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Chen, Jun; King, Tao-Hsien Dolly - In: Journal of Corporate Finance 29 (2014) C, pp. 221-245

For a large sample of U.S. firms from 1994 to 2009, we empirically examine the impact of corporate hedging on the cost … of public debt. We find strong evidence that hedging is associated with a lower cost of debt. The negative effect of … hedging on the cost of debt is consistent across industries, and remains economically and statistically significant under …

Persistent link: https://www.econbiz.de/10011117545

Does the independence of independent directors matter?

Crespí-Cladera, Rafel; Pascual-Fuster, Bartolomé - In: Journal of Corporate Finance 28 (2014) C, pp. 116-134

This paper analyzes the characteristics of firms that declare board directors as independents, although the directors are not strictly independent, and examines the consequences in terms of performance and corporate governance outcomes. Based on publicly available information, eight criteria of...

Persistent link: https://www.econbiz.de/10011052894

Financial regulation and IPOs: Evidence from the history of the Italian stock market

Cattaneo, Mattia; Meoli, Michele; Vismara, Silvio - In: Journal of Corporate Finance 31 (2015) C, pp. 116-131

This paper studies the impact of regulation on IPO markets using historical data. Regulatory interventions have different effects on the development of public equity markets under different conditions. Studying the whole population of 879 Italian IPOs from the unification of Italy (1861) through...

Persistent link: https://www.econbiz.de/10011264346

Golden Parachutes and the Wealth of Shareholders

Bebchuk, Lucian; Cohen, Alma; Wang, Charles C.Y. - In: Journal of Corporate Finance 25 (2014) C, pp. 140-154

Golden parachutes (GPs) have attracted substantial attention from investors and public officials for more than two decades. We find that GPs are associated with higher expected acquisition premiums and that this association is at least partly due to the effect of GPs on executive incentives....

Persistent link: https://www.econbiz.de/10010753529

Creditor rights and capital structure: Evidence from international data

Cho, Seong-Soon; El Ghoul, Sadok; Guedhami, Omrane; … - In: Journal of Corporate Finance 25 (2014) C, pp. 40-60

For a large sample of 48 countries, we find robust evidence that strong creditor rights are associated with low long-term leverage across countries. We further find that strong creditor protection lowers long-term debt issuance, the extent to which investments are financed with long-term debt,...

Persistent link: https://www.econbiz.de/10010753539

Public policy, entrepreneurship, and venture capital in the United States

Cumming, Douglas; Li, Dan - In: Journal of Corporate Finance 23 (2013) C, pp. 345-367

This paper empirically examines business starts, deaths, venture capital and patents in relation to U.S. public policy. The most consistent evidence in the data shows that lower levels of labor frictions and higher levels of SBIR awards are associated with more business starts and higher levels...

Persistent link: https://www.econbiz.de/10010719631

Do VCs use inside rounds to dilute founders? Some evidence from Silicon Valley

Broughman, Brian J.; Fried, Jesse M. - In: Journal of Corporate Finance 18 (2012) 5, pp. 1104-1120

In the bank-borrower setting, a firm's existing lender may exploit its positional advantage to extract rents from the firm in subsequent financings. Analogously, a startup's existing venture capital investors (VCs) may dilute the founder through a follow-on financing from these same VCs (an...

Persistent link: https://www.econbiz.de/10011052898

Internal governance, legal institutions and bank loan contracting around the world

Ge, Wenxia; Kim, Jeong-Bon; Song, Byron Y. - In: Journal of Corporate Finance 18 (2012) 3, pp. 413-432

Using a sample of non-U.S. firms from 22 countries during 2003–2007, we examine the effect of firm-level governance on various features of loan contracting in the international loan market. We find that banks charge lower loan rates, offer larger and longer-maturity loans, and impose fewer...

Persistent link: https://www.econbiz.de/10010577629

The effect of securities litigation on external financing

Autore, Don M.; Hutton, Irena; Peterson, David R.; … - In: Journal of Corporate Finance 27 (2014) C, pp. 231-250

Using a comprehensive sample of securities litigation, we examine the effect of financial fraud on the subsequent use of external financing. We find that firms with a recent history of securities litigation, particularly more severe litigation, are less likely to seek external debt and equity...

Persistent link: https://www.econbiz.de/10010906830

Currency hedging and corporate governance: A cross-country analysis

Lel, Ugur - In: Journal of Corporate Finance 18 (2012) 2, pp. 221-237

This paper examines the impact of the strength of governance on firms' use of currency derivatives. Using a sample of firms from 30 countries over the period 1990 to 1999, we find that strongly governed firms tend to use derivatives to hedge currency exposure and overcome costly external...

Persistent link: https://www.econbiz.de/10010574267

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