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Mergers' announcements and their impact on firm value in Athens stock-exchange market: an empirical analysis, 2000–2006
Toudas, Kanellos; Eriotis, Nikolaos; Vasiliou, Dimitrios; … - In: International Journal of Financial Services Management 4 (2009) 1, pp. 1-10
This paper aims to analyse the relation between the returns of companies that participate in mergers as well as the takeover ratios of output-value (Tobin's qs) of each absorbing (henceforth Bidder) and each absorbed (henceforth Target) company for the period 2000–2006. The returns of...
Persistent link: https://www.econbiz.de/10008580400
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Consequences of deviating from predicted CEO labor market compensation on long-term firm value
Fong, Eric A.; Xing, Xuejing; Orman, Wafa Hakim; … - In: Journal of Business Research 68 (2015) 2, pp. 299-305
Building upon labor market theory, we investigate whether under- or over-investing in CEOs (i.e., strategically paying above or below a CEO's predicted labor market compensation rate) affects long-term firm value and whether there are diminishing returns to these investments. Our results...
Persistent link: https://www.econbiz.de/10011117149
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Monetary Policy in an Open Economy: The Differential Impact on Exporting and Non-Exporting Firms
Ber, Hedva; Blass, Asher; Yosha, Oved - C.E.P.R. Discussion Papers - 2002
Using firm-level data, we provide evidence that, although monetary policy affects real investment, the effect operates differentially: the greater its export intensity the less a firm is affected by tight money. We examine several interpretations and conclude that the impact is transmitted...
Persistent link: https://www.econbiz.de/10005504673
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The relationship between liquidity, corporate governance, and firm valuation: Evidence from Russia
Li, Wei-Xuan; Chen, Clara Chia-Sheng; French, Joseph J. - In: Emerging Markets Review 13 (2012) 4, pp. 465-477
This paper examines the hypotheses that liquidity improves corporate governance, and better governance enhances … valuation of Russian firms. We find a positive causal relationship between measures of liquidity and corporate governance … important role of liquidity in improving corporate governance and valuation. …
Persistent link: https://www.econbiz.de/10010595161
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Asymmetric Information and Debt Financing: Hie Empirical Importance of Size and Balance Sheet Factors
Dhawan, Rajeev - In: International Journal of the Economics of Business 4 (1997) 2, pp. 189-202
In an environment with asymmetric information regarding the outcome of investment activities, the premium on external funds is dependent upon a borrower's financial characteristics. Consequently, a borrower's need for funds and accessibility to the desired amount is interlinked. Using panel data...
Persistent link: https://www.econbiz.de/10009193117
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Creditor rights and corporate cash holdings: International evidence
Yung, Kenneth; Nafar, Nadia A. - In: International Review of Economics & Finance 33 (2014) C, pp. 111-127
In this cross-country analysis, we find evidence of a positive relation between creditor rights and the level of corporate cash holdings. In addition, we find that the excess cash motivated by creditor rights has a significant negative impact on firm value. These relationships, however, are...
Persistent link: https://www.econbiz.de/10010930965
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Market Value of REIT Liquidity
Hill, Matthew; Kelly, G.; Hardin, William - In: The Journal of Real Estate Finance and Economics 45 (2012) 2, pp. 383-401
Persistent link: https://www.econbiz.de/10010866947
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The value of firms' voluntary commitment to improve transparency: The case of special segments on Euronext
Kim, Abby - In: Journal of Corporate Finance 25 (2014) C, pp. 342-359
This paper examines whether a firm's commitment to increase transparency affects firm value and liquidity by studying … valuation effects for firms that opted into the special segments and documents positive effects on the liquidity of these firms … firms' liquidity and value; however, when a regulation with similar requirements is imposed on all firms in the market, the …
Persistent link: https://www.econbiz.de/10011052879
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The rise and fall of single-letter ticker symbols
Michayluk, David - In: Business History 50 (2008) 3, pp. 368-385
A single-letter stock ticker symbol is a limited resource - only 26 possibilities are available in a stock universe of over 475,000 possible one-, two-, three- or four-letter ticker symbols. These symbols were first allocated based on trading volume therefore some of the most important companies...
Persistent link: https://www.econbiz.de/10009223832