Showing 1 - 10 of 245
This paper offers a novel framework, combining firm operational risk, IPO pricing risk, and market risk, to model IPO failure risk. By analyzing nearly a thousand variables, we observe that prior IPO failure risk models have suffered from a major missing-variable problem. Evidence reveals...
Persistent link: https://www.econbiz.de/10013296828
This paper examines the debt structure of a sample of U.S. firms exposed to climate risks. Climate risks, categorized as physical, regulatory, and transition risks are associated with greater debt specialization for the affected firms. We find physical and regulatory risks, propagating through...
Persistent link: https://www.econbiz.de/10013492100
We investigate the impacts of improved intellectual property rights (IPR) protection on cross-border M&A performance. Using multiple measures of IPR protection and based on generalized difference-in-differences estimates, we find that countries with better IPR protection attract significantly...
Persistent link: https://www.econbiz.de/10012148319
We investigate the impacts of improved intellectual property rights (IPR) protection on cross-border M&A performance. Using multiple measures of IPR protection and based on generalized difference-in-differences estimates, we find that countries with better IPR protection attract significantly...
Persistent link: https://www.econbiz.de/10012901367
Persistent link: https://www.econbiz.de/10013348242
We augment the LLSV creditor rights index with a new “restructuring index” that measures the incentives provided to creditors to grant concessions outside formal bankruptcy. We study the joint impact of the two indexes on a firm's leverage policy. We show that the two indexes have at most a...
Persistent link: https://www.econbiz.de/10012903408
Persistent link: https://www.econbiz.de/10002928820
Pástor and Veronesi (2012) develop a general equilibrium model to examine the relation between policy uncertainty and … asset prices. Extending to their study, we develop a novel measure of firms’ uncertainty about the change in bilateral trade … flows between each country and the US. We investigate the effect of trade policy uncertainty on the stock returns of firms …
Persistent link: https://www.econbiz.de/10014362466
We analyse the determinants of the variation of option-adjusted credit spreads (OASs) on a unique database that enlarges the traditional scope of analysis to more disaggregated indexes (combining industry, grade and maturity levels), new variables (volumes of sales and purchases of institutional...
Persistent link: https://www.econbiz.de/10013153595
The controversy over whether investment-cash flow sensitivity is a good indicator of financing constraints is still unresolved. We tackle it from several different angles and cross-validate our analysis with both balance sheet and qualitative data on self-declared credit rationing and financing...
Persistent link: https://www.econbiz.de/10005648945