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Corporate Finance: Valuation最新文献

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Cash Is Not Always King: Economic Policy Uncertainty and the Marginal Value of Corporate Cash Holdings 现金并非永远为王:经济政策不确定性与企业现金持有的边际价值
Corporate Finance: Valuation Pub Date : 2021-07-09 DOI: 10.2139/ssrn.3883384
Ziwen Bu, Ahmet Karpuz, Rongbing Xiao, Huainan Zhao
{"title":"Cash Is Not Always King: Economic Policy Uncertainty and the Marginal Value of Corporate Cash Holdings","authors":"Ziwen Bu, Ahmet Karpuz, Rongbing Xiao, Huainan Zhao","doi":"10.2139/ssrn.3883384","DOIUrl":"https://doi.org/10.2139/ssrn.3883384","url":null,"abstract":"This paper studies the relation between economic policy uncertainty (EPU) and the marginal value of corporate cash holdings. We find that the markets place a lower value on firms’ cash holdings under high level of EPU. Our quasi-experiment tests relating to the 9/11 terrorist attacks and the gubernatorial elections support the causal relationship between EPU and the value of cash holdings. Further, we show that this relation is more pronounced for firms with less redeployable capital assets, more investment opportunities, poor corporate governance, or positive excess cash. Overall, our evidence suggests that cash is not always king especially in periods of high uncertainty of policies.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121256629","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: 0
Are Shadow Banking Activities Always Bad? Evidence from Nonfinancial Firms’ Private Equity Placements 影子银行活动总是不好的吗?来自非金融公司私募股权配售的证据
Corporate Finance: Valuation Pub Date : 2021-06-26 DOI: 10.2139/ssrn.3930793
Yong Huang, Chao Yan, Kam C. Chan
{"title":"Are Shadow Banking Activities Always Bad? Evidence from Nonfinancial Firms’ Private Equity Placements","authors":"Yong Huang, Chao Yan, Kam C. Chan","doi":"10.2139/ssrn.3930793","DOIUrl":"https://doi.org/10.2139/ssrn.3930793","url":null,"abstract":"We investigate how the market evaluates nonfinancial firms that recently bought wealth management products (WMPs) when raising equity capital. Using a sample of Chinese firms, we find that the stock market reacts less positively to private equity placements (PEPs) by firms that recently purchased WMPs than to those that did not. Further analysis suggests that compared with retail investors, sophisticated (i.e., institutional and high-net-worth) investors pay a higher price for the shares of these WMP-buying firms. After PEPs, we find that the long-term operating performance and firm value of WMP-buying firms are higher than those of non-buying firms. Overall, the findings suggest that: (i) engaging in shadow banking activities (buying WMPs) does not mean a firm is inferior, and (ii) sophisticated investors are less concerned than retail investors about a firm’s shadow banking activities.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128695065","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: 0
Corporate Governance Reforms and Innovation 公司治理改革与创新
Corporate Finance: Valuation Pub Date : 2021-06-21 DOI: 10.2139/ssrn.3871294
Chen Lin, Lai Wei, Hui Zhao
{"title":"Corporate Governance Reforms and Innovation","authors":"Chen Lin, Lai Wei, Hui Zhao","doi":"10.2139/ssrn.3871294","DOIUrl":"https://doi.org/10.2139/ssrn.3871294","url":null,"abstract":"In this study, we investigate the effect of corporate governance reforms on corporate innovation by constructing a comprehensive firm-level panel dataset across 58 countries from 2000 to 2015. We find that both the quantity and quality of innovation decrease after the initiation of the reforms. Affected firms also conduct less innovation that explores new knowledge versus that exploits existing knowledge. The effect is more pronounced for firms operating in more competitive industries or with higher operational uncertainty. The results suggest that corporate governance reforms may induce managerial myopia and mitigate long-term investment in risky innovation.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115149661","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: 0
Does Retrenchment Boost Performance? Evidence from Fallen Angels 缩减开支能提高业绩吗?《堕落天使》的证据
Corporate Finance: Valuation Pub Date : 2021-06-11 DOI: 10.2139/ssrn.3866579
Abed El Karim Farroukh, Jennifer L. Koski, Ingrid M. Werner
{"title":"Does Retrenchment Boost Performance? Evidence from Fallen Angels","authors":"Abed El Karim Farroukh, Jennifer L. Koski, Ingrid M. Werner","doi":"10.2139/ssrn.3866579","DOIUrl":"https://doi.org/10.2139/ssrn.3866579","url":null,"abstract":"We study restructuring by firms whose stock prices experience a sharp decline to a low price level– fallen angels. In response to a price decline, firms can retrench by reducing investments and cutting the workforce, or increase leverage and investments hoping for lottery-like payoffs. We find that relative to a matched sample, fallen angels retrench. While retrenchment helps boost stock prices, reducing fixed assets and employment also increase firm risk, lower growth opportunities, and reduce the probability a firm remains listed. We find no consistent evidence that retrenchment actions undertaken by fallen angels affect future operating performance.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125500139","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: 0
CEO Hometown Favoritism in Corporate Environmental Policies 企业环境政策中的CEO家乡偏好
Corporate Finance: Valuation Pub Date : 2021-06-03 DOI: 10.2139/ssrn.3859116
Wei Li, Qiping Xu, Qifei Zhu
{"title":"CEO Hometown Favoritism in Corporate Environmental Policies","authors":"Wei Li, Qiping Xu, Qifei Zhu","doi":"10.2139/ssrn.3859116","DOIUrl":"https://doi.org/10.2139/ssrn.3859116","url":null,"abstract":"Exploiting within-firm variations in plant-level toxic releases, we document the effect of managerial hometown attachment on corporate environmental policies. Pollution intensity is 20% lower for plants near CEOs' hometowns, achieved by conducting more costly waste management activities such as source reduction, recycling, and energy recovery. Analyses using CEO turnover events provide causal inference. Hometown emission reduction is stronger for poorly-governed firms, and is significantly weakened following the exogenous reduction in agency conflicts driven by the 2003 Tax Reform Act. In addition, hometown emission reduction is most salient in firms with worse CSR performance or tighten financial constraints. Our findings reveal that CEOs' personal motives affect corporate pollution abatement, which is manifested as a form of agency problem.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123646470","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: 6
Scale or Yield? A Present-Value Identity 规模还是产量?现在价值同一性
Corporate Finance: Valuation Pub Date : 2021-06-01 DOI: 10.2139/ssrn.3857368
Thummim Cho, Lukas Kremens, Dongryeol Lee, Christopher Polk
{"title":"Scale or Yield? A Present-Value Identity","authors":"Thummim Cho, Lukas Kremens, Dongryeol Lee, Christopher Polk","doi":"10.2139/ssrn.3857368","DOIUrl":"https://doi.org/10.2139/ssrn.3857368","url":null,"abstract":"\u0000 We propose a loglinear present-value identity in which investment (\"scale\"), profitability (\"yield\"), and discount rates determine a firm’s market-to-book ratio. Our identity reconciles existing influential market-to-book decompositions and facilitates novel insights from three empirical applications: (1) Both investment and profitability are important contributors to the value spread and stock return news variance. (2) Any cross-sectional return predictability has a mirror image in cash-flow fundamentals, providing asset pricing theories with additional moments to match. (3) The investment spread significantly improves the predictability of time-series variation in the value premium and justifies the poor performance of value in recent years.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124718832","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: 2
Product Market Competition, R&D Intensity, and Stock Returns— In Light of a Text Analysis-Based Industry Classification Method (Chinese version) 产品市场竞争、研发强度与股票收益——基于文本分析的行业分类方法(中文版)
Corporate Finance: Valuation Pub Date : 2021-05-28 DOI: 10.2139/ssrn.3917511
Jin Tao
{"title":"Product Market Competition, R&D Intensity, and Stock Returns— In Light of a Text Analysis-Based Industry Classification Method (Chinese version)","authors":"Jin Tao","doi":"10.2139/ssrn.3917511","DOIUrl":"https://doi.org/10.2139/ssrn.3917511","url":null,"abstract":"A new industry classification method is applied to all non-financial companies listed in Chinese A share market during 2015-2018 to study the relationship between product market competition, R&D intensity and stock returns. Univariate and bivariate grouped regressions with Fama-French three factors model, Carhart four factors model, and Fama-French five factors model are conducted. The results prove that the positive impact of R&D intensity on stock returns is strongest when product market competition is intense. The rules remain robust with subsamples of state-owned enterprises and private enterprises respectively. By comparing with traditional industry classification methods, the new text analysis-based approach proves to be more informative especially for small market cap firms.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126820284","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: 0
Do Foreign Investors Crowd Out Sell-Side Analysts? Evidence from China 外国投资者是否排挤卖方分析师?来自中国的证据
Corporate Finance: Valuation Pub Date : 2021-05-18 DOI: 10.2139/ssrn.3848623
Dongmin Kong, Qiming Tang, Xinwei Zheng
{"title":"Do Foreign Investors Crowd Out Sell-Side Analysts? Evidence from China","authors":"Dongmin Kong, Qiming Tang, Xinwei Zheng","doi":"10.2139/ssrn.3848623","DOIUrl":"https://doi.org/10.2139/ssrn.3848623","url":null,"abstract":"This study examines whether foreign investors affect the information production of analysts. Based on China’s stock market, we find that foreign investors significantly reduce analysts' coverage. Such negative association is more pronounced in firms with a high level of governance and information disclosure and varies with analyst characteristics. Further tests suggest that as foreign investors crowd out analysts, the number of research reports and brokerage' site visit fell, but analyst forecast accuracy improved, indicating that the demand and supply of information are generally in equilibrium. We further address the endogeneity issue using a quasi-natural experiment, the “Shanghai-Hong Kong Stock Connect”, and the results still hold. Overall, our results present evidence of potential information production by foreign investors, providing policy implications and highlighting the positive effect of China’s open-door policy in capital markets.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116391655","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: 1
A Model of Long-Term Value Creation 长期价值创造模型
Corporate Finance: Valuation Pub Date : 2021-04-19 DOI: 10.2139/ssrn.3829778
Lars Kurznack, D. Schoenmaker, Willem Schramade
{"title":"A Model of Long-Term Value Creation","authors":"Lars Kurznack, D. Schoenmaker, Willem Schramade","doi":"10.2139/ssrn.3829778","DOIUrl":"https://doi.org/10.2139/ssrn.3829778","url":null,"abstract":"Companies need to rethink the way they create value and grow their business to thrive in tomorrow’s volatile and uncertain business environment. Companies in virtually every industry are being impacted by new disruptive and complex societal trends, such as climate change, energy transition and social inequality. At the same time, companies are increasingly evaluated on their non-financial performance and they ever more compete on speed and sustainability. \u0000 \u0000Still, only a few companies have begun to invent new strategic directions, pioneering strategies focused on creating long-term value, not just for shareholders but for all stakeholders. A playbook on how to create long-term value is currently lacking, making it difficult for companies to capture the opportunities and mitigate the risks created by these societal trends. \u0000 \u0000This paper develops a model of long-term value creation that supports companies in creating long-term value and setting their strategies accordingly. Financial institutions can draw on the model to assess how future proof their investment and/or lending portfolios are.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124638216","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: 22
Determining Firm Value in the Indonesian Banking Sub Sector 确定印尼银行板块的企业价值
Corporate Finance: Valuation Pub Date : 2021-04-16 DOI: 10.31014/AIOR.1992.04.02.346
H. Medyawati, M. Yunanto
{"title":"Determining Firm Value in the Indonesian Banking Sub Sector","authors":"H. Medyawati, M. Yunanto","doi":"10.31014/AIOR.1992.04.02.346","DOIUrl":"https://doi.org/10.31014/AIOR.1992.04.02.346","url":null,"abstract":"This study aims to find the most appropriate model for analysing the effect of financial performance, dividend policy, interest rates and the rupiah exchange rate on firm value. The research sample includes the banking sub-sector companies listed on the IDX in 2013-2019. The research method used is purposive sampling to analyse the panel data. The variables used in this study are the company value as measured by Price to Book Value (PBV), financial performance is measured by Return on Assets (ROA), dividend policy is measured by Dividend Pay-out Ratio (DPR), interest rate is measured by BI interest rate, and the rupiah exchange rate is measured by the middle rate. The results show that ROA and exchange rate affect firm value. The appropriate model used in this study is the random effect model.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125647110","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: 1
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