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New venture opportunity cost of capital and financial contracting
Kerins, Frank; Smith, Janet Kiholm; Smith, Richard Lester - 2003
Investments in new ventures involve financial contracts between an entrepreneur and outside investors. Investors, such as venture capital firms, represent well-diversified investors. In contrast, the entrepreneur must commit a substantial fraction of human and financial capital to the venture....
Persistent link: https://www.econbiz.de/10011569475
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Post-merger returns in frontier markets, or how we learned to stop worrying and love the acquirers
Zaremba, Adam; Szyszka, Adam; Płotnicki, Michał; … - In: Journal of business economics and management 19 (2018) 1, pp. 96-109
This study presents the results from a comprehensive out-of-sample test of long-run returns following mergers and acquisitions (M&As). Using a unique sample from 23 frontier markets of almost 800 transactions conducted during the years 1992 to 2016, we implement both cross-sectional tests and...
Persistent link: https://www.econbiz.de/10012174722
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Multiplicative models of financial returns and what we fail to get when they are disregarded
Apreda, Rodolfo - 2011
This paper puts forward an alternative approach to multiplicative models and their assessment of returns out of financial assets. Firstly, it lays down an operative definition but also sets forth a commutative framework of mappings to provide foundations to such a definition. Next, the total...
Persistent link: https://www.econbiz.de/10009160445
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Reexamining possible mispricing of customer satisfaction
Bell, David R.; Ledoit, Olivier; Wolf, Michael - 2012
There has been a recent debate in the marketing literature concerning the possible mispricing of customer satisfaction. While earlier studies claim that portfolios with attractive out-of-sample properties can be formed by loading on stocks whose firms enjoy high customer satisfaction, later...
Persistent link: https://www.econbiz.de/10009763435
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Firm Reputation and the Cost of Debt Capital
Anginer, Deniz - 2017
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/10012975361
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Market-Clearing Effects of Corporate Financing Decisions on Stock Returns : An Equilibrium Analysis of Levered Firms when Equity Supply is Fixed
Dam, Lammertjan - 2015
We analyze how corporate financing decisions affect stock returns in a stochastic Ramsey model. Motivated by stylized facts, we incorporate two distinct features in the model. First, the supply of equity (the number of outstanding shares) is fixed. Second, firms pursue a target leverage ratio,...
Persistent link: https://www.econbiz.de/10013037712
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Investment, Financing and the Role of ROA and WACC in Value Creation
Magni, Carlo Alberto - 2015
Evaluating an industrial opportunity often means to engage in financial modelling which results in estimation of a large amount of economic and accounting data, which are then gathered in an economically rational framework: the pro forma financial statements. While the standard net present value...
Persistent link: https://www.econbiz.de/10013028828
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The determinants of Sukūk issuance in GCC countries
Guermazi, Imene - In: Islamic economic studies 28 (2020) 1, pp. 25-45
to corporate finance theory and corporate social responsibility. It verifies if capital structure theories proved in … - Managers and investors would pay attention to the social factors explaining Ṣukūk issuance in their finance and investment … CSR. Tying capital structure theories to CSR would also help developing Islamic finance theory as a unique social …
Persistent link: https://www.econbiz.de/10012319152
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Firm Reputation and the Cost of Debt Capital
Anginer, Deniz - 2019
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 while...
Persistent link: https://www.econbiz.de/10012905872
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Common Myths on Yield to Maturity in Bonds or IRR in Corporate Finance
Dapena, José P; Schefer, Ricardo - 2021
profitability of potential investments. Almost all finance textbooks state the following conditioning assumptions:(i) that the …
Persistent link: https://www.econbiz.de/10014361792