Corporate Finance and Organizations eJournal最新文献_第9页

Comparing Acquisitions and Divestitures 比较收购和剥离

Corporate Finance and Organizations eJournal Pub Date : 2000-03-01 DOI: 10.2139/ssrn.218145

Audra L. Boone, J. Mulherin

引用次数: 759

Does Diversification Cause the 'Diversification Discount'? 分散投资是否会导致“分散投资折扣”?

Corporate Finance and Organizations eJournal Pub Date : 2000-03-01 DOI: 10.2139/ssrn.227828

Belén Villalonga

引用次数: 835

Foreign Market Cash Flow Exposure: A Multi-Country, Firm-Level Study 国外市场现金流风险:一个跨国公司层面的研究

Corporate Finance and Organizations eJournal Pub Date : 2000-02-01 DOI: 10.2139/ssrn.216689

Robert A. Connolly, Arzu Ozoguz, D. Ravenscraft

{"title":"Foreign Market Cash Flow Exposure: A Multi-Country, Firm-Level Study","authors":"Robert A. Connolly, Arzu Ozoguz, D. Ravenscraft","doi":"10.2139/ssrn.216689","DOIUrl":"https://doi.org/10.2139/ssrn.216689","url":null,"abstract":"Prompted by recent financial integration and increasingly regional nature of trade and investment flows, we investigate the existence and characteristics of international market-related cash flow exposures for international and domestic companies. Specifically, we study whether firm-level cash flow exposure varies with a regional or global market index in addition to the usual domestic market index. We investigate how this exposure varies with identifiable firm characteristics such international sales exposure and whether this exposure differs systematically across a variety of different countries. We also investigate whether the same model may be used to measure exposure in crisis and non-crisis periods using the Asian economic and financial crisis as a natural experiment. Our empirical investigation relies on a sample of 1325 companies from eight (non-U.S.) countries for the period July 1996 - June 1998. We find significant evidence of regional cash flow exposure across our sample, and this exposure increases in proportion to firm sales in the region. We also find evidence that even domestic companies are influenced by the stock market in other regions. Finally, we find clear evidence of increased exposure for companies with significant sales in Asia during the crisis in that region.","PeriodicalId":272257,"journal":{"name":"Corporate Finance and Organizations eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133423656","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

The Causes and Consequences of Initial Public Straight Debt Offers 首次公开直接发行债券的原因和后果

Corporate Finance and Organizations eJournal Pub Date : 2000-02-01 DOI: 10.2139/ssrn.234429

A. Patel

{"title":"The Causes and Consequences of Initial Public Straight Debt Offers","authors":"A. Patel","doi":"10.2139/ssrn.234429","DOIUrl":"https://doi.org/10.2139/ssrn.234429","url":null,"abstract":"Using a sample of young, high-growth, firms, this study documents that information, monitoring, contracting and agency costs, as captured by firm size, the investment opportunity set, profitability and the current need for funds, influence the likelihood that a firm transitions from no long-term debt, to private long-term, to public long-term debt. This study also provides new evidence on the ex post operating consequences of firms following the debt IPO that is consistent with the negative stock price reaction at offer announcement. Consistent with the signaling models of debt maturity choice, asset efficiency, profitability, and capital expenditures decline significantly following the debt IPO. However, sales growth is unaffected by the change in financial policy. Consistent with Myers (1977), growth opportunities, as measured by the market-to-book ratio, decline significantly following the debt IPO, suggesting that straight debt offers are made when the agency costs of debt are expected to decline. Together, the findings are consistent with the negative stock price reaction at offer announcement and provide strong support for predictions of debt maturity structure theories. These results are robust to whether or not the firm has a banking relationship prior to the debt offer, or whether the firm issues investment grade or high-yield debt.","PeriodicalId":272257,"journal":{"name":"Corporate Finance and Organizations eJournal","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126456959","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

Return to Equity in Project Finance for Infrastructure 基础设施项目融资的股本回报率

Corporate Finance and Organizations eJournal Pub Date : 2000-02-01 DOI: 10.2139/ssrn.212148

Joseph Tham

引用次数: 2

Investment Spending in the Netherlands: The Impact of Liquidity and Corporate Governance 荷兰的投资支出:流动性与公司治理的影响

Corporate Finance and Organizations eJournal Pub Date : 2000-02-01 DOI: 10.2139/ssrn.214911

Abe de Jong, H. Degryse

{"title":"Investment Spending in the Netherlands: The Impact of Liquidity and Corporate Governance","authors":"Abe de Jong, H. Degryse","doi":"10.2139/ssrn.214911","DOIUrl":"https://doi.org/10.2139/ssrn.214911","url":null,"abstract":"This paper examines the relation between cash flow, corporate governance and fixed-investment spending. In perfect capital markets we expect no systematic relationship. However, Myers and Majluf's (1984) asymmetric information hypothesis and Jensen's (1986) managerial discretion hypothesis present imperfections and predict a positive impact of cash flow on investment in fixed assets. Aspects of corporate governance play an important role in both theories. We measure the impact of cash flow on investment for a set of Dutch firms and aim to distinguish between the asymmetric information hypothesis and the managerial discretion hypothesis. Our findings show that cash flow is an important determinant of investment expenditures. The impact of cash flow is largest for firms with low growth opportunities suggesting that the managerial discretion hypothesis is most at work in the Dutch setting. We also discern that the impact of governance characteristics on both investment and the cash flow-sensitivity of investment differ between firms having low and high growth opportunities. This implies that governance affects the managerial discretion and asymmetric information hypotheses differently.","PeriodicalId":272257,"journal":{"name":"Corporate Finance and Organizations eJournal","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126560819","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

Pathways to Corporate Convergence? Two Steps on the Road to Shareholder Capitalism in Germany: Deutsche Telekom and Daimler Chrysler 企业融合之路?德国走向股东资本主义的两步:德国电信和戴姆勒克莱斯勒

Corporate Finance and Organizations eJournal Pub Date : 2000-01-31 DOI: 10.2139/ssrn.208508

Jeffrey N. Gordon

{"title":"Pathways to Corporate Convergence? Two Steps on the Road to Shareholder Capitalism in Germany: Deutsche Telekom and Daimler Chrysler","authors":"Jeffrey N. Gordon","doi":"10.2139/ssrn.208508","DOIUrl":"https://doi.org/10.2139/ssrn.208508","url":null,"abstract":"Perhaps the key question in the corporate convergence debate is the extent to which parties will settle on a shareholder capitalism model, in which managerial accountability will be measured against a public shareholder wealth maximization criterion. The paper evaluates two particular events for the impact on German corporate governance: the privatization of Deutsche Telekom and the cross-border merger between Daimler Benz and Chrysler Corp. The Deutsche Telekom transaction had symbolic impact, because it made many Germans shareholders for the first time, but the terms of the transaction substantially protected these shareholders against risk and deprived them of governance rights. The Daimler Chrysler merger, on the other hand, is a major event in governance convergence because it should inject a substantial element of US-style shareholder activism into the governance of a major German corporation. The paper identifies several elements, including: the change in the shareholder body through a dilution of traditional German holders and the addition of U.S. institutional investors, the pioneering of a template for subsequent cross-border mergers involving German firms, the flexibility of German corporate law to shareholder initiatives, and the likely rippling impact of governance changes at Daimler Chrysler on other major German corporations.","PeriodicalId":272257,"journal":{"name":"Corporate Finance and Organizations eJournal","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126916111","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: 24

Interlocking Directorship Networks: What is Relevant for the Evolution and Change of the Networks? 环环相扣的董事网络:什么与网络的演变和变化有关?

Corporate Finance and Organizations eJournal Pub Date : 2000-01-01 DOI: 10.2139/ssrn.223543

Valentina Barbi

引用次数: 13

Private Benefits, Block Transaction Premiums and Ownership Structure 私人利益、大宗交易溢价与股权结构

Corporate Finance and Organizations eJournal Pub Date : 2000-01-01 DOI: 10.2139/SSRN.212248

A. Sembenelli, G. Nicodano

引用次数: 87

Trends in Earnings, Book Value and Stock Price Relationships: An International Study 盈余、账面价值和股票价格关系的趋势:一项国际研究

Corporate Finance and Organizations eJournal Pub Date : 1999-12-01 DOI: 10.2139/ssrn.213290

L. Eng, Shengchun Li, Y. T. Mak

引用次数: 5