IO: Empirical Studies of Firms & Markets eJournal最新文献_第3页

How Can Bad News Increase Price? Short Squeezes After Short-Selling Attacks 坏消息如何提高价格?卖空攻击后的空头挤压

IO: Empirical Studies of Firms & Markets eJournal Pub Date : 2021-04-01 DOI: 10.2139/ssrn.3849581

Lorien Stice-Lawrence, Y. Wong, Wuyang Zhao

{"title":"How Can Bad News Increase Price? Short Squeezes After Short-Selling Attacks","authors":"Lorien Stice-Lawrence, Y. Wong, Wuyang Zhao","doi":"10.2139/ssrn.3849581","DOIUrl":"https://doi.org/10.2139/ssrn.3849581","url":null,"abstract":"We examine market returns following short-selling attacks, where short sellers publicly disclose the negative information that led them to short their targets. Counterintuitively, we find that for a significant proportion of these attacks (about 30%), the initial market reactions are positive. Consistent with short squeezes being a major driver of these positive returns, we demonstrate that about half of initially positive returns fully reverse over the following quarter, relative to about a third of initially negative returns, and this asymmetric reversal pattern cannot be explained by short sellers profitably covering their positions, by misleading disclosures, or by market attention. Further, short covering levels are high for target firms with initially positive returns that reverse, further suggesting that price pressure from short sellers forced to close their positions explains some of these positive returns. We find that short squeezes are difficult to predict ahead of time but may be triggered by conditions on the day of the attack, including insider purchases, highlighting the difficulty short sellers face in avoiding this risk. Lastly, short squeezes impose substantial costs on short sellers, leading to an average loss of $70 million per suspected squeezed campaign relative to estimated profits of $35 million per successful campaign.","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"8 41","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120969392","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

Allocating Scarce Resources in the Presence of Private Information and Bargaining Power 私有信息和议价能力存在下的稀缺资源配置

IO: Empirical Studies of Firms & Markets eJournal Pub Date : 2021-03-29 DOI: 10.2139/ssrn.3814486

Xiaoshuai Fan, Ying‐ju Chen, Christopher S. Tang

{"title":"Allocating Scarce Resources in the Presence of Private Information and Bargaining Power","authors":"Xiaoshuai Fan, Ying‐ju Chen, Christopher S. Tang","doi":"10.2139/ssrn.3814486","DOIUrl":"https://doi.org/10.2139/ssrn.3814486","url":null,"abstract":"This paper studies optimal schemes for allocating scarce resources to agents with private demand information and heterogeneous bargaining powers. Through an investigation of a mechanism design model that aims to induce agents to report their demands truthfully, we find the following results. First, when the principal purely cares about social welfare and when the principal has sufficient resources to satisfy all agents’ demands, we find that the optimal allocation scheme is “efficient” because it is identical to the optimal scheme for the benchmark case in which bargaining power differentials and information asymmetry are both absent. Second, when rationing is needed due to resource scarcity, we show that heterogeneity in bargaining power cross agents will cause the principal to allocate more resources to agents with stronger bargaining power even though their true demands are low, resulting in “inefficient” allocations. We show that there are circumstances that can reduce allocation inefficiency caused by bargaining power differentials. These circumstances are: (1) when the principal cares about both the social welfare and its own monetary benefits, and (2) when positive externality is present (i.e., allocating resources to one agent can benefit other agents).","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116517225","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 Long Do We Keep Up With the Joneses? Herding Time Horizons in the Dry Bulk Shipping Markets 我们能跟得上邻居多久?干散货航运市场的羊群时间范围

IO: Empirical Studies of Firms & Markets eJournal Pub Date : 2021-03-21 DOI: 10.2139/ssrn.3738679

Nektarios A. Michail, Konstantinos D. Melas

引用次数: 4

Vertical Mergers with Input Substitution: Double Marginalization, Foreclosure and Welfare 纵向并购与投入替代:双重边缘化、丧失抵押品赎回权与福利

IO: Empirical Studies of Firms & Markets eJournal Pub Date : 2021-03-12 DOI: 10.2139/ssrn.3743708

Serge Moresi, M. Schwartz

引用次数: 5

Private Firm Valuation using Enterprise Value Multiples: An Examination of Relative Performance on Minority and Majority Share Transactions 利用企业价值倍数对私人公司进行估值:对少数股和多数股交易相对绩效的考察

IO: Empirical Studies of Firms & Markets eJournal Pub Date : 2021-02-17 DOI: 10.2139/ssrn.3787359

Stefan Otto Grbenic

{"title":"Private Firm Valuation using Enterprise Value Multiples: An Examination of Relative Performance on Minority and Majority Share Transactions","authors":"Stefan Otto Grbenic","doi":"10.2139/ssrn.3787359","DOIUrl":"https://doi.org/10.2139/ssrn.3787359","url":null,"abstract":"The market approach employing valuation multiples plays an important role in valuing private firms by complementing, calibrating, or even substituting discounted cash-flow valuations. Existing research, elaborating upon the absolute performance of multiples as well as the relative performance of various multiple’s definitions, is in its entirety limited to trading multiples generated from data on listed companies. Since the market for corporate takeovers of private firms is at least as important as that for public companies, this study expands the research to the relative performance of transaction multiples, being employed in valuing private firms.<br><br>Examining the performance of four enterprise value multiples according to bias and accuracy, the cross-sectoral as well as the sector-specific results indicate superiority of the enterprise value to total assets multiple and inferiority of the enterprise value to sales multiple. Furthermore, on a cross-sectoral basis, the enterprise value to EBITDA multiple clearly dominates the enterprise value to EBIT multiple. In a sectoral breakdown, the results get somewhat diffuse with the enterprise value to sales multiple occasionally outperforming earnings multiples, the earnings multiples showing no clear superiority among each other and, the multiples occasionally performing differently on bias and accuracy. All results hold similarly for both, minority share as well as majority share transactions.<br>","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121725694","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

Firms' Financing Dynamics Around Lumpy Capacity Adjustments 围绕产能调整的企业融资动态

IO: Empirical Studies of Firms & Markets eJournal Pub Date : 2021-02-12 DOI: 10.2139/ssrn.3784669

C. Görtz, Plutarchos Sakellaris, J. Tsoukalas

{"title":"Firms' Financing Dynamics Around Lumpy Capacity Adjustments","authors":"C. Görtz, Plutarchos Sakellaris, J. Tsoukalas","doi":"10.2139/ssrn.3784669","DOIUrl":"https://doi.org/10.2139/ssrn.3784669","url":null,"abstract":"We study how firms adjust their financial positions around the times when they undertake lumpy adjustments in capital or labor. Using U.S. data from Compustat, we show that there are discernible patterns of financing lumpy adjustment, remarkably similar across capital and labor, but quite distinct between expansionary and contractionary lumpy adjustment episodes. We find strong evidence that both cash and debt capacity are actively manipulated to increase financial flexibility in the years before the ensuing expansion of firm capacity. Debt and cash contribute to financing the investment in capital or labor and leverage continues to rise significantly for two years after the lumpy expansion was initiated. Lumpy contractions are undertaken after years that show reductions in cash balances and above average levels of debt. During and after the contraction, firms rebuild cash and reduce debt growth significantly. These patterns are consistent with firms acting to restore financial health by adjusting their productive operations. We document that lumpy expansions and contractions in capital or employment are systematic time series drivers of firms' leverage and cash balance dynamics.","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116254311","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

Effects of Chinese Import Competition on Self-employed Business Owners in the U.S. 中国进口竞争对美国个体企业主的影响

IO: Empirical Studies of Firms & Markets eJournal Pub Date : 2021-02-11 DOI: 10.2139/ssrn.3789633

Bulent Unel

引用次数: 0

Exploring the Internationalization Process, Behavior, and Patterns of Born Global Ride-Hailing Firms 探索全球网约车公司的国际化进程、行为和模式

IO: Empirical Studies of Firms & Markets eJournal Pub Date : 2021-01-21 DOI: 10.2139/ssrn.3770837

Benedictus Andy Suhendra, Michael Neubert

{"title":"Exploring the Internationalization Process, Behavior, and Patterns of Born Global Ride-Hailing Firms","authors":"Benedictus Andy Suhendra, Michael Neubert","doi":"10.2139/ssrn.3770837","DOIUrl":"https://doi.org/10.2139/ssrn.3770837","url":null,"abstract":"The purpose of this study is to explore the internationalization process, behavior, and patterns of ride-hailing firms through the use of the born global firms (BGFs) internationalization model as a conceptual framework. The research method will be based on the purpose of the study. A multiple-case study is used to comprehensively analyze the phenomenon under investigation and explore the behavior and pattern between the case studies. Data was collected through documentation reviews such as a financial report, company portfolio, business plan, and previous research within the subject from seven ride-hailing firms to allow for triangulation. Data analysis of the study found seven themes to answer the research question. The finding suggests that ride-hailing firms: 1) Enter the home market as a pioneer, and the internationalization can be done as both pioneer, and follower. 2) Expand the market through the use of concentration or combination strategy. 3) Use wholly owned subsidiaries as their main entry form. 4) Ride hailing firms move from global standardization to local adaptation the longer they operate in a market. 5) Ride hailing firms prefer a born regional and born-again global internationalization model. The two limitations of this research are the research methodology and sampling strategy that limit the results' generalizability. The results will help to extend BGFs’ internationalization models and add, confirm, and provide new knowledge regarding the ride-hailing industry. They also provide resources for practice such as founders, managers, entrepreneurs, consultants, and coaches to understand how BGFs’ internationalization in the ride-hailing sector works.","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116625131","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

Defusing Leverage: Liquidity Management and Labor Contracts 化解杠杆:流动性管理与劳动合同

IO: Empirical Studies of Firms & Markets eJournal Pub Date : 2021-01-19 DOI: 10.2139/ssrn.3768825

E. Acabbi, A. Alati

{"title":"Defusing Leverage: Liquidity Management and Labor Contracts","authors":"E. Acabbi, A. Alati","doi":"10.2139/ssrn.3768825","DOIUrl":"https://doi.org/10.2139/ssrn.3768825","url":null,"abstract":"Rigidities in firms’ payroll structures are likely to increase the transmission of shocks to firms’ cash flows and profitability. By using Italian administrative data on workers careers and firms’ balance sheets, we study how the use of permanent and fixed-term labor contracts affects this pass-through. We document how firms use the contract composition of their workforce to manage the risk determined by their labor-induced operating leverage. First, we confirm that a higher labor share is associated with more volatile cash flows following unexpected real shocks, a telling indication of operating leverage at work through labor costs. Second, we show that firms with a greater share of temporary contracts are characterized by a smoother time-series behavior of their cash-flows. In particular, the smoothing effect is stronger for firms with higher labor share related to the permanent workforce. We complement this analysis with the study of the 2001 labor market reform that lifted constraints on the creation of temporary contracts. Exploiting the staggered implementation of the reform across different collective bargaining agreements, we show that, following the reform, firms increased on average their share of temporary contracts and decreased average labor compensation. In addition, we show that, only among firms with an ex-ante more rigid labor cost structure, earlier transition to a more flexible workforce composition led to a 1 percentage point increase in profit margins (against a -1.6pp average variation around the event) and a 5 percent decrease in the cross-sectional standard deviation of profits.<br>","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130326489","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

Do note disclosures influence value relevance more after financial statement placement becomes more standardized? Evidence from ASU 2011-05 在财务报表放置更加标准化后，附注披露对价值相关性的影响是否更大?来自ASU 2011-05的证据

IO: Empirical Studies of Firms & Markets eJournal Pub Date : 2021-01-14 DOI: 10.2139/ssrn.3766529

Matthew Cedergren, Changling Chen, Kai Chen, Victor X. Wang

{"title":"Do note disclosures influence value relevance more after financial statement placement becomes more standardized? Evidence from ASU 2011-05","authors":"Matthew Cedergren, Changling Chen, Kai Chen, Victor X. Wang","doi":"10.2139/ssrn.3766529","DOIUrl":"https://doi.org/10.2139/ssrn.3766529","url":null,"abstract":"We examine whether financial statement note disclosures play an enhanced role in value relevance when managers lose the ability to convey information via financial statement placement discretion. Specifically, we consider the setting of ASU 2011-05, which removed the option for firms to report other comprehensive income (OCI) in the statement of changes in stockholders’ equity. We report two main findings. First, using a larger sample and longer time period than early studies examining ASU 2011-05, we document that, relative to firms that were unaffected by the OCI reporting mandate, firms that changed OCI placement away from the statement of changes in stockholders’ equity exhibited greater increases in OCI value relevance after ASU 2011-05 became effective, in line with the FASB’s stated goal of raising the the prominence of items reported in OCI. Our findings contradict the seemingly puzzling findings of early studies, which documented an incremental decrease in OCI value relevance for these firms. Second, we find that this incremental positive effect for firms that changed OCI placement is enhanced when OCI-related note disclosures are more specific, contain more numerical information, are more readable, are more stable from year to year, and are shorter in length. Collectively, our findings suggest that financial statement placement and note disclosure characteristics interact in a manner such that when managers lose their ability to convey information via their financial statement placement choice, note disclosures become a relatively more important vehicle in the determination of value relevance.","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129585506","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