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The present study explores the relationship between dividend policy and firm value with respect to financial crisis … regression with two-step system Generalised Method of Moments (GMM) is applied. The findings show that dividend policy does not … affect firm value definitely. However, the study observes that financial crisis impacted the relationship between dividend …
Persistent link: https://www.econbiz.de/10013242962
A healthy financial system encourages the efficient allocation of capital and risk. The collapse of the house price bubble led to the financial crisis that started in 2007. There is a large empirical literature concerning the relation between asset price bubbles and financial crises. I evaluate...
Persistent link: https://www.econbiz.de/10003936616
Structured finance is often mentioned as the main cause of the latest financial crisis. We argue that structured finance per se did not trigger the last financial crisis. The crisis was propagated around the world because of poor risk management such as agency problems in the securitization...
Persistent link: https://www.econbiz.de/10013155634
Persistent link: https://www.econbiz.de/10014533699
Social capital and value creation are concepts that have been associated in financial literature for a long time and still remain controversial. Social capital refers to a firm's attributes, such as trust, civic attitudes, and relationship networks that enable greater economic development. It is...
Persistent link: https://www.econbiz.de/10013355392
This paper investigates how the disclosure tone of earnings conference calls predicts future stock price crash risk. Using U.S. public firm earnings conference call transcripts from 2010 to 2015, we find that firms exhibiting more pessimistic tone during the current year-end call experience...
Persistent link: https://www.econbiz.de/10012910632
Persistent link: https://www.econbiz.de/10011756271
We evaluate the effects of management ownership and other corporate governance variables on Hong Kong firms' stock performance following the onset of the Asian Financial Crisis (1997-98), a period during which corporate governance structures to protect the interests of outside shareholders are...
Persistent link: https://www.econbiz.de/10013159167
We employ the forward-looking implied dividend information contained in option prices to predict dividend cuts and … omissions during the recent financial crisis. The large number of dividend cuts and omissions during the 2008-09 financial … crisis period provides the opportunity to study the predictability of dividend cuts in a controlled environment. Implied …
Persistent link: https://www.econbiz.de/10012975494
This paper examines the effect of accounting conservatism on firm-level investment during the 2007-2008 global financial crisis. Using a differences-in-differences design, we find that firms with less conservative financial reporting experienced a sharper decline in investment activity following...
Persistent link: https://www.econbiz.de/10009579601