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This paper considers the issue of disclosure of hedging choices. It is shown that disclosure is the preferred choice of both managers and shareholders if it removes completely the informational asymmetry among the manager and the shareholders concerning the business opportunities and risks faced...
Persistent link: https://www.econbiz.de/10010661368
Climate change has been at the center of economic and social discussion for some years. The passage of time has intensified this debate and reflection. A well-known relevant event in this domain was the signature of the Paris Agreement in 2014, and its subsequent enforcement by European Union...
Persistent link: https://www.econbiz.de/10014544589
Purpose: This paper aims to examine the relationship between regulation, market discipline and banking distress. Design/methodology/approach: To address the empirical question put forward above, a multivariate logit model is applied to an international sample of 586 banks from 21 European...
Persistent link: https://www.econbiz.de/10012188401
In this Paper we use agency theory to study the active role of the CEO in the formulation of corporate strategy. We allow the agent (CEO) to play a role in defining the parameters of the agency problem, in an incomplete contracting model in which the agent can be rewarded based only on financial...
Persistent link: https://www.econbiz.de/10005504388
This study investigates the capital sources and uses of firms that are conducting stock repurchase transactions for the first time, both prior and subsequent to those financial operations. We hypothesize that this capital and cash flow analysis may shed some light about the relative importance...
Persistent link: https://www.econbiz.de/10004968108
We present univariate and multivariate evidence to show that firms which engage in initial stock repurchases have some specific economic and financial attributes when compared to size-and industry-matched firms. We find that initial repurchase firms are younger, have lower leverage and operating...
Persistent link: https://www.econbiz.de/10004968109
In this paper, we study the timing of initial stock repurchases for a sample of firms from their IPO onwards, using panel adjusted logistic regressions and hazard models to examine which variables may predict and theoretical hypotheses may explain these transactions. First, we find that initial...
Persistent link: https://www.econbiz.de/10004968110
In this paper we use agency theory to study the active role of the chief executive in the formulation of corporate strategy. Unlike traditional applications of agency theory, we allow the agent (CEO) to play a role in defining the parameters of the agency problem. We argue that CEOs will have an...
Persistent link: https://www.econbiz.de/10005730018
This paper considers the issue of disclosure of hedging choices. It is shown that disclosure is the preferred choice of both managers and shareholders if it removes completely the informational asymmetry among the manager and the shareholders concerning the business opportunities and risks faced...
Persistent link: https://www.econbiz.de/10005227062
This paper links real investment policy to corporate risk management, endogenizing the costs of external financing. Previous literature finds investment efficiency linked to full hedging. In this model, a firm with proprietary information when deciding its investment in a valuable project, may...
Persistent link: https://www.econbiz.de/10005212083