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On the fast track: information acquisition costs and information production
Chen, Deqiu; Ma, Yujing; Martin, Xiumin; Michaely, Roni - 2020
Using the introduction of high-speed rail as exogenous shocks to costs of information acquisition, we show that reductions in information-acquisition costs lead to a significant increase in information production and improvement in output quality, evidenced by higher frequency of analysts...
Persistent link: https://www.econbiz.de/10012181499
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On the fast track: information acquisition costs and information production
Chen, Deqiu; Ma, Yujing; Martin, Xiumin; Michaely, Roni - 2020
Using the introduction of high-speed rail (HSR) as an exogenous shock to costs of information acquisition, we show that reductions in information-acquisition costs lead to (i) a significant increase in information production, evidenced by a higher frequency of analysts visiting portfolio firms,...
Persistent link: https://www.econbiz.de/10012271169
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Quantification of the evolution of firm size distributions due to mergers and acquisitions
Lera, Sandro Claudio; Sornette, Didier - 2016
The distribution of firm sizes is known to be heavy tailed. In order to account for this stylized fact, previous studies have focused mainly on growth through investments in a company's own operations (internal growth). Thereby, the impact of mergers and acquisitions (M&A) on the firm size...
Persistent link: https://www.econbiz.de/10011518770
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Consistent valuation of project finance and LBO's using the flows-to-equity method
Cooper, Ian; Nyborg, Kjell G. - 2010
A common method of valuing the equity in highly leveraged transactions is the flows-to-equity method. When applying this method various formulas can be used to calculate the time-varying cost of equity. In this paper we show that some commonly used formulas are inconsistent with the assumptions...
Persistent link: https://www.econbiz.de/10008797682
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Takeover protections and stock returns
Eisdorfer, Assaf; Morellec, Erwan; Zhdanov, Alexei - 2020
We argue that takeover protections decrease equity value and increase equity risk and stock returns by removing a … anti-takeover laws, both domestically and internationally. In line with our predictions, we find that distressed firms … experience a significant decrease in value and increase in returns and market betas after the passage of anti-takeover laws. Pro-takeover …
Persistent link: https://www.econbiz.de/10012419693
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Non-Monetary Exchange Within Firms and Industry
Prendergast, Canice - 1996
This paper considers why non-monetary means of exchange, such as barter and the reciprocation of favors, are chosen by firms despite the usual benefits of monetary transactions. We consider the chosen means of exchange when both monetary and non-monetary exchange mechanisms are available. We...
Persistent link: https://www.econbiz.de/10012473069
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Dynamic corporate risk management : motivations and real implications
Dionne, Georges; Gueyie, Jean-Pierre; Mnasri, Mohamed - In: Journal of banking & finance 95 (2018), pp. 97-111
Persistent link: https://www.econbiz.de/10011966716
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Lags, Costs, and Shocks : An Equilibrium Model of the Oil Industry
Bornstein, Gideon - 2017
We use a new micro data set to estimate a stochastic industry-equilibrium model of the oil industry. This effort is a first step towards studying the importance of ongoing structural changes in the oil market in a general-equilibrium model of the world economy. We analyze the impact of the...
Persistent link: https://www.econbiz.de/10012455258
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Agency conflicts around the world
Morellec, Erwan; Nikolov, Boris; Schürhoff, Norman - 2015
We use a dynamic model of financing decisions to measure agency conflicts for a large panel of 12,652 firms from 14 countries. Our estimates show that agency conflicts are large and vary significantly across firms and countries. Differences in agency conflicts are largely due to differences in...
Persistent link: https://www.econbiz.de/10011410744
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The importance of network recommendations in the director labor market
Fahlenbrach, Rüdiger; Kim, Hyemin; Low, Angie - 2018
Directors are more likely to obtain additional directorships, especially at prestigious firms, if the CEOs of their current boards are well-connected. Recommended directors do not become beholden to the CEO, as CEO compensation is unaffected and an analysis of appointment announcement returns...
Persistent link: https://www.econbiz.de/10011899609