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Effects of Disclosing Tax Avoidance : Capital Market Reaction to LuxLeaks

Huesecken, Birgit - 2018

, hundreds of tax documents were released. Unlike other events used in previous studies, the litigation risk, which is generally …

Persistent link: https://www.econbiz.de/10012935441

Bank Runs and the Repo Market

Schilling, Linda - 2018

liquidation increases efficiency to financial intermediators ('banks'). By pledging assets in form of a repo contract the bank can … market is 'ignorant' about the bank's risk, it offers more liquidity than the capital market and charges an interest rate … the repo market becomes sophisticated, it only offers as much liquidity as the capital market and charges a risk …

Persistent link: https://www.econbiz.de/10012936019

The Real Effects of Financial Markets

Bond, Philip - 2018

, and speculators' trading behavior. We make two main points. First, we argue that a new definition of price efficiency is … needed to account for the extent to which prices reflect information useful for the efficiency of real decisions (rather than …

Persistent link: https://www.econbiz.de/10012940333

Financial Leverage and Stock Return Comovement

Do, Hung Xuan - 2020

We find that leverage-initiating stocks experience an increase in return comovement with existing leveraged stocks and a decrease in return comovement with existing zero-leverage stocks in the year after the leverage initiation event. In contrast, stocks that fully deleverage comove more with...

Persistent link: https://www.econbiz.de/10012823809

Does Financial Market Structure Impact the Cost of Raising Capital?

Brugler, James - 2020

We provide evidence on market structure and the cost of raising capital by examining market structure changes in US equity markets. Only the Nasdaq's Order Handling Rules (OHR), the one reform that reduced institutional trading costs, lowered the cost of raising capital. Using a...

Persistent link: https://www.econbiz.de/10012853416

Testimony of Jesse M. Fried on Stock Buybacks before the U.S. House of Representatives Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets

Fried, Jesse M. - 2019

This statement presents my views on buybacks and my general reactions to provisions in four pieces of legislation relating to stock buybacks. Part I describes the role of stock buybacks in the economy and offers some “investor-benign” explanations for firms' use of repurchases rather than...

Persistent link: https://www.econbiz.de/10012860584

Strategies on Initial Public Offering of Company Equity at Stock Exchanges in Imperfect Highly Volatile Global Capital Markets with Induced Nonlinearities

Ledenyov, Dimitri - 2015

This research considers the strategies on the initial public offering of company equity at the stock exchanges in the imperfect highly volatile global capital markets with the nonlinearities. We provide the IPO definition and compare the initial listing requirements on the various markets. We...

Persistent link: https://www.econbiz.de/10013026463

Capital Market Reactions and the Content of Credit Rating Reports : A Textual Analysis

Kiesel, Florian - 2016

This paper analyzes the informational content of 3,365 Moody's credit rating reports, such as rating changes, watchlist announcements, and outlooks, and their impact on financial markets. We test whether the tone or the length of credit rating report have an immediate impact on the equity or...

Persistent link: https://www.econbiz.de/10012991832

Tax Policy and Entrepreneurship in the Presence of Asymmetric Information in Capital Markets

Fuest, Clemens; Huber, Bernd; Tillessen, Philipp - 2021

This paper considers the implications of asymmetric information in capital markets for entrepreneurial entry and tax policy. In many countries, governments subsidize the creation of new firms. One possible justification for these subsidies is that capital markets for the financing of new firms...

Persistent link: https://www.econbiz.de/10013320055

Outside investor access to top management : market monitoring versus stock price manipulation

Schroth, Josef - 2020 - Last updated: October 28, 2020

This paper studies the role of voluntary disclosure in crowding out independent research about firm value. In the model, when inside firm owners make it easier for outside investors to obtain inexpensive biased information from the manager, investors rely less on costly unbiased research. As a...

Persistent link: https://www.econbiz.de/10012306701