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ESG news, future cash flows, and firm value
Derrien, François; Krüger, Philipp; Landier, Augustin; … - 2021
We investigate how sell-side analysts adjust their earnings forecasts following ESG incidents. We find that following negative ESG news, analysts significantly downgrade their earnings forecasts at all horizons, including long-term. Forecast revisions account for all the negative impact of ESG...
Persistent link: https://www.econbiz.de/10012800247
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Participants' reputation in the syndicated lending market
Kalyaeva, Daria - 2018
How do lenders use their reputation when participating in syndicated loans? I address this question by focusing on … syndicate composition with respect to participants' reputation and its impact on loan spreads. I find that lender reputation … market finance features, rather than bank finance. However I find no evidence that lenders use their reputation and the …
Persistent link: https://www.econbiz.de/10011976949
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Illiquidity and the cost of equity capital : evidence from actual estimates of capital cost for U.S. data
Goyal, Amit; Subrahmanyam, Avanidhar; Swaminathan, Bhaskaran - 2021
Illiquidity measures appear to be related to monthly realized returns but do they impact long-run costs of capital (CoC) for firms? Using U.S. data, we find cross-sectional evidence that, controlling for market capitalization, the Amihud (2002) measure of illiquidity is negatively related to CoC...
Persistent link: https://www.econbiz.de/10012800436
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The relationship between credit default swap and cost of equity capital
Barone-Adesi, Giovanni; Brughelli, Moreno - 2010
We want to assess the relationship between the equity and the debt cost of capital. Using a very simple dividend discount model we compute the implied discount rate and we compare it with the corresponding premium on the corporate credit default swap using a cointegration approach. We...
Persistent link: https://www.econbiz.de/10008797690
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ICO analysts
Barth, Andreas; Laturnus, Valerie; Mansouri, Sasan; … - 2021
Initial Coin Offerings (ICOs) provide a clean opportunity and rich data to study the contribution of analysts to the functioning of capital markets. The assessments of freelancing ICO analysts vary in quality and exhibit biases due to the reciprocal interactions of analysts with ICO team...
Persistent link: https://www.econbiz.de/10012487990
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Bank loan announcements and borrower stock returns before and during the recent financial crisis
Li, Chunshuo; Ongena, Steven - 2014 - This Draft: March, 2014
The impact of U.S. bank loan announcements on the stock prices of the corporate borrowers has been decreasing during the two last decades with estimated two-day cumulative abnormal returns slipping from almost 200 basis points in the beginning of the 1980s to close to zero by the turn of the...
Persistent link: https://www.econbiz.de/10010412303
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Distance effects in CMBS loan pricing : banks versus non-banks
Eichholtz, Piet; Ongena, Steven; Yönder, Erkan - 2019
Comparing banks to non-bank lenders, we investigate whether the geographical distance between lenders, borrowers and their properties is reflected in the pricing of US mortgages that were included in US CMBS pools during the 2000 to 2017 period. The difference in loan spread when bank-borrower...
Persistent link: https://www.econbiz.de/10012134672
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Persuasion by dimension reduction
Malamud, Semyon; Schrimpf, Andreas - 2021 - This version: October 17, 2021
How should an agent (the sender) observing multi-dimensional data (the state vector) persuade another agent to take the desired action? We show that it is always optimal for the sender to perform a (non-linear) dimension reduction by projecting the state vector onto a lower-dimensional object...
Persistent link: https://www.econbiz.de/10012799529
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Optimal transport of information
Malamud, Semyon; Cieślak, Anna; Schrimpf, Andreas - 2021 - This version: March 3, 2021
We study the general problem of Bayesian persuasion (optimal information design) with continuous actions and continuous state space in arbitrary dimensions. First, we show that with a finite signal space, the optimal information design is always given by a partition. Second, we take the limit of...
Persistent link: https://www.econbiz.de/10012487719
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The intangibles song in takeover announcements : good tempo, hollow tune
Filipovic, Zoran M.; Wagner, Alexander F. - 2019
Mergers and acquisitions are often motivated by the intention of creating value from intangible assets. We develop a novel word list of intangibles and apply it to takeover announcements. Deals presented with more “intangibles talk” complete more quickly. However, the value of these deals to...
Persistent link: https://www.econbiz.de/10011976989