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Investor Horizons and Corporate Cash Holdings

Harford, Jarrad - 2012

We study the effect of investor horizons on corporate cash holdings. We argue that investors with longer horizons monitor more because their net benefit of monitoring is higher. Consequently, the optimal amount of corporate cash holdings increases, so firms hold more cash. We find empirical...

Persistent link: https://www.econbiz.de/10013111117

Investor Activism and Mergers and Acquisitions (M&A)

Singh, Akshay - 2016

This study analyzed activism that leads to a merger or acquisition (M&A) of a firm to see its benefits for the … counts and cash versus stock offers to see the benefits of activism to the target firm and its shareholders. It checked the … shareholders, as compared to about 15-20% for the non-activism related M&A. It also observed a 30% increase in the post …

Persistent link: https://www.econbiz.de/10014034757

Chapter 8. Blockholders: A Survey of Theory and Evidence

Edmans, Alex; Holderness, Clifford G. - 2017

This paper reviews the theoretical and empirical literature on the role of blockholders (large shareholders) in corporate governance. We start with the underlying property rights of public corporations; we discuss how blockholders are critical in addressing free-rider problems and why, like...

Persistent link: https://www.econbiz.de/10014023374

Strategies on Initial Public Offering of Company Equity at Stock Exchanges in Imperfect Highly Volatile Global Capital Markets with Induced Nonlinearities

Ledenyov, Dimitri - 2015

This research considers the strategies on the initial public offering of company equity at the stock exchanges in the imperfect highly volatile global capital markets with the nonlinearities. We provide the IPO definition and compare the initial listing requirements on the various markets. We...

Persistent link: https://www.econbiz.de/10013026463

Impact of CSR on the Stock Returns of Indian Companies

Jagadeesh, M - 2021

Purpose- This study investigates the impact of Corporate Social Responsibility (CSR) on stock prices of Indian listed companies. The literature reviews show a strong contradictory of the relationship between CSR and stock prices which is still debatable. This study will tell whether there is a...

Persistent link: https://www.econbiz.de/10014361794

Does Greater Public Scrutiny Hurt a Firm's Performance?

Bennett, Benjamin; Stulz, René M.; Wang, Zexi - 2023

Public attention to a firm may provide valuable monitoring, but it may also have a dark side by constraining management’s decisions and distracting it. We use inclusion in the S&P 500 index as a positive shock to public attention. Media coverage, Google searches, SEC downloads, SEC comment...

Persistent link: https://www.econbiz.de/10014254992

Private Equity Investor Sentiment Around the World

Zhang, Minjie - 2017

I propose a new investor sentiment measurement for the private equity market based on over 12,000 private equity deals from 68 countries over 1992 to 2012. The data indicate that institutional environments and firm-specific characteristics are both strong determinants of the private equity...

Persistent link: https://www.econbiz.de/10012945758

Institutional Trading Around M&A Announcements

Fich, Eliezer M. - 2020

We contrast the investment strategies of hedge funds and mutual funds around M&A transactions. We find that hedge funds increase their holdings of soon-to-be takeover targets by 7.5% during the quarter before M&A announcements. Conversely, mutual funds reduce their equity holdings in impending...

Persistent link: https://www.econbiz.de/10012850700

Does joining the S&P 500 index hurt firms?

Bennett, Benjamin; Stulz, René M.; Wang, Zexi - 2020

We investigate the impact on firms of joining the S&P 500 index from 1997 to 2017. We find that the positive announcement effect on the stock price of index inclusion has disappeared and the long-run impact of index inclusion has become negative. Inclusion worsens stock price informativeness and...

Persistent link: https://www.econbiz.de/10012263191

Investor Horizons and Corporate Policies

Derrien, François - 2013

We study the effect of investor horizons on corporate behavior. We argue that longer investor horizons attenuate the effect of stock mispricing on corporate policies. Consistent with our argument, we find that when a firm is undervalued, greater long-term investor ownership is associated with...

Persistent link: https://www.econbiz.de/10013095556

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