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Bidder cash reserve effect under the precautionary motive: Evidence from UK
Gao, Ning; Mohamed, Abdulkadir - 2011
Cash-rich bidders in UK have better announcement abnormal returns than cash-poor ones during 1984-2007, contrasting previous findings in the US. The positive cash reserve effect is mainly from bidders of high long-run growth or those with non-trivial institutional holdings. Moreover, cash-rich...
Persistent link: https://www.econbiz.de/10010409434
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What drives bidder cash reserve effects in acquisitions: Agency conflicts or precautionary motive?
Gao, Ning - 2011
A cash-rich company is less likely to be a bidder during 1994-2008 in the US, contrasting the findings based on earlier sample period. This is mainly due to the companies with high residual market-to-book ratios (i.e. the residual of the actual market-to-book ratio regressed on measures of...
Persistent link: https://www.econbiz.de/10010409445
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Return and Volatility Reactions to Monthly Announcements of Business Cycle Forecasts: An Event Study Based on High-Frequency Data
Steiner, Christian; Groß, Anne; Entorf, Horst - 2009
This article contributes to the literature on macroeconomic announcements and their impact on asset prices by investigating how the 15-second Xetra DAX returns reflect the monthly announcements of the two best known business cycle forecasts for Germany, i.e. the ifo Business Climate Index and...
Persistent link: https://www.econbiz.de/10010298727
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Internal sources of finance and the great recession
Barnes, Michelle L.; Pancost, N. Aaron - 2010
The rising stockpile of cash as a share of total assets at U.S. firms has intrigued economists since at least the paper of Bates, Kahle, and Stulz (2006), yet there has been relatively little work on where this cash has come from and how it is related to investment performance. We exploit...
Persistent link: https://www.econbiz.de/10010280899
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Monopolistic Competition and Costs in the Health Care Sector
Kumpmann, Ingmar - 2009
Competition among health insurers is widely considered to be a means of enhancing efficiency and containing costs in … is able to counterbalance the strong position of physicians and to achieve lower costs. … MonopolKrankenversicherung kann die starke Verhandlungsposition der Ärzte ausgleichen und niedrigere Kosten durchsetzen. …
Persistent link: https://www.econbiz.de/10010271400
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Strong hysteresis due to age effects
Chen, Yu-Fu - 2009
Persistent link: https://www.econbiz.de/10014306485
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Unter welchen Bedingungen fördert die Riester-Förderung? Eine theoretische Analyse unter simultaner Einbeziehung von Kosten- und Steuereffekten
Stahl, Silvana; Stahl, Stefan; Kasch, Philipp - 2012
Vorteilhaftigkeit bezogen sich in der Regel auf Teilaspekte: entweder nur die Kosten- oder nur die Steuereffekte wurden untersucht … geben, wobei Kosten- und Steuereffekte gleichermaßen berücksichtigt werden. Dabei steht nicht die Frage im Vordergrund …
Persistent link: https://www.econbiz.de/10010319287
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Costs and quality of life in multiple sclerosis: A cross-sectional study in the USA
Kobelt, Gisela; Berg, Jenny; Atherley, Debbie; … - 2004
Persistent link: https://www.econbiz.de/10010281343
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Firm default and aggregate fluctuations
Jacobson, Tor; Kindell, Rikard; Lindé, Jesper; … - 2008
This paper studies the relation between macroeconomic fluctuations and corporate defaults while conditioning on industry affiliation and an extensive set of firm-specific factors. Using a logit approach on a panel data set for all incorporated Swedish businesses over 1990-2002, we find strong...
Persistent link: https://www.econbiz.de/10010320796
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Does the Adverse Announcement Effect of Climate Policy Matter? - A Dynamic General Equilibrium Analysis
Riekhof, Marie-Catherine; Bröcker, Johannes - 2016
We consider a carbon emissions tax announced today, but implemented after a known time-lag. Before implementation, the announcement induces higher emissions than without intervention. In welfare terms, this adverse announcement effect could more than outweigh the gain after tax implementation....
Persistent link: https://www.econbiz.de/10011753318