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Firm Investment, Financial Constraint and Voluntary Asset Sales

Gautam, Vikash - 2011

This paper contributes empirically to the ‘Excess Sensitivity' literature by arguing that results obtained by using investment-cash flow sensitivity as a metric to represent finance constraint of firms can be misleading. This is because cash flow apart from signaling change in net worth may...

Persistent link: https://www.econbiz.de/10013132019

The Value of Capital Market Regulation : IPOs versus Reverse Mergers

Carpentier, Cécile - 2012

We analyze the economic consequences of disclosure and regulation within a context of significant information asymmetry and lenient regulation. In Canada, firms can enter the stock market at a pre-revenue stage by fulfilling each of the requirements of an initial public offerings or using...

Persistent link: https://www.econbiz.de/10013115006

The Information Risk in the Latest Crisis : A Driver or a Driven Factor for Global Financial Markets Equilibrium?

Mantovani, Guido Max - 2012

of market efficiency. Drivers of information risk in the European Markets differed strongly from the US and Japanese ones … financial policies adopted by the Authorities. We use an original information risk model to contribute to the analysis of the … 2007-2009 crisis was very different in the information risk quality. That gap affected the market risk aversion and its …

Persistent link: https://www.econbiz.de/10013115057

The Home Stigma : Adverse Selection in ADRs and the Home Capital Market Environment

Zhu, Qiaoqiao - 2012

We investigate whether characteristics of the home country capital market environment, such as information disclosure and investor rights protection, continue to affect ADRs cross-listed in the U.S. Using microstructure measures as proxies for adverse selection, we ﬁnd that characteristics of...

Persistent link: https://www.econbiz.de/10013116465

Capital Market Development in Eastern and Central European Transition Economies

Mu, Yibin - 2012

desired levels of market efficiency and transparency …

Persistent link: https://www.econbiz.de/10013098999

The Buyback Anomaly on the Polish Capital Market

Szyszka, Adam - 2013

A number of studies carried on the US data found positive long-term excess returns following buybacks. The aim of this paper is to verify if a similar anomaly can be observed on the Polish market. We confirm the existence of long-term abnormal returns following buybacks and excess profitability...

Persistent link: https://www.econbiz.de/10013084346

Information Acquisition and Bond Market Liquidity

Doh, Hyunsoo - 2020

We develop a credit-risk model to study how information acquisition affects the liquidity in a secondary bond market …

Persistent link: https://www.econbiz.de/10012839272

Regional Financial Developments and Research and Development Investment – Cash Flow Sensitivity : Evidence on Chinese Public High-Tech Companies

Zhu, Feifei - 2017

In a sample of 485 Chinese public high-tech companies, we show that the R&D investment is significantly dependent on internal cash flow. Based on the sizable discrepancies of stock market and financial intermediary developments in the East, Middle and West regions of China, empirical estimation...

Persistent link: https://www.econbiz.de/10012962883

Ratings Quality and Borrowing Choice

Badoer, Dominique C. - 2019

Past studies document that incentive conflicts may lead issuer-paid credit rating agencies to provide optimistically-biased ratings. In this paper, we present evidence that investors question the quality of issuer-paid ratings and raise corporate bond yields where the issuer-paid rating is more...

Persistent link: https://www.econbiz.de/10012903989

Forecasting Oil Futures Market Volatility in a Financialized World : Why Speculative Activities Matter

Chan, Kam C. - 2018

/or less risk-averse in recent time period. Our forecasts based on these features perform very well under the predictive …

Persistent link: https://www.econbiz.de/10012908948