排序方式: 共有8条查询结果,搜索用时 15 毫秒
1
1.
Guy Charest Jean‐Claude Cosset Ahmed Marhfor Bouchra M'Zali 《Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l\u0027Administration》2014,31(3):160-174
This study investigates whether relaxation of firms' financial constraints is an important outcome of the US cross‐listing mechanism. We use the association between investment spending and cash flow to test for the presence and importance of firms' financing constraints. Consistent with the bonding hypothesis, the results suggest that US exchange and private placement cross‐listings significantly alleviate firms' financing constraints. In addition, the financial benefits associated with exchange listings are larger than those associated with private listings, while on the other hand, over‐the‐counter programs do not improve capital allocation. The study also shows that US exchange cross‐listing benefits have not been eroded by the enactment of the Sarbanes‐Oxley (SOX) Act in 2002. Copyright © 2014 ASAC. Published by John Wiley & Sons, Ltd. 相似文献
2.
This paper examines the impact of the individual dimensions of social performance (SP) on firm risk (total and idiosyncratic) using 16,599 firm-year observations over the period 1991–2007. We find that firm risk for S&P500 members is positively affected by Employee, Diversity, and Corporate Governance concerns. On the other hand, Community (Diversity) strengths negatively (positively) affect their risk. As to non-S&P500 members, firm risk is positively affected by Employee concerns and Diversity strengths. However, firm risk of non-S&P500 members is negatively affected by Environment strengths. The direction of causation between firm risk and SP depends on the dimension examined. 相似文献
3.
Ahmed Marhfor Bouchra M'Zali Jean‐Claude Cosset Guy Charest 《Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l\u0027Administration》2013,30(3):173-188
We examine whether more analyst coverage translates into more informative stock prices and apply this to both developed and emerging markets. We measure price informativeness using the association between current stock returns and future earnings. We argue that more informative stock prices contain more information about future earnings. Results indicate that analysts' activities do not contribute to the impounding of future earnings information into current stock prices, in accordance with the view that analysts are outsiders who do not have full access to firm‐level information. We also find that analysts specialize according to industry and that “industry expertise” is limited to developed countries. Overall, our evidence is consistent with the explanation that analysts focus on gathering and mapping industry‐ and market‐level information (macroeconomic information) into stock prices. Copyright © 2013 ASAC. Published by John Wiley & Sons, Ltd. 相似文献
4.
The response of the single stock futures (SSF) market to a short‐selling ban is investigated. The hypothesis is that traders use SSF as a substitute instrument for short‐selling. A significant increase in SSF trading activity is documented, accompanied by narrower spreads. SSF market volatility did not react during the ban, which suggests that the increased trading activity did not weaken SSF market quality. The quality of the underlying market during the ban period is also assessed, with the results suggesting that changes in SSF market activity had neither positive nor negative effects on the stocks’ liquidity, volatility, and volume. 相似文献
5.
Ahmed Marhfor Kais Bouslah Bouchra M'Zali Rachid Ghilal 《Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l\u0027Administration》2021,38(1):29-41
In this paper, we propose a new theory that sheds a different light on the potential relationship between Corporate Social Responsibility (CSR) and Stock Price Informativeness (PI). More specifically, we explain why a neutral association between CSR and PI can be an indicator of high economic and social welfare, while a positive association can be an indicator of both markets and governments failure. Under a neutral relationship, we argue that mandatory disclosure is getting firms to disclose near their optimal level. Therefore, any voluntary disclosure beyond the mandatory regime (such as CSR disclosure) should not improve PI. We base our hypothesis on public interest theory that suggests that regulators promote the public interest when a market failure is identified. On the other hand, under a positive association between CSR and PI, we argue that regulators do not offer adequate incentives for firms to disclose at their socially optimal levels because the level of voluntary disclosure by socially responsible firms is optimal in comparison to the level of mandatory disclosure provided by other firms with weak CSR engagement. 相似文献
6.
Guy Charest Jean-Claude Cosset Ahmed Marhfor Bouchra M’Zali 《Journal of Multinational Financial Management》2013,23(1-2):97-112
We investigate whether cross-listing in the US contributes to impound more earnings information into stock prices. Our results indicate that US exchange cross-listings are not associated with more future earnings news reflected in current prices, in accord with the view that such mechanism does not improve the information environment of non-US firms. This main finding is robust to many aspects of our methodology. 相似文献
7.
This paper examines the impact of the recent financial crisis (2008–2009) on the relation between a firm’s risk and social performance (SP) using a sample of non-financial U.S. firms covering the period 1991–2012. We find that the relation between SP and risk is significantly different in the crisis period (post-crisis period) compared to the pre-crisis period. SP reduces volatility during the financial crisis. The risk reduction potential of SP is mainly due to the strengths component of SP. Since the relation of risk is stronger with SP strengths than SP concerns, this implies an asymmetric relation between these SP components and a firm’s risk. Specifically, strengths act as a risk reduction tool during an adverse economic environment. 相似文献
8.
Kais Bouslah Bouchra M’Zali Marie-France Turcotte Maher Kooli 《Journal of Business Ethics》2010,96(4):551-572
The purpose of this article is to examine empirically the impact of environmental certification on firm financial performance
(FP). The main question is whether there is a “green premium” for certified firms, and, if so, for what kind of certification.
We analyze the short-run and the long-run stock price performance using an event-study methodology on a sample of Canadian
and U.S. firms. The results of short-run event abnormal returns indicate that forest certification does not have any significant
impact on firm FP regardless of the certification system carried out by firms. Unlike the short-run results, the long-run
post-event abnormal returns suggest that forest certification has, on average, a negative impact on firm FP. However, the
impact of forest certification on firm FP depends on who grants the certification, since only industry-led certification (Sustainable
Forestry Initiative, Canadian Standards Association and ISO14001) are penalized by financial markets, whereas non-governmental
organizations–led Forest Stewardship Council certification is not. 相似文献
1