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Financing Constraints and the Amplification of Aggregate Downturns
Carvalho, Daniel R. - 2014
This paper shows that during industry downturns, firms experience significantly greater valuation losses when their industry peers' long-term debt is maturing at the time of the shocks. Across a range of tests, the analysis addresses the endogenous determination of peer debt maturity structure....
Persistent link: https://www.econbiz.de/10013067077
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Valuation Effects of Corporate Debt Offerings
Eckbo, B. Espen - 2009
This paper analyzes the effect of corporate debt offerings on stock prices. Straight debt offerings have non-positive price effects, while convertible debt offerings have significantly negative effects. Public utility mortgage (non-convertible) bond offerings have marginally negative effects,...
Persistent link: https://www.econbiz.de/10013155491
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Managerial Behavior and the Link between Stock Mispricing and Corporate Investments : Evidence from Market-to-Book Ratio Decomposition
Alzahrani, Mohammed - 2013
We examine the impact of mispricing on capital expenditures, R&D, acquisitions, and asset sales. By decomposing the market-to-book ratio into mispricing and growth components, we show that corporate investments are linked to mispricing through market-timing and catering, after controlling for...
Persistent link: https://www.econbiz.de/10013080383
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What Do Dividend Reductions Signal?
Jensen, Gerald R. - 2011
Dividend reductions have long been considered a "last resort" action for firm managers. Managerial reluctance to reduce dividends emanates from the view that dividend drops signal managerial pessimism regarding future earnings. Contrary to expectations, studies show that earnings rebound...
Persistent link: https://www.econbiz.de/10013124701
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Measuring Marginal q
Gala, Vito - 2020
Using asset prices I estimate the marginal value of capital in a dynamic stochastic economy under general assumptions about technology and preferences. The state-space measure of marginal q relies on the joint measurability of the value function, i.e. firm market value, and its underlying firm...
Persistent link: https://www.econbiz.de/10012838995
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Rational Stock Market Catering
Frank, Murray Z. - 2016
tests of behavioral Catering Theory. In all cases that theory is rejected …
Persistent link: https://www.econbiz.de/10012991615
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Fundamental Anomalies
Li, Erica X. N.; Ma, Guoliang; Wang, Shujing; Yu, Cindy - 2021
This paper examines to what extent stock market anomalies are driven by firm fundamentals in an investment-based asset pricing framework. Using Bayesian Markov Chain Monte Carlo (MCMC), we estimate a two-capital q-model to match firm-level stock returns, instead of matching portfolio-level...
Persistent link: https://www.econbiz.de/10013245422
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Anomalies
Li, Erica X. N. - 2010
We take a simple q-theory model and ask how well it can explain external financing anomalies, both qualitatively and …
Persistent link: https://www.econbiz.de/10013149934
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Empirical Social Asset Pricing
Hwang, Byoung-Hyoun - 2022
I review the empirical literature on word of mouth (WOM) among investors. I begin with an outline of the empirical challenges that WOM research faces and possible strategies to overcome those challenges. I then discuss recent studies on WOM among retail and institutional investors. The research...
Persistent link: https://www.econbiz.de/10013406015
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Accuracy in risk estimation based on simple SMA and EWNA models : evidence from Macedonain Stock Market
Angelovska, Julijana; Ivanovski, Zoran - In: UTMS journal of economics / University of Tourism and … 9 (2018) 1, pp. 17-27
Risk estimation or volatility estimation at financial markets, particularly stock exchange markets, is complex issue of … pricing of stocks and better risk management. The aim of this research is to test applicability of simple models like Simple … Moving Average (SMA) and Exponentially Weighted Moving Average (EWMA) to estimate risk. The performance of SMA and EWMA with …
Persistent link: https://www.econbiz.de/10011901688