SPGMI: Capital IQ Data (Topic)最新文献_第2页

Gathering round Big Tech: How the Market for Acquisitions Reinforces Regional Inequalities in the US 科技巨头聚集:收购市场如何加剧美国的地区不平等

SPGMI: Capital IQ Data (Topic) Pub Date : 2021-05-13 DOI: 10.2139/ssrn.3845674

M. Feldman, Frederick Guy, S. Iammarino, Carolin Ioramashvili

{"title":"Gathering round Big Tech: How the Market for Acquisitions Reinforces Regional Inequalities in the US","authors":"M. Feldman, Frederick Guy, S. Iammarino, Carolin Ioramashvili","doi":"10.2139/ssrn.3845674","DOIUrl":"https://doi.org/10.2139/ssrn.3845674","url":null,"abstract":"Are the agglomeration economies of technology hubs augmented by a localized market for start-ups – acquisitions, and IPOs? How does this affect the ability of places outside of those hubs to foster digital startups as a tool of local economic development? We study this with a particular focus on acquisitions by the seven largest American digital platforms – Amazon, Alphabet [Google], Apple, Microsoft, Facebook, Oracle and Adobe, which we call, collectively, Big Tech. We cover the years 2001-2020. We show that firms acquired by Big Tech are, disproportionately to the sectors in which they operate, concentrated in major tech clusters, and particularly in the Silicon Valley (San Francisco/San Jose). Foreign acquisitions by Big Tech also show a marked concentration in a few countries, and particular places in those countries. NASDAQ IPOs of firms in relevant sectors are similarly concentrated. Acquisition, or the less common alternative, IPO, is the second major phase of financing for a digital start up. The first phase is commonly associated with venture capital (VC), and location proximate to venture capital companies has often been seen as a motivation for locating in a tech cluster. We find, however, that neither VC funding, nor funding an investor located in the Silicon Valley, predicts either acquisition by Big Tech, or IPO. Funding by any of the VCs that helped launch the Big Tech firms, however, is strongly associated with Big Tech acquisition. This suggests an important role for social networks in both the first and second phases of financing, but not necessarily a geographical role in the first phase.We argue that the acquisition market – and its effects on both the major tech hubs and the left behind rest – depends crucially on the proprietary control of access to various digital network products. Regulation of these markets, particularly in the form of common carrier status and open standards, could achieve a considerable re-balancing.","PeriodicalId":375725,"journal":{"name":"SPGMI: Capital IQ Data (Topic)","volume":"190 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134354370","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

Deregulation, Market Power, and Prices: Evidence from the Electricity Sector 放松管制、市场力量和价格:来自电力部门的证据

SPGMI: Capital IQ Data (Topic) Pub Date : 2021-04-05 DOI: 10.2139/ssrn.3793305

Alexander Mackay, Ignacia Mercadal

引用次数: 0

Analyst Optimism and Buy-Side Institutions: Evidence from Analyst Transition from Sell-Side to Buy-Side 分析师乐观主义与买方机构:来自分析师从卖方向买方转变的证据

SPGMI: Capital IQ Data (Topic) Pub Date : 2021-03-09 DOI: 10.2139/ssrn.3801213

Biwen Zhang

引用次数: 3

Financial instruments InsurTech on the financial market in the current global context 金融工具保险科技在当前全球背景下的金融市场

SPGMI: Capital IQ Data (Topic) Pub Date : 2021-03-09 DOI: 10.2139/ssrn.3801096

Otilia Manta

引用次数: 1

Comprehending China's Domestic Ratings: A Perspective from Default Probability-Implied S&P Ratings 理解中国国内评级:一个基于违约概率的标准普尔评级视角

SPGMI: Capital IQ Data (Topic) Pub Date : 2021-02-25 DOI: 10.2139/ssrn.3792687

Shida Liu, Hao Wang

引用次数: 0

Options Trading and Corporate Debt Structure 期权交易和公司债务结构

SPGMI: Capital IQ Data (Topic) Pub Date : 2021-02-18 DOI: 10.2139/ssrn.3520403

Jie Cao, M. Hertzel, Jie Xu, Xintong Zhan

{"title":"Options Trading and Corporate Debt Structure","authors":"Jie Cao, M. Hertzel, Jie Xu, Xintong Zhan","doi":"10.2139/ssrn.3520403","DOIUrl":"https://doi.org/10.2139/ssrn.3520403","url":null,"abstract":"Recent empirical studies find that increased informational efficiency associated with options trading activity enhances firm value by allowing for a more efficient allocation of firm resources. In this paper, we develop and test the hypothesis that, in addition to a more efficient allocation of firm resources, options trading also enhances firm value through a financing channel, by promoting a lower cost debt structure that relies more on public debt and less on more costly bank financing. Consistent with both an information channel (where increased informational efficiency facilitates public debt issuance and reduces demand for the superior ability of banks to access and process private information) and a governance channel (where enhanced informational efficiency improves the effectiveness of alternative governance thereby reducing demand for bank lender governance), we find that options trading leads firms to shift from bank loans to public bonds. Consistent with an information channel effect, we show that the reduced reliance on bank borrowing is concentrated in high information asymmetry firms that are expected to benefit more from the enhanced information environment associated with options trading activity. Consistent with a governance channel effect, we find a more negative relation between options trading activity and bank borrowing in competitive industries where external governance pressure is high. In addition, we find that loan covenant strictness decreases with increases in options trading volume. Overall, our findings suggest that enhanced information efficiency associated with options trading lowers financing costs by reducing firm demand for the unique informational and governance qualities associated with bank borrowing.","PeriodicalId":375725,"journal":{"name":"SPGMI: Capital IQ Data (Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116896142","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: 8

Information Processing Skills of Short Sellers: Empirical Evidence from the COVID-19 Pandemic 卖空者信息处理能力:来自新冠肺炎疫情的经验证据

SPGMI: Capital IQ Data (Topic) Pub Date : 2021-01-09 DOI: 10.2139/ssrn.3763198

Levy Schattmann, Jan-Oliver Strych, P. Westerholm

{"title":"Information Processing Skills of Short Sellers: Empirical Evidence from the COVID-19 Pandemic","authors":"Levy Schattmann, Jan-Oliver Strych, P. Westerholm","doi":"10.2139/ssrn.3763198","DOIUrl":"https://doi.org/10.2139/ssrn.3763198","url":null,"abstract":"We aim to answer if superior performance by short sellers’ is generated by processing public information rather than by exploiting private information. To achieve this, we analyze if short sellers with healthcare expertise outperform in short selling of non-healthcare stocks compared to those with no healthcare expertise. Since we expect that any short sellers’ private information about healthcare stocks is unlikely to be material for non-healthcare stocks, we conclude that any observed outperformance in non-healthcare stocks is more likely caused by processing public information. As an identification strategy, we interpret the outbreak of the COVID-19 pandemic as a treatment to short sellers with healthcare expertise. Our measures of healthcare expertise are based on pre-COVID-19 performance related to either holding or covering a short position in healthcare stocks. Using a unique German sample of daily short selling data, we find that treated short positions identified by general shorting (covering) outperformance are associated with lower 10-day CARs for non-healthcare stocks by an economically significant magnitude of 4.3 percent (7.2 percent). Robustness test rule out that our results are also driven by the use of private information or non information-based trading advantages such as better funding or borrowing ability of observed short sellers.","PeriodicalId":375725,"journal":{"name":"SPGMI: Capital IQ Data (Topic)","volume":"6 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121001536","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

Flattening the Insolvency Curve: Promoting Corporate Restructuring in Asia and the Pacific in the Post-C19 Recovery 使破产曲线趋平:在c19后经济复苏中促进亚太地区的企业重组

SPGMI: Capital IQ Data (Topic) Pub Date : 2021-01-01 DOI: 10.5089/9781513568096.001.A001

A. Bauer, R. Craig, José Garrido, K. Kang, K. Kashiwase, S. Kim, Yan Liu, S. Rafiq

引用次数: 6

CSR Expenditure and Stock Liquidity 企业社会责任支出与股票流动性

SPGMI: Capital IQ Data (Topic) Pub Date : 2020-12-12 DOI: 10.2139/ssrn.3747784

P. P. Roy, Sandeep Rao, Min Zhu

引用次数: 0

Low Price-To-Book Ratios and Bank Dividend Payout Policies 低市净率和银行派息政策

SPGMI: Capital IQ Data (Topic) Pub Date : 2020-12-09 DOI: 10.2139/ssrn.3761864

L. Gambacorta, Tommaso Oliviero, H. Shin

引用次数: 14