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Uncertainty Business Cycles - Really?
Bachmann, Ruediger - 2011
Are fluctuations in firms' profitability risk a major cause of regular business cycles? We study this question within … such a model, surprise increases of risk lead to a wait-and-see policy for investment at the firm level and a decrease in … the size of firm-level risk fluctuations. We find that time-varying firm-level risk on its own is unlikely to be a major …
Persistent link: https://www.econbiz.de/10013128887
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Regional Trade Integration and Multinational Firm Strategies
Antras, Pol - 2010
This paper analyzes the effects of the formation of a regional trade agreement on the level and nature of multinational firm activity. We examine aggregate data that captures the response of U.S. multinational firms to the formation of the ASEAN free trade agreement. Observed patterns guide the...
Persistent link: https://www.econbiz.de/10012757535
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Endogenous Information Flows and the Clustering of Announcements
Acharya, Viral V. - 2010
We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don't know whether or when the firm is informed, the firm will not necessarily disclose immediately. We show that bad market news can trigger the immediate release of information by firms....
Persistent link: https://www.econbiz.de/10013136743
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Performance Evaluation of Zero Net-Investment Strategies
Jorda, Oscar - 2011
directional trading strategies, risk-adjusted returns, and the investor's decisions under uncertainty as the core of our analysis … connection between model-based risk characteristics and the no-arbitrage conditions for market efficiency. Moreover, we extend …
Persistent link: https://www.econbiz.de/10013123682
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Dividends as Reference Points : A Behavioral Signaling Approach
Baker, Malcolm P. - 2012
We outline a dividend signaling approach in which rational managers signal firm strength to investors who are loss averse to reductions in dividends relative to the reference point set by prior dividends. Managers with strong but unobservable cash earnings separate themselves by paying high...
Persistent link: https://www.econbiz.de/10013103531
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The Impact of Corporate Sustainability on Organizational Processes and Performance
Eccles, Robert G. - 2012
We investigate the effect of corporate sustainability on organizational processes and performance. Using a matched sample of 180 US companies, we find that corporations that voluntarily adopted sustainability policies by 1993 - termed as High Sustainability companies - exhibit by 2009 distinct...
Persistent link: https://www.econbiz.de/10013108252
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Enabling Entrepreneurial Choice
Agrawal, Ajay K.; Gans, Joshua S.; Stern, Scott - 2022
Entrepreneurs must choose between alternative strategies for bringing their idea to market. They face uncertainty regarding both the quality of their idea as well as the efficacy of each strategy. While entrepreneurs can reduce this uncertainty by conducting tests, any single test conflates the...
Persistent link: https://www.econbiz.de/10013291843
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The Other Side of Value : Good Growth and the Gross Profitability Premium
Novy-Marx, Robert - 2010
Profitability, as measured by gross profits-to-assets, has roughly the same power as book-to-market predicting the cross-section of average returns. Profitable firms generate significantly higher average returns than unprofitable firms, despite having, on average, lower book-to-markets and...
Persistent link: https://www.econbiz.de/10013144171
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Choosing between Growth and Glory
Belenzon, Sharon - 2018
Prior work has established that the financing environment can impact firm strategy. We argue that this influence can shape the earliest strategic choices of a new venture by creating a potential tradeoff between two objectives: rapid growth and reaping the benefits of a positive reputation...
Persistent link: https://www.econbiz.de/10012912538
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Business Strategy and the Management of Firms
Yang, Mu-Jeung - 2015
Business strategy can be defined as a firm's plan to generate economic profits based on lower cost, better quality, or new products. The analysis of business strategy is thus at the intersection of market competition and a firm's efforts to secure persistently superior performance via...
Persistent link: https://www.econbiz.de/10013030140