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Corporate Governance and Firm Value During a Financial Crisis
Leung, Sidney - 2009
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
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Liquidity Commonalities in the Corporate CDS Market around the 2007-2012 Financial Crisis
Mayordomo, Sergio - 2012
This study presents robust empirical evidence suggesting the existence of significant liquidity commonalities in the … that these commonalities vary over time, being stronger in periods in which the global, counterparty, and funding liquidity … risks increase. However, commonalities do not depend on firm's characteristics. The level of the liquidity commonalities …
Persistent link: https://www.econbiz.de/10013113973
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Financial Distress Risk and Stock Price Crashes
Andreou, Christoforos - 2020
This study uses 469,816 monthly observations of US public firms for the period 1990-2018 to document a strong positive relationship between short-term changes in financial distress risk and future stock price crashes. This result is economically significant as a one interquartile increase of the...
Persistent link: https://www.econbiz.de/10012847850
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Fama–French–Carhart Factor-Based Premiums in the US REIT Market : A Risk Based Explanation, and the Impact of Financial Distress and Liquidity Crisis from 2001 to 2020
Essa, Mohammad Sharik; Giouvris, Evangelos - 2023
The study investigates the impact of financial distress (credit spread) and liquidity crises (TED spread) on size … to establish the long/short-run impact of financial distress and liquidity crisis on these premiums during recessionary … liquidity crisis. On the other hand, size, value and investment premiums rise with financial distress/liquidity crisis, only …
Persistent link: https://www.econbiz.de/10014254802
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Accounting conservatism and firm value : evidence from the global financial crisis
Watts, Ross L.; Zuo, Luo - 2011 - Current version: November 2011
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
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Financing Failure : Bankruptcy Lending, Credit Market Conditions, and the Financial Crisis
Tung, Frederick - 2020
When contemplating Chapter 11, firms often need to seek financing for their continuing operations in bankruptcy. Because such financing would otherwise be hard to find, the Bankruptcy Code authorizes debtors to offer sweeteners to debtor-in-possession (DIP) lenders. These inducements can be...
Persistent link: https://www.econbiz.de/10012828010
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Do Prior Foreign Equity and Debt Raisings Help or Hurt During a Systemic Liquidity Crisis? Evidence from the Asian Financial Crisis
Gullapalli, Rachita - 2012
outcomes during systemic liquidity crises. I investigate if this is true for East Asian firms that had raised equity and debt … capital abroad, had better crisis and post-crisis period liquidity and other operational outcomes than otherwise comparable … constrained during and after the crisis. To highlight the liquidity constraints channel, I show that crisis and post-crisis period …
Persistent link: https://www.econbiz.de/10013096810
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Stock Market Crashes in 2007-2009 : Were We Able to Predict Them?
Lleo, Sebastien - 2012
We investigate the stock market crashes in China, Iceland, and the US in the 2007-2009 period. The bond stock earnings yield difference model is used as a prediction tool. Historically, when the measure is too high, meaning that long bond interest rates are too high relative to the trailing...
Persistent link: https://www.econbiz.de/10013114443
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Do geographically nearby major customers mitigate suppliers’ stock price crash risk?
Cao, Feng; Zhang, Xueyan; Yuan, Rongli - 2022
This study examines the impact of geographically nearby major customers on suppliers’ stock price crash risk. Using a sample of Chinese A-share listed firms and their top five (major) customers during the period 2008−2019, we find a significantly negative association. This association is...
Persistent link: https://www.econbiz.de/10013406251
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The Impact of the Financial Crisis on Tax Avoidance around the Global Financial Crisis in the Companies Accepted in Tehran Stock Exchange
Heidari Gandoman, Shaho - 2019
The purpose of this paper is to examine the impact of the global financial crisis on corporate' tax avoidance has been investigated. The statistical sample consists of 107 active firms in Tehran Stock Exchange between the years 2005 and 2014 which were selected through systematic removal. To...
Persistent link: https://www.econbiz.de/10012858211