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The euro and corporate financing before the crisis
Bris, Arturo; Koskinen, Yrjö; Nilsson, Mattias - In: Journal of Financial Economics 114 (2014) 3, pp. 554-575
We study the financing policies of European public corporations prior to the euro crisis. Using data from 11 euro … countries and a control group of five other European countries over 1991–2006, we show that nonfinancial firms from euro … countries with previously weak currencies considerably increased their debt financing after the introduction of the euro. The …
Persistent link: https://www.econbiz.de/10011076290
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The European Union, the Euro, and equity market integration
Bekaert, Geert; Harvey, Campbell R.; Lundblad, Christian T. - In: Journal of Financial Economics 109 (2013) 3, pp. 583-603
Euro was not associated with increased integration. Our results do not change when the sample is extended to include the …
Persistent link: https://www.econbiz.de/10010681720
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Institutional determinants of capital structure adjustment speeds
Öztekin, Özde; Flannery, Mark J. - In: Journal of Financial Economics 103 (2012) 1, pp. 88-112
Many authors relate a firm's performance to legal and political features and the regulatory environment in which it operates. This article compares firms' capital structure adjustments across countries and investigates whether institutional differences help explain the variance in estimated...
Persistent link: https://www.econbiz.de/10011039257
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Do foreigners facilitate information transmission in emerging markets?
Bae, Kee-Hong; Ozoguz, Arzu; Tan, Hongping; Wirjanto, … - In: Journal of Financial Economics 105 (2012) 1, pp. 209-227
Using the degree of accessibility of foreign investors to emerging stock markets, or investibility, as a proxy for the extent of foreign investments, we assess whether investibility has a significant influence on the diffusion of global market information across stocks in emerging markets. We...
Persistent link: https://www.econbiz.de/10010571654
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What do firms do when dividend tax rates change? An examination of alternative payout responses
Hanlon, Michelle; Hoopes, Jeffrey L. - In: Journal of Financial Economics 114 (2014) 1, pp. 105-124
This paper investigates whether investor-level taxes affect corporate payout policy decisions. We predict and find a surge of special dividends in the final months of 2010 and 2012, immediately before individual-level dividend tax rates were expected to increase. We also find evidence that...
Persistent link: https://www.econbiz.de/10010906184
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Death and jackpot: Why do individual investors hold overpriced stocks?
Conrad, Jennifer; Kapadia, Nishad; Xing, Yuhang - In: Journal of Financial Economics 113 (2014) 3, pp. 455-475
Campbell, Hilscher, and Szilagyi (2008) show that firms with a high probability of default have abnormally low average future returns. We show that firms with a high potential for default (death) also tend to have a relatively high probability of extremely large (jackpot) payoffs. Consistent...
Persistent link: https://www.econbiz.de/10010906192
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Price informativeness and stock return synchronicity: Evidence from the pricing of seasoned equity offerings
Chan, Kalok; Chan, Yue-Cheong - In: Journal of Financial Economics 114 (2014) 1, pp. 36-53
We investigate what stock return synchronicity reflects in terms of price informativeness by examining its effect on the pricing of seasoned equity offerings (SEOs). Based on 5,087 SEOs from 1984 to 2007, we find a significantly negative relation between stock return synchronicity (estimated as...
Persistent link: https://www.econbiz.de/10010906193
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The role of dynamic renegotiation and asymmetric information in financial contracting
Roberts, Michael R. - In: Journal of Financial Economics 116 (2015) 1, pp. 61-81
Using data from Securities and Exchange Commission filings, I show that the typical bank loan is renegotiated five times, or every nine months. The pricing, maturity, amount, and covenants are all significantly modified during each renegotiation, whose timing is governed by the financial health...
Persistent link: https://www.econbiz.de/10011263119
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Does shareholder coordination matter? Evidence from private placements
Chakraborty, Indraneel; Gantchev, Nickolay - In: Journal of Financial Economics 108 (2013) 1, pp. 213-230
We propose a new role for private investments in public equity (PIPEs) as a mechanism to reduce coordination frictions among existing equity holders. We establish a causal link between the coordination ability of incumbent shareholders and PIPE issuance. This result obtains even after...
Persistent link: https://www.econbiz.de/10010635938
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The costs of shareholder activism: Evidence from a sequential decision model
Gantchev, Nickolay - In: Journal of Financial Economics 107 (2013) 3, pp. 610-631
This paper provides benchmarks for monitoring costs and evaluates the net returns to shareholder activism. I model activism as a sequential decision process consisting of demand negotiations, board representation, and proxy contest and estimate the costs of each activism stage. A campaign ending...
Persistent link: https://www.econbiz.de/10010635953