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Rights offerings, subscription period, shareholder takeup, and liquidity
Balachandran, Balasingham; Faff, Robert W.; Theobald, … - In: Journal of financial and quantitative analysis : JFQA 47 (2012) 1, pp. 213-239
Persistent link: https://www.econbiz.de/10009623134
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Investor Sentiment, Limited Arbitrage and the Cash Holding Effects
Li, Xiafei - 2016
We examine the market mispricing and limits-to-arbitrage hypotheses on the positive relation between cash holdings and expected stock returns. Using investor sentiment as a proxy for market mispricing, we find that returns of cash holding stocks are heavily influenced by investor sentiment....
Persistent link: https://www.econbiz.de/10013004095
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Investor Sentiment, Limited Arbitrage and the Cash Holding Effect
Li, Xiafei - 2016
We examine the investor sentiment and limits-to-arbitrage explanations for the positive cross-sectional relation between cash holdings and future stock returns. Consistent with the investor sentiment hypothesis, we find that the cash holding effect is significant when sentiment is low, and it is...
Persistent link: https://www.econbiz.de/10012996608
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Multiple Stock Dividends in Oman : Signaling or Liquidity Explanations?
Al-Yahyaee, Khamis - 2014
improve trading liquidity …
Persistent link: https://www.econbiz.de/10013054996
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Speculation and Liquidity in Stock and Corporate Bond Markets
Pasquariello, Paolo; Sandulescu, Mirela - 2022
equilibrium liquidity provision from equity and bond dealers and non-monotonic stock-bond price comovement. We find supportive …
Persistent link: https://www.econbiz.de/10013313044
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Stock Liquidity and Issuing Activity
Barinov, Alexander - 2019
The paper shows that issuing activity does not result in superior liquidity. Even the kinds of new issues that are … existing liquidity-based explanations of the new issues puzzle. The paper also shows that the low-minus-high turnover factor …
Persistent link: https://www.econbiz.de/10012904032
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Shareholder Litigation Risk and Its Effect on a Firm's Cash, Investment, and Debt
Talijan, Vuk - 2017
Shareholder litigation risk varies across time and across firms. When shareholder litigation risk is high, it can increase (decrease) a firm's cash and investment before (after) a lawsuit filing. When shareholder litigation risk is low, little to no impact occurs. A quasi-natural experiment...
Persistent link: https://www.econbiz.de/10012968812
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Costly External Finance, Liquidity Risk, and Default Risk
Yang, Jun - 2011
I use the 2007-2008 financial crisis to gauge how internal financial resources and external financial constraints mitigate or worsen the impact of the crisis on default risk of US industrial firms. I identify heterogeneity in short-term funding needs at the onset of the crisis by exploiting...
Persistent link: https://www.econbiz.de/10013128496
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Do Markets Anticipate Capital Structure Decisions? Feedback Effects in Equity Liquidity
Andres, Christian - 2013
information asymmetry from equity liquidity through the use of an information asymmetry index that is based on six measures that … liquidity, the data indicate that expected increases in leverage (target leverage changes) decrease the information asymmetry … index. This is consistent with the signalling hypothesis of Ross (1977), and is equivalent to increases in equity liquidity …
Persistent link: https://www.econbiz.de/10013083176
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Do Markets Anticipate Capital Structure Decisions? Feedback Effects in Equity Liquidity
Andres, Christian - 2014
information asymmetries. We measure the latter by using equity liquidity. The effect is based on the assumption that one of the … main drivers of liquidity is the information asymmetry that exists between managers (insiders) and owners (outsiders). For … costs, and the price impact of order flow. Under the assumption of joint determination of leverage and liquidity, we find …
Persistent link: https://www.econbiz.de/10013067778