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The Information Asymmetry Effects of Expanded Disclosures about Derivative and Hedging Activities
Steffen, Thomas D. - 2020
and hedging footnote disclosures. Using a difference-in-differences design, I investigate whether these mandatory … complementary measures: (1) actual changes in firms' derivative and hedging disclosures, and (2) pre-SFAS 161 levels of firms …' derivative and hedging activities. Both measures provide consistent evidence that bid-ask spreads decreased more for firms whose …
Persistent link: https://www.econbiz.de/10012855683
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Corporate Risk Management and Dividend Signaling Theory
Dionne, Georges - 2010
of Bhattacharya (1979) by including the possibility of hedging the future cash flow. We find that the higher the hedging …
Persistent link: https://www.econbiz.de/10013148283
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Determinants of behaviour of working capital requirements of BSE listed companies : an empirical study using co-integration techniques and generalised method of moments
Sharma, Rakesh Kumar; Bakshi, Apurva; Chhabra, Sheena - In: Cogent economics & finance 8 (2020) 1, pp. 1-30
The paper investigates the determinants of working capital to forecast the future requirement of working capital of BSE-listed top 150 companies in India. The study is conducted by collecting the data of 150 top-performing BSE listed companies for the time period of 2009-2017. The ten firm-level...
Persistent link: https://www.econbiz.de/10012219679
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Chapter 7. Payout Policy
Allen, Franklin; Michaely, Roni - 2003
This paper surveys the literature on payout policy. We start out by discussing several stylized facts that are important to the development of any comprehensive payout policy framework. We then describe the Miller and Modigliani (1961) payout irrelevance proposition, and consider the effect of...
Persistent link: https://www.econbiz.de/10014023869
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Lord Eldon Redux : Information Asymmetry, Accountability and Fiduciary Loyalty
Licht, Amir N. - 2017
This article investigates the development of accountability and fiduciary loyalty as an institutional response to information asymmetries in agency relations, especially in firm-like settings. Lord Eldon articulated the crucial role of information asymmetries in opportunistic behaviour in early...
Persistent link: https://www.econbiz.de/10012967306
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The Relationship Between Information Asymmetry and Dividend Policy
Vojtech, Cindy M. - 2012
This paper examines how the quality of firm information disclosure affects shareholders' use of dividends to mitigate agency problems. Managerial compensation is linked to firm value. However, because the manager and shareholders are asymmetrically informed, the manager can manipulate the firm's...
Persistent link: https://www.econbiz.de/10013106988
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Initial Coin Offerings, Asymmetric Information, and Loyal CEOs
Momtaz, Paul P. - 2020
A defining feature of initial coin offerings (ICOs) is that entrepreneurs bear the full marginal investment cost but profit only partially from the marginal investment payoff. This design may exacerbate agency conflicts inherent in corporate finance. As a consequence, signals of entrepreneurial...
Persistent link: https://www.econbiz.de/10012852438
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Trade Creditors' Information Advantage
Ivashina, Victoria - 2018
Using information on the sales of debt claims for 132 U.S. Chapter 11 bankruptcy cases, we show that large trade creditors' decisions to sell receivables of a distressed company in bankruptcy are predictive of lower recovery rates, and that in such cases these creditors sell ahead of less...
Persistent link: https://www.econbiz.de/10012929341
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Governance Quality and Information Asymmetry
Elbadry, Ahmed - 2016
This paper explores the relationship between corporate governance and asymmetric information. We find that proxies for governance mechanisms that encourage the monitoring of managers and rewards managers for moderating shirking and perquisite consumption are inversely related to proxies for...
Persistent link: https://www.econbiz.de/10013008983
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Redacting Proprietary Information at the Initial Public Offering
Boone, Audra L. - 2015
Nearly 40% of IPO firms redact information from their SEC registration filings. These firms exhibit characteristics consistent with the need to shield proprietary information from potential rivals. They experience greater underpricing, but pre-IPO insiders reduce underpricing-related wealth...
Persistent link: https://www.econbiz.de/10013034802