SPGMI: Capital IQ Data (Topic)最新文献_第10页

Wheat Futures Contracts: Liquidity, Spreading Opportunities, and Fundamental Factors 小麦期货合约:流动性、价差机会和基本面因素

SPGMI: Capital IQ Data (Topic) Pub Date : 2018-01-25 DOI: 10.2139/ssrn.3110868

H. Till

引用次数: 0

Shelf Versus Traditional Seasoned Equity Offerings: The Impact of Potential Short Selling 货架与传统的经验丰富的股票发行:潜在卖空的影响

SPGMI: Capital IQ Data (Topic) Pub Date : 2018-01-22 DOI: 10.2139/ssrn.3076729

Marie Dutordoir, N. Strong, Ping‐Wen Sun

引用次数: 7

The Information Content of Managers' Forward-Looking Disclosures 经理人前瞻性披露的信息内容

SPGMI: Capital IQ Data (Topic) Pub Date : 2018-01-19 DOI: 10.2139/ssrn.3116060

Julian Opferkuch

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引用次数: 3

Trade Creditors’ Information Advantage 贸易债权人的信息优势

SPGMI: Capital IQ Data (Topic) Pub Date : 2018-01-01 DOI: 10.2139/ssrn.3108646

V. Ivashina, Benjamin Iverson

引用次数: 5

How Much Labor Do You Need to Manage Capital? 管理资金需要多少人力?

SPGMI: Capital IQ Data (Topic) Pub Date : 2018-01-01 DOI: 10.2139/ssrn.2896355

Leonard Kostovetsky, A. Manconi

引用次数: 3

Large Shareholders with Diversified Equity Portfolios and Voluntary Disclosure: International Evidence 股权组合多元化的大股东与自愿披露:国际证据

SPGMI: Capital IQ Data (Topic) Pub Date : 2017-12-15 DOI: 10.2139/ssrn.2888157

Herita T. Akamah, S. Q. Shu

{"title":"Large Shareholders with Diversified Equity Portfolios and Voluntary Disclosure: International Evidence","authors":"Herita T. Akamah, S. Q. Shu","doi":"10.2139/ssrn.2888157","DOIUrl":"https://doi.org/10.2139/ssrn.2888157","url":null,"abstract":"This study, using a recently available dataset that tracks investors’ equity holdings across countries, investigates the relation between the degree of large shareholders’ acquisition of equity in multiple firms (i.e., portfolio diversification) and corporate voluntary disclosures. While large shareholders are traditionally viewed as investors with sufficient resources to acquire costly private information, we posit that shareholders with more diversified portfolios have greater reliance on public disclosures owing to resource constraints. Hence, we expect these shareholders to have a stronger demand for voluntary disclosures as a less costly alternative information source. Consistent with this prediction, we find that large shareholder portfolio diversification relates positively to voluntary disclosures as measured by the incidence and the frequency of management forecasts, conference calls, analyst/investor days, and product-related announcements. Corroborating our main analysis, we document a negative impact of portfolio diversification on voluntary disclosures when the firms providing the disclosures constitute a significant portion of large shareholders’ investment portfolios. We also find that the positive relation between large shareholder portfolio diversification and voluntary disclosure is more pronounced when the firm is located in a country with a lower quality labor market. In addition, we find that firms cater to diversified large shareholders’ public information reliance by providing disclosures that elicit a stronger stock market reaction, indicating the high information content of these disclosures. Overall, our findings suggest that diversified portfolio holdings incentivize large shareholders to place greater reliance on public information and that managers respond through providing high-quality voluntary disclosures.","PeriodicalId":375725,"journal":{"name":"SPGMI: Capital IQ Data (Topic)","volume":"134 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124439182","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

Beauty and Appearance in Corporate Director Elections 公司董事选举中的美貌与外表

SPGMI: Capital IQ Data (Topic) Pub Date : 2017-11-01 DOI: 10.2139/ssrn.3054649

Philipp Geiler, L. Renneboog, Yang Zhao

引用次数: 11

Debt Structure as a Strategic Bargaining Tool 债务结构作为战略议价工具

SPGMI: Capital IQ Data (Topic) Pub Date : 2017-10-08 DOI: 10.2139/ssrn.2762085

Yue Qiu

{"title":"Debt Structure as a Strategic Bargaining Tool","authors":"Yue Qiu","doi":"10.2139/ssrn.2762085","DOIUrl":"https://doi.org/10.2139/ssrn.2762085","url":null,"abstract":"This paper studies the strategic role of debt structure in improving the bargaining position of a firm's management relative to its non-financial stakeholders. Debt structure is essential for strategic bargaining because it affects the ease of renegotiating debt contracts and thus the credibility of bankruptcy threats. Using the airline industry as an empirical setting, we first show that the degree of wage concessions is strongly related to a firm's debt structure. Debt structure is further shown to be adjusted as a response to an increase in non-financial stakeholders' negotiation power. Using NLRB labor union election as a laboratory setting and employing a regression discontinuity design, we find that passing a labor union election leads to an increase in the ratio of public debt to total assets and a decrease in the ratio of bank debt to total assets in the following three years after elections, whereas there is no significant change in the level of total debt. The syndication size of newly issued bank loans increases while creditor ownership concentration decreases once the vote share for unions passes the winning threshold. Further analyses confirm that the debt structure adjustments after union certification are more likely driven by the strategic concerns of management rather than more constrained access to bank loans.","PeriodicalId":375725,"journal":{"name":"SPGMI: Capital IQ Data (Topic)","volume":"389 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124720227","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

How Smart Beta Strategies Work in the Hong Kong Market 聪明贝塔策略如何在香港市场运作

SPGMI: Capital IQ Data (Topic) Pub Date : 2017-09-29 DOI: 10.2139/ssrn.3054594

Liyu Zeng, P. Luk

引用次数: 0

Inferring Latent Social Networks from Stock Holdings 从持股推断潜在的社会网络

SPGMI: Capital IQ Data (Topic) Pub Date : 2017-09-11 DOI: 10.2139/ssrn.2634306

Harrison G. Hong, Jiangmin Xu

引用次数: 18