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31.
Investment opportunities,free cash flow,and stock valuation effects of secured debt offerings 总被引:1,自引:1,他引:0
Shao-Chi Chang Sheng-Syan Chen Ailing Hsing Chia Wei Huang 《Review of Quantitative Finance and Accounting》2007,28(2):123-145
This paper examines the role of investment opportunities and free cash flow in explaining the source of the stock valuation
effects of secured debt offerings. We find a significantly positive relation between a firm's investment opportunities and
its stock price response to announcements of secured debt issues. This evidence supports the investment opportunities hypothesis
that secured debt financing is more valuable for issuing firms with high growth opportunities. In contrast, we find a lack
of support for the free cash flow hypothesis. These findings hold even after controlling for other potentially influential
variables. Our study provides a better understanding of the relative importance of various potential determinants in explaining
the variation in the valuation impact of secured debt issues.
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Chia Wei HuangEmail: |
32.
Yi-Cheng Shih Sheng-Syan Chen Cheng-Few Lee Po-Jung Chen 《Review of Quantitative Finance and Accounting》2014,42(3):415-448
The capital asset pricing models (CAPM) has been the benchmark of asset pricing models and has been used to calculate asset returns and the cost of capital for more than four decades. Many researchers have tried to relax the original assumptions and generalize the static CAPM. We survey the important alternative theoretical models of capital asset pricing and provide a complete review of the evolution of asset pricing models. We also discuss the interrelationships among these models and suggest several possible directions for future research. Our results might be used as a guideline for future theoretical and empirical research in capital asset pricing. 相似文献
33.
Sheng-Syan Chen Carl Hsin-han Shen Yanzhi Wang 《Journal of Business Finance & Accounting》2023,50(9-10):2021-2050
This study examines how and why managers receive pay premiums when vulnerable to social reputation loss. We define sin companies as those operating in the alcohol, gambling and tobacco industries. We show that company managers receive a higher asymmetric pay-for-performance sensitivity in their pay in addition to receiving higher total compensation. In other words, their pay increases with firm performance at a faster rate than that of their non-sin company peers. This finding is consistent with our prediction that sin companies provide greater rewards to their managers upon satisfactory performance, generating a pay premium. We propose two explanations for the reputation pay premium associated with sin-industry managers: the limited future career opportunities and the difficulty of reconciling managers’ self-identity with the employer's social identity. We find stronger support for the latter explanation. The sin-industry pay premium is larger when managers have pro-social and religious tendencies. However, we do not find a smaller pay premium when managers are close to their retirement. Since the career concern should be reduced for managers who are near retirement, this finding is inconsistent with the career opportunity explanation. Overall, our findings are consistent with the notion that managers associate their self-image with employers’ social identities. 相似文献
34.
Chen Sheng-Syan Huang Chia-Wei Hwang Chuan-Yang Wang Yanzhi 《Review of Quantitative Finance and Accounting》2022,58(3):1081-1115
Review of Quantitative Finance and Accounting - We examine whether a firm’s voluntary disclosures, proxied by management earnings forecasts, affect its innovation activity. A firm making more... 相似文献