Similar Search Results

Bank sovereign bond holdings, sovereign shock spillovers, and moral hazard during the European crisis

Beltratti, Andrea - 2015

From 2010 to 2012, the relation between bank stock returns from European Union (EU) countries and the returns on …

Persistent link: https://www.econbiz.de/10012457516

Bank Sovereign Bond Holdings, Sovereign Shock Spillovers, and Moral Hazard During the European Crisis

Beltratti, Andrea - 2015

From 2010 to 2012, the relation between bank stock returns from European Union (EU) countries and the returns on …

Persistent link: https://www.econbiz.de/10013022926

Why Does Fast Loan Growth Predict Poor Performance for Banks?

Fahlenbrach, Rüdiger - 2016

From 1973 to 2014, the common stock of U.S. banks with loan growth in the top quartile of banks over a three-year period significantly underperforms the common stock of banks with loan growth in the bottom quartile over the next three years. The benchmark-adjusted cumulative difference in...

Persistent link: https://www.econbiz.de/10012456585

Why Does Fast Loan Growth Predict Poor Performance for Banks?

Fahlenbrach, Rüdiger - 2016

Persistent link: https://www.econbiz.de/10012996390

Asset Sales, Firm Performance, and the Agency Costs of Managerial Discretion

Poulsen, Annette B. - 2010

We argue that management sells assets when doing so provides the cheapest funds to pursue its objectives rather than for operating efficiency reasons alone. This hypothesis suggests that (1) firms selling assets have high leverage and/or poor performance, (2) a successful asset sale is good news...

Persistent link: https://www.econbiz.de/10012763250

Globalization of Equity Markets and the Cost of Capital

Stulz, René M. - 2014

This paper examines the impact of globalization on the cost of equity capital. We argue that the cost of equity capital decreases because of globalization for two important reasons. First, the expected return that investors require to invest in equity to compensate them for the risk they bear...

Persistent link: https://www.econbiz.de/10013069163

Are Larger Banks Valued More Highly?

Minton, Bernadette A. - 2017

of a within-bank negative relation between valuation and size for large banks from 1987 to 2006 but not when the post …-Dodd-Frank period is included in the sample. The negative relation between bank value and bank size for large banks cannot be … Tobin's q lower by 0.2% in regressions with year and bank fixed effects. This relation between bank value and trading assets …

Persistent link: https://www.econbiz.de/10012455469

Why Does Capital No Longer Flow More to the Industries with the Best Growth Opportunities?

Lee, Dong - 2016

With functionally efficient capital markets, we expect capital to flow more to the industries with the best growth opportunities. As a result, these industries should invest more and see their assets grow more relative to industries with the worst growth opportunities. We find that industries...

Persistent link: https://www.econbiz.de/10012455756

Corporate Deleveraging

DeAngelo, Harry - 2016

Proactive deleveraging from all-time peak market leverage (ML) to near-zero ML and negative net debt is the norm among 4,476 nonfinancial firms with five or more years of post-peak data. ML is 0.543 at the historical peak and 0.026 at the later trough for the median firm in this sample, with a...

Persistent link: https://www.econbiz.de/10012455852

Why Does Idiosyncratic Risk Increase with Market Risk?

Bartram, Söhnke M. - 2016

From 1963 through 2015, idiosyncratic risk (IR) is high when market risk (MR) is high. We show that the positive relation between IR and MR is highly stable through time and is robust across exchanges, firm size, liquidity, and market-to-book groupings. Though stock liquidity affects the...

Persistent link: https://www.econbiz.de/10012456185