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Herding dynamics in exchange groups: Evidence from Euronext

Economou, Fotini; Gavriilidis, Konstantinos; Goyal, Abhinav - In: Journal of International Financial Markets, … 34 (2015) C, pp. 228-244

This study investigates in the context of the Euronext, whether joining an exchange group affects herding in the group … of the group's member-markets and the outbreak of financial crises. We find that herding is significant post-merger in … all four constituent equity markets (Belgium, France, the Netherlands and Portugal) of the Euronext, with herding in …

Persistent link: https://www.econbiz.de/10011189487

CEO’s personal characteristics, ownership and investment cash flow sensitivity: Evidence from NYSE panel data firms

Ben Mohamed, Ezzeddine; Naceur, Naceur , Mohamed; … - In: Journal of Economics, Finance and Administrative Science 19 (2014) 37, pp. 98-103

This study tries to extend previous works on behavioral corporate finance by examining the interaction between investment cash flow sensitivity and various CEO characteristics in either the existence or inexistence of managerial optimism. Using a Q-investment model and departing from a sample of...

Persistent link: https://www.econbiz.de/10011094112

Determinants of Private Corporate Sector Investment in India

Jangili, Ramesh - Volkswirtschaftliche Fakultät, … - 2010

This paper analyses the trends in corporate fi nance in India, and uses a panel data model for empirically identifying the factors which infl uence corporate investment decisions, during the period 2000-01 to 2008-09. The fi ndings revealed that fi rm level factors such as fi rm size, dividend...

Persistent link: https://www.econbiz.de/10011113617

On the debt capacity of growth and decay options

LETIFI, N.; PRIGENT, J.-L. - Institut de Préparation à l'Administration et à la … - 2015

This paper focuses on the impact of debt on the optimal policy for investment and hiring, in the light of the theory of real options. We consider a stochastic demand for the product sold by the company. We examine in particular the investment and hiring choices when, in case of enhancement...

Persistent link: https://www.econbiz.de/10011122200

Idiosyncratic Shocks and Industry Contagion: Evidence from a Quasi-experiment

Garcia-Appendini, Emilia - School of Finance, Universität St. Gallen - 2014

I analyze whether the higher financing costs following the idiosyncratic bankruptcy or default of one firm affect the real investment decisions of non-distressed competitors. Results show that firms which are more affected by the higher financing costs (“treated firms”) reduce investment by...

Persistent link: https://www.econbiz.de/10011202926

Corporate payout, cash retention, and the supply of credit: Evidence from the 2008–2009 credit crisis

Bliss, Barbara A.; Cheng, Yingmei; Denis, David J. - In: Journal of Financial Economics 115 (2015) 3, pp. 521-540

We document significant reductions in corporate payouts-both dividends and (to a larger extent) share repurchases-during the 2008–2009 financial crisis. Payout reductions are more likely in firms with higher leverage, more valuable growth options, and lower cash balances, i.e., those more...

Persistent link: https://www.econbiz.de/10011208262

Valuing diversity: CEOs' career experiences and corporate investment

Hu, Conghui; Liu, Yu-Jane - In: Journal of Corporate Finance 30 (2015) C, pp. 11-31

This paper investigates the impact of CEOs' career experiences on corporate investment decisions. We hypothesize that CEOs with more diverse career experiences are less likely to be constrained by insufficient internal capital. The potential mechanism is that rich external experiences help CEOs...

Persistent link: https://www.econbiz.de/10011190851

Lines of Credit and Investment: Firm-Level Evidence of Real Effects of the Financial Crisis

Holmberg, Karolina - Sveriges Riksbank - 2013

Using Swedish bank lending data, investment data and accounting data, I examine how the financial crisis affected corporate investment through its effect on credit availability. Sensitivity to a credit supply shock is measured as credit reserves, defined as unused credit on lines of credit. I...

Persistent link: https://www.econbiz.de/10010818843

Investment Timing for New Business Ventures

Blazenko, George W.; Pavlov, Andrey D. - In: Journal of Entrepreneurial Finance 14 (2010) 3, pp. 37-68

A key requirement for the start of many entrepreneurial business is private equity or venture capital financing. In the traditional approach to entrepreneurial investment analysis, an entrepreneur starts a new venture and a venture capitalist finances the new venture when business return exceeds...

Persistent link: https://www.econbiz.de/10010762506

On the debt capacity of growth and decay options

LETIFI, N.; PRIGENT, J.-L. - Institut de Préparation à l'Administration et à la … - 2014

Persistent link: https://www.econbiz.de/10010784895