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Globalization, Governance, and the Returns to Cross-Border Acquisitions

Ellis, Jesse - 2011

Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from countries with better governance gain more from such acquisitions and their gains are higher when targets are from countries with worse governance. Other acquirer country...

Persistent link: https://www.econbiz.de/10012461981

Why Does Fast Loan Growth Predict Poor Performance for Banks?

Fahlenbrach, Rüdiger - 2016

From 1973 to 2014, the common stock of U.S. banks with loan growth in the top quartile of banks over a three-year period significantly underperforms the common stock of banks with loan growth in the bottom quartile over the next three years. The benchmark-adjusted cumulative difference in...

Persistent link: https://www.econbiz.de/10012456585

Are Firms in "Boring" Industries Worth Less?

Chen, Jia - 2015

Using theories from the behavioral finance literature to predict that investors are attracted to industries with more salient outcomes and that therefore firms in such industries have higher valuations, we find that firms in industries that have high industry-level dispersion of profitability...

Persistent link: https://www.econbiz.de/10012457786

Are Larger Banks Valued More Highly?

Minton, Bernadette A. - 2017

of a within-bank negative relation between valuation and size for large banks from 1987 to 2006 but not when the post …-Dodd-Frank period is included in the sample. The negative relation between bank value and bank size for large banks cannot be … Tobin's q lower by 0.2% in regressions with year and bank fixed effects. This relation between bank value and trading assets …

Persistent link: https://www.econbiz.de/10012455469

Why Does Capital No Longer Flow More to the Industries with the Best Growth Opportunities?

Lee, Dong - 2016

With functionally efficient capital markets, we expect capital to flow more to the industries with the best growth opportunities. As a result, these industries should invest more and see their assets grow more relative to industries with the worst growth opportunities. We find that industries...

Persistent link: https://www.econbiz.de/10012455756

Corporate Deleveraging

DeAngelo, Harry - 2016

Proactive deleveraging from all-time peak market leverage (ML) to near-zero ML and negative net debt is the norm among 4,476 nonfinancial firms with five or more years of post-peak data. ML is 0.543 at the historical peak and 0.026 at the later trough for the median firm in this sample, with a...

Persistent link: https://www.econbiz.de/10012455852

Why Does Idiosyncratic Risk Increase with Market Risk?

Bartram, Söhnke M. - 2016

From 1963 through 2015, idiosyncratic risk (IR) is high when market risk (MR) is high. We show that the positive relation between IR and MR is highly stable through time and is robust across exchanges, firm size, liquidity, and market-to-book groupings. Though stock liquidity affects the...

Persistent link: https://www.econbiz.de/10012456185

Do Distressed Banks Really Gamble for Resurrection?

Ben-David, Itzhak - 2019

-1994, 2005-2014) and differ in bank regulations, especially concerning capital requirements and enforcement. In contrast to the … forces beyond formal regulations incentivize bank managers to deleverage when their banks are in distress …

Persistent link: https://www.econbiz.de/10012479744

FinTech, BigTech, and the Future of Banks

Stulz, René M. - 2019

uneven playing field enables non-bank FinTech firms to challenge banks for specific products whose success is not tied to …

Persistent link: https://www.econbiz.de/10012480257

Why Did Some Banks Perform Better During the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation

Beltratti, Andrea - 2009

Though overall bank performance from July 2007 to December 2008 was the worst since at least the Great Depression … performance of banks during the credit crisis. More specifically, we investigate whether bank performance is related to bank …-level governance, country-level governance, country-level regulation, and bank balance sheet and profitability characteristics before …

Persistent link: https://www.econbiz.de/10012463469