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Why hedge? : a critical review of theory and empirical evidence
Ammon, Norbert - 1998
Finance theory does not provide a comprehensive framework for explaining risk management within the imperfect financial … corporate hedging: equity value maximising strategies and strategies determined by managerial risk aversion. The first category … distress and costs of external finance or to replace home-made hedging by shareholders. The second category considers that …
Persistent link: https://www.econbiz.de/10011441429
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Why hedge? : a critical review of theory and empirical evidence
Ammon, Norbert - 1998
Finance theory does not provide a comprehensive framework for explaining risk management within the imperfect financial … corporate hedging: equity value maximising strategies and strategies determined by managerial risk aversion. The first category … distress and costs of external finance or to replace home-made hedging by shareholders. The second category considers that …
Persistent link: https://www.econbiz.de/10013428154
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Noisy stock prices and corporate investment
Dessain, Olivier; Foucault, Thierry; Frésard, Laurent; … - 2018
Firms significantly reduce their investment in response to non-fundamental drops in the stock price of their product-market peers. We argue that this result arises because of managers' limited ability to filter out the noise in stock prices when using them as signals about their investment...
Persistent link: https://www.econbiz.de/10011938663
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Nonparametric tail risk, stock returns and the macroeconomy
Almeida, Caio; Ardison, Kym; Garcia, René; Vicente, … - 2016
Persistent link: https://www.econbiz.de/10011458735
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Measuring asset market linkages : nonlinear dependence and tail risk
Escanciano, Juan Carlos; Hualde, Javier - 2017
Persistent link: https://www.econbiz.de/10011763135
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Does shareholder activism have a long-lasting impact on company value? : a meta-analysis
Bajzík, Josef - 2024
I collect 1,186 reported estimates of long-run value creation from 49 studies and present the first meta-analysis of the literature on shareholder activism and its effect on firm value in the longrun. This synthesis is necessary because shareholder activism is increasing over time and across...
Persistent link: https://www.econbiz.de/10014505919
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Does shareholder activism have a long-lasting impact on company value? : a meta-analysis
Bajzík, Josef - 2023
Persistent link: https://www.econbiz.de/10014447372
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Bailouts, the incentive to manage risk, and financial crises
Panageas, Stauros - 2009
"A firm's termination leads to bankruptcy costs. This may create an incentive for outside stakeholders or the firm's debtholders to bail out the firm as bankruptcy looms. Because of this implicit guarantee, firm shareholders have an incentive to increase volatility in order to exploit the...
Persistent link: https://www.econbiz.de/10003851607
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Advance information and asset prices
Albuquerque, Rui; Miao, Jianjun - 2007
Persistent link: https://www.econbiz.de/10003617741
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On the irrelevance of the leverage effect
Nippel, Peter - 2001
Financial leverage increases the expected return on equity. We show that this leverage effect is not only irrelevant for shareholders' present wealth but also for the return on their investments. This result is straightforward if we do not only look at the return on equity but at the return on...
Persistent link: https://www.econbiz.de/10011281515