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Corporate Finance: Valuation最新文献

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Short-Termism, Shareholder Payouts, and Investment in the EU 短期主义、股东派息和欧盟投资
Corporate Finance: Valuation Pub Date : 2020-10-09 DOI: 10.2139/ssrn.3706499
J. Fried, Charles C. Y. Wang
{"title":"Short-Termism, Shareholder Payouts, and Investment in the EU","authors":"J. Fried, Charles C. Y. Wang","doi":"10.2139/ssrn.3706499","DOIUrl":"https://doi.org/10.2139/ssrn.3706499","url":null,"abstract":"Investor-driven \"short-termism'\" is said to harm EU public firms' ability to invest for the long term, prompting calls for the EU to better insulate managers from shareholder pressure. But the evidence offered---in the form of rising levels of repurchases and dividends---is incomplete and misleading, as it ignores large offsetting equity issuances that move capital from investors to EU firms. We show that net shareholder payouts have been moderate, that both investment levels and investment intensity have been rising, and that cash balances have increased. In sum, the data provide little basis for the view that short-termism in the EU warrants corporate governance reforms.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124949948","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
Optimal Foreign Reserves and Central Bank Policy Under Financial Stress 金融压力下的最优外汇储备和央行政策
Corporate Finance: Valuation Pub Date : 2020-10-01 DOI: 10.3386/w27923
L. Céspedes, Roberto Chang
{"title":"Optimal Foreign Reserves and Central Bank Policy Under Financial Stress","authors":"L. Céspedes, Roberto Chang","doi":"10.3386/w27923","DOIUrl":"https://doi.org/10.3386/w27923","url":null,"abstract":"We study the interaction between optimal foreign reserves accumulation and central bank international liquidity provision in a small open economy under financial stress. Firms and households finance investment and consumption by borrowing from domestic financial intermediaries (banks), which in turn borrow from abroad. Binding financial constraints can cause the domestic rate of interest to rise above the world rate and the real exchange rate to depreciate, leading to inefficiently low investment and consumption. A role then emerges for a central bank that accumulates reserves in order to provide liquidity if financial frictions bind. The optimal level of international reserves in this context depends, among other variables, on the term premium, the depth of financial markets, ex ante financial uncertainty and the precise way the central bank intervenes. The model is consistent with both the increase in international reserves observed during the period 2004-2008 and with policy intervention after the Lehman bankruptcy.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"93 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130979500","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: 14
Is an M&A Self‐Dealing? Evidence on International and Domestic Acquisitions and CEO Compensation 并购是自我交易吗?国际和国内收购与CEO薪酬的证据
Corporate Finance: Valuation Pub Date : 2020-10-01 DOI: 10.1111/jbfa.12480
J. Choi, Omer F. Genc, Ming Ju
{"title":"Is an M&A Self‐Dealing? Evidence on International and Domestic Acquisitions and CEO Compensation","authors":"J. Choi, Omer F. Genc, Ming Ju","doi":"10.1111/jbfa.12480","DOIUrl":"https://doi.org/10.1111/jbfa.12480","url":null,"abstract":"We examine the effect of international acquisitions on CEO compensation for US firms from 1995 to 2016 using both domestic acquisition and no acquisition firms as benchmarks. We find that acquisitions lead to a greater increase in CEO compensation (especially incentive‐based compensation), which is consistent with agency theory and inconsistent with stewardship or reputation theory. We also find that international acquisitions lead to a greater increase in CEO incentive‐based compensation than domestic acquisitions, supporting matching theory given that international acquisitions are larger and more complex to manage. Additionally, we document that CEO tenure has a positive effect on CEO compensation, whereas firm relatedness has a negative effect on post‐acquisition CEO compensation. This is the first study of its type based on comprehensive data, and it contributes to our understanding of the role of international and domestic acquisitions in CEO compensation.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124689333","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: 4
Some Facts About Dominant Firms 关于主导企业的一些事实
Corporate Finance: Valuation Pub Date : 2020-10-01 DOI: 10.3386/w27985
German Gutierrez Gallardo, Thomas Philippon
{"title":"Some Facts About Dominant Firms","authors":"German Gutierrez Gallardo, Thomas Philippon","doi":"10.3386/w27985","DOIUrl":"https://doi.org/10.3386/w27985","url":null,"abstract":"We measure the evolution of dominant firms in the U.S. economy since 1960, and globally since 1990. Contrary to common wisdom, dominant firms have not become larger, have not become more productive, and their contribution to aggregate productivity growth has fallen by more than one third since 2000.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133597181","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: 8
The Dynamic Impact of Exporting on Firm R&D Investment 出口对企业研发投资的动态影响
Corporate Finance: Valuation Pub Date : 2020-10-01 DOI: 10.3386/w27986
Florin Maican, Matilda Orth, Mark J. Roberts, Van Anh Vuong
{"title":"The Dynamic Impact of Exporting on Firm R&D Investment","authors":"Florin Maican, Matilda Orth, Mark J. Roberts, Van Anh Vuong","doi":"10.3386/w27986","DOIUrl":"https://doi.org/10.3386/w27986","url":null,"abstract":"\u0000 This article estimates a dynamic structural model of firm R&D investment in twelve Swedish manufacturing industries and uses it to measure rates of return to R&D and to simulate the impact of trade restrictions on the investment incentives. Export market profits are a substantial source of the expected return to R&D. R&D spending is found to have a larger impact on firm productivity in the export market than in the domestic market. Counterfactual simulations show that trade restrictions lower both the expected return to R&D and R&D investment level, thus reducing an important source of the dynamic gains from trade. A 10% tariff on Swedish exports reduces the expected benefits of R&D for the median firm by 18.6% and lowers the amount of R&D spending by 7.6% in the high-tech industries. The corresponding reductions in the low-tech industries are 20.6% and 5.5%, respectively. R&D adjustments in response to export tariffs mainly occur on the intensive, rather than the extensive, margin.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134316133","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
The Joint Effects of Economic Policy Uncertainty and Firm Characteristics on Capital Structure: Evidence From US Firms 经济政策不确定性和企业特征对资本结构的共同影响:来自美国企业的证据
Corporate Finance: Valuation Pub Date : 2020-10-01 DOI: 10.2139/ssrn.3703339
Xiaoming Li, Mei Qiu
{"title":"The Joint Effects of Economic Policy Uncertainty and Firm Characteristics on Capital Structure: Evidence From US Firms","authors":"Xiaoming Li, Mei Qiu","doi":"10.2139/ssrn.3703339","DOIUrl":"https://doi.org/10.2139/ssrn.3703339","url":null,"abstract":"Abstract This study explores empirically how economic policy uncertainty (EPU) and firm characteristics jointly affect the capital structure decisions of US firms. Using the most comprehensive measure of EPU available, we conceive a research framework by allowing EPU to interact with firm characteristics in dynamic panel regression models, and control for general economic uncertainties and financial crises. Our results reveal that EPU and firm characteristics are jointly important in shaping companies’ debt-financing decisions. The marginal effects of a firm’s characteristics on debt ratios are not constant but change with EPU even in their signs. The marginal effect of EPU on debt ratios is not uniform in the cross-section due to firms having different characteristics and can be positive for some firms while negative for others. However, on average, a rise in EPU would cause economically significant declines in the debt ratios of firms.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121112530","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: 23
Brief Overview of Corporate Planning on Corporate Governance in the Marketplace 市场中公司治理的公司规划概述
Corporate Finance: Valuation Pub Date : 2020-09-16 DOI: 10.2139/ssrn.3670953
Andrew Drazdik Jr
{"title":"Brief Overview of Corporate Planning on Corporate Governance in the Marketplace","authors":"Andrew Drazdik Jr","doi":"10.2139/ssrn.3670953","DOIUrl":"https://doi.org/10.2139/ssrn.3670953","url":null,"abstract":"A brief overview of corporate governance as the monetary policy affects decision makers in the marketplace when asset allocation contributes to financial obligations. The reasoning of valuation for corporate assets with the responsibility to stakeholders in the marketplace that contributes to the debt security ladder and financial performance. A summary of key valuation measures involving corporate assets, and financial investment for underlying value.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116412457","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
The Effect of Intangible Assets, Financial Performance and Financial Policies on the Firm Value: Evidence from Omani Industrial Sector 无形资产、财务绩效和财务政策对企业价值的影响:来自阿曼工业部门的证据
Corporate Finance: Valuation Pub Date : 2020-09-01 DOI: 10.5709/ce.1897-9254.411
Zaroug Othman Mohammed, Mawih Kareem Al Ani
{"title":"The Effect of Intangible Assets, Financial Performance and Financial Policies on the Firm Value: Evidence from Omani Industrial Sector","authors":"Zaroug Othman Mohammed, Mawih Kareem Al Ani","doi":"10.5709/ce.1897-9254.411","DOIUrl":"https://doi.org/10.5709/ce.1897-9254.411","url":null,"abstract":"The aim of this study is to empirically examine the effect of calculated intangible assets, financial performance and financial policy on the firm value of Omani industrial companies listed in the Muscat Securities Market from 2010 to 2014. The study tests our model on a sample of 46 industrial companies. Three groups of independent variables are used, namely, intangible assets, financial policy and financial performance. Dependent variables are measured by using Tobin’s Q ratio, and intangible assets are measured by using excess returns. In addition, financial policy is measured by debt and dividend policies, and financial performance is measured by profitability, liquidity and assets turnover. Results of the research provide empirical evidence from this emerging economy that intangible assets, financial policies and financial performance have a significant influence on firm value.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127884233","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: 10
Operating Lease Obligations and Corporate Cash Management 经营租赁义务和公司现金管理
Corporate Finance: Valuation Pub Date : 2020-09-01 DOI: 10.2139/ssrn.2980895
Douglas O. Cook, R. Kieschnick, R. Moussawi
{"title":"Operating Lease Obligations and Corporate Cash Management","authors":"Douglas O. Cook, R. Kieschnick, R. Moussawi","doi":"10.2139/ssrn.2980895","DOIUrl":"https://doi.org/10.2139/ssrn.2980895","url":null,"abstract":"Abstract Our study addresses two issues overlooked in prior research: Does a firm's future operating lease obligations influence its current cash holdings? Does this relationship contribute to the temporal increase in corporate cash holdings? We provide evidence that these future obligations significantly influence a firm's cash holdings and contribute to the temporal increase in U.S. corporate cash holdings. Consequently, our findings are consistent with the options offered by operating leases to young growing firms and the effect of these operating lease obligations on the firm's operating leverage.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117213006","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: 4
Transient Institutional Ownership, Costly External Finance, and Corporate Cash Holdings 短暂的机构所有权、昂贵的外部融资和企业现金持有
Corporate Finance: Valuation Pub Date : 2020-08-31 DOI: 10.2139/ssrn.3514174
H. Im, Heungju Park, Shams Pathan, R. Faff
{"title":"Transient Institutional Ownership, Costly External Finance, and Corporate Cash Holdings","authors":"H. Im, Heungju Park, Shams Pathan, R. Faff","doi":"10.2139/ssrn.3514174","DOIUrl":"https://doi.org/10.2139/ssrn.3514174","url":null,"abstract":"We investigate how transient institutional ownership influences the level and value of cash holdings. We show that transient institutional ownership has a positive effect on cash holdings, and this linkage is more pronounced when stock and credit market conditions are less favorable. Using a regression discontinuity design exploiting the Russell 1000/2000 index reconstitution as an exogenous shock to transient institutional ownership, we show that the effects are causal. Transient institutions exacerbate debt-holder-shareholder conflicts (e.g., short-termism) and increase stock price crash risk, thereby increasing the cost of debt. Overall, our results suggest that transient institutions make cash holdings more valuable because financing by debt becomes more costly.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123659291","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
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