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Development of a financial health indicator based on companies' annual accounts
Vivet, David - 2011
This document describes the development of a financial health indicator based on companies' financial statements. This indicator is conceived as a weighted combination of variables, which is obtained through a model discriminating between failing firms and non-failing firms. The definition of...
Persistent link: https://www.econbiz.de/10011596313
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Financial Statements not Required
Minnis, Michael; Sutherland, Andrew; Vetter, Felix - 2023
Using a dataset covering 3 million commercial borrower financial statements, we document a substantial, nearly monotonic decline in banks’ use of attested financial statements (AFS) in lending over the past two decades. Two market forces help explain this trend. First, technological advances...
Persistent link: https://www.econbiz.de/10014348965
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What is the shareholder wealth impact of target CEO retention in private equity deals?
Bargeron, Leonce; Schlingemann, Frederik P.; Zutter, Chad J. - 2017
There is a widespread belief among observers that a lower premium is paid when the target CEO is retained by the acquirer in a private equity deal because the CEO's potential conflicts of interest leads her to negotiate less aggressively on behalf of the target shareholders. Our empirical...
Persistent link: https://www.econbiz.de/10011963282
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Corporate investment and changes in GAAP
Shroff, Nemit - 2012
This paper investigates whether changes in Generally Accepted Accounting Principles (GAAP) affect corporate investment … decisions. Using a sample containing forty nine changes in GAAP, I find that changes in accounting rules affect investment … decisions. I then examine two mechanisms through which changes in GAAP affect investment. First, I find that changes in GAAP …
Persistent link: https://www.econbiz.de/10010195104
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Why managers hold shares of their firms : an empirical analysis
Lilienfeld-Toal, Ulf von (contributor);  … - 2007
We examine the relationship between CEO ownership and stock market performance. Firms in which the CEO voluntarily holds a considerable share of outstanding stocks outperform the market by more than 10% p.a. after controlling for traditional risk factors. The effect is most pronounced in firms...
Persistent link: https://www.econbiz.de/10003634748
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The default risk of firms examined with smooth support vector machines
Härdle, Wolfgang; Lee, Yuh-Jye; Schäfer, Dorothea; … - 2008
In the era of Basel II a powerful tool for bankruptcy prognosis is vital for banks. The tool must be precise but also easily adaptable to the bank's objections regarding the relation of false acceptances (Type I error) and false rejections (Type II error). We explore the suitability of Smooth...
Persistent link: https://www.econbiz.de/10003636001
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Insider trading in Germany : do corporate insiders exploit inside information?
Dymke, Björn M. (contributor); Walter, Andreas (contributor) - 2006
Our study analyzes a large sample of transactions carried out by corporate insiders reported to the German regulatory authority BaFin in the period July 1, 2002 to April 30, 2005 employing event study methodology. In particular, we focus on the question whether corporate insiders exploit inside...
Persistent link: https://www.econbiz.de/10003636499
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Are CEOs in family firms paid like bureaucrats? : evidence from Bayesian and frequentist analyses
Block, Jörn (contributor) - 2008
The relationship between CEO pay and performance has been much analyzed in the management and economics literature. This study analyzes the structure of executive compensation in family and non-family firms. In line with predictions of agency theory, it is found that the share of base salary is...
Persistent link: https://www.econbiz.de/10003727332
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Corporate governance and incentive contracts : historical evidence from a legal reform
Bayer, Christian (contributor); Burhop, Carsten (contributor) - 2008
This paper proposes to exploit a reform in legal rules of corporate governance to identify contractual incentives from the correlation of executive pay and firm performance. In particular, we refer to a major shift in the legal and institutional environment, the reform of the German joint-stock...
Persistent link: https://www.econbiz.de/10003730741
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Multiple-reason decision making based on automatic processing
Glöckner, Andreas (contributor);  … - 2008
It has been repeatedly shown that in decisions under time constraints, individuals predominantly use noncompensatory strategies rather than complex compensatory ones. We argue that these findings might be due not to limitations of cognitive capacity but instead to limitations of information...
Persistent link: https://www.econbiz.de/10003730760