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This study examines the stock market reactions to the announcements and issuances of 402 ESG bonds from 153 listed Japanese firms, employing an event study methodology. Results show strong positive market reactions to green bonds and transition bonds, while sustainability bonds evoke modest...
Persistent link: https://www.econbiz.de/10015213469
improved financial resiliency works both through alleviating financial constraints and through increasing stock liquidity. …
Persistent link: https://www.econbiz.de/10015214652
In view of recent corporate scandals, it is argued that corporate governance can learn from public governance. Institutions devised to control and discipline the behaviour of executives in the political sphere can give new insights into how to improve the governance of firms. Some proposal such...
Persistent link: https://www.econbiz.de/10015215939
This paper examines the well know day of the week effect on stock returns. Various approaches have been developed and applied in order to examine calendar effects in stock returns and to formulate appropriate financial and risk portfolios. We propose an alternative approach in the estimation of...
Persistent link: https://www.econbiz.de/10015221355
This is a comment as discussant of a paper entitled “Choice between debt and equity contracts and asymmetrical information: Some empirical evidence" by Qazem Sadr and Zameer Iqbal, included in Iqbal, M. and Llewellyn, David T. (edit), Islamic Banking and Finance: New Perspectives on Profit...
Persistent link: https://www.econbiz.de/10015221817
This study examines the predictive power of textual information from S-1 filings in explaining IPO underpricing. Our empirical approach differs from previous research, as we utilize several machine learning algorithms to predict whether an IPO will be underpriced, or not. We analyze a large...
Persistent link: https://www.econbiz.de/10015222803
This research aims to test dividend signaling theory in an Indonesian capital market. Signaling theory states that … dividend policy has information content that can influence to share price. Examination of theory of signaling is related to … there even exist mentioning this as phenomenon of disappearing dividend. Examination of theory of signaling is also related …
Persistent link: https://www.econbiz.de/10015223505
This paper investigates the empirical association between stock market volatility and investor mood-proxies related to the weather (cloudiness, temperature and precipitation) and the environment (nighttime length). Overall, our results suggest that cloudiness and length of nighttime are...
Persistent link: https://www.econbiz.de/10015228955
This research aims to test dividend signaling theory in an Indonesian capital market. Signaling theory states that … dividend policy has information content that can influence to share price. Examination of theory of signaling is related to … there even exist mentioning this as phenomenon of disappearing dividend. Examination of theory of signaling is also related …
Persistent link: https://www.econbiz.de/10015230152
We test whether and how equity overvaluation affects corporate financing decisions using an ex ante misvaluation measure that filters firm scale and growth prospects from market price. We find that equity issuance and total financing increase with equity overvaluation; but only among overvalued...
Persistent link: https://www.econbiz.de/10015233054