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Finance Methodology of Free Cash Flow
Yaari, Uzi - 2016
Free Cash Flow (FCF) was adopted in the late 1980s as a financial tool to evaluate the firm and its individual projects. We question the procedure of calculating the FCF where a significant portion of Current Liabilities is offset against Current Assets, thereby creating the hybrid asset Net...
Persistent link: https://www.econbiz.de/10012996576
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To Treat or Prevent Pollution?
Gentet-Raskopf, Caroline - 2022
This paper investigates the effect of financial constraints on pollution abatement methods. Using unique plant … discourage pollution prevention and have no impact on pollution treatment without environmental laws. First, financially … constrained firms are less likely to invest in pollution prevention but not in pollution treatment. Second, by applying a …
Persistent link: https://www.econbiz.de/10014235697
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Meet, Beat, and Pollute
Thomas, Jacob K.; Yao, Wentao; Zhang, Frank; Zhu, Wei - 2021
consensus EPS forecasts (indicating short-termism) release significantly more toxins because they cut pollution abatement costs … to boost earnings. Next, we investigate whether the positive relation between meeting benchmarks and pollution is …
Persistent link: https://www.econbiz.de/10013231338
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Environmental Performance, Environmental Risk and Risk Management
Dobler, Michael; Lajili, Kaouthar; Zeghal, Daniel - 2014
Environmental performance, environmental risk and its management are of contemporary interest, but to date there is limited evidence on their relationships. This paper is the first to provide detailed insights by adopting a content analysis approach and disaggregating firm-level environmental...
Persistent link: https://www.econbiz.de/10014161876
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Environmental Externalities and Cost of Capital
Chava, Sudheer - 2014
I analyze the impact of a firm's environmental profile on its cost of equity and debt capital. Using implied cost of capital derived from analysts' earnings estimates, I find that investors demand significantly higher expected returns on stocks excluded by environmental screens (such as...
Persistent link: https://www.econbiz.de/10013069271
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Carbon Emissions and TCFD-Aligned Climate-Related Information Disclosures
Ding, Dong; Liu, Bin; Chang, Millicent - 2022
We explore corporate environmental accountability by examining how carbon emissions affect voluntary climate-related information disclosure based on TCFD principles. Using computerized textual analysis to measure such climate-related disclosure, our results show that firms with higher levels of...
Persistent link: https://www.econbiz.de/10013406249
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News media, common information, and sectoral comovement : conference paper
Buchen, Teresa - 2014
This paper investigates whether information complementarities can explain the strong patterns of sectoral comovement observed empirically. It tests the theoretical model by Veldkamp and Wolfers (2007), which suggests that firms' output decisions are based on aggregate information rather than...
Persistent link: https://www.econbiz.de/10010484401
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Media coverage and debt financing choice
Cheng, C. S. Agnes; Jiang, Liangliang; Song, Wei-ling - In: Journal of accounting and public policy 44 (2024), pp. 1-17
Persistent link: https://www.econbiz.de/10015056818
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Public service broadcasting of sport, shows, and news as economic solution to the voter's paradox of rational ignorance
Rothbauer, Julia; Sieg, Gernot - 2010
Rational individuals may use a Public Service TV channel as a welfare improving institution to solve the paradox of being uninformed. To induce voters to watch unbiased serious informational content the Public Service TV channel is not only broadcasting (unbiased serious) news but also sport and...
Persistent link: https://www.econbiz.de/10008732112