发布求助
文献互助 智能选刊 最新文献

Corporate Finance: Governance最新文献

筛选
英文 中文
On the Likelihood and Extent of Listed US Firms’ Disclosures on Climate Change Risk 论美国上市公司披露气候变化风险的可能性和程度
Corporate Finance: Governance Pub Date : 2021-03-16 DOI: 10.2139/ssrn.3806109
Siqi Liu, Cristiana Bernardi, A. Stark, Mohamed Omar Rouis
{"title":"On the Likelihood and Extent of Listed US Firms’ Disclosures on Climate Change Risk","authors":"Siqi Liu, Cristiana Bernardi, A. Stark, Mohamed Omar Rouis","doi":"10.2139/ssrn.3806109","DOIUrl":"https://doi.org/10.2139/ssrn.3806109","url":null,"abstract":"This paper investigates the determinants of the likelihood and extent of climate change risk disclosures made by US firms through SEC filings, using a sample of 6129 US domiciled firm-years for the period from 2009 to 2017 that feature (or do not feature) disclosures about climate change risk made according to general disclosure principles for the reporting of material risks under SEC Regulation S-K. A growing number of US and international institutional investors regard climate change risk information as material to their decision-making process. The potential risks associated with climate change also have attracted growing attention from policy makers and standard setters. We identify factors that are associated with the likelihood of firms initiating and maintaining the disclosure of information on climate change risk, and its extent, contributing information that should be useful in assessing the effectiveness of the current US disclosure requirements.","PeriodicalId":224709,"journal":{"name":"Corporate Finance: Governance","volume":"396 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114916368","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
How costly is follow-on financing after premature going-public decisions? 在做出过早的上市决定后，后续融资的成本有多高?
Corporate Finance: Governance Pub Date : 2021-03-14 DOI: 10.2139/ssrn.3804269
Paul P. Momtaz
{"title":"How costly is follow-on financing after premature going-public decisions?","authors":"Paul P. Momtaz","doi":"10.2139/ssrn.3804269","DOIUrl":"https://doi.org/10.2139/ssrn.3804269","url":null,"abstract":"Entrepreneurs often regard Initial Public Offerings (IPOs) as the crowning pinnacle at the end of a highly successful entrepreneurial journey, and studies in entrepreneurial finance therefore rarely extend beyond the going-public decision. This research gap is important because many post-IPO entrepreneurs need to revert to their pre-IPO entrepreneurial investors for follow-on financing in private transactions as they fail to raise additional equity in public markets. While the investment relationship is usually mutually beneficial pre-IPO, the rent sharing in post-IPO transactions is less obvious. Evidence from Private Investments in Public Equity (PIPEs) over the 2001-2018 period in recent-IPO firms suggests highly asymmetric rent sharing. Entrepreneurs earn a negative return of up to -15% in the first post-PIPE year, while investors benefit due to the ability to dictate transaction terms. We find some evidence that corporate governance and asymmetric information considerations matter in the cross section of the returns. The results have real implications for entrepreneurs who often remain CEO of the public company and have a large portion of their personal wealth tied to their company stock.","PeriodicalId":224709,"journal":{"name":"Corporate Finance: Governance","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129706493","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
Strategic Similarity in Mergers and Acquisitions 并购中的战略相似性
Corporate Finance: Governance Pub Date : 2021-03-12 DOI: 10.2139/ssrn.3803420
Tina Oreški
{"title":"Strategic Similarity in Mergers and Acquisitions","authors":"Tina Oreški","doi":"10.2139/ssrn.3803420","DOIUrl":"https://doi.org/10.2139/ssrn.3803420","url":null,"abstract":"Using textual analysis and the firm life-cycle theory to proxy for a company's competitive strategy, this paper empirically examines the strategic similarity hypothesis. The findings show that mergers and acquisitions deals are more likely between companies implementing the same strategy. Moreover, same strategy deals yield higher announcement returns, asset and sales growth. The effect is more pronounced in a highly competitive environment and within an industry, confirming that strategic misalignment acts as a constraint to the merged company's optimal response to investment opportunities and market threats. Overall, the results reveal that synergies obtained from the overlapping strategies constitute an important determinant of public mergers and acquisitions.","PeriodicalId":224709,"journal":{"name":"Corporate Finance: Governance","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134029341","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
Political Insider Trading: A Narrow versus Comprehensive Approach 政治内幕交易:狭隘与全面的方法
Corporate Finance: Governance Pub Date : 2021-03-12 DOI: 10.2139/ssrn.3808702
Jan Hanousek Jr., J. Park, Christos Pantzalis
{"title":"Political Insider Trading: A Narrow versus Comprehensive Approach","authors":"Jan Hanousek Jr., J. Park, Christos Pantzalis","doi":"10.2139/ssrn.3808702","DOIUrl":"https://doi.org/10.2139/ssrn.3808702","url":null,"abstract":"We examine senators’ electronically filed stock transactions between 2012 and 2019 to assess the extent of politician’s insider trading. Our results suggest that senators use inside political information when investing and earn significant market-adjusted returns. To extend traditional return-based methods, we propose a new comprehensive approach based on abnormal idiosyncratic volatility (AIV), which captures the degree of information asymmetry around their trading dates. We document that senator trades are associated with substantially high levels of AIV, suggesting that they represent only a tip of the iceberg, since the mass of unfiled transactions using the same inside information remains undetected.","PeriodicalId":224709,"journal":{"name":"Corporate Finance: Governance","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128722809","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 Board Gender Diversity Reduce 'CEO luck'? 董事会性别多元化会降低“CEO运气”吗?
Corporate Finance: Governance Pub Date : 2021-03-10 DOI: 10.2139/ssrn.3801339
Viput Ongsakul, Anutchanat Jaroenjitrkam, Sirimon Treepongkaruna, P. Jiraporn
{"title":"Does Board Gender Diversity Reduce 'CEO luck'?","authors":"Viput Ongsakul, Anutchanat Jaroenjitrkam, Sirimon Treepongkaruna, P. Jiraporn","doi":"10.2139/ssrn.3801339","DOIUrl":"https://doi.org/10.2139/ssrn.3801339","url":null,"abstract":"We explore the role of female directors in mitigating CEO luck. CEOs are “lucky” when they receive stock option grants on days when the stock price is the lowest in the month of the grant, implying opportunistic timing. Our results show that board gender diversity significantly deters the opportunistic timing of option grants. The effect of board gender diversity is 17.19% stronger than that of board independence in reducing CEO luck. Board gender diversity plays an effective governance role, even more effective than board independence does. Our results support the benefits of board gender diversity in mitigating the agency cost.","PeriodicalId":224709,"journal":{"name":"Corporate Finance: Governance","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116943011","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
Corporate Ownership Structure and Investors’ Confidence of Listed Deposit Money Banks in Nigeria 尼日利亚上市存款银行股权结构与投资者信心
Corporate Finance: Governance Pub Date : 2021-03-09 DOI: 10.2139/ssrn.3800838
Jaafaru Modibbo
{"title":"Corporate Ownership Structure and Investors’ Confidence of Listed Deposit Money Banks in Nigeria","authors":"Jaafaru Modibbo","doi":"10.2139/ssrn.3800838","DOIUrl":"https://doi.org/10.2139/ssrn.3800838","url":null,"abstract":"This paper investigates the effect of corporate ownership structure on investors’ confidence of listed deposit money banks in Nigeria. The study adopted correlational research design using panel data collected from annual reports and accounts of 14 deposit money banks in Nigeria that form the whole population of the study for the period of 10 years (2010-2019). Descriptive statistics was used to analyze data in order to provide summary statistics for the variables. Pearson’s correlation technique was employed in order to analyze and ascertain the extent of the relationship between the dependent and independent variables. The fixed effect regression results revealed that institutional investors have a positive and significant relationship with investors’ confidence. The result further shows that insider and block ownership has a negative and statistically significant relationship with investors’ confidence. And on the contrary foreign ownership has no significant relationship hence did not play any role in influencing investors’ confidence of listed deposit money banks in Nigeria. Based on the findings, the study recommends managers of listed deposit money banks in Nigeria should give more room to institutional investors to own more shares so that the higher their interest, the more they will be willing to monitor the activities of the firms. This will enable investors to have more confidence in the firms. Insider ownership should be monitored and reduced by the Securities and Exchange Commission; this will prevent insiders from owning a substantial amount of equity which give them the freedom to act in their best interests at the detriment of other shareholders. The study further recommends managers of listed deposit money banks should ensure that their firms desist from higher levels of block holder ownerships in order to reduce ownership concentration.<br>","PeriodicalId":224709,"journal":{"name":"Corporate Finance: Governance","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125230099","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
Inventor CEO and Patent litigation 发明家首席执行官和专利诉讼
Corporate Finance: Governance Pub Date : 2021-03-08 DOI: 10.2139/ssrn.3799836
S. Siddiqui
{"title":"Inventor CEO and Patent litigation","authors":"S. Siddiqui","doi":"10.2139/ssrn.3799836","DOIUrl":"https://doi.org/10.2139/ssrn.3799836","url":null,"abstract":"This paper investigates the impact of the inventor CEO at the defendant firm on it's exposure to the patent litigations. It suggests that inventor CEOs, through their aptitude for producing highly valuable patents, research intensity and greater visibility attract more patent trolls and litigations to their firm. Although firms led by Inventor CEOs are more likely to be litigated following their highly valuable innovation, on average, they do not shy away from innovating more compared to other firms led by non-inventor CEOs. The results are robust to controlling for the endogeneity of the inventor CEO and using other estimation techniques. Our study highlights why inventor CEOs are especially valuable for innovative firms in a patenting system fraught with abusive and frivolous patent trolling that are detrimental to innovation.","PeriodicalId":224709,"journal":{"name":"Corporate Finance: Governance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129496590","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
Voice at Work 工作中的声音
Corporate Finance: Governance Pub Date : 2021-03-08 DOI: 10.3386/W28522
J. Harju, Simon Jäger, B. Schoefer
{"title":"Voice at Work","authors":"J. Harju, Simon Jäger, B. Schoefer","doi":"10.3386/W28522","DOIUrl":"https://doi.org/10.3386/W28522","url":null,"abstract":"We estimate the effects of worker voice on job quality and separations. We leverage the 1991 introduction of worker representation on boards of Finnish firms with at least 150 employees. In contrast to exit-voice theory, our difference-in-differences design reveals no effects on voluntary job separations, and at most small positive effects on other measures of job quality (job security, health, subjective job quality, and wages). Worker voice slightly raised firm survival, productivity, and capital intensity. A 2008 introduction of shop-floor representation had similarly limited effects. Interviews and surveys indicate that worker representation facilitates information sharing rather than boosting labor's power.","PeriodicalId":224709,"journal":{"name":"Corporate Finance: Governance","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114812887","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: 7
Competition, Cost Structure, and Labor Leverage: Evidence from the U.S. Airline Industry 竞争、成本结构和劳动力杠杆:来自美国航空业的证据
Corporate Finance: Governance Pub Date : 2021-03-07 DOI: 10.2139/ssrn.3562128
Konstantin Wagner
{"title":"Competition, Cost Structure, and Labor Leverage: Evidence from the U.S. Airline Industry","authors":"Konstantin Wagner","doi":"10.2139/ssrn.3562128","DOIUrl":"https://doi.org/10.2139/ssrn.3562128","url":null,"abstract":"I study the effect of increasing competition on financial performance through labor leverage. To capture competition, I exploit variation in product market contestability in the U.S. airline industry. First, I find that increasing competitive pressure leads to increasing labor leverage, proxied by labor share. This explains the decrease in operating profitability through labor rigidities. Second, by exploiting variation in human capital specificity, I show that contestability of product markets induces labor market contestability. Whereas affected firms might experience more stress through higher wages or loss of skilled human capital, more mobile employee groups benefit from competitions through higher labor shares.","PeriodicalId":224709,"journal":{"name":"Corporate Finance: Governance","volume":"208 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114757294","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
Cheap Talk and Cherry-Picking: What ClimateBert has to say on Corporate Climate Risk Disclosures 廉价的话语和挑选:气候伯特对企业气候风险披露的看法
Corporate Finance: Governance Pub Date : 2021-03-02 DOI: 10.2139/ssrn.3796152
J. Bingler, Mathias Kraus, Markus Leippold, Nicolas Webersinke
{"title":"Cheap Talk and Cherry-Picking: What ClimateBert has to say on Corporate Climate Risk Disclosures","authors":"J. Bingler, Mathias Kraus, Markus Leippold, Nicolas Webersinke","doi":"10.2139/ssrn.3796152","DOIUrl":"https://doi.org/10.2139/ssrn.3796152","url":null,"abstract":"Disclosure of climate-related financial risks greatly helps investors assess companies' preparedness for climate change. Voluntary disclosures such as those based on the recommendations of the Task Force for Climate-related Financial Disclosures (TCFD) are being hailed as an effective measure for better climate risk management. We ask whether this expectation is justified. We do so with the help of a deep neural language model, which we christen ClimateBert. We train ClimateBert on thousands of sentences related to climate-risk disclosures aligned with the TCFD recommendations. In analyzing the disclosures of TCFD-supporting firms, ClimateBert comes to the sobering conclusion that the firms' TCFD support is mostly cheap talk and that firms cherry-pick to report primarily non-material climate risk information. From our analysis, we conclude that the only way out of this dilemma is to turn voluntary reporting into regulatory disclosures.","PeriodicalId":224709,"journal":{"name":"Corporate Finance: Governance","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125201423","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: 65
首页 上一页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信