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Banks vs. markets: are banks more effective in facilitating sustainability?
Newton, David P.; Ongena, Steven; Xie, Ru; Zhao, Binru - 2022
Is bank- versus market-based financing different in its attitudes towards Environmental, Social, and Governance (ESG) risk? Using a novel sample covering 3,783 U.S. public firms from 2007 to 2020, we study how firm-level ESG risk affects its financing outcomes. We find that companies with higher...
Persistent link: https://www.econbiz.de/10013169151
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What do insiders know? : evidence from insider trading around share repurchases and SEOs
Cziraki, Peter; Lyandres, Evgeny; Michaely, Roni - 2018
We examine the nature of information contained in insider trades prior to corporate events. Insiders' net buying increases before open market share repurchase announcements and decreases before seasoned equity offers. Higher insider net buying is associated with better post-event operating...
Persistent link: https://www.econbiz.de/10012003068
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Dynamic leverage targets
Ippolito, Filippo; Sacchetto, Stefano; Steri, Roberto - 2017
We reconcile two seemingly contrasting empirical facts, active capital structure rebalancing and slow adjustments towards target leverage, through the lens of a standard dynamic capital structure model. In the model, firms adjust leverage towards a dynamic target, which is firm specific and...
Persistent link: https://www.econbiz.de/10011874865
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Why do U.S. CEOs pledge their own company's stock?
Fabisik, Kornelia - 2019
. CEOs use the funds to either double down (6.0%), hedge their ownership (3.5%), or to obtain liquidity while maintaining …
Persistent link: https://www.econbiz.de/10012134769
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Direct democracy, corporate political strategy, and firm value
Fahlenbrach, Rüdiger; Ovtchinnikov, Alexei; Valta, Philip - 2021 - This version: March 2021
We analyze a novel data set of corporate contributions to ballot initiatives and referendums at the U.S. state level. Firms make significant contributions to ballot measures in favor of or against specific initiatives. Firms that contribute to successful (failed) direct initiated state...
Persistent link: https://www.econbiz.de/10012487900
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Commonality in liquidity and real estate securities
Hoesli, Martin; Kadilli, Anjeza; Reka, Kustrim - 2014
market. Taking advantage of the specific characteristics of REITs, we analyze three types of commonality in liquidity: within …We conduct an empirical investigation of the pricing and economic sources of commonality in liquidity in the U.S. REIT … evidence that the three types of commonality in liquidity are priced in REIT returns but only during bad market conditions. We …
Persistent link: https://www.econbiz.de/10010412872
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Debt, innovation, and growth
Geelen, Thomas; Hajda, Jakub; Morellec, Erwan - 2019
Recent empirical studies show that innovative firms heavily rely on debt financing. Debt overhang implies that debt … hampers investment by incumbents. We show that a second effect of debt is that it stimulates entry of new firms and, therefore … demonstrate that this second effect always dominates, so that debt fosters innovation and growth at the aggregate level. Our paper …
Persistent link: https://www.econbiz.de/10012179627
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A simple model of the firm life cycle
Schenk-Hoppé, Klaus Reiner; Schweri, Urs - 2010
The optimal investment-dividend policy of a financially constrained firm whose earnings are subject to additive shocks …
Persistent link: https://www.econbiz.de/10008797762
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Asset prices and liquidity with market power and non-Gaussian payoffs
Glebkin, Sergei; Malamud, Semyon; Teguia, Alberto - 2020
risk aversion decreases, there are more liquidity providers and/or there is less uncertainty about future asset payoffs …, liquidity can decrease, (iii) cross-section of returns is affected by endogenous illiquidity …
Persistent link: https://www.econbiz.de/10012419350
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Flooded through the back door: the role of bank capital in local shock spillovers
Rehbein, Oliver; Ongena, Steven - 2020
This paper demonstrates that low bank capital carries a negative externality because it amplifies local shock spillovers. We exploit a natural disaster that is transmitted to firms in non-disaster areas via their banks. Firms connected to a strongly disaster-exposed bank with lowest-quartile...
Persistent link: https://www.econbiz.de/10012181117