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Multinational Firms, International Diversification, Value, and Governance

Sturgess, Jason - 2012

This paper presents evidence that subsidiaries of multinational firms have higher valuations than locally matched firms. Using a unique sample of 251 UK multinational firms and 4,676 subsidiaries, the paper finds that multinational firms achieve, on average, an international diversification...

Persistent link: https://www.econbiz.de/10013116775

Annual Stock Returns vs. Capital Expenditure and Earnings : International Evidence

Inci, A. Can - 2009

. Corporate governance and other control mechanisms seem to persuade managers to make better investment decisions …

Persistent link: https://www.econbiz.de/10013153342

Path Dependence or Convergence? The Evolution of Corporate Ownership Around the World

Yeh, Andy - 2016

We derive and develop a simple and intuitive model that shines fresh light on the relentless debate over whether corporate ownership converges to the Berle-Means modern corporation with high stock ownership dispersion. Our model takes into account the importance of both protective legal...

Persistent link: https://www.econbiz.de/10013004147

An Overview of Collateralization Fundamentals & the ISDA Credit Support Annex

Burgess, Nicholas - 2018

In this paper we discuss the continued transition of financial markets towards trade standardization and the clearing of transactions, outlining the role of central clearing counterparties CCPs in reducing systemic and idiosyncratic risk. We contrast this with a discussion on bespoke non-cleared...

Persistent link: https://www.econbiz.de/10012932874

Investor Protection and Choice of Share Issuance Mechanism

McLean, R. David - 2013

Legal investor protection is associated with how firms choose to issue shares. The likelihood of private placements relative to rights offerings increases with investor protection, as does the likelihood of public offerings relative to both private placements and rights offerings. These findings...

Persistent link: https://www.econbiz.de/10013094630

Spring-Loading Future Performance When No One is Looking? Earnings and Cash Flow Management Around Acquisitions

Chen, Shuping - 2015

We find evidence that performance — reflected in earnings and cash flows — is transferred from targets to acquirers around acquisitions. Using a sample of 2,128 completed deals from 1985-2010, our results suggest that targets depress performance when investor attention declines once the deal...

Persistent link: https://www.econbiz.de/10013037774

Measuring Financing Constraints Using Firm-Level Estimation of Investment-Cash Flow Sensitivities : A Bayesian Approach

D'Espallier, Bert - 2011

We employ a Bayesian estimation technique to construct firm-varying investment-cash flow sensitivities (ICFS) for a …

Persistent link: https://www.econbiz.de/10013133693

Do Market Imperfections Give Rise to Financial Constraints? A Growth Type Explanation for the Sensitivity of Investment to Cash Flow

Wu, Xueping - 2012

information arises from growth opportunities rather than from assets-in-place. We show that firm investment style (measured by R …&D/[Capex R&D]) is persistent and positively aligned with growth type. The sensitivity of investment to cash flow has a monotonic … conditions increases with investment style, reflecting a growth-type-aligned pecking order in financing. These findings …

Persistent link: https://www.econbiz.de/10013101562

Investment Cash Flow Sensitivity and Managerial Optimism : A Literature Review Via the Classification Scheme Technique

Ben Mohamed, Ezzeddine - 2013

In this paper, we present a literature review and classification scheme for investment cash flow sensitivity under … findings. Literature on investment cash flow sensitivity under behavioral corporate finance isn't well developed. In fact, the … explanatory power and they can succeed to explain the dependence of corporate investment on the internal cash flow availability …

Persistent link: https://www.econbiz.de/10013084296

Composition of Cash Flow Shocks, Firm Investment, and Cash Holdings

Byun, Seong K. - 2019

We empirically examine the effect of exposure to temporary and persistent cash flow shocks on firm investment and its … link with cash holdings. Theoretical models demonstrate that an expectation channel drives a wedge between the investment …

Persistent link: https://www.econbiz.de/10012902783