Narrow search
Showing 1 - 10 of 1,404
Cover Image
Does the Market Value R&D Investment by European Firms? Evidence from a Panel of Manufacturing Firms in France, Germany, and Italy
Hall, Bronwyn H.; Oriani, Raffaele - 2022
Several studies based on US and UK data have used market value as an indicator of the firm''s expected R&D performance. However, there exist no investigations for the continental countries in the European Union, partly because the analysis is complicated by data availability problems. In this...
Persistent link: https://www.econbiz.de/10013311906
Cover Image
Stock Volatility During the Recent Financial Crisis
Schwert, G. William - 2011
the United States to show how stock volatility has changed over time. It also uses various measures of volatility implied … 2008. This episode was associated with historically high levels of stock market volatility, particularly among financial … sector stocks, but the market did not expect volatility to remain high for long and it did not. This is in sharp contrast to …
Persistent link: https://www.econbiz.de/10013126204
Cover Image
Transmission of Volatility between Stock Markets
King, Mervyn - 2008
with volatility …
Persistent link: https://www.econbiz.de/10012774536
Cover Image
Growth Options and Firm Valuation
Kraft, Holger - 2013
(average) Tobin's Q increases with firm-level volatility. The significance mainly comes from R&D firms, which have more growth … options than non-R&D firms. By decomposing firm-level volatility into its systematic and unsystematic part, we document that … only idiosyncratic volatility has a significant effect on valuation. Second, we analyze the relation of stock returns to …
Persistent link: https://www.econbiz.de/10013085928
Cover Image
Target Revaluation after Failed Takeover Attempts – Cash Versus Stock
Malmendier, Ulrike - 2012
Cash- and stock-financed takeover bids induce strikingly different target revaluations. We exploit detailed data on unsuccessful takeover bids between 1980 and 2008, and show that targets of cash offers are revalued on average by +15% after deal failure, whereas stock targets return to their...
Persistent link: https://www.econbiz.de/10013104060
Cover Image
The Value Spread as a Predictor of Returns
Liu, Naiping - 2005
Recent studies have used the value spread to predict aggregate stock returns to construct cash-flow betas that appear to explain the size and value anomalies. We show that two related variables, the book-to-market spread (the book-to-market of value stocks minus that of growth stocks) and the...
Persistent link: https://www.econbiz.de/10012784621
Cover Image
Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave
Moeller, Sara B. - 2004
Acquiring-firm shareholders lost 12 cents at the announcement of acquisitions for every dollar spent on acquisitions for a total loss of $240 billion from 1998 through 2001, whereas they lost $7 billion in all of the 1980s, or 1.6 cents per dollar spent. Though the announcement losses to...
Persistent link: https://www.econbiz.de/10012785969
Cover Image
Why are Foreign Firms Listed in the U.S. Worth More?
Doidge, Craig - 2002
At the end of 1997, the foreign companies listed in the U.S. have a Tobin's q ratio that exceeds by 16.5% the q ratio of firms from the same country that are not listed in the U.S. The valuation difference is statistically significant and largest for exchange-listed firms, where it reaches 37%....
Persistent link: https://www.econbiz.de/10012787423
Cover Image
Governance and Stakeholders
Mehrotra, Vikas - 2017
Economic models routinely assume firms maximize shareholder wealth; however common law legal systems only require that officers and directors pursue the interests of the corporation, leaving this ill-defined. Economic arguments for shareholder wealth maximization derived from shareholders'...
Persistent link: https://www.econbiz.de/10012954931
Cover Image
Long-Run Impacts of Unions on Firms : New Evidence from Financial Markets, 1961-1999
Lee, David - 2010
We estimate the effect of new unionization on firms' equity value over the 1961-1999 period using a newly assembled sample of National Labor Relations Board (NLRB) representation elections matched to stock market data. Event-study estimates show an average union effect on the equity value of the...
Persistent link: https://www.econbiz.de/10012757878