ERN: Firms Temporal Investment & Financing Behavior (Topic)最新文献

{"title":"Corporate Life Cycle Research in Accounting, Finance and Corporate Governance: A Survey, and Directions for Future Research","authors":"Ahsan Habib, M. Hasan","doi":"10.2139/ssrn.3180154","DOIUrl":"https://doi.org/10.2139/ssrn.3180154","url":null,"abstract":"Abstract Corporate life cycle has received considerable interest in the accounting, finance and corporate governance literature. We synthesize this literature to inform readers about the valuable insights gained from these studies, and to outline knowledge gaps and future research directions. Although papers studying the determinants of corporate life cycles are few in number, our review suggests that managerial efficiencies, flexibility, and the resource-base of the firm drive the transition through the corporate life cycle. The bulk of the reviewed papers examine the implications of firm life cycle studies, and we categorize these into three groups: (i) financial reporting and management accounting implications, (ii) financial policy implications, and (iii) corporate governance implications. Our review suggests that the corporate life cycle has considerable effects on firms' financial reporting and corporate disclosures, corporate investment, financing and dividends decisions; and on corporate governance and socially responsible behavior. In surveying the growing body of literature on the corporate life cycle, we identify critical short-comings of past studies, and offer suggestions for future studies.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"25 23","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113934741","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}

{"title":"q⁵","authors":"Kewei Hou, Haitao Mo, Chen Xue, Lu Zhang","doi":"10.2139/ssrn.3191167","DOIUrl":"https://doi.org/10.2139/ssrn.3191167","url":null,"abstract":"In a multiperiod investment framework, firms with high expected growth earn higher expected returns than firms with low expected growth, holding investment and expected profitability constant. This paper forms cross-sectional growth forecasts, and constructs an expected growth factor that yields an average premium of 0.82% per month (t =9.81). The q5 model, which augments the Hou-Xue-Zhang (2015) q-factor model with the new factor, shows strong explanatory power in the cross section, and outperforms other recently proposed factor models such as the Fama-French (2018) 6-factor model.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115521644","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}

{"title":"Capital Structure Under Imperfect Product Market Competition: Theory and Evidence","authors":"H. Jung, Dalida Kadyrzhanova, Ajay Subramanian","doi":"10.2139/ssrn.3211678","DOIUrl":"https://doi.org/10.2139/ssrn.3211678","url":null,"abstract":"We show how product market competition affects capital structure by developing a tractable model that embeds the tradeoff between the tax benefits and bankruptcy costs of debt in an industry equilibrium setting with heterogeneous, imperfectly competitive firms. Different determinants of competition—fixed production costs and product substitutability—have contrasting implications for the effects of competition on firm leverage. Firms in more competitive industries with greater product substitutability are more leveraged, whereas firms in more competitive industries with lower fixed production costs have lower leverage. We show robust support for our predictions in our empirical analysis of U.S. nonfinancial firms.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114613801","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}

{"title":"The Effects of Gambling in Finance-The Productivity Paradox","authors":"A. Anastasopoulos","doi":"10.2139/ssrn.3170089","DOIUrl":"https://doi.org/10.2139/ssrn.3170089","url":null,"abstract":"It is known that the productivity of labour in the US has been decreasing in spite of intensive investment in information technology. The literature sites several views for this paradox. This paper attributes the paradox on the effects of a “zero-sum” activity, namely to the dominance that pure gambling has acquired in the financial sector. In spite its beneficial role, the financial sector has created many negative obstacles to the functioning of our economies. The power that gambling has acquired in its function is a strongly negative obstacle. Gambling benefits from the advancement of the information technology, but does not contribute to the welfare of the public. On the contrary, it benefits a few and preys on not well informed and not sophisticated in financial matters agents, and aggravates the inequality of income. We consider financial gambling to be contrary to the reason the financial sector exists, and to the spirit of the competitive economy. We stress its effects, and we argue that gambling distorts the evaluation of the productivity of real capital, reduces the society’s time preference, and thus, prevents the optimum long-run growth of the economy. In the last section of this paper we summarize a suggestion we have made in a SSRN publication. It intends to deal with several problems the financial sector creates. There we have recommended that firms in the this sector should become, in a fair manner, quasi-partners with firms in the private sector that use their services to finance investment the projects they undertake. The main advantage of our proposal is that it induces firms in the real sector to develop more concrete investment strategies, and financial firms to evaluate carefully the plans they accept to finance. When the operation of the financial firms are interconnected (as the removal of the Glass-Steagall Act allows) the proposed quasi-partnership minimizes the risks of domino effects when there are shortages in liquidity. In addition, it reduces the tendencies of investors to gamble, and brings the economy closer to the state the New Classical School wishes: to the state where its sectors are well integrated and they face only irreducible risks.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126374722","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}

{"title":"Innovation, Stock Market Feedback and Good Idiosyncratic Volatility","authors":"Praveen Kumar, Dongmei Li","doi":"10.2139/ssrn.3160243","DOIUrl":"https://doi.org/10.2139/ssrn.3160243","url":null,"abstract":"We theoretically and empirically analyze information generation by stock markets on economic prospects of innovations and the resultant feedback effect on firm-level innovation-related investment (IRI). By modeling the unique aspects of firm-specific and systematic drivers of innovation profits, we derive a positive relation of idiosyncratic volatility of stock returns (IVOL) to the response rate of subsequent IRI generally, and to future stock returns under technological conditions that are more applicable to big innovative firms. Empirically, we find strong and robust support. High IVOL in innovative firms may thus reflect a more intense feedback effect, resulting in increased efficiency of IRI.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124425674","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}

{"title":"Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis","authors":"S. Kalemli‐Ozcan, L. Laeven, David Moreno","doi":"10.3386/W24555","DOIUrl":"https://doi.org/10.3386/W24555","url":null,"abstract":"\u0000 We quantify the role of financial leverage behind the sluggish post-crisis investment performance of European firms. We use a cross-country firm-bank matched database to identify separate roles for firm leverage, bank balance sheet weaknesses arising from sovereign risk, and aggregate demand conditions. We find that firms entering the crisis with higher debt levels reduce their investment more after the crisis. This negative effect is stronger for firms holding short-term debt in countries whose banks were weak due to sovereign stress, consistent with rollover risk being an important channel influencing investment. The negative effect of firm leverage on investment is also persistent for several years after the shock in the countries with sovereign stress. The corporate leverage channel can explain about 20% of the cumulative decline in aggregate private sector investment over the crisis period.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125042429","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}

{"title":"Firms’ Investments During Two Crises","authors":"Antonio De Socio, Enrico Sette","doi":"10.2139/ssrn.3176963","DOIUrl":"https://doi.org/10.2139/ssrn.3176963","url":null,"abstract":"We study the drivers of investment in Italy during the global financial crisis and the sovereign debt crisis. We focus on the effect of leverage while controlling for the role of other drivers: expected demand, profitability, access to credit and uncertainty. As firm-level leverage may be correlated with its unobservable characteristics, we employ instrumental variables estimation, using the median leverage of firms in the same industry and size decile as an instrument. We find that an increase in leverage equal to the interquartile range (about 30 percentage points) is associated with a lower investment rate of 1.9 and 1.4 percentage points (36 and 41 per cent of its mean) during each crisis. We also find that expected demand growth has a strong positive association with investments, whereas this relation holds for profitability only during the sovereign debt crisis. In contrast, credit rationing and uncertainty have a negative, although more limited, effect. Overall, ex-ante high firm indebtedness has been an important driver of the lower investment rate over the last decade.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"54 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134101502","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}

{"title":"Corporate Debt Maturity and Future Firm Performance Volatility","authors":"Meg Adachi‐Sato, Chaiporn Vithessonthi","doi":"10.2139/ssrn.2629916","DOIUrl":"https://doi.org/10.2139/ssrn.2629916","url":null,"abstract":"We propose a simple idea that corporate debt maturity should serve as a good indicator of future firm performance volatility. We show in a simple two-period model that the riskiness of corporate investment is a decreasing function of corporate debt maturity. If \"observable\" corporate debt maturity and ex ante \"unobservable\" corporate risk-taking is highly correlated, corporate debt maturity should be highly correlated with \"ex post\" realized firm performance volatility in following years. Using data on publicly listed firms in 10 developing and developed countries over the period 1991-2013, we find that future firm operating performance volatility decreases as corporate debt maturity increases and that future firm value volatility is not associated with corporate debt maturity. In addition, banking sector development and export intensity of a country play an important role in determining firm operating performance volatility.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129804584","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}

{"title":"Capital Structures of US Market Firms and Its Determinants During Different Macroeconomic States and Various Leverage Levels.","authors":"Konstantinos Gkillas, George D. Peppas, Athanasios Tsagkanos, Ilias K. Salatas","doi":"10.2139/ssrn.3138009","DOIUrl":"https://doi.org/10.2139/ssrn.3138009","url":null,"abstract":"The Capital structure and its determinants have been in the sight of econometric scientific community for some time now. More and more research studies have focused in the adjustment speed of debt ratio to the targeted debt ratio levels under various macroeconomic and firm factors. The problem we would like to consider is the power and the direction of the effects of different firm specific and macroeconomic factors that influence the Total Debt Ratio the Long Debt Ratio and the Short debt ratio in regular and during crisis periods on a dataset of US firms. Instead of just looking averages we want to spectate what these effects are for firms that have low, medium and high Debt Ratios. This is succeeded by looking along the distribution or quantiles of the dependent variable of our partial adjustment model. The findings about the long debt ratio adjustment speed for low leveraged firms is that is not only slowed down but also with bigger pace in crisis periods than is slowed for higher leveraged firms. The TDR and SHDR seem rather unaffected from crisis. The firm specific and macro-economic variable is affecting differently low medium and large leveraged firm although in a secondary role.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"244 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133573282","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}

{"title":"Beyond Merton: The S Model – A Discrete, Dynamic Structural Model of Firm Capital Incorporating Liquidity","authors":"L. Sanderson","doi":"10.2139/ssrn.3135247","DOIUrl":"https://doi.org/10.2139/ssrn.3135247","url":null,"abstract":"Merton’s structural model offers a powerful and intuitively appealing approach to the evaluation of a firm’s capital structure choices and market behaviour across a firm’s issued debt and equity securities. We construct a robust, extended and expanded interpretation of the Merton conceptual framework that incorporates many real world features of firm behaviour and market activity. Notably, we introduce the notion of liquidity that captures the requirement for firms to settle all payments and receipts through a cash account.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121712659","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}