Narrow search
Showing 1 - 10 of 9,834
Cover Image
Idiosyncratic Risk, Risk-Taking Incentives and the Relation Between Managerial Ownership and Firm Value
Florackis, Chris - 2020
In addition to its well-documented alignment effect, managerial ownership may also value-destroying effects by shifting risk to managers and encouraging risk-substitution; that is, managers with relatively undiversified personal portfolios tend to pass up profitable projects with high...
Persistent link: https://www.econbiz.de/10012857237
Cover Image
Foreign currency derivative use and shareholder value
Belghitar, Yacine; Clark, Ephraim; Mefteh, Salma - In: International review of financial analysis 29 (2013), pp. 283-293
Persistent link: https://www.econbiz.de/10010244931
Cover Image
Which Risks Should Firms Hedge and Derivatives Should Be Used? Evidence from the UK
Ahmed, Hany; Azevedo, Alcino; Guney, Yilmaz - 2022
of hedging on firm value and performance. We show that interest rate risk hedging is negatively related to firm value and … performance and that this adverse relation is caused by the use of very popular and yet inefficient hedging strategies which rely … on options and swaps contracts. The high demand for the above inefficient hedging strategies is very intriguing because …
Persistent link: https://www.econbiz.de/10014235965
Cover Image
The Determinants of Merger Waves : An International Perspective
Mueller, Dennis C.; Gugler, Klaus Peter - 2008
One of the most conspicuous features of mergers is that they come in waves that are correlated with increases in share prices and price/earnings ratios. We use a natural way to discriminate between pure stock market influences on firm decisions and other influences by examining merger patterns...
Persistent link: https://www.econbiz.de/10014214324
Cover Image
Firm Value and Its Size : A Model of Cooperation and Agency Costs
Benavides Franco, Julián - 2012
An important variable absent in agency cost analyses is the extent of cooperation among the manager and the investors. Two types of cooperation are studied: 1.) generalized cooperation, a concept close to social capital; and 2.) discriminating cooperation, a concept close to cooperation with...
Persistent link: https://www.econbiz.de/10013102718
Cover Image
Simultaneous Determination of Market Value and Risk Premium in the Valuation of Firms
Lutz, Stefan - 2020
Valuing a firm using the discounted cash flow method (DCF) requires the joint determination of the market value of its equity (MVE) together with the equity risk premium (ERP) the firm should earn, since the latter is part of the discount rate used in the calculation of the MVE. This paper...
Persistent link: https://www.econbiz.de/10012857380
Cover Image
Information asymmetry, capital structure and equity value of firms listed on the WSE
Gralewska, Milena; Białek-Jaworska, Anna - In: Journal of banking and financial economics 17 (2022) 1, pp. 17-41
The paper investigates the impact of capital structure and information asymmetry on the value of companies listed on the Warsaw Stock Exchange. The study was conducted using the ordinary least squares (OLS) method on a sample of 273 companies in 2017 and the GMM dynamic paneldata approach with...
Persistent link: https://www.econbiz.de/10013348209
Cover Image
Is value creation consistent with currency hedging?
Búa, Milagros Vivel; Otero-González, Luis; Fernández … - In: The European journal of finance 21 (2015) 10/12, pp. 912-945
Persistent link: https://www.econbiz.de/10011301963
Cover Image
The Effects of Derivatives on Firm Risk and Value
Bartram, Söhnke M. - 2019
the use of financial derivatives reduces both total risk and systematic risk. The effect of derivative use on firm value …Using a large sample of non-financial firms from 47 countries, we examine the effect of derivative use on firm risk and … value. We control for endogeneity by matching users and nonusers on the basis of their propensity to use derivatives. We …
Persistent link: https://www.econbiz.de/10012906123
Cover Image
Efficient Rank Reduction of Correlation Matrices
Grubisic, Igor; Pietersz, Raoul - 2012
Geometric optimisation algorithms are developed that efficiently find the nearest low-rank correlation matrix. We show, in numerical tests, that our methods compare favourably to the existing methods in the literature. The connection with the Lagrange multiplier method is established, along with...
Persistent link: https://www.econbiz.de/10014059699