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Blockholder dispersion and firm value
Konijn, Sander J. J.; Kräussl, Roman; Lucas, André - 2009
This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however, whether dispersion among blockholder is preferable to having a more concentrated ownership structure. To test...
Persistent link: https://www.econbiz.de/10011379511
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Does the use of derivatives affect firm value? : evidence from Turkey
Akpınar, Onur; Fettahoğlu, Abdurrahman - In: Journal of transnational management : the official … 21 (2016) 2, pp. 53-61
Persistent link: https://www.econbiz.de/10011527139
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Blockholder Dispersion and Firm Value
Konijn, Sander - 2011
Multiple blockholder structures are a widespread phenomenon in the U.S. The theoretical literature, however, provides conflicting predictions on whether a single large blockholder or a set of dispersed smaller blockholders is better for firm value. Using U.S. data, we find a negative...
Persistent link: https://www.econbiz.de/10013134073
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Idiosyncratic Risk, Risk-Taking Incentives and the Relation Between Managerial Ownership and Firm Value
Florackis, Chris - 2020
In addition to its well-documented alignment effect, managerial ownership may also value-destroying effects by shifting risk to managers and encouraging risk-substitution; that is, managers with relatively undiversified personal portfolios tend to pass up profitable projects with high...
Persistent link: https://www.econbiz.de/10012857237
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When Blockholders Leave Feet First : Do Managerial Ownership Affects Firm Value?
Nguyen, Bang Dang - 2015
We investigate whether managerial ownership enhances firm value by exploiting exogenous variation resulting from stock price reactions to blockholder deaths. We find, first, that the average stock price reaction to the sudden death of inside blockholders ranges from -5% for small ownership...
Persistent link: https://www.econbiz.de/10013037080
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Are larger banks valued more highly?
Minton, Bernadette A.; Stulz, René M.; Taboada, Alvaro G. - 2017
We investigate whether the value of large banks, defined as banks with assets in excess of the Dodd-Frank threshold for enhanced supervision, increases with the size of their assets using Tobin's q and market-to-book as our valuation measures. Many argue that large banks receive subsidies from...
Persistent link: https://www.econbiz.de/10011963312
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Are the largest banks valued more highly?
Minton, Bernadette A.; Stulz, René M.; Taboada, Alvaro G. - 2018
Some argue too-big-to-fail (TBTF) status increases the value of the largest banks. In contrast, we find that the value of the largest banks is negatively related to asset size in normal times, but not during the financial crisis when TBTF status was most valuable. Further, shareholders lose when...
Persistent link: https://www.econbiz.de/10011976083
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Foreign exchange derivative use and firm value : evidence from German non-financial firms
Merkel, Matthias F. - 2018
In this paper I investigate whether the use of foreign exchange (FX) derivatives adds value to German firms, which … information on the use of FX derivatives by 391 firms between 2004 and 2013. After controlling for a set of fundamental firm … characteristics I find that on average the use of FX derivatives does significantly add to their value. This relationship seems to be …
Persistent link: https://www.econbiz.de/10011849346
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The Effect of Derivatives Use on Firm Value and Performance : Evidence From UK Financial Firms
Al Fazari, Said; Azevedo, Alcino; Hudson, Robert; Leng, … - 2022
We study the effect of derivatives use for both trading and hedging on firm value and financial and market performance … interest rate risk hedging enhances value, and that hedging with derivatives erodes financial and market performance. We also … using a hand-collected data sample from UK financial firms. We show that the use of derivatives for foreign exchange and …
Persistent link: https://www.econbiz.de/10013403730
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Corporate risk management and firm value : evidence from the UK market
Panaretou, Argyro - In: The European journal of finance 20 (2014) 10/12, pp. 1161-1186
Persistent link: https://www.econbiz.de/10010465907