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Corporate Debt Maturity and Future Firm Performance Volatility
Adachi‐Sato, Meg - 2018
We propose a simple idea that corporate debt maturity should serve as a good indicator of future firm performance … debt maturity. If “observable” corporate debt maturity and ex ante “unobservable” corporate risk-taking is highly … correlated, corporate debt maturity should be highly correlated with “ex post” realized firm performance volatility in following …
Persistent link: https://www.econbiz.de/10012937149
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Is the Effect of Dividend Policy on the Volatility of Stock Prices Stable : An Empirical Study on European Countries?
Aktürk, Esen; Karan, Mehmet Baha; Pirgaip, Burak - 2022
We scrutinize the impact of dividend policy on stock price volatility by considering the seminal paper of Baskin (1989). In this context, we examine the relationship between volatility and three dividend policy indicators, dividend yield, dividend payout, and stock repurchases, for 1,221 firms...
Persistent link: https://www.econbiz.de/10013298815
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The Influence of Cash Flow Volatility on Capital Structure and the Use of Debt of Different Maturities
O'Connor Keefe, Michael - 2016
ratio, a 26% decrease in probability of holding debt with over 10 years to maturity, and a 39% increase in the probability …
Persistent link: https://www.econbiz.de/10013003487
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How Does Long-Term Finance Affect Economic Volatility?
Demirgüç-Kunt, Asli - 2016
In an approach analogous to Rajan and Zingales (1998), we examine how the ability to access long-term debt affects firm-level growth volatility. We find that firms in industries with stronger preference to use long-term finance relative to short-term finance experience lower growth volatility in...
Persistent link: https://www.econbiz.de/10013000820
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The influence of cash flow volatility on firm use of debt of different maturities or zero-debt : International evidence
O'Connor Keefe, Michael; Nguyen, Huyen - 2022
The empirical international literature on the relationship between firm cash flow volatility and debt maturity and zero … associated with our measure of debt maturity at less than a 1% level of significance. Relative to unconditional means of debt … maturity, a one standard deviation increase in cash flow volatility implies a 2.57% decrease in the probability of firms using …
Persistent link: https://www.econbiz.de/10013306166
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Risk perception and diversification behaviour in investment decisions
Siebenmorgen, Niklas - 2001
Persistent link: https://www.econbiz.de/10001553464
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Exports, Investment and Firm-Level Sales Volatility
Riano, Alejandro - 2011
This paper presents a dynamic model of risk-averse producers' decision to invest in physical capital and to export. The model features irreversible investment, no capital markets and fixed and sunk costs to export. Several features of the distribution of investment rates and export participation...
Persistent link: https://www.econbiz.de/10013130747
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The impact of financial leverage on the variance of stock returns
Aharon, David Yechiam; Yagil, Yossi - In: International Journal of Financial Studies : open … 7 (2019) 1/14, pp. 1-18
This paper investigates the direct theoretical relationship between the variance of stock returns (σ2E) and financial leverage (L) considering both corporate and personal taxes. Using a dataset of U.S. industrial firms, we examine the variance of stock returns as a function of the firm’s...
Persistent link: https://www.econbiz.de/10012038522
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Stock Return Volatility and Capital Structure Decisions
Chen, Hui - 2016
Stock return volatility significantly predicts active leverage adjustment, consistent with the trade-off theory. Firms …
Persistent link: https://www.econbiz.de/10013007055
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Cash Flow Volatility and Capital Structure Choice
Dudley, Evan - 2015
Prior research finds a weak relation between cash-flow volatility and leverage. Using a novel measure of cash-flow volatility, we find that volatility matters more for firms that are financially constrained. Constrained firms issue debt when volatility is low, but have trouble deleveraging in...
Persistent link: https://www.econbiz.de/10013032641