Showing 1 - 10 of 1,780
This study visits the role of shareholder proposals in the governance of public corporations by studying withdrawn shareholder proposals. Among all shareholders, unions are the most likely to withdraw proposals. Furthermore, firms with a record of poor performance, lower insider ownership and...
Persistent link: https://www.econbiz.de/10015242175
The main objective of this paper is to present a reading of The Arcades Project by Walter Benjamin in the context of the financial crisis, in particular, reflect from a few fragments of Benjamin's work appear to lie around a Black Swan. The recovery of the fragments of The Arcades seems...
Persistent link: https://www.econbiz.de/10015244097
First externalities risk due to the size of the companies or the principle that large companies are also at risk of bankruptcy (too big to fail) are examined. The problem is illustrated by a case in which extreme risks with negative consequences for savers and investors are taken. If we...
Persistent link: https://www.econbiz.de/10015244293
Following Taleb/Tapiero (2009) , the hypotheses are contrasted based on partial information of firms had losses (including external risk factors); the policy implications of this analysis are projected after evaluating two fundamental issues that continue to preoccupy the public opinion: how...
Persistent link: https://www.econbiz.de/10015244429
This paper examines the optimal design and consequences of financial disclosure regulation. Our model represents the regulation as creating a real option for an investor to delay investment until information is disclosed. We find conditions on investment opportunities that ensure that regulation...
Persistent link: https://www.econbiz.de/10015247059
magazine’s survey of company reputation, we find an inverse relation between a company’s reputation and its bond credit spreads …
Persistent link: https://www.econbiz.de/10015247913
During the recent financial crisis that erupted in mid-2007, credit default swap spreads increased by several hundred basis points, accompanied by a liquidity shortage in the U.S. financial sector. This period has both evidenced the importance that liquidity has for investors and underlined the...
Persistent link: https://www.econbiz.de/10015249750
We show that the post earnings announcement drift (PEAD) is stronger for conglomerates than single-segment firms. Conglomerates, on average, are larger than single segment firms, so it is unlikely that limits-to-arbitrage drive the difference in PEAD. Rather, we hypothesize that market...
Persistent link: https://www.econbiz.de/10015251760
This paper focuses on the time series properties of the level of underpricing of IPO shares and volume of initial selling in Hong Kong equity market. Strong autocorrelation among the level of underpricing has been identified. Evidence suggests that the initial selling volume plays an important...
Persistent link: https://www.econbiz.de/10015255893
Using close to 800,000 (2,000,000) transactions by 66,000 (303,000) households in the United States (in Finland), we show that individual investors with longer holding periods choose to hold less liquid stocks in their portfolios, consistent with Amihud and Mendelson’s (1986) theory of...
Persistent link: https://www.econbiz.de/10015256172