Pub Date : 2018-06-01DOI: 10.3790/ccm.2018.51.issue-2
{"title":"Credit and Capital Markets – Kredit und Kapital: Volume 51, Issue 2","authors":"","doi":"10.3790/ccm.2018.51.issue-2","DOIUrl":"https://doi.org/10.3790/ccm.2018.51.issue-2","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43495972","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Wem gehören die „Sparkassen“?","authors":"Hans-Peter Burghof","doi":"10.3790/ccm.51.2.181","DOIUrl":"https://doi.org/10.3790/ccm.51.2.181","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43486188","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Nach Frankfurt 2010 nun Mannheim 2017 – Eindrücke von der EFA-Jahrestagung 2017 in Mannheim und Erfolge deutscher Hochschulen bei den DGF- und EFA-Tagungen seit 2009","authors":"W. Breuer","doi":"10.3790/CCM.51.2.325","DOIUrl":"https://doi.org/10.3790/CCM.51.2.325","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46910001","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"48. Konstanzer Seminar zur Geldtheorie und Geldpolitik 2017","authors":"Y. Chen, K. Mann","doi":"10.3790/CCM.51.2.315","DOIUrl":"https://doi.org/10.3790/CCM.51.2.315","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47596221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We examine the relationship between the bank’s soundness and cash holdings in Japan, which is a bank-centered market. We find that the deterioration of a bank’s soundness makes firms increase their cash holdings and the cash flow sensitivity of cash. The increase in cash mitigates underinvestment problems when their banks face serious bad-loan problems. Furthermore, the value of cash in firms with unsound banks is more valuable than in the firms with sound banks. These relations are not found in high rated firms. There results imply that the bank’s soundness affects firms’ cash holdings in a bank-centered market and are consistent with pre-cautionary motive.
{"title":"Bank Soundness and Cash Holdings: Evidence from a Bank-Centered Financial Market","authors":"Toshinori Sasaki, Katsushi Suzuki","doi":"10.2139/ssrn.2826430","DOIUrl":"https://doi.org/10.2139/ssrn.2826430","url":null,"abstract":"We examine the relationship between the bank’s soundness and cash holdings in Japan, which is a bank-centered market. We find that the deterioration of a bank’s soundness makes firms increase their cash holdings and the cash flow sensitivity of cash. The increase in cash mitigates underinvestment problems when their banks face serious bad-loan problems. Furthermore, the value of cash in firms with unsound banks is more valuable than in the firms with sound banks. These relations are not found in high rated firms. There results imply that the bank’s soundness affects firms’ cash holdings in a bank-centered market and are consistent with pre-cautionary motive.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87950770","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Jiaxing You, J. Coakley, M. Firth, Ana‐Maria Fuertes, Zhe Shen
Using word frequency analysis to define whether news articles are positive or negative, we measure media bias as the number of positive in excess of negative news articles in the pre-IPO period and empirically examine how media bias affects post-IPO market performance. Consistent with our hypothesis that media bias drives retail demand for IPOs, leading to a temporary deviation from fundamentals in post-IPO prices, we find robust evidence that media bias is positively related to IPO first-day returns while negatively related to long-run abnormal returns, even after controlling for the number of news articles. Further analysis reveals a negative relation between media bias and the rate of allocation among retail investors, and a positive relation between media bias and retail trading in the immediate aftermarket, indicating that media bias brings more retail investors both to the primary market and to the secondary market. Taken together, these findings suggest that media tone can influence post-IPO prices through the presence of investor sentiment around the IPO event.
{"title":"Driving the Presence of Investor Sentiment: The Role of Media Tone in IPOs","authors":"Jiaxing You, J. Coakley, M. Firth, Ana‐Maria Fuertes, Zhe Shen","doi":"10.2139/ssrn.3221073","DOIUrl":"https://doi.org/10.2139/ssrn.3221073","url":null,"abstract":"Using word frequency analysis to define whether news articles are positive or negative, we measure media bias as the number of positive in excess of negative news articles in the pre-IPO period and empirically examine how media bias affects post-IPO market performance. Consistent with our hypothesis that media bias drives retail demand for IPOs, leading to a temporary deviation from fundamentals in post-IPO prices, we find robust evidence that media bias is positively related to IPO first-day returns while negatively related to long-run abnormal returns, even after controlling for the number of news articles. Further analysis reveals a negative relation between media bias and the rate of allocation among retail investors, and a positive relation between media bias and retail trading in the immediate aftermarket, indicating that media bias brings more retail investors both to the primary market and to the secondary market. Taken together, these findings suggest that media tone can influence post-IPO prices through the presence of investor sentiment around the IPO event.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2015-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80879723","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The calculation of expected returns is a necessary ingredient in data processing for an event study. The method most commonly used, the market model, often fails to meet the OLS requirement of normally distributed residuals, and tends to furnish regression output (low R2, and insignificant t- and F-statistics) that, in other contexts, one would not rely on. A family of state asset pricing models may offer improved performance in this respect. This issue becomes important when a listed company’s stocks are thinly traded and missing data is proxied by zero-value returns whose rate of occurrence impacts on the ability of the market model to cope. A 3-state asset pricing model has superior performance characteristics when applied to thinly-traded data sets.
{"title":"Zero-Value Company Returns, Thin Trading and the Use of State Asset Pricing Models in Event Study Research","authors":"W. Anderson","doi":"10.2139/ssrn.1460347","DOIUrl":"https://doi.org/10.2139/ssrn.1460347","url":null,"abstract":"The calculation of expected returns is a necessary ingredient in data processing for an event study. The method most commonly used, the market model, often fails to meet the OLS requirement of normally distributed residuals, and tends to furnish regression output (low R2, and insignificant t- and F-statistics) that, in other contexts, one would not rely on. A family of state asset pricing models may offer improved performance in this respect. This issue becomes important when a listed company’s stocks are thinly traded and missing data is proxied by zero-value returns whose rate of occurrence impacts on the ability of the market model to cope. A 3-state asset pricing model has superior performance characteristics when applied to thinly-traded data sets.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2009-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88335662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The objective of this paper is to test the hypothesis that in particular financially constrained firms lease a higher share of their assets to mitigate problems of asymmetric information. The assumptions are tested under a GMM framework which simultaneously controls for endogeneity problems and firms’ fixed effects. We find that the share of total annual lease expenses attributable to either finance or operating leases is considerably higher for financially strained as well as for small and fast-growing firms ‐ those likely to face higher agency-cost premiums on marginal financing. Furthermore, our results confirm the substitution of leasing and debt financing for lessee firms. However, we find no evidence that firms use leasing as an instrument to reduce their tax burdens.
{"title":"Financial Constraints and the Decision to Lease - Evidence from German SME","authors":"Constantin Slotty","doi":"10.2139/ssrn.1216582","DOIUrl":"https://doi.org/10.2139/ssrn.1216582","url":null,"abstract":"The objective of this paper is to test the hypothesis that in particular financially constrained firms lease a higher share of their assets to mitigate problems of asymmetric information. The assumptions are tested under a GMM framework which simultaneously controls for endogeneity problems and firms’ fixed effects. We find that the share of total annual lease expenses attributable to either finance or operating leases is considerably higher for financially strained as well as for small and fast-growing firms ‐ those likely to face higher agency-cost premiums on marginal financing. Furthermore, our results confirm the substitution of leasing and debt financing for lessee firms. However, we find no evidence that firms use leasing as an instrument to reduce their tax burdens.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2009-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80616703","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The information content and the impact of the S&P/TSX Composite Index revision on firm performance is studied. The results show that added companies experience significant increases in their expected earnings following the addition. For deletion, after adjusting for matched firms, the removed firms’ expected earnings demonstrate significant decreases, which indicates that investors may draw positive (negative) information from the addition to (deletion from) the TSX Index, similar to the pattern of S&P 500 Index revision. For realized earnings, removed companies do not demonstrate significant decrease, and added companies experience significant increase after May 2002, which patterns are different from that of S&P 500 Index. Possible reasons for such patterns are also discussed.
{"title":"TSX Index Revisions and Corporate Performance","authors":"Lucy Zhao","doi":"10.2139/ssrn.1460475","DOIUrl":"https://doi.org/10.2139/ssrn.1460475","url":null,"abstract":"The information content and the impact of the S&P/TSX Composite Index revision on firm performance is studied. The results show that added companies experience significant increases in their expected earnings following the addition. For deletion, after adjusting for matched firms, the removed firms’ expected earnings demonstrate significant decreases, which indicates that investors may draw positive (negative) information from the addition to (deletion from) the TSX Index, similar to the pattern of S&P 500 Index revision. For realized earnings, removed companies do not demonstrate significant decrease, and added companies experience significant increase after May 2002, which patterns are different from that of S&P 500 Index. Possible reasons for such patterns are also discussed.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75139828","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Implied Equity Risk Premium - An Evaluation of Empirical Methods","authors":"S. David","doi":"10.3790/ccm.40.4.583","DOIUrl":"https://doi.org/10.3790/ccm.40.4.583","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2007-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74858989","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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