Narrow search
Showing 1 - 10 of 229
Cover Image
The information content of dividends : safer profits, not higher profits
Michaely, Roni; Rossi, Stefano; Weber, Michael - 2017 - This version: October 2017
Contrary to the central prediction of signaling models, changes in profits do not empirically follow changes in dividends. We show both theoretically and empirically that dividends signal safer, rather than higher, future profits. Using the Campbell (1991) decomposition, we are able to estimate...
Persistent link: https://www.econbiz.de/10011754236
Cover Image
Stock market's assessment of monetary policy transmission : the cash flow effect
Gürkaynak, Refet S.; Karasoy-Can, Hatice Gökçe; Lee, … - 2019
We show that firm liability structure and associated cash flow matter for firm behavior, and that financial market participants price stocks accordingly. Looking at firm level stock price changes around monetary policy announcements, we find that firms that have more cash flow exposure see their...
Persistent link: https://www.econbiz.de/10012119797
Cover Image
Fintech startups in Germany : firm failure, funding success, and innovation capacity
Hornuf, Lars; Mattusch, Matthias - 2024 - This version: August 18, 2024
Fintech startups have set out to revolutionize the financial world. However, little is known about how successful and innovative these firms actually are. This paper investigates firm failure, funding success, and innovation capacity using a hand-collected dataset of 892 German fintechs founded...
Persistent link: https://www.econbiz.de/10015051740
Cover Image
Debt recovery in firm liquidations : do liquidation trustees matter?
Cepec, Jaka; Grajzl, Peter; Zajc, Katarina - 2016
Insolvency systems play a crucial role in protection of creditor rights, yet micro-level empirical evidence on the … functioning of insolvency regimes worldwide is sparse. We investigate whether creditors' recovery of outstanding claims, a measure … of ex-post efficiency of an insolvency regime, depends on the characteristics of the trustee delegated the administration …
Persistent link: https://www.econbiz.de/10011518156
Cover Image
All you need is cash : corporate cash holdings and investment after the global financial crisis
Joseph, Andreas; Kneer, Christiane; Horen, Neeltje van - 2021
Cash holdings at the onset of a financial crisis are a key determinant of investment by SMEs not only during the crisis but also during the recovery period. Cash-rich SMEs could maintain their capital stock during the global financial crisis, while cash-poor rivals reduced theirs. This gave...
Persistent link: https://www.econbiz.de/10012509557
Cover Image
The impact of fintech startups on financial snstitutions' performance and default risk
Haddad, Christian; Hornuf, Lars - 2021 - This version: April 24, 2021
We study the impact fintech startups have on the performance and the default risk of traditional financial institutions. We find a positive relationship between fintech startup formations and incumbent institutions' performance for the period from 2005 to 2018 and a large sample of financial...
Persistent link: https://www.econbiz.de/10012509553
Cover Image
Furlough and household financial distress during the Covid-19 pandemic
Görtz, Christoph; McGowan, Danny; Yeromonahos, Mallory - 2021
We study how furlough affects household financial distress during the COVID-19 pandemic. Furlough increases the probability of late housing and bill payments by 30% and 9%, respectively. The effects exist for individuals who rent their home, but not mortgagees who can mitigate financial distress...
Persistent link: https://www.econbiz.de/10012619269
Cover Image
Student earnings expectations : heterogeneity or noise?
Diaz-Serrano, Luis; Hartog, Joop; Nilsson, William; … - 2016 - First draft 12-05-14; revised 26-01-15; this draft 19-09-2016
on ex post outcomes impose a rational structure of expectations on school performance and post-graduation earnings … countries and check for relations of expected probability to graduate and of expected earnings with personal abilities and …
Persistent link: https://www.econbiz.de/10011544177
Cover Image
Labour taxation and foreign direct investment
Egger, Peter (contributor); Radulescu, Doina (contributor) - 2008
Persistent link: https://www.econbiz.de/10003712504
Cover Image
Dissipative advertising signals quality even without repeat purchases
Linnemer, Laurent (contributor) - 2008
Persistent link: https://www.econbiz.de/10003712507