Cash Holdings and Firm Value during Latin American Financial Crises
... midst of financial turmoil, we expect crisis conditions to produce an increase in the market valuation of firms that demonstrate good operating performance and desirable governance characteristics. Thus, we expect the effects of characteristics such as high profits, sufficient cash substitutes, high ...
... midst of financial turmoil, we expect crisis conditions to produce an increase in the market valuation of firms that demonstrate good operating performance and desirable governance characteristics. Thus, we expect the effects of characteristics such as high profits, sufficient cash substitutes, high ...
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... make it difficult to detect empirically. There are three potential sources of endogeneity. First, the anticipation effect leads to reverse causality from takeover activity to market valuations: forwardlooking prices are inflated by the probability of a future takeover. Second, there may be omitted vari ...
... make it difficult to detect empirically. There are three potential sources of endogeneity. First, the anticipation effect leads to reverse causality from takeover activity to market valuations: forwardlooking prices are inflated by the probability of a future takeover. Second, there may be omitted vari ...
Answers to Concepts Review and Critical Thinking Questions
... increases its debt-equity ratio it can grow at a higher rate than the sustainable growth rate. Of course the company could also grow faster than its profit margin increases, if it changes its dividend policy by increasing the retention ratio, or its total asset turnover increases. 3. The internal gr ...
... increases its debt-equity ratio it can grow at a higher rate than the sustainable growth rate. Of course the company could also grow faster than its profit margin increases, if it changes its dividend policy by increasing the retention ratio, or its total asset turnover increases. 3. The internal gr ...
Ownership Structure, Sharing of Control and Legal Framework
... Rydqvist, 1990). Yet, once again, this relationship must be analysed in connection with the legal and institutional features. Where investors are best protected against managerial discretional decisions, ownership concentration may not have any significant influence on the firm’s value because sharehol ...
... Rydqvist, 1990). Yet, once again, this relationship must be analysed in connection with the legal and institutional features. Where investors are best protected against managerial discretional decisions, ownership concentration may not have any significant influence on the firm’s value because sharehol ...
SIFMA AMG Submits Comments to the Basel Committee on Banking
... segregation rules established by the Commodity Futures Trading Commission ensure that (1) the client margin is held separately from, and accounted separately from, the clearing firm’s other assets or assets under management; and (2) the client margin is “bankruptcy remote” from the clearing firm’s a ...
... segregation rules established by the Commodity Futures Trading Commission ensure that (1) the client margin is held separately from, and accounted separately from, the clearing firm’s other assets or assets under management; and (2) the client margin is “bankruptcy remote” from the clearing firm’s a ...
Investment Opportunities, Free-Cash-Flow, and the Market Values of
... As additional evidence, I examine the effect of an exogenous shock following the enactment of the American Jobs Creation Act of 2004, which provided a one-time tax holiday for firms repatriating cash. The results indicate that firms with poor investment opportunities abroad experienced significant p ...
... As additional evidence, I examine the effect of an exogenous shock following the enactment of the American Jobs Creation Act of 2004, which provided a one-time tax holiday for firms repatriating cash. The results indicate that firms with poor investment opportunities abroad experienced significant p ...
Market Risk, Mortality Risk, and Sustainable Retirement
... The purpose of this study is to take a closer look at this important decision for someone who has already reached the point of retirement. To do so, we employ a unique set of analyses that summarizes the risk-return tradeoffs which go hand in hand with the asset allocation choice. An important featu ...
... The purpose of this study is to take a closer look at this important decision for someone who has already reached the point of retirement. To do so, we employ a unique set of analyses that summarizes the risk-return tradeoffs which go hand in hand with the asset allocation choice. An important featu ...
TeraGo Reports 2015 Year End Financial
... This MD&A includes certain forward-looking statements that are made as of the date hereof only and based upon current expectations, which involve risks and uncertainties associated with our business and the economic environment in which the business operates. All such statements are made pursuant to ...
... This MD&A includes certain forward-looking statements that are made as of the date hereof only and based upon current expectations, which involve risks and uncertainties associated with our business and the economic environment in which the business operates. All such statements are made pursuant to ...
united states securities and exchange commission
... assumptions could prove inaccurate. The forward-looking statements also involve risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Many of these factors are beyond Piedmont’s ability to control or predict. Such factor ...
... assumptions could prove inaccurate. The forward-looking statements also involve risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Many of these factors are beyond Piedmont’s ability to control or predict. Such factor ...
The Valuation Effect of Listing Requirements: An Analysis
... increasing the exchange’s listing revenues and associated fees. On the other hand, lower listing standards diminishes an exchange’s reputational capital, reduces monitoring and governance standards, which in turn lowers liquidity insofar as investors are dissuaded from participating in the market. I ...
... increasing the exchange’s listing revenues and associated fees. On the other hand, lower listing standards diminishes an exchange’s reputational capital, reduces monitoring and governance standards, which in turn lowers liquidity insofar as investors are dissuaded from participating in the market. I ...
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... b. If a firm sells 1,000,000 new shares of Class B stock, the transaction occurs in the primary market. c. Listing a large firm's stock is often considered to be beneficial to stockholders because the increases in liquidity and status probably outweigh the additional costs to the firm. d. Stockholde ...
... b. If a firm sells 1,000,000 new shares of Class B stock, the transaction occurs in the primary market. c. Listing a large firm's stock is often considered to be beneficial to stockholders because the increases in liquidity and status probably outweigh the additional costs to the firm. d. Stockholde ...
AEGON
... AEGON changes accounting principles relating to guarantees in the Netherlands Starting with the second quarter of 2007, AEGON will change the accounting principles it uses to value guarantees on certain products in the Netherlands. This change will ensure AEGON’s financial statements better reflect ...
... AEGON changes accounting principles relating to guarantees in the Netherlands Starting with the second quarter of 2007, AEGON will change the accounting principles it uses to value guarantees on certain products in the Netherlands. This change will ensure AEGON’s financial statements better reflect ...
Some Indicators of a Firm`s Risk and Debt Capacity
... percent increase in sales would result in a 100(2.86) = 286 percent increase in EPS. The greater the firm's combined leverage, the greater the increase or decrease in EPS as sales increase or decrease. The usefulness of the degree of leverage concept lies in the fact that 1) it enables a manager to ...
... percent increase in sales would result in a 100(2.86) = 286 percent increase in EPS. The greater the firm's combined leverage, the greater the increase or decrease in EPS as sales increase or decrease. The usefulness of the degree of leverage concept lies in the fact that 1) it enables a manager to ...
Chapter 4
... SGR = maximum growth rate achievable without external financing and while maintaining a constant debt-equity ratio. 4. What kinds of questions might one ask in evaluating a financial plan? Are the results reasonable? Which assumptions are crucial? What have ...
... SGR = maximum growth rate achievable without external financing and while maintaining a constant debt-equity ratio. 4. What kinds of questions might one ask in evaluating a financial plan? Are the results reasonable? Which assumptions are crucial? What have ...
Guidance Note
... 21. In the case of residual currencies (refer Paragraph 13 above) the gross positions in each time band will be subject to either the risk weightings set out in Table 2, if positions are reported using the maturity method, or the assumed changes in yield set out in Table 2, if positions are reported ...
... 21. In the case of residual currencies (refer Paragraph 13 above) the gross positions in each time band will be subject to either the risk weightings set out in Table 2, if positions are reported using the maturity method, or the assumed changes in yield set out in Table 2, if positions are reported ...
ICRA Lanka`s Credit Rating Methodology for Non
... In rating an NBFC, ICRA Lanka evaluates the company’s business and financial risks, and uses this evaluation to project the level and stability of its future financial performance in various likely scenarios. The ratings are determined on a “going concern” basis rather than being based on a mere ass ...
... In rating an NBFC, ICRA Lanka evaluates the company’s business and financial risks, and uses this evaluation to project the level and stability of its future financial performance in various likely scenarios. The ratings are determined on a “going concern” basis rather than being based on a mere ass ...