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Temporal Resolution of Uncertainty, the Investment Policy of Levered Firms and Corporate Debt Yields
Reisz, Alexander - 2002
This paper attempts to link the agency literature (concerned with the fact that tensions between bondholders and shareholders may trigger suboptimal investment decisions) with the one dealing with temporal resolution of uncertainty (TRU). We consider here how the speed of resolution of the...
Persistent link: https://www.econbiz.de/10012741298
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Corporate Investment, Short-Term Return Reversal, and Stock Liquidity
Kang, Moonsoo - 2018
This study establishes a link between corporate investment and short-term return reversal by addressing the role of corporate investment in shaping stock liquidity. We find that short-term return reversal is less pronounced for stocks with high corporate investment. Moreover, the analysis shows...
Persistent link: https://www.econbiz.de/10012927207
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Anomalies
Li, Erica X. N. - 2010
We take a simple q-theory model and ask how well it can explain external financing anomalies, both qualitatively and quantitatively. Our central insight is that optimal investment is an important driving force of these anomalies. The model simultaneously reproduces procyclical equity issuance...
Persistent link: https://www.econbiz.de/10013149934
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Return Seasonality in the Foreign Exchange Market
Tse, Yiuman - 2017
I examine return seasonality in the foreign exchange market using currency futures during the period 1973-2015. All the G10 currency futures yield negative returns in January and this effect happens more often in the countries that have a tax year ending in December. In contrast, returns offered...
Persistent link: https://www.econbiz.de/10012964126
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Merger Waves, Pseudo Market Timing and Post-Merger Performance
Esmer, Burcu - 2016
timing ability. Pseudo market timing, introduced by Schultz (2003, Journal of Finance 58, 483–517), provides an alternative … timing ability), median ex post performance for acquirers is significantly negative when event-time is used. These findings … support pseudo market timing as an explanation for acquiring firm underperformance in the context of stock mergers …
Persistent link: https://www.econbiz.de/10013008783
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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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Measuring Mutual Fund Flow Pressure As Shock to Stock Returns
Wardlaw, Malcolm - 2020
A large and rapidly growing literature examines the impact of misvaluation on firm policies by using mutual fund outflow-induced price pressure to isolate non-fundamental price variation. I demonstrate that the standard approach to computing outflow-induced price pressure produces a measure that...
Persistent link: https://www.econbiz.de/10012851373
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The Timing of Investment and Stock Returns
Galpin, Neal - 2012
In a neoclassical investment model, returns and investment are linked. We show that the timing of investment and …
Persistent link: https://www.econbiz.de/10013113478
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Does the Stock Market Expect Upcoming Merger Activity?
Saidiev, Ulugbek - 2014
The study introduces empirical evidence that there are statistically significant relationships between intensity of upcoming aggregate merger activity and the present values of the factors HML and SMB in the Fama-French three-factor model of assets pricing
Persistent link: https://www.econbiz.de/10013065679
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Macroeconomic News and Acquirer Returns in M&As : The Impact of Investor Alertness
Barbopoulos, Leonidas G.; Adra, Samer; Saunders, Anthony - 2021
We investigate the extent to which the scheduled release of macroeconomic indicators affects the acquirer's value in Mergers and Acquisitions (M&As). We find that M&As announced on days of the release of key macroeconomic indicators (i.e. indicator days) realize higher announcement period...
Persistent link: https://www.econbiz.de/10013244178