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Short-termism, shareholder payouts, and investment in the EU
Fried, Jesse M.; Wang, Charles C. Y. - 2020
for the EU to better insulate managers from shareholder pressure. But the evidence offered---rising levels of repurchases … and dividends---is incomplete and misleading: it ignores large offsetting equity issuances that move capital from …
Persistent link: https://www.econbiz.de/10012511344
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Executive Compensation, Share Repurchases and Investment Expenditures : Econometric Evidence from U.S. Firms
Bhargava, Alok - 2011
on firms' share repurchases and research and development and investment expenditures were investigated, taking into …-to-book value, and share repurchases were positively associated with the values of stock options granted. Second, stock options … exercised in the previous year were significant predictors of share repurchases indicating that firms avoided dilution of …
Persistent link: https://www.econbiz.de/10013134041
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Information Disclosure Influence on Investment Activity of Russian Public Companies
Udaltsov, Valery - 2012
Improvements in investment efficiency and increase in volume of investments are parts of investment activity, and the growth of it is a necessary condition for economic development in every country. In environment of external mechanisms weakness for favorable investment climate creation, the use...
Persistent link: https://www.econbiz.de/10013116231
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The Investment Manifesto
Lin, Xiaoji - 2012
A deep-ingrained doctrine in asset pricing says that if an empirical characteristic-return relation is consistent with investor “rationality,” the relation must be “explained” by a risk (factor) model. The investment approach questions the doctrine. Factors formed on characteristics are...
Persistent link: https://www.econbiz.de/10013096092
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Simultaneous Analysis of Corporate Investment, Dividend, and Finance : Empirical Evidence Under High Uncertainty
2012
This paper analyzes interdependence of three financial policies, investment decision, financing decision, and dividend policy. Interdependent relationship between the three has been extensively debated within literature of finance. While many studies have been conducted to normal economic...
Persistent link: https://www.econbiz.de/10013107134
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Optimal Leverage and Investment Under Uncertainty
Személy, Béla - 2012
This paper studies the effects of changes in uncertainty on optimal leverage and investment in a dynamic firm-financing model in which firms have access to complete markets subject to collateral constraints. Entrepreneurs finance projects with their net worth and by issuing state-contingent...
Persistent link: https://www.econbiz.de/10013109171
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Equity Market Misvaluation, Financing, and Investment
Warusawitharana, Missaka - 2014
activities come from investment, dividends, or net cash. The model fits a broad set of data moments in large heterogeneous …
Persistent link: https://www.econbiz.de/10013065520
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Marketable Securities : Storage or Investment?
Brown, Craig - 2014
Corporate liquidity demand models view investments in marketable securities as a relatively simple store of excess liquidity (the storage view). However, compared to excess cash, marketable securities have more in common with investment and payout. For firms with repatriation tax exposure,...
Persistent link: https://www.econbiz.de/10013070886
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Investment-Based Expected Stock Returns
Liu, Laura Xiaolei - 2010
We derive and test q-theory implications for cross-sectional stock returns. Under constant returns to scale, stock returns equal levered investment returns, which are tied directly to firm characteristics. When we use GMM to match average levered investment returns to average observed stock...
Persistent link: https://www.econbiz.de/10013150596
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A Synthetic, Stock-Flow Consistent Macroeconomic Model of ‘Financialisation’
van Treeck, Till - 2010
This article is centred around the notions of shareholder value orientation and financialisation. Shareholder value orientation is reflected by a high dividend payout ratio applied by firms and the reluctance of firms to finance physical investment via new equity issues. Financialisation is the...
Persistent link: https://www.econbiz.de/10013152847