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Debt IPO Waves 债务IPO浪潮
Midwest Finance Association 2013 Annual Meeting (Archive) Pub Date : 2012-08-20 DOI: 10.2139/ssrn.2132842
Kelly Nianyun Cai, Xiaoquan Jiang, Heiwai Lee
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引用次数: 0
Market Determinants of Voluntary Disclosure of Macroeconomic Effects on Corporate Performance 自愿披露对公司绩效宏观经济影响的市场决定因素
Midwest Finance Association 2013 Annual Meeting (Archive) Pub Date : 2012-08-06 DOI: 10.2139/ssrn.2125037
Lars Oxelheim, Marcus Thorsheim
{"title":"Market Determinants of Voluntary Disclosure of Macroeconomic Effects on Corporate Performance","authors":"Lars Oxelheim, Marcus Thorsheim","doi":"10.2139/ssrn.2125037","DOIUrl":"https://doi.org/10.2139/ssrn.2125037","url":null,"abstract":"The macroeconomic environment is an important determinant of firm performance. Nevertheless, many firms are simplistic in the approach they use to identify, analyze and create strategies for managing the vital relationship between intrinsic competitiveness and macroeconomic fluctuations. Few firms disclose this information to outside stakeholders, which means they are prevented from understanding the intrinsic performance. We analyze the effects of the implementation/development of IFRS/IAS 1 on voluntary macroeconomic information disclosure with a focus on information content and market determinants. We base our analysis on a sample of the 100 largest public European firms in the period 2000-2009. We find that the trend of disclosure quality is positive but the overall level of information is still insufficient. The introduction and development of IFRS has little impact on macroeconomic information disclosure quality. The main drivers of the disclosure of voluntary macroeconomic information are found to be corporate governance and cross-listing.","PeriodicalId":255253,"journal":{"name":"Midwest Finance Association 2013 Annual Meeting (Archive)","volume":"125 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114665792","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
Information Asymmetry and Capital Structure Around the World 全球信息不对称与资本结构
Midwest Finance Association 2013 Annual Meeting (Archive) Pub Date : 2012-08-02 DOI: 10.2139/ssrn.2126451
Wenlian Gao, Feifei Zhu
{"title":"Information Asymmetry and Capital Structure Around the World","authors":"Wenlian Gao, Feifei Zhu","doi":"10.2139/ssrn.2126451","DOIUrl":"https://doi.org/10.2139/ssrn.2126451","url":null,"abstract":"This paper examines the relation between information asymmetry, capital structure and the cost of capital across countries, particularly focusing on how the relation is influenced by the various aspects of the institutional environment. Results show that firms with high levels of information asymmetry tend to use more debt capital but less long-term debt, possibly because of the differential impact of information asymmetry on the cost of different types of capital. Furthermore, the positive association between information asymmetry and market leverage is more pronounced in countries with developed banking sectors or with explicit bankruptcy codes, and less prominent in common-law countries and countries with sound law enforcement or with extensive disclosure practices.","PeriodicalId":255253,"journal":{"name":"Midwest Finance Association 2013 Annual Meeting (Archive)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121739202","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: 86
Risk, Uncertainty, and the Perceived Threat of Terrorist Attacks 风险、不确定性和恐怖袭击的感知威胁
Midwest Finance Association 2013 Annual Meeting (Archive) Pub Date : 2012-05-01 DOI: 10.2139/ssrn.2148882
T. S. Strother, Michael S. Pagano
{"title":"Risk, Uncertainty, and the Perceived Threat of Terrorist Attacks","authors":"T. S. Strother, Michael S. Pagano","doi":"10.2139/ssrn.2148882","DOIUrl":"https://doi.org/10.2139/ssrn.2148882","url":null,"abstract":"Information provided by the U.S. Department of Homeland Security regarding potential terrorist attacks significantly affects U.S. equity and Treasury securities markets. When the government announces heightened terror alert levels, investors’ perceptions of risk increase (as measured by both conditional volatility of returns and implied volatility on Standard P however, equity market responses to these threat-related announcements have declined monotonically over time.","PeriodicalId":255253,"journal":{"name":"Midwest Finance Association 2013 Annual Meeting (Archive)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124336050","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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