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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

We use industry valuation differentials across European countries to study the impact of membership in the European Union as well as the Eurozone on both economic and financial integration. In integrated markets, discount rates and expected growth opportunities should be similar within one...

Persistent link: https://www.econbiz.de/10010681720

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

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...

Persistent link: https://www.econbiz.de/10011076290

Do controlling shareholders' expropriation incentives imply a link between corporate governance and firm value? Theory and evidence

Bae, Kee-Hong; Baek, Jae-Seung; Kang, Jun-Koo; Liu, Wei-Lin - In: Journal of Financial Economics 105 (2012) 2, pp. 412-435

We develop and test a model that investigates how controlling shareholders' expropriation incentives affect firm values during crisis and subsequent recovery periods. Consistent with the prediction of our model, we find that, during the 1997 Asian financial crisis, Asian firms with weaker...

Persistent link: https://www.econbiz.de/10010617599

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

Limits to arbitrage and hedging: Evidence from commodity markets

Acharya, Viral V.; Lochstoer, Lars A.; Ramadorai, Tarun - In: Journal of Financial Economics 109 (2013) 2, pp. 441-465

producers have hedging demands for commodity futures. Increases in producers' hedging demand or speculators' capital constraints … increase hedging costs via price-pressure on futures. These in turn affect producers' equilibrium hedging and supply decision … 2010. The component of the commodity futures risk premium associated with producer hedging demand rises when speculative …

Persistent link: https://www.econbiz.de/10010678703

Does risk management matter? Evidence from the U.S. agricultural industry

Cornaggia, Jess - In: Journal of Financial Economics 109 (2013) 2, pp. 419-440

bank deposits, a proxy for access to finance. Overall, this article illuminates the relation between hedging and real firm …

Persistent link: https://www.econbiz.de/10010678709

Credit lines as monitored liquidity insurance: Theory and evidence

Acharya, Viral; Almeida, Heitor; Ippolito, Filippo; … - In: Journal of Financial Economics 112 (2014) 3, pp. 287-319

We propose a theory of credit lines provided by banks to firms as a form of monitored liquidity insurance. Bank monitoring and resulting revocations help control illiquidity-seeking behavior of firms insured by credit lines. The cost of credit lines is thus greater for firms with high liquidity...

Persistent link: https://www.econbiz.de/10010776498

Executive stock options, differential risk-taking incentives, and firm value

Armstrong, Christopher S.; Vashishtha, Rahul - In: Journal of Financial Economics 104 (2012) 1, pp. 70-88

The sensitivity of stock options' payoff to return volatility, or vega, provides risk-averse CEOs with an incentive to increase their firms' risk more by increasing systematic rather than idiosyncratic risk. This effect manifests because any increase in the firm's systematic risk can be hedged...

Persistent link: https://www.econbiz.de/10010571660

Crash-neutral currency carry trades

Jurek, Jakub W. - In: Journal of Financial Economics 113 (2014) 3, pp. 325-347

Currency carry trades exploiting violations of uncovered interest rate parity in G10 currencies deliver significant excess returns with annualized Sharpe ratios equal to or greater than those of equity market factors (1990–2012). Using data on out-of-the-money foreign exchange options, I...

Persistent link: https://www.econbiz.de/10010906190

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