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Paris December 2015 Finance Meeting EUROFIDAI - AFFI (Archive)最新文献

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Executive Compensation and Deployment of Corporate Resources: Evidence from Working Capital 高管薪酬与公司资源配置:来自营运资金的证据
Paris December 2015 Finance Meeting EUROFIDAI - AFFI (Archive) Pub Date : 2015-10-08 DOI: 10.2139/ssrn.2671304
Nihat Aktas, E. Croci, O. Ozbas, D. Petmezas
{"title":"Executive Compensation and Deployment of Corporate Resources: Evidence from Working Capital","authors":"Nihat Aktas, E. Croci, O. Ozbas, D. Petmezas","doi":"10.2139/ssrn.2671304","DOIUrl":"https://doi.org/10.2139/ssrn.2671304","url":null,"abstract":"Firms provide compensation incentives to executives, primarily in the form of bonus payments, to alleviate slack in the deployment of corporate resources to working capital. Financially constrained firms are heavy users of working capital incentives. So are firms that are less exposed to external takeover threats. Among the different components of working capital, inventories and payables are the main drivers of executive bonuses. Overall, our evidence supports the optimal contracting view of bonus payments in executive compensation.","PeriodicalId":416610,"journal":{"name":"Paris December 2015 Finance Meeting EUROFIDAI - AFFI (Archive)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125843537","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
Two Shades of Opacity: Hidden Orders versus Dark Trading 不透明的两种阴影:隐藏订单与黑暗交易
Paris December 2015 Finance Meeting EUROFIDAI - AFFI (Archive) Pub Date : 2015-09-01 DOI: 10.2139/ssrn.2669447
H. Degryse, N. Karagiannis, Geoffrey Tombeur, Gunther Wuyts
{"title":"Two Shades of Opacity: Hidden Orders versus Dark Trading","authors":"H. Degryse, N. Karagiannis, Geoffrey Tombeur, Gunther Wuyts","doi":"10.2139/ssrn.2669447","DOIUrl":"https://doi.org/10.2139/ssrn.2669447","url":null,"abstract":"This paper investigates two distinct ways in which traders can hide their trading intentions: (1) hidden orders on lit trading venues and (2) completely dark trading venues. Using a detailed high-frequency dataset, we find that dark trading and hidden order trading are substitutes. However, dark trading appears to be a better substitute for hidden order trading than the other way around. Furthermore, a number of market conditions differently affect hidden orders and dark trading. In particular, hidden order trading is preferred over dark trading on high volume days, when visible depth is small, the quoted spread is narrow and fewer traders employ smart order routers. Algorithmic trading is negatively related to both types of opaque trading. These findings have implications for regulation aimed at curbing dark trading activity, since hidden orders do not offer an adequate opaque alternative.","PeriodicalId":416610,"journal":{"name":"Paris December 2015 Finance Meeting EUROFIDAI - AFFI (Archive)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123861499","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: 21
Paris December 2015 Finance Meeting - Call for Papers 2015年12月巴黎财务会议-征文
Paris December 2015 Finance Meeting EUROFIDAI - AFFI (Archive) Pub Date : 2015-03-23 DOI: 10.2139/SSRN.2583833
Laura Barus
{"title":"Paris December 2015 Finance Meeting - Call for Papers","authors":"Laura Barus","doi":"10.2139/SSRN.2583833","DOIUrl":"https://doi.org/10.2139/SSRN.2583833","url":null,"abstract":"The 13th Paris December Finance Meeting is organized in Paris downtown on December 17, 2015 by EUROFIDAI (European Financial Data Institute), AFFI (French Finance Association) and Leonard de Vinci Pole Universitaire, and jointly sponsored by CDC Institute for Research, CNRS, Institut Louis Bachelier, Fondation Banque de France in Money, Finance and Banking, Equipex BEDOFIH and 'Regulation and Systemic Risk' ACPR Chair. Equipex BEDOFIH will sponsor a special Microstructure session under the supervision of T. Hendershott (UC Berkeley), and the 'Regulation and Systemic Risk' ACPR Chair will sponsor a special session, under the supervision of C. Gourieroux (ENSAE and University of Toronto).","PeriodicalId":416610,"journal":{"name":"Paris December 2015 Finance Meeting EUROFIDAI - AFFI (Archive)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124333156","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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