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Corporate diversification, real activities manipulation, and firm value

Farooqi, Javeria; Harris, Oneil; Ngo, Thanh - In: Journal of Multinational Financial Management 27 (2014) C, pp. 130-151

We examine the relation between corporate diversification, real earnings management, and firm value. Our analysis indicates that industrial diversification and the combination of industrial and global diversification exacerbate real activities manipulation, whereas global diversification...

Persistent link: https://www.econbiz.de/10010906426

Ownership Structure and Stock Price Performance During Turbulent Financial Markets

Desender, Kurt A. - 2012

The objective of this study is to investigate the relationship between stock market performance and ownership structure during plummeting and soaring financial markets in a Continental-European setting. Our results show the importance of ownership concentration, the presence of secondary...

Persistent link: https://www.econbiz.de/10012712603

SPACs with focus on China

Shachmurove, Yochanan; Vulanovic, Milos - Deutsche Zentralbibliothek für … - 2014

In this study, we examine characteristics of Specified Purpose Acquisition Companies (SPACs) used as a financing tool for companies from China in period 2004-2011. We offer the evidence that, similarly to evidence from studies on reverse mergers focusing on China, SPACs that focus on China are...

Persistent link: https://www.econbiz.de/10010957810

Institutional changes of Specified Purpose Acquisition Companies (SPACs)

Lakicevic, Milan; Shachmurove, Yochanan; Vulanovic, Milos - In: The North American Journal of Economics and Finance 28 (2014) C, pp. 149-169

This study documents the changes in the corporate design of modern Specified Purpose Acquisition Companies (SPACs) for the years 2003–2012. Do institutional characteristics of SPACs determine the success of their merger outcomes? The paper finds that SPACs significantly redesigned their...

Persistent link: https://www.econbiz.de/10010777008

On Mergers, Acquisitions and Liquidation Using Specified Purpose Acquisition Companies (SPACs)

Lakicevic, Milan; Shachmurove, Yochanan; Vulanovic, Milos - Department of Economics, University of Pennsylvania - 2013

A Specified Purpose Acquisition Company (SPAC) is formed to purchase operating businesses within a priori determined time period. SPACs existed in U.S capital markets since the 1920s. Their corporate structure has recently become debated in the legal and financial literatures, especially their...

Persistent link: https://www.econbiz.de/10010822880

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

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

Corporate Governance and Shareholder Value in Listed Firms: An Empirical Analysis in Five Countries (France, Italy, Japan, UK, USA)

Monda, Barbara; Giorgino, Mrco - Volkswirtschaftliche Fakultät, … - 2013

In this paper, we design a multi-dimensional index to measure the quality of Corporate Governance systems adopted by firms and use it to investigate the correlation between Corporate Governance quality and firm value. Unlike most studies that examine the relationship between only one dimension...

Persistent link: https://www.econbiz.de/10011112500

Corporate Bonds, Bondholders and Corporate Governance

Çelik, Serdar; Demirtaş, Gül; Isaksson, Mats - Directorate for Financial, Fiscal and Enterprises … - 2015

analyses trends in secondary bond markets, including market liquidity, the role of market makers and the relatively slow …

Persistent link: https://www.econbiz.de/10011276711

Did fair-value accounting contribute to the financial crisis?

Laux, Christian; Leuz, Christian - Center for Financial Studies - 2009

The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least, exacerbated its severity. In this paper, we...

Persistent link: https://www.econbiz.de/10010958489

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