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This paper reevaluates the cross-sectional effect of institutional ownership on idiosyncratic volatility by conditioning on institutions' investment horizon. Prior literature establishes a positive link between growing institutional ownership and idiosyncratic volatility. However, this effect...
Persistent link: https://www.econbiz.de/10012857181
We investigate the relevance of accounting information for bondholders. Our results imply that the credit markets access the firm's default information through accounting signals. This information is reflected through cash flow (CF) and discount rate (DR) news. Specifically, the sensitivity of...
Persistent link: https://www.econbiz.de/10012902473
Persistent link: https://www.econbiz.de/10012537290
Suppliers that are farther away from their customers make more relationship-specific investments (RSI). This association is more pronounced when it is less costly for the customer to switch to alternative suppliers and when the supplier operates in relatively opaque information environments....
Persistent link: https://www.econbiz.de/10013250060
We identify the climate risk exposure of U.S. commercial banks and assess its financial materiality. Climate risk is positively associated with the environmental, social, and governance (ESG) performance of banks and negatively associated with the stakeholder ESG sentiment towards them. Negative...
Persistent link: https://www.econbiz.de/10014236058
Much attention has been paid to capitalization rates or “cap rates?defined as the net operating income over transaction price, also known as a “going-in?current yield on commercial real estate when calculated at the time of purchase. We know that there are a number of global factors...
Persistent link: https://www.econbiz.de/10005258718
The focus of this paper is to analyze the feasibility of international portfolio diversification for a potential US investor with a moderate risk aversion. The first section includes the benefits of international portfolio investment with a special emphasis on the diversification aspect. The...
Persistent link: https://www.econbiz.de/10009144684
Persistent link: https://www.econbiz.de/10008098914
Two separate strands in the existing literature document that (1) the value premium may be the reward for risk generated by disagreement between investors with heterogeneous beliefs about future stock payoffs (Doukas et. al. 2002, 2004), and that (2) poor quality of accounting information is an...
Persistent link: https://www.econbiz.de/10014195749
Previous research documents that risk-arbitrageurs earn positive abnormal returns. However, this research treats the sum of two risks, deal risk and liquidity risk, as a measure of deal risk alone. We employ a forward looking measure of liquidity risk – the VIX – and we show that...
Persistent link: https://www.econbiz.de/10013125044