stigma” that triggers adverse market reactions. We show that such a negative IMF effect disappears when accounting for endogenous selection into programs. To proxy for a country’s access to financial markets, we use credit ratings and investor...
Persistent link: https://www.econbiz.de/10011932089
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Stigma or Cushion? IMF Programs and Sovereign Creditworthiness
Gehring, Kai - 2018
IMF programs are often considered to carry a “stigma” that triggers adverse market reactions. We show that such a negative IMF effect disappears when accounting for endogenous selection into programs. To proxy for a country's access to financial markets, we use credit ratings and investor...
Persistent link: https://www.econbiz.de/10012920590
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Determinants of cross-border bank acquisitions in transition economies: a latent class analysis
Poghosyan, Tigran; de Haan, Jakob - 2008
We analyze the microeconomic determinants of cross-border bank acquisitions in 16 transition economies over the period 1996-2006. By using a latent class discrete choice model we explicitly incorporate the macroeconomic and institutional heterogeneity of the transition economies into our...
Persistent link: https://www.econbiz.de/10010274044
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Do bubbles lead to overinvestment? A revealed preference approach
Chirinko, Robert S.; Schaller, Huntley - 2011
from the risk-adjusted market rate. The overinvestment story predicts that firms with high stock prices and poor investment … firms in making their investment decisions. We use a revealed preference approach that relies on the pattern of investment … spending - combined with investment theory - to estimate the discount rates used by managers. The standard story predicts that …
Persistent link: https://www.econbiz.de/10010274896
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Financial Markets, Banks' Cost of Funding, and Firms' Decisions: Lessons from Two Crises
Balduzzi, Pierluigi; Brancati, Emanuele; Schiantarelli, … - 2015
, resulted in lower investment, employment, and bank debt for younger and smaller firms. Importantly, these effects dominate … those of banks’ balance-sheet variables. We also show that higher CDS spreads led to lower aggregate investment, employment …
Persistent link: https://www.econbiz.de/10011431206
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All You Need Is Cash: Corporate Cash Holdings and Investment after the Global Financial Crisis
Joseph, Andreas; Kneer, Christiane; van Horen, Neeltje - 2021
Cash holdings at the onset of a financial crisis are a key determinant of investment by SMEs not only during the crisis … persistent and growing investment gap. The amplification effect was present for SMEs with both volatile and stable cash holdings …
Persistent link: https://www.econbiz.de/10012582116
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All You Need is Cash : Corporate Cash Holdings and Investment after the Global Financial Crisis
Joseph, Andreas; Kneer, Christiane; van Horen, Neeltje - 2021
Cash holdings at the onset of a financial crisis are a key determinant of investment by SMEs not only during the crisis … persistent and growing investment gap. The amplification effect was present for SMEs with both volatile and stable cash holdings …
Persistent link: https://www.econbiz.de/10013229694
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Corporate Acquisitions and Firm-Level Uncertainty : Domestic versus Cross-Border Deals
Bai, Ye - 2020
This paper studies the impact of corporate acquisitions - both domestic and cross-border - on the uncertainty faced by acquiring firms. We use data for UK publicly-listed firms from 2004 to 2017 and employ a matching estimator combined with difference-in-differences to control for the endogenous...
Persistent link: https://www.econbiz.de/10012841927
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Macro-Financial Linkages in the High-Frequency Domain : The Effects of Uncertainty on Realized Volatility
Caporale, Guglielmo Maria - 2020
This paper estimates a bivariate HEAVY system including daily and intra-daily volatility equations and its macro-augmented asymmetric power extension. It focuses on economic factors that exacerbate stock market volatility and represent major threats to financial stability. In particular, it...
Persistent link: https://www.econbiz.de/10012844423