Vanderbilt University - Owen Graduate School of Management Research Paper Series最新文献

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Earnings Management in Not-for-Profit Institutions: Evidence from Hospitals 非营利机构的盈余管理:来自医院的证据
A. Leone, R. V. Van Horn
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引用次数: 21
Industry Conditions, Growth Opportunities, and Market Reactions to Convertible Debt Financing Decisions 行业状况、增长机会和市场对可转换债务融资决策的反应
C. Lewis, Richard J. Rogalski, James K. Seward
{"title":"Industry Conditions, Growth Opportunities, and Market Reactions to Convertible Debt Financing Decisions","authors":"C. Lewis, Richard J. Rogalski, James K. Seward","doi":"10.2139/ssrn.1618","DOIUrl":"https://doi.org/10.2139/ssrn.1618","url":null,"abstract":"This paper examines the relationship between convertible debt issue announcements, announcement period share price reactions, and the profitability of the issuing firm's growth opportunities. We find that investor reactions are positively related to the profitability of the issuing firm's investment opportunities. However, the relationship does not appear to be particularly robust across several model specifications. We then investigate the explanatory power of the issuer's relative performance within its own industry, and find that industry- adjusted growth opportunities appear to better explain investor reactions to convertible debt issues. Share price reactions are less negative (more positive) the higher the issuer's investment opportunities relative to that of the median industry performer. Thus, investors seem to react to convertible debt offerings more on the basis of relative performance with the issuer's industry, rather than absolute measures of issuer or industry performance.","PeriodicalId":112243,"journal":{"name":"Vanderbilt University - Owen Graduate School of Management Research Paper Series","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1996-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131811523","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 139
Purchasing Power Disparity During the Floating Rate Period: Exchange Rate Volatility, Trade Barriers and Other Culprits 浮动汇率时期的购买力差距:汇率波动、贸易壁垒和其他原因
S. Wei, David Parsley
{"title":"Purchasing Power Disparity During the Floating Rate Period: Exchange Rate Volatility, Trade Barriers and Other Culprits","authors":"S. Wei, David Parsley","doi":"10.3386/W5032","DOIUrl":"https://doi.org/10.3386/W5032","url":null,"abstract":"Using a panel of 12 tradable sectors in 91 OECD country pairs (14 countries), we study the deviations from the purchasing power parity during the recent floating exchange rate period. (1) We find some evidence that the deviations are positively related to exchange rate volatility as well as to transportation costs. (2) Once we have controlled for these two factors, free trade areas such as the EC and the EFTA do not seem to reduce significantly the deviations from PPP relative to other OECD countries. (3) Although only using the post- 1973 data, we are able to find strong evidence of mean reversion towards PPP. The estimated half lives of the deviation from PPP are about four years and three quarters for the non-EMS countries in the sample, and four years and one quarter for the EMS countries. (4) We find evidence of non-linearity in the rate of mean reversion: the convergence occurs faster for country pairs with larger initial deviations.","PeriodicalId":112243,"journal":{"name":"Vanderbilt University - Owen Graduate School of Management Research Paper Series","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1995-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131142235","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 200
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