ERN: Intertemporal Firm Choice & Growth最新文献_第3页

What Happens after Default? Stylized Facts on Access to Credit 违约后会发生什么?获得信贷的程式化事实

ERN: Intertemporal Firm Choice & Growth Pub Date : 2011-03-27 DOI: 10.2139/ssrn.1752168

Diana Bonfim, Daniel A. Dias, C. Richmond

引用次数: 3

Pollution Permits, Strategic Trading and Dynamic Technology Adoption 污染许可、战略贸易和动态技术采用

ERN: Intertemporal Firm Choice & Growth Pub Date : 2011-03-15 DOI: 10.2139/ssrn.1786679

Santiago Moreno-Bromberg, Luca Taschini

引用次数: 39

Product Market Relationships and Cost of Bank Loans: Evidence from Strategic Alliances 产品市场关系与银行贷款成本:来自战略联盟的证据

ERN: Intertemporal Firm Choice & Growth Pub Date : 2011-03-15 DOI: 10.2139/ssrn.1803445

Yiwei Fang, I. Hasan, Bill Francis, Haizhi Wang

引用次数: 41

The Asset Pricing-Macro Nexus and Return-Cash Flow Predictability 资产定价-宏观联系与收益-现金流可预测性

ERN: Intertemporal Firm Choice & Growth Pub Date : 2011-03-15 DOI: 10.2139/ssrn.1786144

Ravi Bansal, Yaron A. A.

引用次数: 30

Corporate Board Structures and Performance in the Banking Industry: Evidence from Japan 银行业董事会结构与绩效:来自日本的证据

ERN: Intertemporal Firm Choice & Growth Pub Date : 2011-03-15 DOI: 10.2139/ssrn.1786200

H. Sakawa, Naoki Watanabel

{"title":"Corporate Board Structures and Performance in the Banking Industry: Evidence from Japan","authors":"H. Sakawa, Naoki Watanabel","doi":"10.2139/ssrn.1786200","DOIUrl":"https://doi.org/10.2139/ssrn.1786200","url":null,"abstract":"The recent global financial crisis contributes for recognizing the importance of corporate governance mechanisms in the banking industry. Although mixed evidence is associated with the role of board of directors in non-financial industries, a few analyses have been made of the relation between board composition and firm performance of the banking industry in several OECD countries. This paper examines the relation between board size and composition and firm performance and its relations with financial systems and maintenance of foreign branches for a banking industry during 2006-2009. We find that banking firms with larger boards underperform their peers in terms of Tobin’s Q and that no significant relation between the proportion of outside directors on the board and Tobin’s Q. We also argue that banks with taxpayer money and foreign branches would make a larger board more desirable for these firms because they face the requirement of improving management. After accounting for these unique features of Japanese banks, we find that board structures of Japanese banking industry are well performed only in banks with taxpayer money. In addition, Tobin’s Q is negatively correlated with board size in banks with foreign branches. This finding suggests that the board structures of bank with foreign branches might be the causes of agency problem. Our findings imply that board structures of Japanese banking remains for the improvement and that a greater need for efforts on the part of the banking sector to change and improve their board structures.","PeriodicalId":340291,"journal":{"name":"ERN: Intertemporal Firm Choice & Growth","volume":"228 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115086670","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

Optimal Accounting Policies Under Financial Constraints: Aggressive Versus Conservative 财务约束下的最优会计政策:激进与保守

ERN: Intertemporal Firm Choice & Growth Pub Date : 2011-03-10 DOI: 10.2139/ssrn.1782602

Masatomo Akita, Y. Osaki

引用次数: 0

Multivariate Analyses of Factors Affecting Dividend Policy of Acquired European Banks 被收购欧洲银行股利政策影响因素的多变量分析

ERN: Intertemporal Firm Choice & Growth Pub Date : 2011-03-06 DOI: 10.2139/ssrn.1779510

M. Nnadi, S. Tanna

引用次数: 7

Risk and the Multinational Corporation Revisited: The Case of Natural Disasters and Corporate Cash Holdings 风险与跨国公司:以自然灾害与公司现金持有为例

ERN: Intertemporal Firm Choice & Growth Pub Date : 2011-02-28 DOI: 10.2139/ssrn.1772969

A. Ramirez, N. Altay

{"title":"Risk and the Multinational Corporation Revisited: The Case of Natural Disasters and Corporate Cash Holdings","authors":"A. Ramirez, N. Altay","doi":"10.2139/ssrn.1772969","DOIUrl":"https://doi.org/10.2139/ssrn.1772969","url":null,"abstract":"•Natural disasters are major causes of uncertainty. Based on traditional international business and finance theories, we re-examine the relationship between risk and internationalization. We find evidence that diversification helps reduce risk. •We introduce natural disasters to mainstream international finance as a risk factor and show several important findings: firms hoard cash after a natural disaster. Unlike their domestic counterparts, MNCs increase their cash holdings to a lower degree when faced with a disaster. The effect of disaster damage is persistent over time. Finally, disaster damage is not relevant in poor countries. •Firms appear to have a rational reaction to disasters: corporate cash levels are lower in countries with high insurance consumption. Firms hold more cash in countries with greater exposure to natural disasters, but they tend to lower cash holdings in countries with good disaster preparedness programs and/or high insurance consumption. •Our results have important implications for policy makers and academics. Cash hoarding after a disaster, while rational at the firm level could be detrimental for economic recovery. Our study suggests tools for policy makers to control it.","PeriodicalId":340291,"journal":{"name":"ERN: Intertemporal Firm Choice & Growth","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115739878","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

Deregulation of Shopping Hours: The Impact on Independent Retailers and Chain Stores 放松对购物时间的管制:对独立零售商和连锁店的影响

ERN: Intertemporal Firm Choice & Growth Pub Date : 2011-02-28 DOI: 10.1111/j.1467-9442.2010.01636.x

Tobias Wenzel

引用次数: 161

Returns Premia on Company Fundamentals 回报公司基本面溢价

ERN: Intertemporal Firm Choice & Growth Pub Date : 2011-02-26 DOI: 10.2139/ssrn.1770744

K. Shapovalova, A. Subbotin, T. Chauveau

{"title":"Returns Premia on Company Fundamentals","authors":"K. Shapovalova, A. Subbotin, T. Chauveau","doi":"10.2139/ssrn.1770744","DOIUrl":"https://doi.org/10.2139/ssrn.1770744","url":null,"abstract":"This paper studies the excess returns on stocks, associated to various company fundamentals on a panel of US stocks from 1979 to 2008. The returns premia are measured using a random coefficient panel data model on the individual stock level. We show that the HML and SMB factors in the Fama and French model probably have no particular economic meaning as sources of systematic risk other than being proxies for the impact of the book-to-price and size characteristics. While the book-to-price ratio, market capitalization, past year sales growth and the share of reinvested profits generate significant premia, earnings history and forecasts are of little predictive power. We statistically confirm the time-varying nature of the style premia but find no strong evidence for the value and growth momentum in a multivariate setting when the systematic risk is controlled for. Some of the premia are positively correlated with the market return and between each other, while others seem to be unrelated. Variations in premia associated with companies’ high internal growth and growth of sales are positively correlated between each other, with the market return and with the value premium. Variations of the size","PeriodicalId":340291,"journal":{"name":"ERN: Intertemporal Firm Choice & Growth","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128894690","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