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Credit market choice
Boyarchenko, Nina; Costello, Anna M.; Shachar, Or - 2018
speculative positions in CDS by 13 cents per dollar of bond transactions, and their hedging positions by 13 cents per dollar of …
Persistent link: https://www.econbiz.de/10011894384
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Hedging with regret
Korn, Olaf; Rieger, Marc Oliver - 2016
This paper investigates corporate hedging under regret aversion. Regret-averse firms try to avoid deviations of their … hedging policy from the ex post best policy, an intuitive consideration if one has to justify one's decisions afterward. The … downside price risk than standard expected utility theory. In the profit region of the price distribution, however, regret …
Persistent link: https://www.econbiz.de/10011539238
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The government as a large shareholder : impact on firm value and corporate governance
Fernandes, Marcelo; Novaes, Walter - 2015
The subprime crisis led to a wave of government interventions in the private sector that has been particularly strong in Europe and Latin America, where several governments are large shareholders in a variety of public firms. In a sense, the subprime crisis induced these governments to behave as...
Persistent link: https://www.econbiz.de/10011405286
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Credit Lines and Capital Adequacy
Foote, Elizabeth - 2011
I show how capital regulations, by imposing a low or zero cost on undrawn credit lines, can lead to ex post misallocation of credit across different borrowers following a market shock. This effect is in addition to the liquidity impact of credit line drawdowns highlighted by previous literature....
Persistent link: https://www.econbiz.de/10013129065
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How to Combine a Group Strategy with Subsidiary Governance?
Strikwerda, J. - 2009
The traditional policy of most multinational corporations (MNC) with respect to their subsidiary boards was or even still is to reduce these boards through composition, information and superseding these through an integrated management system to the bare local legal requirements and not having...
Persistent link: https://www.econbiz.de/10013158501
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Information Asymmetry and Insider Trading
Wu, Wei - 2019
By exploiting the exogenous reductions of analyst coverage due to closures and mergers of brokerage firms, I examine the causal impact of information asymmetry on insider trading. I find that corporate insiders' abnormal returns increase sharply after coverage reductions. This effect is stronger...
Persistent link: https://www.econbiz.de/10012905213
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Signalling under Uncertainty : The Case of IFRS Adoption
Ghani, Osman - 2019
This paper examines the liquidity, Tobin's Q, and cost of equity effects from voluntary and mandatory IFRS adoption. In contrast to prior work, we focus on the firm level heterogeneity in the economic consequences, recognising that the level of uncertainty avoidance (UAI) in a country will...
Persistent link: https://www.econbiz.de/10012905363
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A Measure of Pure Home Bias
Cooper, Ian A. - 2018
The literature on international equity holdings distinguishes between home bias (overweighting of home stocks) and foreign bias (relative underweighting for more 'distant' countries). The two biases can be integrated into one distance-based model. We define pure home bias as the excess of home...
Persistent link: https://www.econbiz.de/10012937244
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The Value of (Corrupt) Lobbying
Borisov, Alexander - 2018
Does corporate lobbying simply add value by allowing firms to communicate expert information to policy makers, or does it also add value by facilitating potentially illegal quid pro quo arrangements, where lawmakers receive private benefits in exchange for favorable policy decisions? Using the...
Persistent link: https://www.econbiz.de/10012940500
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The Role of Weighting in Corporate Governance Ratings
Nerantzidis, Michail - 2017
This methodological paper highlights the differences and the resulting implications from the application of the three most commonly applied weighting index methods to measuring corporate governance quality at an aggregate level: the Dichotomous; the partial compliance (PC) unweighted; and the...
Persistent link: https://www.econbiz.de/10012970373