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Disclosure and the Cost of Capital : Evidence from Firms' Responses to the Enron Shock

Leuz, Christian - 2010

This paper examines the link between disclosure and the cost of capital. We exploit an exogenous cost of capital shock … the typical research design that analyzes cost of capital responses to disclosure changes. In reversing the tests and … that have positive cost of capital shocks and larger financing needs. We also find that firms respond with additional …

Persistent link: https://www.econbiz.de/10012757529

Dividend Taxes and Firm Valuation : New Evidence

Auerbach, Alan J. - 2010

This paper extends our previous analysis (Auerbach and Hassett 2005) of the effects of the quot;Jobs and Growth Tax Relief Act of 2003quot; on firm valuation. That paper found that firms with higher dividend yields benefited more than other dividend paying firms, a result that, in itself, is...

Persistent link: https://www.econbiz.de/10012761771

Do Buyouts (Still) Create Value?

Guo, Shourun - 2014

available, median market adjusted returns to pre- and post-buyout capital invested are 78% and 36%, respectively. In contrast …

Persistent link: https://www.econbiz.de/10012751381

Optimal Contracting, Corporate Finance, and Valuation with Inalienable Human Capital

Bolton, Patrick - 2015

indefinitely commit her human capital to the venture, which limits the firm's debt capacity, distorts investment and compensation …

Persistent link: https://www.econbiz.de/10013027264

Squaring Venture Capital Valuations with Reality

Gornall, Will - 2017

We develop a valuation model for venture capital-backed companies and apply it to 135 U.S. unicorns – private companies …

Persistent link: https://www.econbiz.de/10012946036

Governance and Bank Valuation

Caprio, Gerard - 2003

Which public policies and ownership structures enhance the governance of banks? This paper constructs a new database on the ownership of banks internationally and then assesses the ramifications of ownership, shareholder protection laws, and supervisory/regulatory policies on bank valuations....

Persistent link: https://www.econbiz.de/10012786320

Tax Reform and Adjustment Costs : the Impact on Investment and Market Value

Auerbach, Alan J. - 2002

various tax changes on market value and its components, discounted pure profits and normal returns to capital, and to … decompose changes in the value of capital into changes in the marginal value of new capital and changes in the relative value of … new and existing capital. These measures are used to evaluate tax changes similar to those introduced by the recent U …

Persistent link: https://www.econbiz.de/10012787469

Tobin's Q, Corporate Diversification and Firm Performance

Lang, Larry H.P. - 2002

In this paper, we show that Tobin's q and firm diversification are negatively related. This negative relation holds for different diversification measures and when we control for other known determinants of q. We show further that diversified firms have lower q's than equivalent portfolios of...

Persistent link: https://www.econbiz.de/10012787492

Corporate Misreporting and Bank Loan Contracting

Graham, John R. - 2008

This paper is the first to study the effect of financial restatement on bank loan contracting. Compared with loans initiated before restatement, loans initiated after restatement have significantly higher spreads, shorter maturities, higher likelihood of being secured, and more covenant...

Persistent link: https://www.econbiz.de/10012773124

Modeling Structural and Temporal Variation in the Market's Valuation of Banking Firms

Kane, Edward J. - 2008

three-equation model that employs accounting and capital-market information to explain cross-sectional and temporal … unbooked capital positions, the model is estimated separately for three size classes of large U.S. banks. Parameter estimates … confirm the importance of quot;hiddenquot; or unbooked capital at these banks. For the nation's very largest banks, shifts in …

Persistent link: https://www.econbiz.de/10012774829