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The impact of macroeconomic factors on the German stock market : evidence for the crisis, pre- and post-crisis periods
Celebi, Kaan; Hönig, Michaela - In: International Journal of Financial Studies : open … 7 (2019) 2/18, pp. 1-13
Today we live in a post-truth and highly digitalized era characterized by a flow of (mis-) information around the world. Identifying the impact of this information on stock markets and forecasting stock returns and volatilities has become a much more difficult task, perhaps almost impossible....
Persistent link: https://www.econbiz.de/10012039605
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Investing in crises
Baron, Matthew; Laeven, Luc; Pénasse, Julien; Usenko, … - 2021
We investigate asset returns around banking crises in 44 advanced and emerging economies from 1960 to 2018. In contrast to the view that buying assets during banking crises is a profitable long-run strategy, we find returns of equity and other asset classes generally underperform after banking...
Persistent link: https://www.econbiz.de/10012518234
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Idiosyncrasy as a Leading Indicator
Morck, Randall; Yeung, Bernard; Zhang, Lu Y. - National Bureau of Economic Research - 2022
Disequilibrating macro shocks affect different firms' prospects differently, increasing idiosyncratic variation in forward-looking stock returns before affecting economic growth. Consistent with most such shocks from 1947 to 2020 enhancing productivity, increased idiosyncratic stock return...
Persistent link: https://www.econbiz.de/10013210099
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On Booms That Never Bust : Ambiguity in Experimental Asset Markets with Bubbles
Corgnet, Brice - 2018
We study the effect of ambiguity on the formation of bubbles and on the occurrence of crashes in experimental asset markets à la Smith, Suchanek, and Williams (1988). We extend their framework to an environment where the fundamental value of the asset is ambiguous. We show that, when the...
Persistent link: https://www.econbiz.de/10012909268
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Goodwill and Stock Price Crash Risk : An International Study
He, Wen - 2019
Using data from 43 markets around the world, we document that firms with larger goodwill balances have a higher stock price crash risk in future years. The positive association between goodwill balances and future crash risk is stronger for firms with weaker incentives to provide transparent...
Persistent link: https://www.econbiz.de/10012858451
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Is acquisition-FDI during an economic crisis detrimental for domestic innovation?
García-Vega, María; Gupta, Apoorva; Kneller, Richard - 2023
We study how acquisition-FDI during economic crises affects R&D investments of target firms as compared to acquisitions made during periods of economic growth. Using a panel of Spanish firms, we find that foreign multinationals cherry-pick the best domestic firms, irrespective of timing of...
Persistent link: https://www.econbiz.de/10014310470
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Does Takeover Activity Affect Stock Price Crash Risk? Evidence from International M&A Laws
Balachandran, Balasingham - 2020
shock to the threat of takeover to examine whether the market for corporate control has a real effect on firm-level stock … suggests that an active takeover market has a disciplining effect on managerial bad news hoarding and leads to lower future …
Persistent link: https://www.econbiz.de/10012853026
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Market Reaction to Acquisition Announcements after the 2008 Stock Market Crash
Uygur, Ozge - 2014
Market reaction to mergers and acquisitions is a popular research topic in finance. It has been well documented in empirical literature that target companies earn significant abnormal market returns in corporate acquisitions. However, the effects of stock market crashes, and the effects of...
Persistent link: https://www.econbiz.de/10013052351
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The Market for Corporate Control and Stock Price Crash Risk, Revisited
Ni, Xiaoran; Wang, Ye (Emma); Yin, David - 2021
risk. Using a newly-developed takeover index from Cain, McKeon, and Solomon (2017) that comprehensively considers existing … state takeover laws, federal statutes, and state court standards of review along with a list of firm-specific and economic … variables, we find external takeover susceptibility reduces firms’ future stock price crash risk. This evidence is consistent …
Persistent link: https://www.econbiz.de/10013211482
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Market Response to Syndicated Loan Announcements During the Global Financial Crisis : Failed vs. Acquiring Banks
Gasbarro, Dominic - 2018
We evaluate and compare market reaction to syndicated loan announcements for two sets of high-profile banks, consisting of five banks that failed in 2008 during the financial crisis and the five banks that ultimately acquired them. Results show that loan announcements are viewed differently for...
Persistent link: https://www.econbiz.de/10012913837