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Managing the Gap between Actual and Target Capital Structure: An Evidence from Pakistan 管理实际资本结构与目标资本结构的差距:来自巴基斯坦的证据
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2015-03-01 DOI: 10.29145/JMR/12/0102003
A. Rafay, U. Gilani, Farrukh Ijaz
{"title":"Managing the Gap between Actual and Target Capital Structure: An Evidence from Pakistan","authors":"A. Rafay, U. Gilani, Farrukh Ijaz","doi":"10.29145/JMR/12/0102003","DOIUrl":"https://doi.org/10.29145/JMR/12/0102003","url":null,"abstract":"Investment framework is one of the most significant components that impact the company’s value. Reliable funding choices for a company generally lead to a capital structure that increases the firm’s value (Abor, 2006). Early studies provide contradictory reviews about a company’s capital structure decisions. This paper investigates the partial adjustment model for a company’s target capital structure. The study also explores how companies operating in different sectors of Pakistani market adjust towards the target capital structure levels. The study also recognizes that an unanticipated share price change also have an effect on the target capital structure. The results indicate that companies do have target leverage and that their adjustment speed varies from sector to sector of the Pakistani market. A typical sector closes more than 50% of the gap between its actual and its target debt ratios within one year.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133374040","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
Distressed Firm Valuation: Reorganization Plan and Going-Concern Capital Value 困境企业估值:重组计划与持续经营资本价值
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2015-02-20 DOI: 10.2139/ssrn.2567651
Fabio Buttignon
{"title":"Distressed Firm Valuation: Reorganization Plan and Going-Concern Capital Value","authors":"Fabio Buttignon","doi":"10.2139/ssrn.2567651","DOIUrl":"https://doi.org/10.2139/ssrn.2567651","url":null,"abstract":"Distressed firm valuation is a very complicated subject that has involved corporate finance literature and practice since a long time. Despite the topic’s relevance, contributions have been few and confined to stating only critical issues and proposing rather abstract solutions, seldom leading to “real-world” practices. This paper aims to develop an approach to distressed firm valuation, based on the discounted cash flow (DCF) and option pricing models, which can support corporate finance practice. The focus of the paper is on the going-concern value of the distressed firm to be compared with those arising from other feasible options (including the sale of company assets on an individual basis or bankruptcy value in a strict sense), along the complex process of managing the firm crisis.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114816632","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: 3
Reconciling the Term Structures of Corporate and Social Discount Rates 协调公司和社会贴现率的期限结构
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2015-02-02 DOI: 10.2139/ssrn.2559203
Mark C. Freeman
{"title":"Reconciling the Term Structures of Corporate and Social Discount Rates","authors":"Mark C. Freeman","doi":"10.2139/ssrn.2559203","DOIUrl":"https://doi.org/10.2139/ssrn.2559203","url":null,"abstract":"Studies in both corporate fi nance and environmental economics have described how discount rates should vary with the maturity of a project. The former suggests that the cost of capital should increase with the time horizon of the cash flow, while the latter recommends declining term structures of social discount rates. This paper presents a reconciliation and generalization of these two literatures and illustrates the complex interaction between the shape of the term structure and the present value of long-lived projects. In particular, it is demonstrated that the increasing term structure of risky discount rates does not necessarily reduce our willingness to pay for assets with uncertain far-horizon cash ‡flows.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115100270","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
Real Asset Liquidity and Asset Impairments 实物资产流动性和资产减值
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2015-02-01 DOI: 10.2139/ssrn.2597138
B. Schonberger
{"title":"Real Asset Liquidity and Asset Impairments","authors":"B. Schonberger","doi":"10.2139/ssrn.2597138","DOIUrl":"https://doi.org/10.2139/ssrn.2597138","url":null,"abstract":"I examine how the presence of a more active (liquid) resale market for real assets influences the likelihood, timeliness, and magnitude of long-lived asset impairments. I find that firms with more liquid real assets are more likely to record an impairment both unconditionally and conditional on a signal of poor performance, consistent with an available resale market providing information useful in estimating fair value for long-lived operating assets. Impairments are more likely in tests using both industry-level measures of real asset liquidity and firm-specific measures of aircraft fleet liquidity for firms in the airline industry. Consistent with asset liquidity constraining managerial opportunism in delaying write-offs, I also find that impairments are timelier (more conditionally conservative) for firms with more liquid real assets and that impairment magnitudes vary more strongly with firm value. Finally, impairments for firms with more liquid real assets are associated with greater decreases in uncertainty around earnings announcements as measured by changes in option implied volatility.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128438014","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
Econometric Identification of Causal Effects: A Graphical Approach with a Case Study 因果效应的计量经济学鉴定:案例研究的图解方法
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2015-01-23 DOI: 10.2139/ssrn.2601276
Sanjay Kallapur
{"title":"Econometric Identification of Causal Effects: A Graphical Approach with a Case Study","authors":"Sanjay Kallapur","doi":"10.2139/ssrn.2601276","DOIUrl":"https://doi.org/10.2139/ssrn.2601276","url":null,"abstract":"It is well known that causal inference relies on untestable a-priori causal assumptions. Identification refers to whether a causal relationship can be inferred from observed statistical associations; it requires an understanding of what statistical associations are induced by those causal assumptions. Since the assumptions are untestable, a transparent description of their statistical consequences helps the readers. However, the relation between causal assumptions and their induced statistical associations may not be obvious. In this paper I describe a technique known as Directed Acyclical Graphs or Graphical Bayesian Network or Graphical Causal Models. The technique was developed in the computer science literature in the 1980s (Pearl 2009) although it has antecedents in path analysis developed by Philip and Sewall Wright beginning in the 1920s (Wright 1921). In addition to describing the technique, I illustrate its application to a case study of a research issue in auditing.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116986718","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
Does Managerial Sentiment Affect Accrual Estimates? Evidence from the Banking Industry 管理情绪是否影响应计费用估计?来自银行业的证据
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2014-11-01 DOI: 10.2139/ssrn.2535008
P. Hribar, Sam Melessa, R. Small, Jaron H. Wilde
{"title":"Does Managerial Sentiment Affect Accrual Estimates? Evidence from the Banking Industry","authors":"P. Hribar, Sam Melessa, R. Small, Jaron H. Wilde","doi":"10.2139/ssrn.2535008","DOIUrl":"https://doi.org/10.2139/ssrn.2535008","url":null,"abstract":"We examine whether managerial sentiment is associated with errors in accrual estimates. Using public banks we find (1) managerial sentiment is negatively associated with loan loss provision estimates, (2) future charge-offs per dollar of provision are positively associated with sentiment when the provision is estimated, and (3) the effects of sentiment are greater for firms with more uncertain charge-offs. Results are similar for private banks, suggesting accrual manipulation related to capital market incentives is unlikely to explain the results. Although economic fundamentals explain most of the variation in the provision, we find sentiment has an incremental and economically meaningful effect.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"411 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131347796","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: 3
Does the Presence of Institutional Investors in Family Banks Affect Profitability and Risk? Evidence from an Emerging Market 机构投资者对家族银行盈利能力和风险的影响?来自新兴市场的证据
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2014-10-23 DOI: 10.2139/ssrn.2513862
B. Setiyono, Amine Tarazi
{"title":"Does the Presence of Institutional Investors in Family Banks Affect Profitability and Risk? Evidence from an Emerging Market","authors":"B. Setiyono, Amine Tarazi","doi":"10.2139/ssrn.2513862","DOIUrl":"https://doi.org/10.2139/ssrn.2513862","url":null,"abstract":"This study aims to investigate whether the presence of institutional investors in family-controlled banks impacts their performance and risk. Using detailed data on Indonesian banks from 2001 to 2008 and controlling for various factors, our results first show that family-controlled banks are less profitable and more risky than other banks. Specifically, family presence, either under the form of direct ownership, pure single majority, or family directors, is related to higher default risk, income variability, and loan risk. However, the presence of institutional investors as a second stage block holder in family controlled banks tends to mitigate and even reverse such behavior by reducing risk-taking and improving performance. Our results are generally robust with regard to endogeneity issues and alternative specifications.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114525239","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: 3
A Q-Theory Model of Corporate Liquidity and Capital Structure: Development, Fitting and Applications 公司流动性与资本结构的q理论模型:发展、拟合与应用
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2014-09-08 DOI: 10.2139/ssrn.2493609
A. Carverhill
{"title":"A Q-Theory Model of Corporate Liquidity and Capital Structure: Development, Fitting and Applications","authors":"A. Carverhill","doi":"10.2139/ssrn.2493609","DOIUrl":"https://doi.org/10.2139/ssrn.2493609","url":null,"abstract":"We develop and estimate a Q-Theory style dynamic model of the firm's liquidity reserve and capital structure. The model features financial constraints, finite maturity debt, and growth limited by convex costs. We apply the model to obtain the following: 1. We suggest a resolution of the puzzle, whereby some firms seem to have inefficiently low leverage: the empirical leverage is close to optimal according to the model, if the debt maturity is taken to be a constraint imposed by lenders. 2. We show and justify that profitability, and not earnings cash flow or liquidity, is the main determinant of investment. 3. We investigate proxies for the firm being financially constrained: we find some support for the Cash Flow Sensitivity of Cash, but more for the liquidity level.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130612269","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
Intended Use of Proceeds and the Post-Issue Operating Performance of IPO Firms: A Quantile Regression Approach 收益预期用途与IPO公司发行后经营业绩:分位数回归方法
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2014-08-17 DOI: 10.2139/ssrn.2482037
Andriansyah, G. Messinis
{"title":"Intended Use of Proceeds and the Post-Issue Operating Performance of IPO Firms: A Quantile Regression Approach","authors":"Andriansyah, G. Messinis","doi":"10.2139/ssrn.2482037","DOIUrl":"https://doi.org/10.2139/ssrn.2482037","url":null,"abstract":"This paper investigates the link between intended use of proceeds and the decline in post-issue operating performance of IPO firms. After taking into account special features of the compositional data containing zero values, a quantile regression analysis is employed for the Indonesian equity market data over the period of 2000-2010. The results show that the post-issue performance can be explained by different types of intended use of proceeds. Fixed asset investment and investment in stock market shares will lead to better operating performance for average and high performing firms only. Allocation to other usages leads to poor operating performance. The findings were found to be robust when ownership structure was included in the models. These results have policy implications for the management of IPO proceeds.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"156 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121355745","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
How Effective are Investment Subsidies in Flanders? An RDD Approach 法兰德斯的投资补贴效果如何?RDD方法
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2014-08-01 DOI: 10.2139/ssrn.2552425
Stefaan Decramer
{"title":"How Effective are Investment Subsidies in Flanders? An RDD Approach","authors":"Stefaan Decramer","doi":"10.2139/ssrn.2552425","DOIUrl":"https://doi.org/10.2139/ssrn.2552425","url":null,"abstract":"This paper analyzes the effects of a subsidy program for small and medium sized enterprises in Flanders from 2004 to 2009 (the program was called 'growth grant', or in Dutch 'de groeipremie'). The subsidies were awarded according to a ranking system that favored young, growing and productive firms with a strong cash flow, granting subsidies to the highest scoring firms until the depletion of funds. The nature of this allocation system creates a sharp cut off in granting the subsidy according to the score: only firms above the cut off score are granted the subsidy. This quasi-experimental setting allows us to estimate a local average treatment effect around this cut off, making use of regression discontinuity design (RDD) methodologies. We find a sizable positive effect on firm-level investment, employment, output and productivity for the firms that were granted the subsidy, but mainly for the very small firms, e.g. firms with less than 10 employees. For the larger firms, we only find a positive effect on profits, which suggests that they use the subsidy to finance investments that they would have undertaken anyway.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"72 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122021689","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
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