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CEO Inside Debt and Mutual Fund Investment Decisions 首席执行官内部债务和共同基金投资决策
ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2019-06-22 DOI: 10.2139/ssrn.3470303
A. Dayani
{"title":"CEO Inside Debt and Mutual Fund Investment Decisions","authors":"A. Dayani","doi":"10.2139/ssrn.3470303","DOIUrl":"https://doi.org/10.2139/ssrn.3470303","url":null,"abstract":"Consistent with the incentive implication of inside debt, I show that active equity mutual funds invest less in companies whose CEOs are awarded with higher debt-like compensation, whereas corporate bond mutual funds invest more in such companies. This finding persists after accounting for endogeneity: first, I use the first-time disclosure of inside debt following the 2007 SEC disclosure reform as a natural experiment; and second, I use state personal income tax rates as an instrument for CEOs' willingness to receive inside debt. Moreover, during the recent financial crisis, both equity and bond funds were more attracted to high-inside debt firms. Furthermore, the effect of inside debt on portfolio allocation increases as the interest of equity holders and debt holders diverge, by being close to default, having higher risk, suffering from debt overhang, and having low credit ratings. Lastly, I find that funds' investment in inside debt has performance implications: equity funds that underweight high-inside debt firms deliver positive alphas; in contrast, bond funds that overweight inside debt deliver higher alphas.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132120078","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
Working Capital Financing and Corporate Profitability of Pakistan Manufacturing Firms: Evidence from FMCG, Cement & Chemical Sector 营运资本融资与巴基斯坦制造业企业盈利能力:来自快速消费品、水泥和化工行业的证据
ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2019-06-01 DOI: 10.18488/JOURNAL.8.2019.72.82.94
Saad Abdullah, D. Siddiqui
{"title":"Working Capital Financing and Corporate Profitability of Pakistan Manufacturing Firms: Evidence from FMCG, Cement & Chemical Sector","authors":"Saad Abdullah, D. Siddiqui","doi":"10.18488/JOURNAL.8.2019.72.82.94","DOIUrl":"https://doi.org/10.18488/JOURNAL.8.2019.72.82.94","url":null,"abstract":"The aim of conducting research is to explore the dynamic relation of working capital financing with respect to profitability of the firm & for that purpose data has been gathered from three different sectors i.e. chemical, cement & FMCG. For analyzing the results panel least square method has been employed for which stationarity level of data series has been checked through panel unit root test & results shows data series were non-stationary on level 1 but it has been stationary on 1st difference. This study is also among very few of the researches which uses quadratic model and panel regression models to verify the results. Additionally, this study explore the working capital management effect on profitability along with liquidity and short-term obligation as a measure of working capital management through considering specifically manufacturing sector by using the fixed/random effect regression model, on which no previous research has been done. Finding indicate that there is an insignificant but negative relationship between Return on assets (ROA) and all the control variables of working capital except current assets and sales in pooled regression model and current assets & debt ratio in fixed/random effect model. In brief, study suggests that profitability of firm is not dependent on investment in working capital of chemical, cement and consumer sectors of Pakistan.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114162466","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
Does Subsidiary Debt Expropriate Wealth from the Bondholders? 附属债务是否侵占了债券持有人的财富?
ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2019-05-13 DOI: 10.2139/ssrn.3387465
M. Altieri
{"title":"Does Subsidiary Debt Expropriate Wealth from the Bondholders?","authors":"M. Altieri","doi":"10.2139/ssrn.3387465","DOIUrl":"https://doi.org/10.2139/ssrn.3387465","url":null,"abstract":"I investigate the effect of subsidiary debt issuance on the bond- and stock- value of its parent<br>firm. Parent bondholders suffer a negative abnormal return of 35 bps in the week of the<br>subsidiary debt, but a jump in the stock returns by 70 bps. Consistent with bondholders<br>anticipating a transfer of assets to the shareholders, I find parent firms maintain a high<br>payout ratio after the issuance of subsidiary debt. An increase of the capital expenditures<br>by 11% explains the residual benefit on the shareholders’ wealth. The results suggest the<br>subsidiary debt is a tool to increase capital investments while keeping a stable dividend<br>payout ratio within corporate groups.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130758517","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
International Debt Shifting: The Value Maximizing Mix of Internal and External Debt 国际债务转移:内外债务的价值最大化组合
ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2019-03-29 DOI: 10.2139/ssrn.3364436
Jarle Møen, Dirk Schindler, Guttorm Schjelderup, Julia Tropina Bakke
{"title":"International Debt Shifting: The Value Maximizing Mix of Internal and External Debt","authors":"Jarle Møen, Dirk Schindler, Guttorm Schjelderup, Julia Tropina Bakke","doi":"10.2139/ssrn.3364436","DOIUrl":"https://doi.org/10.2139/ssrn.3364436","url":null,"abstract":"We study the capital structure of multinationals and expand previous theory by incorporating international debt tax shield effects from both internal and external capital markets. We show that: (i) multinationals' firm value is maximized if both internal and external debt are used to save tax; (ii) the use of internal and external debt is independent of each other; (iii) multinationals have a tax advantage over domestic firms, which cannot shift debt across international borders. We test our model using a large panel of German multinationals and find that internal and external debt shifting are of about equal importance.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133060551","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
A Dynamic Model of Firm Activities: Evidence from Danish Manufacturing 企业活动的动态模型:来自丹麦制造业的证据
ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2019-03-01 DOI: 10.1111/twec.12665
K. Abreha
{"title":"A Dynamic Model of Firm Activities: Evidence from Danish Manufacturing","authors":"K. Abreha","doi":"10.1111/twec.12665","DOIUrl":"https://doi.org/10.1111/twec.12665","url":null,"abstract":"This paper structurally estimates a dynamic discrete choice model of exporting and importing. The model provides a framework to analyse the determinants of a firm's decision to export and import while allowing for its current decision to affect its future productivity. Considering a panel of Danish manufacturing firms over the period 2000–07, a simple description of the data reveals considerable firm heterogeneity; significant export and import activity premia; frequent incidence of simultaneous exporting and importing; and high persistence in the scope of firm trading. Structural estimation of the model shows a marked difference in the demand elasticities in which export markets are characterised by more elastic demand, tougher competition and lower markup than the domestic market. The estimates also indicate that firms with larger capital holding and paying higher wages are cost‐efficient even after controlling for their productivity. Additionally, the estimates imply substantial sunk and fixed costs of exporting and importing, and these are consistent with the hypothesis of self‐selection of productive firms into trading. There also exists a positive correlation between the size of these costs and the scale of firm operation. Moreover, both exporting and importing improve firm productivity, and therefore, these learning effects further drive the self‐selection process.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"202 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116174105","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
Trade Credit in an Overconfident Supply Chain 过度自信的供应链中的贸易信贷
ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2019-02-20 DOI: 10.2139/ssrn.3454331
Baofeng Zhang, Dash Wu
{"title":"Trade Credit in an Overconfident Supply Chain","authors":"Baofeng Zhang, Dash Wu","doi":"10.2139/ssrn.3454331","DOIUrl":"https://doi.org/10.2139/ssrn.3454331","url":null,"abstract":"We propose a price-only trade credit model in an overconfident supply chain with a price-setting newsvendor. Stackelberg equilibrium in different scenarios are derived, respectively. The retailer’s pricing power prevents the manufacturer from squeezing all profit. When the manufacturer knows the retailer holds a different overconfidence parameter, the optimal wholesale price decreases in the manufacturer’s overconfidence, while when the manufacturer believes that the retailer holds the same overconfidence parameter as it, this monotonicity may not be valid. Bilateral overconfidence may partially coordinate the supply chain. Retailer’s strategic default induces a higher wholesale price, while its impacts on the equilibrium retail price and order quantity depend on the bankruptcy cost coefficient. We present the impacts of the manufacturer’s capital constraint and retailer’s risk-aversion.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116071735","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
Offshore Leaks, Taxes and Capital Structure 离岸泄漏、税收和资本结构
ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2019-02-15 DOI: 10.2139/ssrn.3271520
Oliver Zhen Li, G. Ma
{"title":"Offshore Leaks, Taxes and Capital Structure","authors":"Oliver Zhen Li, G. Ma","doi":"10.2139/ssrn.3271520","DOIUrl":"https://doi.org/10.2139/ssrn.3271520","url":null,"abstract":"Recent leaks expose corporate offshore vehicles, commonly used for tax evasion purposes but secret to outsiders, to the public. We examine the capital structure consequence of such exogenous leaks. Using a difference-in-differences approach, we document that firms exposed in offshore leaks significantly increase their financial leverage during the post-leak period, suggesting a substitution effect between offshore tax sheltering and financial leverage. This effect is stronger for firms exposed in offshore leaks via multiple channels, for firms engaged in offshore leaks as entities, and is weaker for firms facing intense competition where the cost of increasing financial leverage and reducing financial flexibility is high. Firms’ overall effective tax rate does not significantly increase after the leaks, further supporting a substitution between offshore tax sheltering and financial leverage.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122167077","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
Endogenous Financial Constraints and Innovation 内生金融约束与创新
ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2018-12-15 DOI: 10.2139/ssrn.3316197
Henry Lahr, Andrea Mina
{"title":"Endogenous Financial Constraints and Innovation","authors":"Henry Lahr, Andrea Mina","doi":"10.2139/ssrn.3316197","DOIUrl":"https://doi.org/10.2139/ssrn.3316197","url":null,"abstract":"\u0000 We investigate which indicators of a firm’s innovation activities are associated with financial constraints and analyze the nature and direction of causal links between innovation and financial constraints. By estimating simultaneous bivariate probit models on data from the UK Innovation Surveys, we show that among innovation inputs, research and development (R&D) activity increases the likelihood that firms face financial constraints. Among innovation outputs, only new-to-market products generate financial constraints. Reverse effects on innovation appear limited to external R&D.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116754793","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: 5
Debt Policies for Korean SMEs After the US Financial Crisis in 2007 2007年美国金融危机后韩国中小企业的债务政策
ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2018-11-16 DOI: 10.2139/ssrn.3285680
Sung Hee Lew, Suk-Pil Lim
{"title":"Debt Policies for Korean SMEs After the US Financial Crisis in 2007","authors":"Sung Hee Lew, Suk-Pil Lim","doi":"10.2139/ssrn.3285680","DOIUrl":"https://doi.org/10.2139/ssrn.3285680","url":null,"abstract":"Purpose: Prosperity of SMEs is a national concern in Korea. Although easy financing is important for SMEs, it is the greatest barrier for them. We, therefore, study the financing policies for Korean SMEs.<br><br>Methodology: We try to explain Korean SMEs’ financing patterns during a 10-year window, using the trade-off and pecking order theories. We use 1,501 SMEs from KOSPI and KOSDAQ markets. These SMEs are additionally segregated into 4 different sub-groups in line with their size. In addition, considering an endogeneity problem when using panel data, we hire LSDV and GMM estimators. <br><br>Finding: First, SMEs reduce debt levels for our three different types of debt levels long- and short-term debt, and total debt. Second, some variables, such as tangible assets, cash level and financial deficits, indirectly present that different financing policies (or theories) are applied when SMEs are financing between short- and long-term debt. Third, although we have not found a compelling evidence in statistical terms that SMEs adjust their debt levels toward optimal, continuous reducing of debt level during our sample period is a strong evidence of the trade-off theory. <br><br>Implication: Both trade-off and pecking order theories partially explain Korean SMEs’ financial policies but not entirely. The reason is, we believe, that our models are not enough to represent the verities of SMEs’ characteristics.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116540055","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
CEO Turnover, Information Uncertainty, and Debt Contracting CEO离职、信息不确定性与债务契约
ERN: Other Microeconomics: Intertemporal Firm Choice & Growth Pub Date : 2018-10-18 DOI: 10.2139/ssrn.2715553
Saiying Deng, Vincent J. Intintoli, Andrew (Jianzhong) Zhang
{"title":"CEO Turnover, Information Uncertainty, and Debt Contracting","authors":"Saiying Deng, Vincent J. Intintoli, Andrew (Jianzhong) Zhang","doi":"10.2139/ssrn.2715553","DOIUrl":"https://doi.org/10.2139/ssrn.2715553","url":null,"abstract":"CEO turnovers are important corporate events that can lead to significant changes within the firm. We find that CEO departures are associated with a subsequent increase in bank loan financing. The negative effect that CEO departures have on borrowing costs is largely driven by forced CEO turnovers. Following such departures, firms pay higher loan spreads, see an increase in covenants, and are more likely to be subject to collateral requirements, when compared to matched non-turnover and voluntary turnover firms. Evidence suggests that asset substitution and changes in accounting information quality help to explain the observed worsened terms following forced dismissals. On the other hand, more traditional voluntary departures are unrelated to changes in price and non-price loan terms.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117141385","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: 5
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