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The effect of staggered boards on firm value during market shocks 在市场震荡中，交错董事会对公司价值的影响
Financial Markets and Portfolio Management Pub Date : 2023-10-09 DOI: 10.1007/s11408-023-00434-1
Tristan Oliver Stenzaly
{"title":"The effect of staggered boards on firm value during market shocks","authors":"Tristan Oliver Stenzaly","doi":"10.1007/s11408-023-00434-1","DOIUrl":"https://doi.org/10.1007/s11408-023-00434-1","url":null,"abstract":"Abstract This paper analyzes the effect of staggered boards on firm value during market shocks, adding to the ongoing debate regarding whether staggered boards are value-enhancing or value-destroying. To examine the relationship between staggered boards, market shocks, and firm value, this study employs several alterations of an ordinary least squares regression, controlling for various firm-level characteristics. The findings suggest no homogeneous association between staggered boards and firm value during market shocks. Instead, the effect depends on specific firm characteristics such as R&D intensity, size, and S&P 1500 membership. I show that especially small non-S&P 1500 firms benefit from a staggered board during market shocks. The results support the theory that the effect of staggered boards is heterogeneous and that firms should therefore be allowed to decide independently whether to stagger their boards.","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135142076","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
International banking facilities and bank value 国际银行设施和银行价值
Financial Markets and Portfolio Management Pub Date : 2023-09-30 DOI: 10.1007/s11408-023-00436-z
Charles Braymen, John R. Wingender
{"title":"International banking facilities and bank value","authors":"Charles Braymen, John R. Wingender","doi":"10.1007/s11408-023-00436-z","DOIUrl":"https://doi.org/10.1007/s11408-023-00436-z","url":null,"abstract":"","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136336288","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 two-component Beta-t-QVAR-M-lev: a new forecasting model 双组分β -t- qvar - m -lev:一种新的预测模型
IF 1.9
Financial Markets and Portfolio Management Pub Date : 2023-09-02 DOI: 10.1007/s11408-023-00431-4
M. Haddad, Szabolcs Blazsek, Philip Arestis, Franz Fuerst, Hsia Hua Sheng
{"title":"The two-component Beta-t-QVAR-M-lev: a new forecasting model","authors":"M. Haddad, Szabolcs Blazsek, Philip Arestis, Franz Fuerst, Hsia Hua Sheng","doi":"10.1007/s11408-023-00431-4","DOIUrl":"https://doi.org/10.1007/s11408-023-00431-4","url":null,"abstract":"","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":"1 1","pages":"379 - 401"},"PeriodicalIF":1.9,"publicationDate":"2023-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78547238","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
The predictive ability of technical trading rules: an empirical analysis of developed and emerging equity markets 技术交易规则的预测能力:对发达和新兴股票市场的实证分析
IF 1.9
Financial Markets and Portfolio Management Pub Date : 2023-08-12 DOI: 10.1007/s11408-023-00433-2
Kevin Rink
{"title":"The predictive ability of technical trading rules: an empirical analysis of developed and emerging equity markets","authors":"Kevin Rink","doi":"10.1007/s11408-023-00433-2","DOIUrl":"https://doi.org/10.1007/s11408-023-00433-2","url":null,"abstract":"","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":"168 2 1","pages":"403 - 456"},"PeriodicalIF":1.9,"publicationDate":"2023-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83365873","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
Factors in Swiss franc corporate bond returns 瑞郎公司债券回报因素
IF 1.9
Financial Markets and Portfolio Management Pub Date : 2023-08-04 DOI: 10.1007/s11408-023-00432-3
Samuel Manser
{"title":"Factors in Swiss franc corporate bond returns","authors":"Samuel Manser","doi":"10.1007/s11408-023-00432-3","DOIUrl":"https://doi.org/10.1007/s11408-023-00432-3","url":null,"abstract":"","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":"32 1","pages":"277 - 296"},"PeriodicalIF":1.9,"publicationDate":"2023-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82876237","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
Securities transaction taxes and stock price informativeness: evidence for France and Italy 证券交易税与股价信息:以法国和意大利为例
IF 1.9
Financial Markets and Portfolio Management Pub Date : 2023-07-01 DOI: 10.1007/s11408-023-00430-5
Paulo Pereira da Silva
{"title":"Securities transaction taxes and stock price informativeness: evidence for France and Italy","authors":"Paulo Pereira da Silva","doi":"10.1007/s11408-023-00430-5","DOIUrl":"https://doi.org/10.1007/s11408-023-00430-5","url":null,"abstract":"","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":"18 1","pages":"325 - 345"},"PeriodicalIF":1.9,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81424429","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
What we know about the low-risk anomaly: a literature review 我们对低风险异常的了解:文献综述
IF 1.9
Financial Markets and Portfolio Management Pub Date : 2023-04-28 DOI: 10.1007/s11408-023-00427-0
Joshua Traut
{"title":"What we know about the low-risk anomaly: a literature review","authors":"Joshua Traut","doi":"10.1007/s11408-023-00427-0","DOIUrl":"https://doi.org/10.1007/s11408-023-00427-0","url":null,"abstract":"","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":"333 1","pages":"297 - 324"},"PeriodicalIF":1.9,"publicationDate":"2023-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73140275","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
Beta estimation in the European network regulation context: what matters, what doesn't, and what is indispensable. 欧洲网络监管背景下的贝塔估计：什么重要，什么不重要，什么是不可或缺的。
IF 1.9
Financial Markets and Portfolio Management Pub Date : 2023-04-26 DOI: 10.1007/s11408-023-00428-z
Dmitry Bazhutov, André Betzer, Richard Stehle
{"title":"Beta estimation in the European network regulation context: what matters, what doesn't, and what is indispensable.","authors":"Dmitry Bazhutov,&nbsp;André Betzer,&nbsp;Richard Stehle","doi":"10.1007/s11408-023-00428-z","DOIUrl":"10.1007/s11408-023-00428-z","url":null,"abstract":"<p><p>Most studies on beta estimation look at the whole universe of stocks. We focus on a small subset that consists of stocks of companies which are subject to European network regulation. This allows us to examine beta time series of individual stocks and small peer groups in great detail. Our most important conclusions are: (1) Sudden beta increases or decreases occur that often last only short periods of time and may therefore cause a significant misestimation of the future beta. (2) Three- and especially five-year betas are much more stable than one-year betas. (3) The choice between purely local, European or global betas may matter considerably. (4) Weekly or daily betas seem to be better than monthly ones. (5) Vasicek and Blume adjustments towards one lead to beta predictions that are too high.</p>","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":" ","pages":"1-37"},"PeriodicalIF":1.9,"publicationDate":"2023-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10131524/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"9686600","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Securitization of pandemic risk by using coronabond. 利用新冠债券实现疫情风险证券化。
IF 1.9
Financial Markets and Portfolio Management Pub Date : 2023-04-17 DOI: 10.1007/s11408-023-00425-2
Adlane Haffar, Éric Le Fur, Mohamed Khordj
{"title":"Securitization of pandemic risk by using coronabond.","authors":"Adlane Haffar,&nbsp;Éric Le Fur,&nbsp;Mohamed Khordj","doi":"10.1007/s11408-023-00425-2","DOIUrl":"10.1007/s11408-023-00425-2","url":null,"abstract":"<p><p>This article investigates the pandemic risk coverage within the European Union member states through insurance securitization. This strategy allows the transfer of health risks from the insurance market to the financial markets. We focus on the financial market crisis caused by the COVID-19 pandemic to securitize the losses caused by the latter. Over the period from 24/01/2020 (the first proven case of contamination in Europe) to 31/03/2020 (end of the dramatic decrease in financial markets), we apply the extreme value theory allowing the selection of the trigger threshold. We identify an immediate reaction of the financial markets following a pandemic shock, the effect of which fades after a few days. The response of stock market indices, measured by the fluctuation of return rates, is not very high. Nevertheless, the reaction of the financial markets is sufficient for the corona bond triggering, provided that the threshold for triggering the incidence rate is optimal. In addition, the securitization of insurance risk could be an alternative process to the classic risk transfer techniques such as co-insurance and reinsurance. Finally, a reinsurance pool dedicated to the insurance scheme's management against the effects of a pandemic is crucial for insurance securitization. These results could have implications for various actors such as insurers, financial investors, and States.</p>","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":" ","pages":"1-21"},"PeriodicalIF":1.9,"publicationDate":"2023-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10109232/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"9719880","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Morgan Housel: The psychology of money: timeless lessons on wealth, greed, and happiness (Harriman House, 2020) 摩根·豪斯:《金钱心理学:关于财富、贪婪和幸福的永恒教训》(哈里曼·豪斯，2020)
IF 1.9
Financial Markets and Portfolio Management Pub Date : 2023-01-17 DOI: 10.1007/s11408-022-00424-9
Joshua Traut
{"title":"Morgan Housel: The psychology of money: timeless lessons on wealth, greed, and happiness (Harriman House, 2020)","authors":"Joshua Traut","doi":"10.1007/s11408-022-00424-9","DOIUrl":"https://doi.org/10.1007/s11408-022-00424-9","url":null,"abstract":"","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":"32 1","pages":"1-2"},"PeriodicalIF":1.9,"publicationDate":"2023-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88149043","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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