Economic Notes最新文献_第5页

IF 1.5

Economic Notes Pub Date : 2023-01-20 DOI: 10.1111/ecno.12218

William R. Pratt, Gustavo A. Barboza, Matthew Brigida

{"title":"Leverage and firm value","authors":"William R. Pratt, Gustavo A. Barboza, Matthew Brigida","doi":"10.1111/ecno.12218","DOIUrl":"https://doi.org/10.1111/ecno.12218","url":null,"abstract":"<p>Three highly cited studies with over 6000 citations collectively report a negative relationship between the market value of the firm and leverage. Such empirical findings clearly contradict the hypothesis of leverage adding value to the firm and an optimal capital structure that maximizes firm value—these findings have yet to be resolved. Employing a sample of 3,768 firms consisting of 39,015 observations, a stochastic frontier analysis was used to assess the relationship of leverage among other capital structure factors with firm value. It was found that in general the use of leverage promotes firm value, consistent with the trade-off theory and that the inverse relationship between leverage and firm value was a temporary occurrence and is likely attributable to firms employing tax loss carrybacks in response to the 1986 Tax Reform Act. The estimates of technical efficiency indicate that many firms can do more to increase their value, the sample as a whole improves efficiency (value) over the sample period. The findings reconcile the reports of leverage decreasing firm value as reported in Baker and Wurgler, Fama and French, and Habib and Ljungqvist. The empirical findings suggest prior observation was a due to a decline in the value of the tax shield generated by leverage after the Tax Reform Act of 1986. Specifically, tax carrybacks extended the pre-Tax Reform Act of 1986 tax shield value to 1991 and after 1991 the tax shield value declined.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"52 2","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50138624","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

Issue Information (ECNO) 问题信息（ECNO）

IF 1.5

Economic Notes Pub Date : 2023-01-18 DOI: 10.1111/ecno.12201

引用次数: 0

Time-frequency comovement among green financial assets and cryptocurrency uncertainties 绿色金融资产和加密货币不确定性之间的时频协动

IF 1.5

Economic Notes Pub Date : 2022-12-19 DOI: 10.1111/ecno.12216

Inzamam Ul Haq

{"title":"Time-frequency comovement among green financial assets and cryptocurrency uncertainties","authors":"Inzamam Ul Haq","doi":"10.1111/ecno.12216","DOIUrl":"https://doi.org/10.1111/ecno.12216","url":null,"abstract":"<p>The high energy consumption and carbon footprints have raised environmental and sustainable concerns of green investors and policymakers. This study explores comovements between three green and socially responsible financial assets, S&P global clean energy index (GCEI), S&P green bonds index (GB), DJ sustainability world index (DJSWI) and four cryptocurrency uncertainty/attention indices cryptocurrency policy uncertainty index, Central Bank Digital Currencies Uncertainty Index, Central Bank Digital Currencies Attentions Index and Index of Cryptocurrency Environmental Attention using the bivariate wavelet coherence approach. The findings show that GCEI, GB, DJSWI returns have consistent positive comovement with all cryptocurrency uncertainty/attention indices in the medium-term, suggesting their time-varying leading role. Evidence of negative coherences shows that higher cryptocurrency uncertainties/attentions lead to lower green financial asset returns, reflecting the adverse impact of higher uncertainties/attention on the trust of green and sustainable investors. The above empirical findings offer up-to-date insights for guiding policymakers, and regulators, enabling them in environmental policy development. Furthermore, socially responsible investors can make better investment judgments by considering the environmental concerns in the cryptocurrency marketplaces.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"52 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2022-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50152286","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

“Book Review: The Worth of Water by Matt Damon and Gary White” 马特·达蒙和加里·怀特的《书评：水的价值》

IF 1.5

Economic Notes Pub Date : 2022-12-13 DOI: 10.1111/ecno.12210

Tebaldo Vinciguerra

引用次数: 0

Political connections and bank behaviour 政治关系和银行行为

IF 1.5

Economic Notes Pub Date : 2022-12-05 DOI: 10.1111/ecno.12209

Saibal Ghosh

引用次数: 3

Editorial policy of Economic Notes —1993–1998 《经济纪要》1993 - 1998年的编辑政策