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Discontinuous financing based on market values and the value of tax shields
Arnold, Sven; Lahmann, Alexander; Schwetzler, Bernhard - In: Business research 11 (2018) 1, pp. 149-171
The tax shield as present value of debt-related tax savings plays an important role in firm valuation. Driving the risk …
Persistent link: https://www.econbiz.de/10011814866
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Understanding the effect of advertising on stock returns and firm value : theory and evidence from a structural model
Vitorino, Maria Ana - 2011
brand equity grounded in economic theory. Using the Euler equations from the firm's maximization problem I derive closed …
Persistent link: https://www.econbiz.de/10009356642
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Is Historical Cost Accounting a Panacea? Market Stress, Incentive Distortions, and Gains Trading
Ellul, Andrew - 2016
We provide evidence concerning the use of historical cost (HCA) versus mark-to-market (MTM) accounting in regulating financial institutions. Accounting rules, through their interactions with capital regulations, alter financial institutions' trading behavior. The insurance industry provides a...
Persistent link: https://www.econbiz.de/10013008381
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Is Historical Cost Accounting a Panacea? Market Stress, Incentive Distortions, and Gains Trading
Ellul, Andrew - 2015
We provide evidence concerning the use of historical cost (HCA) versus mark-to-market (MTM) accounting in regulating financial institutions. Accounting rules, through their interactions with capital regulations, alter financial institutions' trading behavior. The insurance industry provides a...
Persistent link: https://www.econbiz.de/10013037305
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Firm Characteristics and Stock Returns : The Role of Investment-Specific Shocks
Kogan, Leonid - 2018
growthopportunities to firm value, which affects firms' exposures to capital-embodied productivityshocks and risk premia. We thus provide …
Persistent link: https://www.econbiz.de/10012940233
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Discontinuous Financing Based on Market Values and the Value of Tax Shields
Lahmann, Alexander D.F. - 2017
The tax shield as present value of debt-related tax savings plays an important role in firm valuation. Driving the risk …
Persistent link: https://www.econbiz.de/10012946812
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Liquidity Sentiments
Asriyan, Vladimir - 2019
We develop a rational theory of liquidity sentiments in which the market outcome in any given period depends on agents …' expectations about market conditions in future periods. Our theory is based on the interaction between adverse selection and resale …
Persistent link: https://www.econbiz.de/10012900268
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The Market Value of Dividend Imputation Credits Implied by Futures Prices
Cannavan, Damien - 2019
A limitation of prior research on imputation credit value is researchers' selective interpretation of the regression coefficient used to estimate credit value. This ignores the in-sample evidence on the value of cash dividends and the value of a fully-franked dividend. This is a problem because...
Persistent link: https://www.econbiz.de/10012901471
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A Supply Approach to Valuation
Belo, Frederico - 2013
A new methodology for equity valuation arises from the perspective of managers' supply of capital assets. Under q-theory …
Persistent link: https://www.econbiz.de/10013076513
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Do extreme market value ratios mean that the market is informationally inefficient? : a study of the Warsaw Stock Exchange
Karasiński, Jacek; Zduńczak, Patryk - In: Journal of economics & management 43 (2021) 1, pp. 206-224
Aim/purpose - The aim of this paper is to verify whether extremely high values of market value ratios are the symptoms of informational inefficiency of the market in a weak form. The authors intend to examine whether these phenomena co-occur with each other. Design/methodology/approach -...
Persistent link: https://www.econbiz.de/10013166614