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Common ownership, competition, and top management incentives
Antón, Miguel; Ederer, Florian; Giné, Mireia; … - 2016
We show theoretically and empirically that executives are paid less for their own firm's performance and more for their rivals' performance if an industry's firms are more commonly owned by the same set of investors. Higher common ownership also leads to higher unconditional total pay. We...
Persistent link: https://www.econbiz.de/10011561142
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Bait and Switch : how do Chinese firms use proceeds from seasoned equity offerings
Bo, Hong; Huang, Zhongnan; Sterken, Elmer - 2015
We reveal motivations of Chinese firms for issuing Seasoned Equity Offerings (SEO) by examining why firms change the use of SEO proceeds and how they use unspecified SEO proceeds. Using 533 SEOs issued by Chinese firms during 1999 - 2006, we find that firms do not use unspecified SEO proceeds on...
Persistent link: https://www.econbiz.de/10010477889
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Disagreement and optimal security design
Ortner, Juan M.; Schmalz, Martin C. - 2018
We study optimal security design when the issuer and market participants agree to disagree about the characteristics of the asset to be securitized. We show that pooling assets can be optimal because it mitigates the effects of disagreement between issuer and investors, whereas tranching a...
Persistent link: https://www.econbiz.de/10011795041
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Firms' financing dynamics around lumpy capacity adjustments
Görtz, Christoph; Sakellarēs, Plutarchos; Tsoukalas, … - 2022
adjustment, remarkably similar across capital and employment. Firm specific fundamentals in Tobin's Q, profitability and …
Persistent link: https://www.econbiz.de/10013384508
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Investor protections and concentrated ownership : assessing corporate control mechanisms in the Netherlands
Chirinko, Robert S.; Ees, Hans van; Garretsen, Harry; … - 2003
the Netherlands. Our within country analysis generates two key results. First, the role of investor protections emphasized …
Persistent link: https://www.econbiz.de/10011514196
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Growth and earnings persistence in banking firms: a dynamic panel investigation
Shehzad, Choudhry Tanveer; Haan, Jakob de; Scholtens, Bert - 2009
This paper investigates (i) whether growth and profitability persist in banking firms, (ii) whether the level and … volatility of growth and profitability are bank-size dependent, and (iii) the relationship between growth and profitability of a … evidence of persistence in bank growth. However, our findings suggest significant persistence in bank profitability. Moreover …
Persistent link: https://www.econbiz.de/10003883061
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Finance, control, and profitability : the influence of German banks
Chirinko, Robert S.; Elston, Julie Ann Michelle - 2003
problems? [Yes]; 3) do bank influenced firms have higher profitability? [No]. Coupled with results about the control …
Persistent link: https://www.econbiz.de/10011511071
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Optimal firm's dividend and capital structure for mean reverting profitability
Menoncin, Francesco; Panteghini, Paolo; Regis, Luca - 2021
optimal dynamic control problem is characterized by two stochastic state variables: the equity value, and profitability (ROA …) of the _rm. According to the empirical evidence, we let profitability follow a mean reverting process. The problem is …
Persistent link: https://www.econbiz.de/10012668498
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Flexible prices and leverage
D'Acunto, Francesco; Liu, Ryan; Pflueger, Carolin; … - 2017
The frequency with which firms adjust output prices helps explain persistent differences in capital structure across firms. Unconditionally, the most exible-price firms have a 19% higher long-term leverage ratio than the most sticky-price firms, controlling for known determinants of capital...
Persistent link: https://www.econbiz.de/10011597779
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Low inflation : high default risk AND high equity valuations
Bhamra, Harjoat Singh; Dorion, Christian; Jeanneret, … - 2018
coupons and sticky profitability. Taken together, these two frictions result in higher real equity prices and credit spreads …
Persistent link: https://www.econbiz.de/10011941263