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Do firms buy their stock at bargain prices? Evidence from actual stock repurchase disclosure
Ben-Rephael, Azi; Oded, Jacob; Wohl, Avi - 2011
We use new data from SEC filings to investigate how S&P 500 firms execute their open market repurchase programs. We find that smaller S&P 500 firms repurchase less frequently than larger firms, and at a price which is significantly lower than the average market price. Their repurchase activity...
Persistent link: https://www.econbiz.de/10010308547
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Paper profits from value, size and momentum: Evidence from the Polish market
Zaremba, Adam; Konieczka, Przemysław - In: e-Finanse: Financial Internet Quarterly 11 (2015) 3, pp. 58-69
factor premiums are present after accounting for liquidity constraints. Fourth, we check whether the factor premiums are …, but they disappear after accounting for transaction costs and liquidity. …
Persistent link: https://www.econbiz.de/10011551459
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The crisis of fair value accounting: Making sense of the recent debate
Laux, Christian; Leuz, Christian - 2009
The recent financial crisis has led to a vigorous debate about the pros and cons of fair-value accounting (FVA). This debate presents a major challenge for FVA going forward and standard setters' push to extend FVA into other areas. In this article, we highlight four important issues as an...
Persistent link: https://www.econbiz.de/10010303740
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Flights to Safety
Baele, Lieven; Bekaert, Geert; Inghelbrecht, Koen; Wei, Min - 2012
Despite a large and growing theoretical literature on flights to safety, there does not appear to exist an empirical characterization of flight-to-safety (FTS) episodes. Using only data on bond and stock returns, we identify and characterize flight to safety episodes for 23 countries. On...
Persistent link: https://www.econbiz.de/10011506750
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The Effects of Industry-Level Uncertainty on Cash Holdings: The Case of Germany
Baum, Christopher F.; Schäfer, Dorothea; Talavera, … - 2006
increases the firm will increase its optimal level of liquidity. We test this hypothesis using a panel of German firms drawn …
Persistent link: https://www.econbiz.de/10010260994
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The German sub-national government bond market: evolution, yields and liquidity
Schulz, Alexander; Wolff, Guntram B. - 2008
a measure of liquidity based on the standard deviation of yields of those bonds that are used to compute the average …
Persistent link: https://www.econbiz.de/10010295878
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Banking and sovereign risk in the euro area
Gerlach, Stefan; Schulz, Alexander; Wolff, Guntram B. - 2010
We study the determinants of sovereign bond spreads in the euro area since the introduction of the euro. We show that an aggregate risk factor is a main driver of spreads. This factor also plays an important indirect role for risk spreads through its interaction with the size and structure of...
Persistent link: https://www.econbiz.de/10010300391
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Global liquidity, risk premiums and growth opportunities
De Nicolò, Gianni; Ivaschenko, Iryna - 2009
This paper constructs new indicators of liquidity for equity, bond and money markets in major advanced and emerging … evidence of an historical increase in market liquidity since the early 1990s, in part as a result of advances in international … financial integration, but markets have been increasingly exposed to global systemic liquidity shocks. Second, liquidity …
Persistent link: https://www.econbiz.de/10010272745
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Quoted spreads and trade imbalance dynamics in the European treasury bond market
Caporale, Guglielmo Maria; Girardi, Alessandro; … - 2010
documents the existence of an asymmetric relationship between market liquidity and trading imbalances: when quoted spreads rise … (fall) and liquidity falls (increases) buy (sell) orders tend to prevail. Risk-averse market-makers, with inventory … characteristics, stock market volatility, macroeconomic releases and liquidity management operations of the monetary authorities. …
Persistent link: https://www.econbiz.de/10010275008
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Unternehmensbewertung für erbschaft- und schenkungsteuerliche Zwecke: Anwendung verschiedener Bewertungsmethoden im Vergleich
Henselmann, Klaus; Schrenker, Claudia; Schneider, Sebastian - 2010
In January 2009, the law on the reform of the inheritance tax and valuation law (German) came into force. As a result, the valuation of shares in non-listed corporations was fundamentally changed. The paper compares and analyzes different enterprise values through the application of different...
Persistent link: https://www.econbiz.de/10010300006