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  • Monograph/Item  (24)
Type of Material
Type of Publication
  • Monograph/Item  (24)
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  • 1
    UID:
    (DE-604)BV041566637
    Format: 1 Online-Ressource
    Note: Edinburgh, Univ., Diss., 2012
    Language: English
    Keywords: Hochschulschrift
    URL: Volltext  (kostenfrei)
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  • 2
    UID:
    (DE-627)179044585X
    Format: 1 Online-Ressource (58 p)
    Content: In this paper, we offer the novel insight that debt contract design is affected by the redeployability of borrowers' capital and labor assets. We find that borrowers with greater redeployability have enjoy favorable loan terms (i.e. a lower loan spread, fewer loan covenants, and a lower likelihood of being a secured loan). These findings suggest that redeployability mitigates lenders' concerns about cost stickiness and financial distress, as supported by the supplementary evidence that redeployability is negatively associated with cost stickiness and financial distress risk. Further cross-sectional analyses show that lenders regard capital and labor redeployability as substitutes in setting loan terms, consistent with these two types of redeployability having similar functions in reducing post-contracting loan repayment problems. The positive effect of redeployability on favorable loan terms is also stronger for firms with more growth opportunities, consistent with lenders viewing redeployability as important for minimizing the restructuring costs should investments fail
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 30, 2020 erstellt
    Language: English
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  • 3
    UID:
    (DE-627)1790468450
    Format: 1 Online-Ressource (64 p)
    Content: Public firms are becoming increasingly interconnected through institutional investors' stock ownership, specifically through cross-ownership, in which an institutional investor has a significant stake in multiple firms in the same industry. When a firm seeks external financing for its investment opportunities, information asymmetry arises between the firm and capital providers, which raises concerns about adverse selection pre-financing and moral hazard post-financing. Consistent with institutional cross-owners reducing such concerns, we find that cross-ownership facilitates the external financing of investment opportunities of these firms. We then examine conditions under which the role of cross-owners is likely to be greater in reducing adverse selection and moral hazard. We document that cross-ownership facilitates financing even more for firms in an opaque financial reporting environment, those facing more product market competition, and those with dedicated institutional cross-owners. We also provide supplementary evidence that cross-ownership is associated with a lower cost of capital and higher corporate investment. Our paper offers insight into the role of cross-ownership in reducing moral hazard and adverse selection from a corporate financing perspective
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 2020 erstellt
    Language: English
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  • 4
    UID:
    (DE-627)1859764762
    Format: 1 Online-Ressource (51 p)
    Content: We study the impact of analysts’ foreign experience on their forecasting performance in emerging markets. Using a comprehensive hand-collected dataset from China, we show that analysts with foreign experience tend to issue more accurate earnings forecasts. We exploit staggered implementation of provincial policies aimed at encouraging graduates of foreign universities to return to China to establish causality. Exploration of the mechanisms behind the documented relation points to foreign knowledge acquisition, greater independence, and advanced skills in gathering and analyzing information as the channels through which foreign experience enhances analyst forecast accuracy
    Language: English
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  • 5
    UID:
    (DE-627)1790469988
    Format: 1 Online-Ressource (52 p)
    Content: Credit default swaps (CDSs) are an effective tool to trade credit risk, and they can improve the corporate information environment. We find that firms use more public debt and less bank debt when CDSs reference their debt start trading. The results are robust to the endogeneity of CDS trading. Furthermore, the increase in public debt is concentrated in senior bonds and notes, which are the most common CDS reference assets. The effect of CDS trading is most pronounced when bond underwriters take a net selling CDS position and for informationally opaque firms. These findings suggest that the hedging and informational roles of CDSs have real effects on corporate debt structure
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 12, 2020 erstellt
    Language: English
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  • 6
    UID:
    (DE-627)1790218225
    Format: 1 Online-Ressource
    Content: We document that firms held by mutual fund managers who worked in public accounting earlier in their careers exhibit higher quality financial reporting. In cross-sectional evidence consistent with expectations, we find that the role that fund manager public accounting experience plays is magnified when: the firm suffers more severe agency problems, firm information asymmetry is worse, the fund has a longer investment horizon, fund managers formerly worked at large accounting firms, and fund managers have social connections with corporate executives. Additional evidence implies that fund managers with public accounting experience are more likely to conduct site visits to their portfolio firms and discuss accounting topics when there. Firms' earnings management subsides after site visits by these fund managers, particularly when they raise accounting issues during their visits. Overall, our evidence suggests that fund managers with public accounting experience impose stricter external monitoring on their portfolio firms' financial reporting
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 27, 2020 erstellt , Volltext nicht verfügbar
    Language: English
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  • 7
    UID:
    (DE-627)179043291X
    Format: 1 Online-Ressource (67 p)
    Content: We analyze the impact of cross-audits between companies and mutual funds on auditors' reporting decisions. We document that companies are more likely to receive favorable audit opinions when they appoint the same auditor as their mutual fund blockholders. In cross-sectional evidence consistent with expectations, we find that the role that cross-audits play is concentrated where the mutual fund has stronger incentives to orchestrate stock price manipulation and the auditor is more likely to be captured by the mutual fund. We further show that investors fail to detect the impact of cross-audits on audit opinions in the short-term, which enables mutual funds to exploit this temporary mispricing through stock trading. In compensation, shared auditors captured by mutual funds benefit from higher audit fees and more audit business. Our evidence suggesting that market irregularities accompany cross-audits has major implications for stock market regulators
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 27, 2020 erstellt
    Language: English
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  • 8
    UID:
    (DE-627)1790409381
    Format: 1 Online-Ressource (60 p)
    Content: We examine the impact of social ties between mutual fund managers and auditors of public firms on mutual fund stockholdings. We find that mutual funds whose managers are socially connected with firm auditors hold more shares of these firms. In cross-sectional results consistent with expectations, we find that the effect of social connections on mutual fund stockholdings is more pronounced: when the social connections are stronger; for small audit firms; and for public firms with greater business opacity, stock price synchronicity, and systematic risk. We further document that mutual funds with socially connected auditors engage more in informed trading and generate superior portfolio returns. In compensation, connected auditors benefit from more audit business as well as higher audit and non-audit fees from both mutual funds and public firms. Our evidence implies information transfer from auditors to mutual fund managers through their social connections, which improves mutual fund portfolio decisions
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 17, 2020 erstellt
    Language: English
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  • 9
    UID:
    (DE-627)1840265949
    Format: 1 Online-Ressource
    Content: We find that mutual funds whose managers are socially connected with firm auditors hold more shares of these firms and generate superior portfolio returns. Cross-sectional results reveal that the relation between social connections and mutual fund stockholdings is more pronounced: when the social connections are stronger, when the auditor is in a better position or has stronger incentives to acquire private information, when the fund manager exercises more power, for small audit firms, for auditors in areas with poor investor protection, and for public firms with greater business opacity or private information. Other results are consistent with fund managers electing to schedule their corporate site visits to coincide with the fieldwork of their connected auditors, as would be expected if fund managers time their visits to meet with these auditors to facilitate information transfer. Additionally, we observe associations between fund trading prior to earnings surprises and audit opinions, and the presence of social connections between fund managers and firm auditors. Finally, we show that mutual funds and firms in which they invest tend to appoint connected auditors and pay them higher fees. Collectively, we document empirical patterns that would arise if socially connected auditors and mutual fund managers share information
    Note: In: Journal of Accounting Research, Volume 60, Issue 3, 2022 , Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 1, 2022 erstellt , Volltext nicht verfügbar
    Language: English
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  • 10
    UID:
    (DE-603)398895236
    Format: 4, 7, 2, 303 Seiten, [3] Blätter , Illustrationen , 21 cm
    Edition: Di 1 ban
    Original writing edition: 第1版
    Original writing title: 汪荣宝日记
    Original writing person/organisation: 汪荣宝
    Original writing publisher: 南京 : 凤凰出版社
    ISBN: 7550605467 , 9787550605466
    Series Statement: Zhong guo jin xian dai xi jian shi liao cong kan : Di yi ji
    Language: Chinese
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