Similar Search Results

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

The Granular Nature of Large Institutional Investors

Ben-David, Itzhak - 2016

institutions predicts higher volatility and greater noise in stock prices as well as greater fragility in times of crisis. When …

Persistent link: https://www.econbiz.de/10012992142

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

Monetary Policy and Asset Prices : A Look Back at Past U.S. Stock Market Booms

Bordo, Michael D. - 2011

This paper examines the economic environments in which past U.S. stock market booms occurred as a first step toward understanding how asset price booms come about and whether monetary policy should be used to defuse booms. We identify several episodes of sustained rapid rise in equity prices in...

Persistent link: https://www.econbiz.de/10013127756

Complex Ownership Structures and Corporate Valuations

Laeven, Luc - 2010

The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact,...

Persistent link: https://www.econbiz.de/10012760554

Agency Costs, Mispricing, and Ownership Structure

Chernenko, Sergey - 2010

Standard theories of corporate ownership assume that because markets are efficient, insiders ultimately bear agency costs and therefore have a strong incentive to minimize conflicts of interest with outside investors. We show that if equity is overvalued, however, mispricing offsets agency costs...

Persistent link: https://www.econbiz.de/10013144749

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

How Does the Market Value Unfunded Pension Liabilities?

Bulow, Jeremy - 2013

We lead off by discussing a number of theoretical reasons for expecting various relationships between a firm's unfunded pension liability and its market value. We then discuss our doubts about the methodology of earlier papers which studied the empirical relation between funding and market value...

Persistent link: https://www.econbiz.de/10012754748

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

Inefficiency of Corporate Investment and Distortion of Savings Behavior in Japan

Ando, Albert - 2009

The value of corporate equity in Japan is dramatically smaller than that implied by the sum of the reproduction cost of accumulated investment and the market value of land owned by corporations (that is, the Tobin's average 'q' is much smaller than unity). This discrepancy appears to result from...

Persistent link: https://www.econbiz.de/10012767782

1
2
3
4
5
6
7
8
9
10
Next
Last