Всего статей в данном разделе : 977
Опубликовано на портале: 21-06-2006Roelof Salomons, Henk Grootveld Emerging Markets Review. 2003. Vol. 4. No. 2. P. 121-145.
This article gives an empirical view of the ex post equity risk premium in a number of international markets with special attention to emerging ones. Our study yields interesting implications for finance. Conform expectations we find that the equity risk premium in emerging markets is significantly higher than in developed markets. However, the extent to which emerging stock markets reward investors varies through time. We observe that the time varying nature of the equity risk premium relates more to economic cycles than to the presence of some sort of structural break based on stock market liberalisations. The distribution of equity risk premium in emerging market is neither normally nor symmetrically distributed, which suggests that investors should focus more on downside risk instead of standard deviations.
The EVA Financial Management System [статья]
Опубликовано на портале: 21-06-2006Don Chew Journal of Applied Corporate Finance. 1995. Vol. 8. No. 2.
In this article, we argue that for many large companies the tops-down, earnings per share-based model of financial management that has long dominated corporate American is becoming obsolete. The most serious challenge to the long reign of EPS is coming from a measure of corporate performance called "economic value added," or EVA. EVA is by no means a new concept. Rather it is a practical, and highly flexible, refinement of economists' concept of "residual income"--the value that is left over after a company's stockholders (and all other important stakeholders) have been adequately compensated. For companies that aim to increase their competitiveness by decentralizing, EVA is likely to be the most sensible basis for evaluating and rewarding the periodic performance of empowered line people, especially those entrusted with major capital spending decisions. EVA, moreover, is not just a performance measure. When fully implemented, it is the centerpiece of an integrated financial management system that encompasses the full range of corporate financial decision-making--everything from capital budgeting, acquisition pricing, and the setting of corporate goals to shareholder communication and management incentive compensation. By putting all financial and operating functions on the same basis, an EVA system effectively provides a common language for employees across all corporate functions, linking strategic planning with the operating divisions, and the corporate treasury staff with investor relations and human resources. We begin by describing the shortcomings of the tops-down, EPS-based model of financial management. Next we explain the rise of hostile takeovers--as well as the phenomenal success of LBOs--in the 1980s as capital market responses to the deficiencies of the EPS model. The EVA financial management system, we go on to argue, borrows important aspects of the LBO movement--particularly, its focus on capital efficiency and ownership incentives--but without the high leverage and concentration of risk that limit LBOs to the mature sector of the U.S. economy. In the final section, we present the outlines of an EVA-based incentive compensation plan that is designated to simulate for managers and employees the rewards of ownership.
The Financial System of the EU 25 [статья]
Опубликовано на портале: 25-11-2008Laura Bartiloro, Franklin Allen, Oskar Kowalewski SSRN Working Paper Series. 2005.
We present an overview of the financial structure of the enlarged European Union with 25 countries. We start by describing the financial system development in all member states since 1995, and then compare the structure between the old and new countries. Using financial measures we document the prevailing substantial differences in the financial structure between new and old member states after the enlargement in 2004. Finally, we compare the financial structures of an enlarged EU with those of the United States and Japan
The impact of Intellectual Capital measurement on the financial markets: a meta-analysis approach [статья]
Опубликовано на портале: 31-12-2010Стефания Велтри Корпоративные финансы. 2009. № 3 (11). С. 54-76.
Опубликовано на портале: 14-06-2006Phillippe Desbrières, Alain Schatt Journal of Business Finance & Accounting. 2002. Vol. 29. No. 5/6. P. 695-730.
This paper investigates the financial characteristics and changes in performance of French companies involved in a leveraged buyout. The empirical study covers a sample of 161 MBOs in France from 1988 to 1994. The acquired firms outperform their counterparts in the same sector of activity before and after the buyout. However, unlike findings concerning LBOs in the USA and the UK, the performance of French firms falls after the operation is completed. This downturn in performance seems to be less detrimental to former subsidiaries of groups than to former family businesses.
The Influence of Firm Maturation on Firms' Rate of Adjustment to Their Optimal Capital Structures [статья]
Опубликовано на портале: 21-06-2006Jeffrey A. Pittman, Kenneth J. Klassen Journal of American Taxation Association. 2001. Vol. 23. No. 2. P. 70-94.
Extant empirical research on firms' adjustment to their optimal capital structures is cross-sectional. However, Scholes and Wolfson (1989) argue that refinancing costs that accumulate with age increasingly impede firms from restoring their optimal capital structures. This study provides evidence on the time-series variation in the rate at which firms move toward their leverage targets that is consistent with this prediction. In separate tests, age is measured from two dates—from firms' initial public offerings and from their incorporation—to examine whether the duration of their public and private experience, respectively, affect the evolution in financial policies. This paper contributes to the literature by developing a research design that isolates the influence of dynamic refinancing costs on the leverage adjustment problem. The evidence also justifies future research on Scholes and Wolfson's (1989) predictions about the time-series pattern in firms' tax shields by empirically validating that refinancing costs increasingly constrain their capital structures.
Опубликовано на портале: 15-11-2007Eugene F. Fama, Robert R. Bliss American Economic Review. 1987. Vol. 77. No. 4. P. 680-692.
Current 1-year forward rates on 1 - to 5-year U.S. Treasury bonds are information about the current term structure of 1-year expected returns on the bonds, and forward rates track variation through time in 1-year expected returns. More interesting, 1-year forward rates forecast changes in the 1-year interest rate 2- to l-years ahead, and forecast power increases with the forecast horizon. We attribute this forecast power to a mean-reverting tendency in the 1-year interest rate.
Опубликовано на портале: 16-11-2007Eugene F. Fama, Robert R. Bliss American Economic Review. 1987. Vol. 77. No. 4. P. 680-692.
Current 1 -year forward rates on 1 - to 5-year U.S. Treasury bonds are information about the current term structure of 1-year expected returns on the bonds, and forward rates track variation through time in 1-year expected returns. More interesting, 1 -year forward rates forecast changes in the 1 -year interest rate 2- to l-years ahead, and forecast power increases with the forecast horizon. We attribute this forecast power to a mean-reverting tendency in the 1-year interest rate
The International Evidence on Performance and Equity Ownership by Insiders, Blockholders, and Institutions [статья]
Опубликовано на портале: 14-06-2006Bruce Seifert, Halit Gonenc, Jim Wright Journal of Multinational Financial Management. 2005. Vol. 15. No. 2. P. 171-191.
This paper examines the effects of equity ownership by insiders and equity ownership by blockholders and institutions on performance using samples of firms from four countries (United States, United Kingdom, Germany, and Japan). While there are no consistent relationships between insider ownership or blockholder/institutional ownership on performance across the four countries, there are nevertheless significant associations between ownership of these groups and performance within the four countries. Our results may indicate that the effects of insider ownership and/or blockholders/institutions depend very much on local laws or the local business environment. In contrast, the effects of the control factors on performance are much more consistent. Leverage, for example, tends to have a negative effect while capital expenditures and sales growth both generally have a positive effect.
Опубликовано на портале: 12-08-2007Bart Hobijn, Boyan Jovanovic NBER Working Paper Series. 2000. No. 7684.
В данной статье исследуется поведение фондового рынка США в послевоенные годы. Начиная с 1968 года соотношение капитализации фондового рынка и ВВП менялось в 5 раз. В 1972 году это отношение составляло порядка единицы, но к 1974 году оно упало до 0,45, продержавшись на этом уровне до следующего десятилетия. Затем начался постепенный рост и сегодня данное соотношение составляет порядка двух. Авторы показывают, что за этим ростом стоит революция информационных технологий, более того, соотношение капитализации к ВВП, вероятно, сначала падает, а потом растет после какого-нибудь значительного технологического прорыва. Три предположения, которые позволяют делать такие выводы, следующие: 1. Революция в области информационных технологий не оказалась неожиданной в начале 1973 года. 2. Информационным технологиям было оказано сопротивление со стороны традиционных секторов, что привело к падению их ценности. 3. Различного рода поглощения являются несовершенным инструментом экономической политики, позволившим многим фирмам оставаться неэффективными до середины 1980-х годов. Авторы излагают факты, которые объясняет гипотеза информационных технологий, а альтернативные гипотезы, такие как шоки цен на нефть, возросшая волатильность рынка и пузыри - нет.
The Law and Large Block Trades [статья]
Опубликовано на портале: 02-10-2003Michael J. Barclay, Clifford G. Holderness Journal of Law and Economics. 1992. Vol. 35. P. 265-294.
Although these issues have been analyzed by legal scholars since Andrew Berle and Gardiner Means in 1932, no systematic empirical evidence has been collected. We investigate the validity of this belief, as well as broader implications of the law on large-block trades, by analyzing 106 trades of at least 5% of common stock of exchange-listed firms between 1978 and 1982. We find that, when block sellers receive premium, stock prices typically increase but not to the price per share received by the blockholders. We argue that this tension is resolved by assigning a different set of rights and obligations to large-block shareholders when they act as managers.
The Macroeconomics of Specificity [статья]
Опубликовано на портале: 16-03-2005Ricardo J. Caballero, Mohamad L. Hammour Journal of Political Economy. 1998. Vol. 106. No. 4. P. 724-767.
Specific quasi rents arise in a variety of economic relationships and are exposed to opportunism unless fully protected by contract. Rent appropriation has important macroeconomic consequences. Resources are underutilized, factor markets are segmented, production suffers from technological "sclerosis," job creation and destruction are unbalanced, recessions are excessively sharp, and expansions run into bottlenecks. While, depending on the shock, expansions may require reinforcement or stabilization, recessions should typically be softened. In the long run, institutions may evolve to alleviate the problem by balancing appropriation. Technology choice will also be affected, with the appropriated factor partially "excluding" the other from production to reduce appropriation.
Опубликовано на портале: 02-10-2003Michael J. Barclay, Clifford W. Smith Journal of Finance. 1995. Vol. 50. No. 2. P. 609-631.
We provide an empirical examination of the determinants of corporate debt maturity. Our evidence offers strong support for the contracting-cost hypothesis. Firms that have few growth options, are large, or are regulated have more long-term debt in their capital structure. We find little evidence that firms use the maturity structure of their debt to signal information to the market. The evidence is consistent, however, with the hypothesis that firms with larger information asymmetries issue more short-term debt. We find no evidence that taxes affect debt maturity.
Опубликовано на портале: 25-10-2007Jacob Boudoukh, Matthew Richardson, Robert Whitelaw NBER Working Papers. 2005. w11841.
The prevailing view in finance is that the evidence for long-horizon stock return predictability is significantly stronger than that for short horizons. We show that for persistent regressors, a characteristic of most of the predictive variables used in the literature, the estimators are almost perfectly correlated across horizons under the null hypothesis of no predictability. For example, for the persistence levels of dividend yields, the analytical correlation is 99% between the 1- and 2-year horizon estimators and 94% between the 1- and 5-year horizons, due to the combined effects of overlapping returns and the persistence of the predictive variable. Common sampling error across equations leads to ordinary least squares coefficient estimates and R2s that are roughly proportional to the horizon under the null hypothesis. This is the precise pattern found in the data. The asymptotic theory is corroborated, and the analysis extended by extensive simulation evidence. We perform joint tests across horizons for a variety of explanatory variables, and provide an alternative view of the existing evidence.
The New Issues Puzzle [статья]
Опубликовано на портале: 26-10-2004Tim Loughran, Jay R. Ritter Journal of Finance. 1995. Vol. 50. No. 1. P. 23-51.
Companies issuing stock during 1970 to 1990, whether an initial public offering or a seasoned equity offering, have been poor long-run investments for investors. During the five years after the issue, investors have received average returns of only 5 percent per year for companies going public and only 7 percent per year for companies conducting a seasoned equity offer. Book-to-market effects account for only a modest portion of the low returns. An investor would have had to invest 44 percent more money in the issuers than in nonissuers of the same size to have the same wealth five years after the offering date