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Innovative Originality, Profitability, and Stock Returns
Hirshleifer, David A. - 2020
originality strongly predicts higher, more persistent, and less volatile profitability; and higher abnormal stock returns … higher valuation uncertainty, lower investor attention, and greater sensitivity of future profitability to innovative …
Persistent link: https://www.econbiz.de/10012857235
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Corporate Exposure to Weather and Bond Yield Spread
Zhang, Lei - 2020
We study the effect of corporate exposure to weather on bond yield spread. We construct three firm-level weather … exposure measures and find that firms exposed to greater weather risk experience substantially higher yield spread on their … bonds in the secondary and primary markets. Chanel tests reveal that the link between corporate weather exposure and yield …
Persistent link: https://www.econbiz.de/10012840295
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Pricing Poseidon : Extreme Weather Uncertainty and Firm Return Dynamics
Kruttli, Mathias S. - 2020
We present a framework to identify market responses to the uncertainty regarding both potential hurricane landfall and subsequent economic impact. Stock options of firms with establishments in the landfall region exhibit large, long-lasting increases in implied volatility, reflecting impact...
Persistent link: https://www.econbiz.de/10012850911
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Pricing Poseidon : extreme weather uncertainty and firm return dynamics
Kruttli, Mathias S.; Roth Tran, Brigitte; Watugala, … - 2019
We investigate the uncertainty dynamics surrounding extreme weather events through the lens of option and stock markets …
Persistent link: https://www.econbiz.de/10012181922
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Pricing Poseidon : Extreme Weather Uncertainty and Firm Return Dynamics
Kruttli, Mathias S. - 2020
We present a framework to identify market responses to the uncertainty regarding both potential hurricane landfall and subsequent economic impact. Stock options of firms with establishments in the landfall region exhibit large, long-lasting increases in implied volatility, reflecting impact...
Persistent link: https://www.econbiz.de/10012847804
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Investment drivers of shareholder value creation in large publicly traded Russian companies
Ankudinov, Andrej B.; Lebedev, Oleg V. - In: Investment management and financial innovations 11 (2014) 2, pp. 77-85
Persistent link: https://www.econbiz.de/10010392828
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Understanding the effect of advertising on stock returns and firm value : theory and evidence from a structural model
Vitorino, Maria Ana - 2011
This paper brings structural modeling to the literature on financial research in marketing. I estimate a dynamic investment-based model to understand the impact of advertising expenditures on stock returns and firm value. In addition, by interpreting advertising expenditures as an investment...
Persistent link: https://www.econbiz.de/10009356642
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Trade linkages and firm value : evidence from the 2018 US-China trade war
Huang, Yi; Chen, Lin; Liu, Sibo; Tang, Heiwai - 2018 - This version: August 7, 2018
On March 22, 2018, Trump proposed to impose tariffs on up to $50 billion of Chinese imports leading to a significant concern over the "Trade War" between the US and China. We evaluate the market responses to this event for firms in both countries, depending on their direct and indirect exposures...
Persistent link: https://www.econbiz.de/10011927558
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Sustainable Finance : ESG/CSR, Firm Value, and Investment Returns
Chang, Xin; Fu, Kangkang; Jin, Yaling; Liem, Pei Fun - 2022
We review the burgeoning sustainable finance literature, emphasizing the value implications of ESG (environmental, social, and governance) and CSR (corporate social responsibility) practices. We use a discounted cash flow valuation framework to identify value drivers through which such practices...
Persistent link: https://www.econbiz.de/10013405774
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Return Dispersion and Investment Anomalies
Grobys, Klaus - 2016
Recent research finds that cross-sectional return dispersion provides a risk-based explanation for some investment anomalies, including accrual, investment, and momentum strategies. This study extends the analyses of return dispersion to a broad set of anomalies by testing whether the state of...
Persistent link: https://www.econbiz.de/10013003940