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only the speculative profits. We show that the above tax would probably be able to avert the speculation, and, even in case … of speculation on its government bonds, the State manages to pull itself out of the crisis. Finally, we also propose a …
Persistent link: https://www.econbiz.de/10011258488
. Financial derivatives are commonly used to manage these risks. This paper examines how a company's financial features and … different forms of management compensation can affect the use of derivatives based on the 100 largest listed mining companies on … derivatives while the CEO compensation in terms of option and stock holdings does not have any significant impact on this decision …
Persistent link: https://www.econbiz.de/10013059818
stage I subsume various models for optimal hedging under one general co-integrated model. In a worked example three models …
Persistent link: https://www.econbiz.de/10013061102
We model the impact of public and private ownership structures on firms' incentives to invest in innovative projects. We show that it is optimal to go public when exploiting existing ideas and optimal to go private when exploring new ideas. This result derives from the fact that private firms...
Persistent link: https://www.econbiz.de/10009579911
In this paper, I examine the impact of ambiguity (Knightian uncertainty), alongside that of risk, on firms’ voluntary disclosure decisions. I confirm the well-known result that an increase in risk— uncertainty over outcomes—is associated with an increase in management guidance (earnings...
Persistent link: https://www.econbiz.de/10013289131
Using the introduction of high-speed rail (HSR) as an exogenous shock to costs of information acquisition, we show that reductions in information-acquisition costs lead to (i) a significant increase in information production, evidenced by a higher frequency of analysts visiting portfolio firms,...
Persistent link: https://www.econbiz.de/10012271169
Using the introduction of high-speed rail as exogenous shocks to costs of information acquisition, we show that reductions in information-acquisition costs lead to a significant increase in information production and improvement in output quality, evidenced by higher frequency of analysts...
Persistent link: https://www.econbiz.de/10012181499
Do credit ratings affect the information content of corporate disclosure? Using novel data on rating analysts to obtain exogenous variation in rating information, we find that greater uncertainty in credit ratings increases the quality of information disclosed by the firm. This is consistent...
Persistent link: https://www.econbiz.de/10012849096
Asymmetric information is a relevant concept for studying and understanding financial markets. In this paper we discus the effect of asymmetric information on the borrower–lender relationship. The presence of asymmetric information in financial markets leads to adverse selection, moral hazard,...
Persistent link: https://www.econbiz.de/10011258396
Persistent link: https://www.econbiz.de/10002962479