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Investment Timing with Costly Search for Financing 投资时机与昂贵的融资搜索
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2017-07-12 DOI: 10.2139/ssrn.3000080
Samuel Antill
{"title":"Investment Timing with Costly Search for Financing","authors":"Samuel Antill","doi":"10.2139/ssrn.3000080","DOIUrl":"https://doi.org/10.2139/ssrn.3000080","url":null,"abstract":"I develop a dynamic model of investment timing in which firms must first choose when to search for external financing. Search is costly and the arrival of investors is uncertain, leading to delay in financing and investment. Depending on parameters, my model can predict simultaneous financing and investment or early financing prior to investment. Additionally, the supply of financing has a nonmonotonic effect on search behavior. This realistic generalization of the investment timing problem is straightforward to extend. I find that subjecting firms to insolvency shocks reduces the value of the option to finance later, and taxes increase the impact of such shocks. When I introduce time varying financial conditions, the model predicts investment waves, financing waves, market timing, and IPO withdrawals consistent with empirical evidence. Finally, adding heterogeneous investors produces empirical predictions on investor-firm matching.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125722187","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 Determinants of Capital Structure of I. T. Sector: Empirical Study on the Listed Companies in Bangladesh 信息技术行业资本结构的决定因素:基于孟加拉国上市公司的实证研究
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2017-07-01 DOI: 10.2139/ssrn.3110861
Bushra Bashar, M. Hussien
{"title":"The Determinants of Capital Structure of I. T. Sector: Empirical Study on the Listed Companies in Bangladesh","authors":"Bushra Bashar, M. Hussien","doi":"10.2139/ssrn.3110861","DOIUrl":"https://doi.org/10.2139/ssrn.3110861","url":null,"abstract":"This paper has been established in order to understand the determinants of capital structure and how this would lead to better and effective capital structure in the IT sector in Bangladesh. The paper initiates with the introduction where the statement of the problem with respect to the topic is explained. Then the background for undertaking the research is revealed. The components of an ideal capital structure are explained, which would aid to understand the path that requires to be followed effectively. The problem statement that is related to the capital structure of the IT sector in Bangladesh is discussed. The review of the literature is useful to framework the course of the study along with undertaking the data collection and analysis that would lead to the effective conclusion of the paper. The methodology of the study is constructed in order to disclose the path that is followed in order to undertake the process of data analysis. The data has been attained from the annual reports of the companies that have been chosen for the gathering of the secondary data in order to find out whether capital structure has a vital role to play in the development of the IT firms in Bangladesh. The paper at the end suggests that capital structure is a vital aspect for the IT sector firms and it is seen that the answers and the outcomes that have been attained from the research paper reveals that the determinants of the capital structure plays a crucial role for the effective performance of the IT industries that operate in the economy of Bangladesh.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122159121","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
R&D Investment Decisions of IPO Firms and Long-Term Future Performance IPO企业研发投资决策与长期未来绩效
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2017-07-01 DOI: 10.1108/RAF-09-2016-0147
Tatiana Fedyk, Natalya V. Khimich
{"title":"R&D Investment Decisions of IPO Firms and Long-Term Future Performance","authors":"Tatiana Fedyk, Natalya V. Khimich","doi":"10.1108/RAF-09-2016-0147","DOIUrl":"https://doi.org/10.1108/RAF-09-2016-0147","url":null,"abstract":"Purpose \u0000 \u0000 \u0000 \u0000 \u0000The purpose of this paper is to link valuation of different accounting items to research and development (R&D) investment decisions and investigate how suboptimal R&D choices during initial public offering (IPO) are linked to future operating and market underperformance. \u0000 \u0000 \u0000 \u0000 \u0000Design/methodology/approach \u0000 \u0000 \u0000 \u0000 \u0000For firms with substantial growth opportunities, accounting net income is a poor measure of the firm’s performance (Smith and Watts, 1992). Therefore, other metrics such as RD and if R&D expenditures are the main value driver, firms tend to overinvest in R&D. \u0000 \u0000 \u0000 \u0000 \u0000Findings \u0000 \u0000 \u0000 \u0000 \u0000The authors show that the R&D investment decision varies systematically with cross-sectional characteristics: firms that are at the growth stage, unprofitable or belong to science-driven industries are more likely to overinvest, while firms that are able to avoid losses by decreasing R&D expenditure are more likely to underinvest. Finally, they find that R&D overinvestment leads to future underperformance as evidenced by poor operating return on assets, lower product market share, higher frequency of delisting due to poor performance and negative abnormal stock returns. \u0000 \u0000 \u0000 \u0000 \u0000Originality/value \u0000 \u0000 \u0000 \u0000 \u0000While prior literature concentrates on R&D underinvestment as a tool of reporting higher net income, the authors demonstrate the existence of an alternative strategy used by many IPO firms – R&D overinvestment.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"438 1-2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116578601","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: 13
Determination of Mark-Up Rate Under Zero-Interest Financial System: A Microeconomic Approach 零利率金融体系下加成利率的确定:一个微观经济学方法
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2017-07-01 DOI: 10.12816/0038222
Shafi A. Khaled, A. Khandker
{"title":"Determination of Mark-Up Rate Under Zero-Interest Financial System: A Microeconomic Approach","authors":"Shafi A. Khaled, A. Khandker","doi":"10.12816/0038222","DOIUrl":"https://doi.org/10.12816/0038222","url":null,"abstract":"Misunderstood and maligned, the determinants of mark-up (MU) rate under Murābaḥah financing deserve scrutiny of its structural formulation. Some suggest that MU rate is really interest rate. Is MU transaction pure trade? We analyze by considering the underlying market structure, central bank imposed minimum reserve requirement, deposit sum, a bank’s fixed and variable costs, etc. Perhaps for the first time, the capacity to charge ribā is traced to market imperfection. Banks with no Islamic credential are entering the market suggesting presence of positive economic profit. By promoting proper costing, accountability, efficiency and standardization of MU rate across industry become possible. Prediction and hypothesis testing become possible. Associated with this, we also explore how the deposit rate is determined. The transparency thus afforded should mitigate the contentious debate about MU financing as opposed to interest-based lending.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"18 21","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120844365","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: 4
The Functions of the Stock Market and the Fallacies of Shareholder Value 股票市场的功能与股东价值谬误
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2017-06-03 DOI: 10.2139/SSRN.2993978
William Lazonick
{"title":"The Functions of the Stock Market and the Fallacies of Shareholder Value","authors":"William Lazonick","doi":"10.2139/SSRN.2993978","DOIUrl":"https://doi.org/10.2139/SSRN.2993978","url":null,"abstract":"This chapter analyses the evolution of US stock markets in terms of five functions: ‘control’, ‘cash’, ‘creation’, ‘combination’, and ‘compensation’. I argue for the centrality of the control function in supporting innovative enterprise in the rise of US managerial capitalism. I then consider how each of the five functions can encourage value creation or, alternatively, empower value extraction, and trace the evolving roles of the five functions of the stock market in major US business corporations over the past century. Drawing upon this history, I conclude by critiquing the dominant ideology that, for the sake of superior economic performance, a company should be run to ‘maximize shareholder value’ (MSV). I indicate how MSV undermines the social conditions of innovative enterprise: strategic control, organizational integration, and financial commitment.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"151 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126197171","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: 29
The Flight Home Effect in Multinational Internal Capital Markets During the Great Recession 大衰退时期跨国内部资本市场的返乡效应
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2017-05-29 DOI: 10.2139/ssrn.2976257
M. Deloof, F. Montalto
{"title":"The Flight Home Effect in Multinational Internal Capital Markets During the Great Recession","authors":"M. Deloof, F. Montalto","doi":"10.2139/ssrn.2976257","DOIUrl":"https://doi.org/10.2139/ssrn.2976257","url":null,"abstract":"We investigate whether the Great Recession induced a “flight home” effect in internal capital markets of European multinational firms. Using a difference-in-difference approach, we find a significant reduction in group borrowings by subsidiaries of European multinationals in Italy since 2008, compared to a propensity score matched sample of subsidiaries of local business groups. While the reduction in group borrowings by multinational subsidiaries is partially counterbalanced by an increase in bank borrowings, multinational subsidiaries reduced their investments more than local group subsidiaries. These effects are significantly stronger for subsidiaries of multinationals headquartered in a European country that has been hit harder by the Great Recession. The reduction in group borrowings is larger when the foreign parent is located at a greater distance from subsidiary.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114394711","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
The Leverage Ratchet Effect 杠杆棘轮效应
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2017-05-26 DOI: 10.2139/ssrn.2304969
Anat R. Admati, P. DeMarzo, M. Hellwig, P. Pfleiderer
{"title":"The Leverage Ratchet Effect","authors":"Anat R. Admati, P. DeMarzo, M. Hellwig, P. Pfleiderer","doi":"10.2139/ssrn.2304969","DOIUrl":"https://doi.org/10.2139/ssrn.2304969","url":null,"abstract":"Firms’ inability to commit to future funding choices has profound consequences for capital structure dynamics. With debt in place, shareholders pervasively resist leverage reductions no matter how much such reductions may enhance firm value. Shareholders would instead choose to increase leverage even if the new debt is junior and would reduce firm value. These asymmetric forces in leverage adjustments, which we call the leverage ratchet effect, cause equilibrium leverage outcomes to be history†dependent. If forced to reduce leverage, shareholders are biased toward selling assets relative to potentially more efficient alternatives such as pure recapitalizations.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131493556","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: 162
The Sources of Capital Misallocation 资本错配的根源
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2017-02-01 DOI: 10.1257/AER.20180336
J. David, Venky Venkateswaran
{"title":"The Sources of Capital Misallocation","authors":"J. David, Venky Venkateswaran","doi":"10.1257/AER.20180336","DOIUrl":"https://doi.org/10.1257/AER.20180336","url":null,"abstract":"We develop a methodology to disentangle sources of capital “mis-allocation,” i.e., dispersion in value-added/capital. It measures the contributions of technological/informational frictions and a rich class of firm-specific factors. An application to Chinese manufacturing firms reveals that adjustment costs and uncertainty, while significant, explain only a modest fraction of the dispersion, which stems largely from other factors: a component correlated with productivity and a fixed effect. Adjustment costs are more salient for large US firms, though other factors still account for the bulk of the dispersion. Technological/markup heterogeneity explains a limited fraction in China, but a potentially large share in the United States. (JEL D22, D24, D25, E22, G31, L60, O11, O14, O47, P31)","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122941813","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: 145
Global Banks and Syndicated Loan Spreads: Evidence from U.S. Banks 全球银行和银团贷款息差:来自美国银行的证据
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2016-11-16 DOI: 10.2139/ssrn.2896844
Edith X. Liu, Jonathan Pogach
{"title":"Global Banks and Syndicated Loan Spreads: Evidence from U.S. Banks","authors":"Edith X. Liu, Jonathan Pogach","doi":"10.2139/ssrn.2896844","DOIUrl":"https://doi.org/10.2139/ssrn.2896844","url":null,"abstract":"This paper explores the relationship between bank global exposure and their syndicated loan spreads. Linking syndicated loan information from Dealscan with confidential US bank foreign exposure data and borrower characteristics, we find that more bank global exposure is associated with a higher loan spread that is statistically significant. To analyze this relationship between global banks and loan spreads, we develop a theoretical framework where, in equilibrium, riskier borrowers are more likely to work with global banks. Using a Heckman selection model, we confirm that borrower risk characteristics indeed predict a higher likelihood of having a loan arranged by a global bank. However, after controlling for the bank-borrower selection effect, we continue to find that global banks charge on average an 12.7 bps higher spread on their syndicated loans, as compared with domestically focused banks. Finally, we explore a non-risk based alternative where firms with multinational operations are more likely to work with global banks for international banking services.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114464143","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 Stock Market Illiquidity Influence the Cost of Borrowing? Evidence from Syndicated Loans 股票市场流动性不足会影响借贷成本吗?来自银团贷款的证据
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2016-10-12 DOI: 10.2139/ssrn.2887049
Jiayuan Chen, Di Gong, Cal B. Muckley
{"title":"Does Stock Market Illiquidity Influence the Cost of Borrowing? Evidence from Syndicated Loans","authors":"Jiayuan Chen, Di Gong, Cal B. Muckley","doi":"10.2139/ssrn.2887049","DOIUrl":"https://doi.org/10.2139/ssrn.2887049","url":null,"abstract":"We show that firms with illiquid stock pay higher syndicated loan spreads. This result is invariant to multiple measurements of stock illiquidity, and is robust to a wide set of cross-sectional loan and firm features, firm and year fixed effects. This result also holds using matched difference-in-differences at an exogenous reduction in the minimum tick size of major United States exchanges and using a two-stage least squares estimator. Stock illiquidity is, moreover, shown to diminish the benefit to the loan recipient of a lending relationship. A rationale for these findings is that stock market illiquidity impairs the bargaining power of corporate borrowers, in the loan spread negotiating procedure, as it raises the cost of alternatively issuing equity. Our findings, thus, indicate that relative bargaining power plays a systematic role in determining syndicated loan spreads.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134380997","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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