Narrow search
Showing 1 - 10 of 613,109
Cover Image
When and how is voluntary disclosure quality reflected in equity prices?
Eugster, Florian; Wagner, Alexander F. - 2011
This paper investigates the extent to which voluntary disclosure quality (VDQ) of firms is reflected in equity prices. As a novel contribution, we explore the idea that the speed with which equity prices reflect any benefits or costs of VDQ varies across firms. We find that in environments where...
Persistent link: https://www.econbiz.de/10009295768
Cover Image
Social Preference, Product Market Competition, and Firm Value
Jiao, Yawen - 2014
competition. We construct a score measuring a firm's effort of catering to customers' social preference and find it is positively …, higher SP scores lead to superior operating and competition performance in competitive industries. Second, higher SP scores … lower financial distress risk in presence of competition pressures. The results suggest social investments can benefit …
Persistent link: https://www.econbiz.de/10013064510
Cover Image
Competition, Managerial Slack, and Corporate Governance
Golan, Limor - 2014
We model the interaction between product market competition and internal governance at firms. Competition makes it more … changes in the level of slack. We also provide conditions under which increased competition leads all firms to switch from …
Persistent link: https://www.econbiz.de/10013068416
Cover Image
Shareholder monitoring and discretionary disclosure
Nagar, Venky; Schoenfeld, Jordan - 2021
Theories of delegated monitoring predict that when public disclosure is costly, monitoring by a large investor leads management to supply more private information to that investor, and less public disclosure to other similarly aligned investors who free-ride off the monitor. We test this...
Persistent link: https://www.econbiz.de/10012584426
Cover Image
The government as a large shareholder : impact on firm value and corporate governance
Fernandes, Marcelo; Novaes, Walter - 2015
The subprime crisis led to a wave of government interventions in the private sector that has been particularly strong in Europe and Latin America, where several governments are large shareholders in a variety of public firms. In a sense, the subprime crisis induced these governments to behave as...
Persistent link: https://www.econbiz.de/10011405286
Cover Image
Managerial Optimism and Firm Value : A Stochastic Frontier Approach
Ben Mohamed, Ezzeddine - 2014
Persistent link: https://www.econbiz.de/10013064844
Cover Image
Are Third-Party Fundamental Valuations Relevant in Public-Company Takeovers?
Shaffer, Matthew - 2020
In U.S. M&A, target directors are effectively required to consider third-party financial analyses and valuations, summarized in a “fairness opinion,” before accepting a takeover offer. Critics argue that these valuations are not relevant for public companies, which can assess the...
Persistent link: https://www.econbiz.de/10012826884
Cover Image
Firm Valuation : Tax Shields & Discount Rates
Ansay, Thomas - 2017
This paper proposes a new discounted cash flows' valuation setup, and derives a general expression for the tax shields' discount rate. This setup applies to any debt policy and any cash flow pattern. It only requires the equality at any time between the assets side and the liabilities side of...
Persistent link: https://www.econbiz.de/10012976531
Cover Image
Cost asymmetry and firm value
Costa, Mabel; Habib, Ahsan - 2021
In this paper we explore the association between asymmetric cost behavior and firm value. Using a large sample of U.S. data, we find a robust negative relationship between cost asymmetry and firm value. We then explore whether the resource adjustment, managerial expectations, and agency theories...
Persistent link: https://www.econbiz.de/10013323378
Cover Image
Signaling and Value Creation in Mergers
Risik, Elizabeth A. - 2010
I analyze the acquirers in both withdrawn and completed merger deals to disentangle the effects of signaling from those of target valuation and expected synergies. Completed stock (cash) acquirers earn 14 percent (10 percent) more than their withdrawn counterparts over the six months following...
Persistent link: https://www.econbiz.de/10014188870