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Stock Buybacks : Value Creation or Destruction?
Gordon, Michael - 2020
Since a regulatory change in 1982, stock buybacks- the action of companies purchasing their own stock- have become an increasingly popular use of cash amongst publicly traded companies, eclipsing dividend payments and rivaling capital expenditure. The merits of conducting large-scale buyback...
Persistent link: https://www.econbiz.de/10012829610
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The Effect of Accounting-Based Debt Covenant Disclosures on Shareholder Wealth
Wang, Ping - 2019
This study examines whether disclosures of the terms of accounting-based debt covenants affect shareholder wealth …
Persistent link: https://www.econbiz.de/10012900990
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Capital Market Effects of Shareholders' Litigation Rights : Implications for Market Efficiency and Misreporting Incentives
Schantl, Stefan - 2022
This paper studies the market-level effects of litigation rights in an imperfectly competitive capital market with a market maker, an information-acquiring investor, and liquidity traders. Litigation rights have the following equilibrium effects. (i) The investor acquires more private...
Persistent link: https://www.econbiz.de/10014265520
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Momentum and crash sensitivity
Ruenzi, Stefan; Weigert, Florian - 2017 - This version: December 2017
This paper proposes a risk-based explanation of the momentum anomaly on equity markets. Regressing the momentum strategy return on the return of a self-financing portfolio going long (short) in stocks with high (low) crash sensitivity in the USA from 1963 to 2012 reduces the momentum effect from...
Persistent link: https://www.econbiz.de/10011906204
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Are Risk Factor Disclosures Still Relevant? Evidence from Market Reactions to Risk Factor Disclosures Before and After the Financial Crisis
Beatty, Anne - 2017
The SEC's Disclosure Effectiveness Initiative (December 2013) highlights a difference between accounting regulators and …
Persistent link: https://www.econbiz.de/10012974779
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Share Price Formation, Financial Instability and Accounting Design
Biondi, Yuri - 2013
This paper develops a model of share price formation driven by accounting and market structures. Heterogeneous … investors are assumed to discover and process fundamental information disclosed by the accounting system. The information set … one side, the accounting system provides collective signals of fundamental information. From another side, the price …
Persistent link: https://www.econbiz.de/10013095516
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Do Dividends Mitigate Bad News Hoarding, Overinvestment, and Stock Price Crash Risk?
Kim, Jeong-Bon - 2020
We examine the economic benefits of paying dividends. We find that dividend payments mitigate stock price crash risk. In addition, we show that dividend payments reduce bad news hoarding (overinvestment) while bad news hoarding (overinvestment) is positively associated with stock price crash...
Persistent link: https://www.econbiz.de/10012852812
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ESG Didn’t Immunize Stocks Against the COVID-19 Market Crash
Demers, Elizabeth - 2020
evidence that, once the firm's industry affiliation and accounting- and market-based measures of risk have been properly …-based measures of risk, and accounting-based variables that capture the firm's financial flexibility (liquidity and leverage) and …”) curves, we demonstrate that various accounting- and market-based models perform well both within-sample for the GFC period …
Persistent link: https://www.econbiz.de/10012825414
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Climate change and shareholder value : evidence from textual analysis and Trump’s unexpected victory
Pattanaporn Chatjuthamard; Lee, Sang Mook; Kim, Young Sang - In: Journal of business research : JBR 180 (2024), pp. 1-17
Persistent link: https://www.econbiz.de/10014556469
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Desinvestitionen in Deutschland : eine empirische Untersuchung der Kapitalmarktreaktionen auf die Ankündigung von sell-offs
Eichinger, Andreas - 2001
Persistent link: https://www.econbiz.de/10001550491