Showing 1 - 10 of 3,395
, consistent with Amihud and Mendelson’s (1986) theory of liquidity clienteles. The relationship between holding periods and … analyzing changes to investors’ holding periods around exogenous shocks to stock liquidity. …
Persistent link: https://www.econbiz.de/10015256172
, consistent with Amihud and Mendelson’s (1986) theory of liquidity clienteles. The relationship between holding periods and … analyzing changes to investors’ holding periods around exogenous shocks to stock liquidity. …
Persistent link: https://www.econbiz.de/10015256189
, consistent with Amihud and Mendelson’s (1986) theory of liquidity clienteles. The relationship between holding periods and … analyzing changes to investors’ holding periods around exogenous shocks to stock liquidity. …
Persistent link: https://www.econbiz.de/10015256190
, consistent with Amihud and Mendelson’s (1986) theory of liquidity clienteles. The relationship between holding periods and … analyzing changes to investors’ holding periods around exogenous shocks to stock liquidity. …
Persistent link: https://www.econbiz.de/10015256201
We examine the relation between firm reputation and the cost of debt financing. We posit that corporate reputation represents “soft information” not captured by balance sheet variables, which is nonetheless valuable to lenders. Using Fortune magazine’s survey of company reputation, we find...
Persistent link: https://www.econbiz.de/10015247913
We show that the post earnings announcement drift (PEAD) is stronger for conglomerates than single-segment firms. Conglomerates, on average, are larger than single segment firms, so it is unlikely that limits-to-arbitrage drive the difference in PEAD. Rather, we hypothesize that market...
Persistent link: https://www.econbiz.de/10015251760
and stock returns, standard theory suggests that default risk should be priced in the cross-section. In this paper, we …While the empirical literature has often documented a “default anomaly”, i.e. a negative relation between default risk … components; we measure the systematic part as the sensitivity of the physical PD to an aggregate measure of default risk. While …
Persistent link: https://www.econbiz.de/10015240882
The standard measures of distress risk ignore the fact that firm defaults are correlated and that some defaults are … more likely to occur in bad times. We use risk premium computed from corporate credit spreads to measure a firm’s exposure … to systematic variation in default risk. Unlike previously used measures that proxy for a firm’s physical probability of …
Persistent link: https://www.econbiz.de/10015241210
The standard measures of distress risk ignore the fact that firm defaults are correlated and that some defaults are … more likely to occur in bad times. We use risk premium computed from corporate credit spreads to measure a firm’s exposure … to systematic variation in default risk. Unlike previously used measures that proxy for a firm’s physical probability of …
Persistent link: https://www.econbiz.de/10015241237
, and transaction efficiency. This paper contributes to the existing literature by estimating the credit risk associated …
Persistent link: https://www.econbiz.de/10015214602