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The Information Asymmetry Effects of Expanded Disclosures about Derivative and Hedging Activities
Steffen, Thomas D. - 2020
and hedging footnote disclosures. Using a difference-in-differences design, I investigate whether these mandatory … complementary measures: (1) actual changes in firms' derivative and hedging disclosures, and (2) pre-SFAS 161 levels of firms …' derivative and hedging activities. Both measures provide consistent evidence that bid-ask spreads decreased more for firms whose …
Persistent link: https://www.econbiz.de/10012855683
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Corporate Risk Management and Dividend Signaling Theory
Dionne, Georges - 2010
of Bhattacharya (1979) by including the possibility of hedging the future cash flow. We find that the higher the hedging …
Persistent link: https://www.econbiz.de/10013148283
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Asymmetric information and roll-over risk
König, Philipp Johann; Pothier, David - 2014
How do banks choose their debt maturity structure when credit markets are subject to information frictions? This paper proposes a model of equilibrium maturity choice with asymmetric information and endogenous roll-over risk. We show that in the presence of public signals about firms'...
Persistent link: https://www.econbiz.de/10010248172
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Determinants of behaviour of working capital requirements of BSE listed companies : an empirical study using co-integration techniques and generalised method of moments
Sharma, Rakesh Kumar; Bakshi, Apurva; Chhabra, Sheena - In: Cogent economics & finance 8 (2020) 1, pp. 1-30
The paper investigates the determinants of working capital to forecast the future requirement of working capital of BSE-listed top 150 companies in India. The study is conducted by collecting the data of 150 top-performing BSE listed companies for the time period of 2009-2017. The ten firm-level...
Persistent link: https://www.econbiz.de/10012219679
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Chapter 7. Payout Policy
Allen, Franklin; Michaely, Roni - 2003
This paper surveys the literature on payout policy. We start out by discussing several stylized facts that are important to the development of any comprehensive payout policy framework. We then describe the Miller and Modigliani (1961) payout irrelevance proposition, and consider the effect of...
Persistent link: https://www.econbiz.de/10014023869
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The Relationship Between Information Asymmetry and Dividend Policy
Vojtech, Cindy M. - 2012
This paper examines how the quality of firm information disclosure affects shareholders' use of dividends to mitigate agency problems. Managerial compensation is linked to firm value. However, because the manager and shareholders are asymmetrically informed, the manager can manipulate the firm's...
Persistent link: https://www.econbiz.de/10013106988
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Lord Eldon Redux : Information Asymmetry, Accountability and Fiduciary Loyalty
Licht, Amir N. - 2017
This article investigates the development of accountability and fiduciary loyalty as an institutional response to information asymmetries in agency relations, especially in firm-like settings. Lord Eldon articulated the crucial role of information asymmetries in opportunistic behaviour in early...
Persistent link: https://www.econbiz.de/10012967306
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A Note on Corporate Taxation, Limited Liability and Asymmetric Information
Miglo, Anton - 2007
Becker and Fuest (forthcoming) provides a new explanation for the important and puzzling link between limited liability and corporate taxation. The authors argue that a corporate tax on all entrepreneurs with limited liability is optimal when entrepreneurs can offset potential losses and when...
Persistent link: https://www.econbiz.de/10012776129
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Initial Coin Offerings, Asymmetric Information, and Loyal CEOs
Momtaz, Paul P. - 2020
A defining feature of initial coin offerings (ICOs) is that entrepreneurs bear the full marginal investment cost but profit only partially from the marginal investment payoff. This design may exacerbate agency conflicts inherent in corporate finance. As a consequence, signals of entrepreneurial...
Persistent link: https://www.econbiz.de/10012852438
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Information Asymmetries, Agency Costs and Venture Capital Exit Outcomes
Cumming, Douglas J.; Johan, Sofia - 2008
This paper provides theory and evidence relating information asymmetries and agency costs to exit outcomes in venture capital backed entrepreneurial firms. Where venture capitalists are able to better mitigate information asymmetries and agency costs faced by the new owners of the firm, they...
Persistent link: https://www.econbiz.de/10014214816