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Aghamolla, Cyrus - 2020

We study a dynamic voluntary disclosure setting where the manager's information and the firm's value evolve over time … time. These include, among others, that disclosures are negatively correlated in time, and stock return skewness is …

Persistent link: https://www.econbiz.de/10012838120

Managerial Market Timing Under Credit Risk : How Do Timed Buybacks and Stock Issuances Influence the Value of Long-Term Shareholders?

Vogt, Jan - 2023

Using discounted cash flow valuation together with a Merton-style credit risk model this paper quantifies the effects of credit risk on timed equity buybacks and issuances. Assumed managers act in best interest of their long-term shareholders and do have superior information, the potential value...

Persistent link: https://www.econbiz.de/10014257572

Strategic Timing in Closed-End Fund Portfolio Holdings Disclosure

Kallenos, Theodosis L. - 2020

Using a sample of equity closed-end funds, we document significant portfolio holdings disclosure valuation effects and strategic disclosure timing by portfolio managers. An event study analysis reveals statistically significant positive (negative) abnormal returns associated with early (late)...

Persistent link: https://www.econbiz.de/10012849982

Night Moves : Is the Overnight Drift the Grandmother of All Market Anomalies

Haghani, Victor; Ragulin, Vladimir V; Dewey, Richard - 2022

The bedrock of financial economics is that there should be a tradeoff between risk and reward: an investment with low risk should have a low expected return, while one that could make you rich should also be one which could lose you a lot of money. A lot of research in finance is focused on...

Persistent link: https://www.econbiz.de/10013405178

The Short-Term Timing of Initial Public Offerings

Bouis, Romain - 2010

This paper examines the effect of stock market conditions on the waiting time of initial public offering (IPO … IPO date. I find that issuers are going public faster when time-varying stock market valuations are high, and when time …-varying market returns and time-varying market volatility are low. The volatility effect is not driven by regulatory delays …

Persistent link: https://www.econbiz.de/10013138891

IPO Market Timing with Uncertain Aftermarket Retail Demand

Santos, Francisco - 2016

We develop a simple model of IPO timing with uncertain aftermarket retail demand. Firms prefer to go public when they expect to exploit sentiment-driven investors' overvaluations by setting offer prices above fundamental value. However, some firms have profitable investment opportunities that...

Persistent link: https://www.econbiz.de/10012981256

The timing and frequency of corporate disclosures

Marinovic, Iván; Varas, Felipe - 2014

This paper studies dynamic disclosure when the firm value evolves stochastically over time. The presence of litigation …

Persistent link: https://www.econbiz.de/10010259662

When (If Ever) Has it Paid to Wait for a Stock Market Correction?

Haghani, Victor - 2017

Investors are periodically challenged with this question: with funds ready to invest, but faced with a market that is generally perceived to be expensive, is it better to wait for a market correction before investing? Many investors are certain that a correction must be around the corner, and...

Persistent link: https://www.econbiz.de/10012947040

What Our Market Return Forecasts Really Mean : Convexity in Equity Returns and its Implications for Investment Sizing

Haghani, Victor - 2019

You're probably familiar, at least in passing, with the 'convexity' of long-term bonds - i.e. that yields dropping 1% produce a bigger price move than yields rising 1%. A significant amount of brainpower has gone into understanding all the ramifications of this convexity in the fixed income...

Persistent link: https://www.econbiz.de/10012902324

When it Pays to Pay Capital Gains

Haghani, Victor - 2019

Persistent link: https://www.econbiz.de/10012890821