Similar Search Results

Bach, Christian - School of Economics and Management, University of Aarhus - 2011

Using a CCAPM based risk adjustment model, consistent with general asset pricing theory, I perform corporate valuations … that the standard CAPM and the Fama-French 3 factor based approaches to risk adjustment substantially overestimate the cost … of a large sample of stocks listed on NYSE, AMEX and NASDAQ. The model is different from the standard CAPM model in the …

Persistent link: https://www.econbiz.de/10009293656

A Behavioural Finance Explanation of a Gearing-ß Inverse Association Referencing Weill’s Liquidity Result (in English)

Lusk, Edward J.; HALPERIN, Michael; Yue, Li - In: Czech Journal of Economics and Finance (Finance a uver) 56 (2006) 3-4, pp. 168-177

positively related to the equity ß of the Sharpe/Lintner CAPM. They find for a sample of the S&P 500 firms that have been on that …’s results for transitional economies, the authors suggest that liquidity may provide an explanation for this anomalous ß … gearing with ß and (2) consider the possibility of managing liquidity as a way to affect ß. …

Persistent link: https://www.econbiz.de/10005698627

Validity of capital asset pricing model: evidence from Karachi stock exchange

Syed ali, Raza; Syed tehseen, jawaid; Imtiaz, arif; … - Volkswirtschaftliche Fakultät, … - 2011

applied to find the difference between actual and expected returns. Results show that capital asset pricing model (CAPM … that the investors should more focus on CAPM results for short term as compare to long term investments in KSE. …

Persistent link: https://www.econbiz.de/10009220664

Determinants of the Greek stock-bond correlation

Migiakis, Petros M - In: Economic Bulletin (2010) 33, pp. 79-90

the Greek stock-bond correlation are explained by several risk factors, related to liquidity and market’s uncertainty …

Persistent link: https://www.econbiz.de/10008852247

Death and jackpot: Why do individual investors hold overpriced stocks?

Conrad, Jennifer; Kapadia, Nishad; Xing, Yuhang - In: Journal of Financial Economics 113 (2014) 3, pp. 455-475

Campbell, Hilscher, and Szilagyi (2008) show that firms with a high probability of default have abnormally low average future returns. We show that firms with a high potential for default (death) also tend to have a relatively high probability of extremely large (jackpot) payoffs. Consistent...

Persistent link: https://www.econbiz.de/10010906192

Efficient Markets and the Law: A Predictable Past and an Uncertain Future

Hu, Henry T.C. - In: Annual Review of Financial Economics 4 (2012) 1, pp. 179-214

This article analyzes the manifold situations in which the efficient-market hypothesis (EMH) has influenced—or has failed to influence—federal securities regulation and state corporate law, and the prospective roles for the EMH in these contexts. In federal securities regulation, the EMH has...

Persistent link: https://www.econbiz.de/10010603964

Assessing the non-financial investment profitability with variable discount rate

Gwozdz, Katarzyna - Instytut Badañ Gospodarczych (IBG) - 2015

assumption of using the constant discount rate is erroneous. The possibility of using different techniques of risk premium … valuation is also mentioned. The research allows to select the risk premium valuation to assess the non-financial investment …

Persistent link: https://www.econbiz.de/10011271506

The analysis of ranges of variability of selected ratios from a group of assets productivity ratios three years before the declaration of bankruptcy by companies in Poland

Antonowicz, Pawel - In: Business and Economic Horizons (BEH) 10 (2014) 3, pp. 202-213

This article shows the research results concerning the development of the variability of five selected ratios from the group of assets productivity in companies with extremely different financial and economic positions. The research was conducted on a test sample of 380 business entities: 190...

Persistent link: https://www.econbiz.de/10011165411

GDP and insolvency

Staszkiewicz, Piotr W. - Volkswirtschaftliche Fakultät, … - 2013

The correlation analysis was conducted on dynamic of GDP and company failure rate for Poland, Europe and USA for the period 2003-2011; it was found a negative correlation. An analysis was undertaken for the relation between the rate of corporate failure in Poland and the rate of change of overall...

Persistent link: https://www.econbiz.de/10011259056

Capital Structure and Managerial Compensation : The Effects of Renumeration Seniority

Renneboog, Luc; Calcagno, R. - Tilburg University, Center for Economic Research - 2004

We show that the relative seniority of debt and managerial compensation has important implications on the design of remuneration contracts.Whereas the traditional literature assumes that debt is senior to remuneration, we show that this is frequently not the case according to bankruptcy...

Persistent link: https://www.econbiz.de/10011092094