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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

Characteristics and Performance of New Firms and Spinoffs in Sweden

Andersson, Martin; Klepper, Steven - 2012

We analyze the rate of formation, the characteristics, and the performance of different types of new firms in Sweden over a decade. Comparisons to Denmark, Brazil, and the U.S. suggest that the environment for new firm formation in Sweden is not markedly different than elsewhere. In line with...

Persistent link: https://www.econbiz.de/10010320218

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

The announcement effect: Evidence from open market desk data

Jordà, Òscar; Demiralp, Selva; Liu, Holly; Williams, … - 2001

This paper investigates the ability of the Federal Reserve to manipulate the overnight rate without open market operations (which Demiralp and Jorda (2000) term the announcement effect), using high-frequency, open-market-desk data. Using similar data, Hamilton (1997) takes advantage of forecast...

Persistent link: https://www.econbiz.de/10010318605

Prevention of competition by competition law: Evidence from unbundling regulation on fiber-optic networks in Japan

Minamihashi, Naoaki - 2011

unbundling regulations on new optical-fiber lines. I find that unbundling regulation prevents new providers from building optical … particular, when a new technology is introduced, unbundling regulation has an oligopolization effect on the regulated firms. This … finding in the Japanese telecommunications industry suggests that unbundling regulation during periods of new technology …

Persistent link: https://www.econbiz.de/10010332517

Regulation and Investment in Network Industries: Evidence from European Telecoms

Grajek, Michał; Röller, Lars-Hendrik - 2009

We provide evidence of an inherent trade-off between access regulation and investment incentives in telecommunications by using a comprehensive data set covering 70+ fixed-line operators in 20 countries over 10 years. Our econometric model accommodates: different investment incentives for...

Persistent link: https://www.econbiz.de/10010352072

Equal size, equal role? Interest rate interdependence between the Euro area and the United States

Ehrmann, Michael; Fratzscher, Marcel - 2003

This paper investigates whether the degree and the nature of economic and monetary policy interdependence between the United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the perspective of financial markets by analysing the...

Persistent link: https://www.econbiz.de/10010298252

A Triptych Inquiry: Rethinking Sustainability, Innovation, and Financial Performance

Busch, Timo; Stinchfield, Bryan T.; Wood, Matthew S. - 2011

Management scholars have sought to answer the question: is there a financial payoff for ad-dressing ecological and social issues? We move beyond this question and include a time com-ponent for corporate financial performance (CFP) and a firm’s innovativeness in order to ask: when does it pay?...

Persistent link: https://www.econbiz.de/10010325873

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

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

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