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Stock Liquidity and SMEs’ Likelihood of Bankruptcy : Evidence from the US Market
El Kalak, Izidin - 2018
We study the association between the stock liquidity of SMEs in the US and their likelihood of bankruptcy, using a … substantial heterogeneity across industries regarding the predictive power of the liquidity measure on the likelihood of … performance tests conclude that adding a liquidity measure variable to the Campbell et al. (2008) model improves its predictive …
Persistent link: https://www.econbiz.de/10012930056
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Fama–French–Carhart Factor-Based Premiums in the US REIT Market : A Risk Based Explanation, and the Impact of Financial Distress and Liquidity Crisis from 2001 to 2020
Essa, Mohammad Sharik; Giouvris, Evangelos - 2023
The study investigates the impact of financial distress (credit spread) and liquidity crises (TED spread) on size … to establish the long/short-run impact of financial distress and liquidity crisis on these premiums during recessionary … liquidity crisis. On the other hand, size, value and investment premiums rise with financial distress/liquidity crisis, only …
Persistent link: https://www.econbiz.de/10014254802
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Can Stock Liquidity be Transferred and Upgraded in Acquisitions? Option-Adjusted Evidence from Liquidity Synergies in US Freeze-Outs
Konstantaras, Konstantinos - 2018
hold sizeable toeholds in target shares. On one side, via liquidity transferring, acquirers can effectively transfer their … thinner liquidity discount on the valuation of their toeholds in fully acquired target assets. On the other, their long …-run stock liquidity can improve following the removal of their targets from the exchange. Using a sample of US delisted targets …
Persistent link: https://www.econbiz.de/10012936309
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The long-term performance of IPOs, revisited
Hoechle, Daniel; Karthaus, Larissa M.; Schmid, Markus M. - 2017
We show that a sample of 7,487 U.S. firms going public between 1975 and 2014 significantly underperforms mature firms in the first year after the IPO. Contrary to post-issue horizons of three to five years, the first-year underperformance cannot be explained by Carhart (1997) risk factor...
Persistent link: https://www.econbiz.de/10011688213
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Liquidity and returns of target shareholders in the market for corporate control : evidence from the US markets
Lee, Kaun Y.; Chung, Kee H. - In: Journal of business finance & accounting : JBFA 40 (2013) 1/2, pp. 142-171
Persistent link: https://www.econbiz.de/10009729506
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Do firms buy their stock at bargain prices? : evidence from actual stock repurchase disclosure
Ben-Rephael, Azi; Oded, Jacob; Wohl, Avi - 2011
disbursement of free cash. -- Stock Repurchases ; Stock Buybacks ; Payout Policy ; Timing ; Bid-Ask Spread ; Liquidity …
Persistent link: https://www.econbiz.de/10009248238
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Underpricing and entrepreneurial wealth losses in IPOs : theory and evidence
Habib, Michel Antoine; Ljungqvist, Alexander - In: The review of financial studies 14 (2001) 2, pp. 433-458
Persistent link: https://www.econbiz.de/10001570574
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Motivation for voluntary corporate liquidations : distress, agency conflicts, and shareholder gain
Sullivan, Michael J. - In: Quarterly journal of business and economics : QJBE 36 (1997) 2, pp. 3-18
Persistent link: https://www.econbiz.de/10001223208
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The effect of firm financial characteristics and the availability of alternative finance on IPO underpricing
Marshall, Beverly B. - In: Journal of economics and finance 28 (2004) 1, pp. 88-103
Persistent link: https://www.econbiz.de/10002096085
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The JOBS act and information uncertainty in IPO firms
Barth, Mary E.; Landsman, Wayne R.; Taylor, Daniel J. - 2014
This study examines the effect of the Jumpstart Our Business Startups Act (JOBS Act) on information uncertainty in IPO firms. The JOBS Act creates a new category of issuer, the Emerging Growth Company (EGC), and exempts EGCs from several disclosures required for non-EGCs. Our findings are...
Persistent link: https://www.econbiz.de/10011523682