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Blockchains, Real-Time Accounting and the Future of Credit Risk Modeling

Byström, Hans - 2016

In this paper (letter) I discuss how blockchains potentially could affect the way credit risk is modeled, and how the improved trust and timing associated with blockchain-enabled real-time accounting could improve default prediction. To demonstrate the (quite substantial) effect the change would...

Persistent link: https://www.econbiz.de/10013208748

An Empirical Investigation of Efficiency and Price Uniformity in Competing Auctions

Andersson, Tommy; Andersson, Christer; Andersson, … - 2010

This paper investigates empirically a number of hypotheses that are related to efficiency and price uniformity in … unambiguously demonstrate that there is a strong relationship between efficiency and price uniformity on the one hand and the number …

Persistent link: https://www.econbiz.de/10013208559

Expectations as reference points: Field evidence from experienced subjects in a competitive, high-stakes environment

Bartling, Björn; Brandes, Leif; Schunk, Daniel - 2012

We show that professional soccer players exhibit reference-dependent behavior during matches. Controlling for the state of the match and for unobserved heterogeneity, we show on a minute-by-minute basis that a player breaches the rules of the game, measured by the referee's assignment of cards,...

Persistent link: https://www.econbiz.de/10010316909

A discrete choice model of dividend reinvestment plans: Classification and prediction

Boehm, Thomas P.; DeGennaro, Ramon P. - 2007

We study 852 companies with dividend reinvestment plans in 1999 matched by total assets to 852 companies without such plans. We use discrete choice methods to predict the classification of these companies. We interpret the misclassified companies as being likely to switch their plan status. That...

Persistent link: https://www.econbiz.de/10010292321

The Ownership Structure of Repurchasing Firms

Skjeltorp, Johannes A.; Ødegaard, Bernt Arne - 2004

This paper provides an examination of the ownership structure in Norwegian firms that announced repurchase plans during the period 1999 through 2001, as well as for groups of these firms conditional on whether they actually executed repurchases or not. By using detailed information on various...

Persistent link: https://www.econbiz.de/10012143621

Carbon Boards and Transition Risk: Explicit and Implicit exposure implications for Total Stock Returns and Dividend Payouts

Mazzarano, Matteo; Guastella, Gianni; Pareglio, Stefano; … - 2021

The Security and Exchange Commission (SEC) has considered climate change as a risk issue since 2010. Several emission disclosure initiatives exist aimed at informing investors about the financial risks associated with a zero or low carbon transition. Stricter regulations, particularly in a few...

Persistent link: https://www.econbiz.de/10012819783

Between Scylla and Charybdis: CEO political ideology, dividends and downsizing during the pandemic

Bayat, Ali; Goergen, Marc; Koutroumpis, Panagiotis; … - 2022

We study whether CEO political ideology affected how S&P 500 firms reacted to the Covid-19 pandemic, an exogenous shock to demand and supply. We hypothesize that conservative CEOs are more likely to adopt shareholder-friendly than employee-friendly reactions to the pandemic. Hence, they should...

Persistent link: https://www.econbiz.de/10013254723

Dividend signaling and bank payouts in the Great Financial Crisis

Juelsrud, Ragnar Enger; Nenov, Plamen T. - 2022

We study the dividend payouts of U.S. banks during the 2008 financial crisis. Using a difference-in-differences methodology, we shows that banks with higher share of short-term liabilities to total liabilities, which were thus more exposed to the rollover crisis that took place in 2008,...

Persistent link: https://www.econbiz.de/10014551565

The Marginal Source of Finance

Lindhe, Tobias - 2002

This paper addresses the ongoingdebate on which view of equity, traditional or new, that best describes firm behavior. According to the traditional view, the marginal source of finance is new equity, whereas under to the new view, marginal financing comes from retained earnings. In the...

Persistent link: https://www.econbiz.de/10010321814

Mergers under asymmetric information - is there a lemons problem?

Borek, Thomas; Bühler, Stefan; Schmutzler, Armin - 2004

We analyze a Bayesian merger game under two-sided asymmetric information about firm types. We show that the standard … prediction of the lemons market model-if any, only low-type firms are traded-is likely to be misleading: Merger returns, i.e. the … difference between pre- and post-merger profits, are not necessarily higher for low-type firms. This has two implications. First …

Persistent link: https://www.econbiz.de/10010315535

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