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Carbon boards and transition risk: explicit and implicit exposure implications for total stock returns and dividend payouts
Mazzarano, Matteo; Guastella, Gianni; Pareglio, Stefano; … - 2021
, multiple total stock return measures distinguishing dividend payouts from simple stock returns. Results suggest that both … explicit and implicit risks are positively related to dividend payouts and not to stock returns, while the overall effect on … exposure and, probably as a consequence, boards in carbon intensive companies use dividend policies to attract investment in …
Persistent link: https://www.econbiz.de/10012694482
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The government as a large shareholder : impact on firm value and corporate governance
Fernandes, Marcelo; Novaes, Walter - 2015
The subprime crisis led to a wave of government interventions in the private sector that has been particularly strong in Europe and Latin America, where several governments are large shareholders in a variety of public firms. In a sense, the subprime crisis induced these governments to behave as...
Persistent link: https://www.econbiz.de/10011405286
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Risk management with thinly traded securities : methodology and implementation
Bernales, Alejandro; Beuermann, Diether W.; Cortazar, … - 2013
Thinly traded securities exist in both emerging and well developed markets. However, plausible estimations of market risk measures for portfolios with infrequently traded securities have not been explored in the literature. We propose a methodology to calculate market risk measures based on the...
Persistent link: https://www.econbiz.de/10011303812
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Option Implied Dividends
Kragt, Jac - 2018
over time as well as in the cross-section. Implied dividends predict actual dividends, particularly upward dividend changes …
Persistent link: https://www.econbiz.de/10012933833
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Disentangling the effect of private and public cash flows on firm value
Scherrer, Cristina Mabel; Fernandes, Marcelo - 2016
This paper presents a simple model for dual-class stock shares, in which common shareholders receive both public and private cash flows (i.e. dividends and any private benefit of holding voting rights) and preferred shareholders only receive public cash flows (i.e. dividends). The dual-class...
Persistent link: https://www.econbiz.de/10011523988
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Insiders-outsiders, transparency and the value of the ticker
Cespa, Giovanni (contributor); Foucault, Thierry (contributor) - 2008
We consider a multi-period rational expectations model in which risk-averse investors differ in their information on past transaction prices (the ticker). Some investors (insiders) observe prices in real-time whereas other investors (outsiders) observe prices with a delay. As prices are...
Persistent link: https://www.econbiz.de/10003740321
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Environmental damage news and stock returns : evidence from Latin America
Cavallo, Eduardo A.; Cepeda, Ana; Panizza, Ugo - 2024
This paper studies the interplay between environmental performance and financial valuation of firms in Latin America and the Caribbean. We provide insights into how environmental considerations are integrated into financial decision-making and investor behavior by analyzing the stock market...
Persistent link: https://www.econbiz.de/10014529773
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Risk allocation under liquidity constraints
Csóka, Péter; Herings, Peter Jean-Jacques - 2014
Risk allocation games are cooperative games that are used to attribute the risk of a financial entity to its divisions. In this paper, we extend the literature on risk allocation games by incorporating liquidity considerations. A liquidity policy specifies state-dependent liquidity requirements...
Persistent link: https://www.econbiz.de/10010350439
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Financing India's disaster risk resilience strategy
Ray, Saon; Jain, Samridhi; Thakur, Vasundhara - 2021
In this paper, we try to cover a whole range of polices and schemes that have been undertaken in Indiato finance disaster risk resilience (DRR). This paper tries to emphasise the importance of DRR in dealing with natural catastrophesby integrating DRR and climate change adaptation strategies for...
Persistent link: https://www.econbiz.de/10012436024
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Public pressure and corporate tax behaviour
Dyreng, Scott D.; Hoopes, Jeffrey L.; Wilde, Jaron H. - 2014
Persistent link: https://www.econbiz.de/10010433307