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Peer effects on corporate cash holdings: evidence from Vietnam 企业现金持有量的同伴效应:来自越南的证据
Econometric Modeling: Corporate Finance & Governance eJournal Pub Date : 2021-07-30 DOI: 10.2139/ssrn.3898248
Nghia Huu Nguyen, Wei-Hsien Li
{"title":"Peer effects on corporate cash holdings: evidence from Vietnam","authors":"Nghia Huu Nguyen, Wei-Hsien Li","doi":"10.2139/ssrn.3898248","DOIUrl":"https://doi.org/10.2139/ssrn.3898248","url":null,"abstract":"This research examines the peer effects on cash holdings in Vietnam, an emerging market, and finds a reverse peer effect on them - that is, a firm’s level of cash holdings negatively relates to those of its peers. We also note the reverse peer effects are stronger for firms facing less competition and with low intangibility. Because the Vietnam market has noticeable lower competition and investment in innovation than in developed economics like the U.S., our evidence lend supports for competition and innovation investment positively driving cash holdings’ peer effects and reconciles inconsistencies in the literature. Our findings also support heterogeneity across countries in peer mimicking behavior and contributes to the cash holdings literature for the Vietnam market.","PeriodicalId":416026,"journal":{"name":"Econometric Modeling: Corporate Finance & Governance eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130187614","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
Financing Small Tech Firms in India vs. Canada: A Comparative Study 印度与加拿大小型科技公司融资的比较研究
Econometric Modeling: Corporate Finance & Governance eJournal Pub Date : 2021-07-21 DOI: 10.2139/ssrn.3890898
Arjun Pal
{"title":"Financing Small Tech Firms in India vs. Canada: A Comparative Study","authors":"Arjun Pal","doi":"10.2139/ssrn.3890898","DOIUrl":"https://doi.org/10.2139/ssrn.3890898","url":null,"abstract":"Regardless of how innovative your business idea is, the utmost essential element of a start-up’s success is the ability to obtain enough funding for beginning, sustaining and growing your business. Start-up funding or start-up capital, is the money needed to launch a new small tech firm. Funding from a variety of sources and can be used for any purpose that assists in the inception of the start-up. There are various sources of Start-up capital, for example funding from venture capitalists, angel investors, banks, or other financial institutions. It is basically a large funding that covers any or all of the company's major initial costs such as inventory, licenses, office space, and product development. In small tech financing, the main investor’s agenda of a good and successful exit from the investment can be brought around by chalking up agreements with other private equity funds regarding their availability and commitment to buy the main investor’s stake after an agreed date. Alternatively, one can sign a buy back agreement with the entrepreneur or other shareholders who agree to repurchase the main investor’s stake in the company after a predefined period of time (put option). The only impediment is that this step assumes that the prospective investors have enough money to buy the stake back during the exit date. Due to this, the prospective entrepreneur may be required to put away funds in an escrow account. Another way put may be the pledge of some assets of the prospective entrepreneurs.","PeriodicalId":416026,"journal":{"name":"Econometric Modeling: Corporate Finance & Governance eJournal","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131733664","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
Managerial Extrapolation: Who and When? 管理外推:谁，何时?
Econometric Modeling: Corporate Finance & Governance eJournal Pub Date : 2021-07-10 DOI: 10.2139/ssrn.3884059
Dayong Huang, Lijun Lei, Mengmeng Wang, Yuhang Xing
{"title":"Managerial Extrapolation: Who and When?","authors":"Dayong Huang, Lijun Lei, Mengmeng Wang, Yuhang Xing","doi":"10.2139/ssrn.3884059","DOIUrl":"https://doi.org/10.2139/ssrn.3884059","url":null,"abstract":"We show strong over-extrapolation of earnings in the I/B/E/S managerial guidance. Firms whose earnings are less persistent, less volatile, or more salient exhibit more extrapolation. Managers who observe rapid growth in their local housing market also demonstrate more extrapolation, albeit weaker. Over-extrapolation is not particularly related to a manager’s skills or tenure. Exploiting exogenous variations in firms’ profitability resulting from the 2017 Tax Cuts and Jobs Act, we provide clean evidence that managers over-extrapolate past earnings even when earnings experience a temporary shock. Consistent with Bordalo et al. (2020) and Afrouzi et al. (2021), our findings shed light on what factors affect the degree of over-extrapolation.","PeriodicalId":416026,"journal":{"name":"Econometric Modeling: Corporate Finance & Governance eJournal","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130365105","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 Investor Sentiment Drive M&As? 投资者情绪驱动并购吗?
Econometric Modeling: Corporate Finance & Governance eJournal Pub Date : 2021-07-06 DOI: 10.2139/ssrn.3880959
Roberta Terranova
{"title":"Does Investor Sentiment Drive M&As?","authors":"Roberta Terranova","doi":"10.2139/ssrn.3880959","DOIUrl":"https://doi.org/10.2139/ssrn.3880959","url":null,"abstract":"In this paper we investigate the relationship between firm-specific investor sentiment, measured by applying text analysis to news stories published by Thomson Reuters, and merger and acquisition (M&A) deals announced by US-listed companies between 1997 and 2018. We find that a more positive investor sentiment increases the probability of firms announcing acquisitions and we investigate a number of potential reasons capable of explaining such a relationship. In this respect, we do not find that the overvaluation hypothesis or the catering theory are able to account for the impact of investor sentiment on acquisition announcements. Instead, by studying the short- and long-run stock market reaction to merger announcements and its relationship with investor sentiment, we find a positive short-run correlation which is reversed in the long-run. These results provide evidence for the overoptimism theory of mergers, which states that, in periods characterized by more optimistic investor sentiment, managers are more induced to pursue acquisitions and that these are better perceived by the stock market, even though they perform worse in the long-run.","PeriodicalId":416026,"journal":{"name":"Econometric Modeling: Corporate Finance & Governance eJournal","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121134852","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
Peer Selection and Valuation in Mergers and Acquisitions 并购中的同业选择与估值
Econometric Modeling: Corporate Finance & Governance eJournal Pub Date : 2021-06-30 DOI: 10.2139/ssrn.3771664
Gregory W. Eaton, Feng Guo, Tingting Liu, Micah S. Officer
{"title":"Peer Selection and Valuation in Mergers and Acquisitions","authors":"Gregory W. Eaton, Feng Guo, Tingting Liu, Micah S. Officer","doi":"10.2139/ssrn.3771664","DOIUrl":"https://doi.org/10.2139/ssrn.3771664","url":null,"abstract":"Using unique data, this paper examines investment banks’ choice of peers in comparable companies analysis in mergers and acquisitions. We find strong evidence that product market space is amongst the most important factors in peer selection, but we provide evidence indicating that Standard Industrial Classification (SIC) codes, particularly three- and four-digit codes, do a poor job of categorizing related firms in this setting. Banks strategically select large, high growth peers with high valuation multiples, factors that are also positively related to premiums. Our evidence is consistent with target-firm advisors selecting peers with high valuation multiples to negotiate higher takeover prices.","PeriodicalId":416026,"journal":{"name":"Econometric Modeling: Corporate Finance & Governance eJournal","volume":"225 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127198897","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: 11
Predicting Exporters with Machine Learning 用机器学习预测出口商
Econometric Modeling: Corporate Finance & Governance eJournal Pub Date : 2021-06-01 DOI: 10.2139/ssrn.3882811
Francesca Micocci, Armando Rungi
{"title":"Predicting Exporters with Machine Learning","authors":"Francesca Micocci, Armando Rungi","doi":"10.2139/ssrn.3882811","DOIUrl":"https://doi.org/10.2139/ssrn.3882811","url":null,"abstract":"In this contribution, we exploit machine learning techniques to predict out-of-sample firms' ability to export based on the financial accounts of both exporters and non-exporters. Therefore, we show how forecasts can be used as exporting scores, i.e., to measure the distance of non-exporters from export status. For our purpose, we train and test various algorithms on the financial reports of 57,021 manufacturing firms in France in 2010-2018. We find that a Bayesian Additive Regression Tree with Missingness In Attributes (BART-MIA) performs better than other techniques with a prediction accuracy of up to 0.90. Predictions are robust to changes in definitions of exporters and in the presence of discontinuous exporters. Eventually, we argue that exporting scores can be helpful for trade promotion, trade credit, and to assess firms' competitiveness. For example, back-of-the-envelope estimates show that a representative firm with just below-average exporting scores needs up to 44% more cash resources and up to 2.5 times more capital expenses to reach full export status.","PeriodicalId":416026,"journal":{"name":"Econometric Modeling: Corporate Finance & Governance eJournal","volume":"108 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121960267","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 Relationship between Debt Securities Issuance and Operational Performance: An Empirical Study of Banks in Indonesia 债务证券发行与经营绩效的关系:印尼银行的实证研究
Econometric Modeling: Corporate Finance & Governance eJournal Pub Date : 2021-05-15 DOI: 10.2139/ssrn.3878152
Rohmini Indah Lestari
{"title":"The Relationship between Debt Securities Issuance and Operational Performance: An Empirical Study of Banks in Indonesia","authors":"Rohmini Indah Lestari","doi":"10.2139/ssrn.3878152","DOIUrl":"https://doi.org/10.2139/ssrn.3878152","url":null,"abstract":"This study aims to find out what determinants have the most influence in improving bank operational performance, including profit<br>efficiency policies or debt securities issuance. Profit efficiency policy is proxied by net interest margin, which describes the input and output<br>of the bank’s production activities as an intermediary institution. Profit efficiency contributes more influence than issuing debt securities.<br>The issuance of bonds is a proxy for bank policy in issuing debt securities. Researchers investigated some views stating that issuing debt is<br>risky since it will negatively affect bank operational performance. This research differs from previous studies in that it used a non-linear test<br>to find the optimal value indicating that additional debt securities issuance can improve bank operational performance. Based on ownership,<br>the samples were separated into two categories, government-owned banks and private banks. The policy of issuing debt securities to private<br>banks shows an inverted U-shape, whereas government-owned banks are U-shaped. This research uses a perceptual map to visualize the<br>implementation of profit efficiency policies and of debt securities issuance in sample banks. This diagram technique will contribute to our<br>understanding of how to implement managerial policies for profit efficiency and issuance debt securities in banks.","PeriodicalId":416026,"journal":{"name":"Econometric Modeling: Corporate Finance & Governance eJournal","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126751418","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
Private Equity Funds/Venture Capital - A New Role And Opportunity In The Albanian Economy And Financial Market 私募股权基金/风险资本-阿尔巴尼亚经济和金融市场的新角色和机遇
Econometric Modeling: Corporate Finance & Governance eJournal Pub Date : 2021-04-23 DOI: 10.2139/ssrn.3840874
Elvin S. Meka
{"title":"Private Equity Funds/Venture Capital - A New Role And Opportunity In The Albanian Economy And Financial Market","authors":"Elvin S. Meka","doi":"10.2139/ssrn.3840874","DOIUrl":"https://doi.org/10.2139/ssrn.3840874","url":null,"abstract":"The prolonged stagnation bank credit expansion, following the outbreak of recent economic and financial crises of 2008, and now the complex situation during the pandemic, has produced a significant impact on the availability of new and longterm sources of business financing, mainly related to mid and large-size companies, but also to start-ups. Currently, all such categories of businesses find difficulties in obtaining long-term financing from banks and this has major implications on financing their investments and projects in the pipeline. In a time when, paradoxically, bank credit is becoming increasingly complex and difficult and therefore, to score a significant influence on the economy and investment financing, and regardless of the existing liquidity abundance, establishing and developing Private Equity/Venture Capital Funds (PE/VC) can play an important contributioninthis regard. Despite the fact that such type of institutional investor is currently lacking within the Albanian capital market, some basic legal, institutional and economic premises do exist within the Albanian financial landscape, and which could provide grounds for such an actor to play its role in providing an alternative source of long - term financing for Albanian businesses. Consequently, their existence could pave the way for revitalization of the idea and attempts to put into operation a functioning capital market in Albania, which is still rudimentary and non-active.","PeriodicalId":416026,"journal":{"name":"Econometric Modeling: Corporate Finance & Governance eJournal","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134045081","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
Risk-Taking of Hedge Funds: Empirical Evidence vs. Theoretical Modeling 对冲基金的风险承担:实证与理论模型
Econometric Modeling: Corporate Finance & Governance eJournal Pub Date : 2021-04-15 DOI: 10.2139/ssrn.3827261
J. Jackwerth
{"title":"Risk-Taking of Hedge Funds: Empirical Evidence vs. Theoretical Modeling","authors":"J. Jackwerth","doi":"10.2139/ssrn.3827261","DOIUrl":"https://doi.org/10.2139/ssrn.3827261","url":null,"abstract":"When an investor delegates portfolio management to a hedge fund manager, whose risk-taking preference governs? Single-period models with option-like incentives suggest stark variation in risk-taking across fund value and time as fund managers maximize their own well-being. Empirical validation is hard to come by, as each hedge fund traces out only a few points on that risk-taking surface. Cross-sectional pooling of normalized returns allows precise estimation of the normalized risk-taking surface. In fact, it is almost flat with some increased risk-taking at very low fund values. A multi-year model is consistent with these findings.","PeriodicalId":416026,"journal":{"name":"Econometric Modeling: Corporate Finance & Governance eJournal","volume":"481 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114057430","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 Marginal Profit-to-Q Ratio: Reassessing the Cash-Flow Channel 边际利润与q比:重新评估现金流渠道
Econometric Modeling: Corporate Finance & Governance eJournal Pub Date : 2021-04-06 DOI: 10.2139/ssrn.3820588
Ilan Cooper, Paulo F. Maio, Chunyu Yang
{"title":"The Marginal Profit-to-Q Ratio: Reassessing the Cash-Flow Channel","authors":"Ilan Cooper, Paulo F. Maio, Chunyu Yang","doi":"10.2139/ssrn.3820588","DOIUrl":"https://doi.org/10.2139/ssrn.3820588","url":null,"abstract":"We study a production-based present-value relation that implies that fluctuations in the marginal profit-to-marginal Q ratio (mq) are driven by variations in the expected growth of marginal profits (cash-flow channel), expected investment return changes (discount-rate channel), or both. We find that in contrast to the aggregate dividend-to-price ratio, mq strongly predicts marginal profits growth at both short and long horizons, but not investment returns. mq also predicts (negatively) the growth rates of aggregate earnings, industrial production, and non-farm payrolls. Our findings can guide modeling in which the expected growth rate of marginal profits (at multiple horizons) is time-varying.","PeriodicalId":416026,"journal":{"name":"Econometric Modeling: Corporate Finance & Governance eJournal","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122913956","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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