Showing 1 - 10 of 18
We examine the underinvestment rationale for corporate hedging and test the hypothesis that if firms hedge to reduce both their reliance on external funds and the volatility of internal cash flow, then their investment spending should be less sensitive to prehedged cash flow. Our results are...
Persistent link: https://www.econbiz.de/10013045332
This paper addresses two questions. First, what causes the paper-bill spread to vary over time in anticipation of income fluctuations ? Second, why has the predictive power of the spread declined in recent years? Consistent with previous empirical work, the paper provides evidence for the...
Persistent link: https://www.econbiz.de/10011935191
The spread between the yields on six-month commercial paper and six- month Treasury bills (the paper-bill spread) has been shown to be a good predictor of macroeconomic variables such as GDP and real income, at least through the mid-1980s. In this working paper, Ferderer, Vogt, and Chahil...
Persistent link: https://www.econbiz.de/10005561181
This paper addresses two questions. First, what causes the paper-bill spread to vary over time in anticipation of income fluctuations’? Second, why has the predictive power of the spread declined in recent years? Consistent with previous empirical work, the paper provides evidence for the...
Persistent link: https://www.econbiz.de/10008671848
Persistent link: https://www.econbiz.de/10000870845
The spread between the yields on six-month commercial paper and six-month Treasury bills (the paper-bill spread) has been shown to be a good predictor of macroeconomic variables such as GDP and real income, at least through the mid-1980s. In this working paper, Ferderer, Vogt, and Chahil explore...
Persistent link: https://www.econbiz.de/10014222260
We examine both the short-run and long-run responses to the following corporate cash flow transactions: dividend increases and decreases, dividend initiations, and tender offer repurchases. Our focus is the short-run and long-run effects of managerial ownership. We hypothesize that ownership...
Persistent link: https://www.econbiz.de/10012786641
We develop a model of the effect of CEO overconfidence on dividend policy and empirically examine many of its predictions. Consistent with our main prediction, we find that the level of dividend payout is lower in firms managed by overconfident CEOs. We document that this reduction in dividends...
Persistent link: https://www.econbiz.de/10010292200
We develop a model of the effect of CEO overconfidence on dividend policy and empirically examine many of its predictions. Consistent with our main prediction, we find that the level of dividend payout is lower in firms managed by overconfident CEOs. We document that this reduction in dividends...
Persistent link: https://www.econbiz.de/10008636099
We develop a model of the effect of CEO overconfidence on dividend policy and empirically examine its central predictions. Consistent with our main prediction, we find that the level of dividend payout is lower in firms managed by overconfident CEOs. We document that this reduction in dividends...
Persistent link: https://www.econbiz.de/10013150477