Showing 1 - 10 of 47
Persistent link: https://www.econbiz.de/10000644903
Persistent link: https://www.econbiz.de/10000646529
Persistent link: https://www.econbiz.de/10003853122
Using theories from the behavioral finance literature to predict that investors are attracted to industries with more salient outcomes and that therefore firms in such industries have higher valuations, we find that firms in industries that have high industry-level dispersion of profitability...
Persistent link: https://www.econbiz.de/10010531875
Much attention has been paid to the large decreases in value of non-agency residential mortgage-backed securities (RMBS) during the financial crisis. Many observers have argued that the fall in prices was partly driven by decreased liquidity and fire sales. We investigate whether capital...
Persistent link: https://www.econbiz.de/10009625918
Because uncertainty is high in bad times, investors find it harder to assess firm prospects and, hence, should value analyst output more. However, higher uncertainty makes analysts' tasks harder so it is unclear if analyst output is more valuable in bad times. We find that, in bad times, analyst...
Persistent link: https://www.econbiz.de/10010227721
As firms have more assets in place, more of management's limited attention is focused on managing assets in place rather than developing new growth options. Consequently, as firms grow older, they have fewer growth options and a lower ability to generate new growth options. This simple theory...
Persistent link: https://www.econbiz.de/10010227727
Persistent link: https://www.econbiz.de/10010235399
Persistent link: https://www.econbiz.de/10011528647