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Equilibrium Value and Size Premia
Gala, Vito - 2020
A general equilibrium production economy with heterogeneous firms and irreversible investment generates the value premium. Investment irreversibility prevents unprofitable value firms from optimally scaling down their capital stock. In contrast, profitable and fast growing - growth - firms can...
Persistent link: https://www.econbiz.de/10012705904
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The Dynamics of Tobin's Q
Puopolo, Giovanni Walter - 2016
study the firm migration phenomenon across market-to-book ratio. In my model, investors' desire to diversify their … migration found in the data, and a nonlinear pattern in the conditional volatility of Tobin's q. In addition, since firms … inherit these properties, yielding asset-pricing implications in line with the empirical evidence, namely the value premium …
Persistent link: https://www.econbiz.de/10013008221
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The Dynamics of Tobin's Q
Puopolo, Giovanni Walter - 2016
study the firm migration phenomenon across market-to-book ratio. In my model, investors' desire to diversify their … migration found in the data, and a nonlinear pattern in the conditional volatility of Tobin's q. In addition, since firms … inherit these properties, yielding asset-pricing implications in line with the empirical evidence, namely the value premium …
Persistent link: https://www.econbiz.de/10013008222
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Corporate Governance and the Great Recession : An Alternative Explanation for Germany's Success in the Post-2008 World
Masouros, Pavlos E. - 2014
The ability of a nation to resist a crisis depends on the institutional or spatio-temporal fixes it possesses, which can buffer the effects of the crisis, switch the crisis to other nations or defer its effects to the future. Corporate governance configurations in a given country can function as...
Persistent link: https://www.econbiz.de/10013059745
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Activist Capitalism and Democracy
Sepe, Simone M.; Masconale, Saura - 2021
Public corporations are brandishing their political identities. They are increasingly taking stands and messaging on highly charged social issues: gun control, gender and race, immigration, abortion, reproductive rights, and free speech. Corporate scholars have paid scant attention to this...
Persistent link: https://www.econbiz.de/10013240145
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Small Growth and Distress Returns : Two Sides of the Same Coin?
Bhamra, Harjoat Singh - 2016
several asset pricing anomalies …
Persistent link: https://www.econbiz.de/10013007449
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Contraction Options : Implications for the Profitability-Return Relation and Momentum Profits
Shim, Kyung Hwan - 2015
We develop a firm valuation model with repeated expansion and contraction options to show operating profitability is a proxy for time-varying systematic risk. Relative to riskier assets, the proportionate value of contraction options increase as profitability falls, lowering the firm beta....
Persistent link: https://www.econbiz.de/10013026825
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Capital asset pricing model testing at Warsaw Stock Exchange : are family businesses the remedy for economic recessions?
Lipiec, Jacek - In: International Journal of Financial Studies : open … 2 (2014) 3, pp. 266-279
In this article, we test the capital asset pricing model (CAPM) on the Warsaw Stock Exchange (WSE) by measuring the … to risk. The performance was measured by using the capital asset pricing model with statistical inference. We find that …
Persistent link: https://www.econbiz.de/10010470522
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The Inherent Limits of Organizational Structure and the Unfulfilled Role of Hierarchy : Lessons from a Near-War
Jacobides, Michael G. - 2006
Drawing on the Carnegie tradition, this paper examines how the Greek government and its military apparatus handled an incident involving the islets of Imia, which led to a near-war with Turkey in 1996. This came about not merely as a result of escalating circumstances: there were failures in...
Persistent link: https://www.econbiz.de/10012734900
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The Search Function and Evolutionary Novelty
Felin, Teppo - 2019
In this paper we address the hard problem of search. Search is a pervasive phenomenon of biological and economic life. But search is hard—especially in uncertain and dynamic environments. We develop a generalized form of question-answer probing as a way of simplifying search, with implications...
Persistent link: https://www.econbiz.de/10012861355