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This paper examines trade credit policies of small firms operating in a bank‐dominated environment (Finland). We find that creditworthiness and access to capital markets are important determinants of trade credit extended by sellers. The level of purchases is positively correlated with the level of accounts payable. Larger and older firms and firms with strong internal financing are less likely to use trade credit, whereas firms with a high ratio of current assets to total assets, and firms subject to loan restructurings use it more. Negative loan decisions by financial intermediaries increase and a close bank‐borrower relationship decreases the probability that a firm does not take advantage of trade credit discounts. 相似文献
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Atlantic Economic Journal - 相似文献
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The Information Content of Cash Flows and the Random Walk: Evidence from the Helsinki Stock Exchange
Using a sample from the Helsinki Stock Exchange, this paper examines whether observed market reactions to unexpected cash flows are sensitive to the random walk assumption of cash flow behaviour. We consider the random walk (with drift) model commonly used in related literature, and we consider cash flow expectations generated with individually estimated parsimonious univariate time series models and an index model. Market reactions to unexpected cash flows are indiscernible under the random walk assumption, while significant market reactions are found when expectations of cash flows are measured with models which better capture their time series properties. Prior studies that rely on the random walk assumption have probably been biased against finding a significant market reaction to cash flow information. 相似文献
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我们是谁?我们是北欧警务及海关事务联络处目前的3名成员:Frc,deZ.Olsen,59岁,来自丹麦警方,已有34年的警务执法经验;JyrkiKaipanen,41岁,拥有19年的芬兰警务执法经验;AIexilndrltWang,33岁,联络处的助于和翻译. 相似文献
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Marketing Letters - A long-lasting debate in marketing literature is whether retail buyers who purchase consumer products behave like consumers or like industrial purchasing managers. We address... 相似文献
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We consider a decision situation where there is an initial set of alternatives that may be augmented, a variant of the problem known in the literature as the "secretary problem". We focus the discussion on the special case of group decision-making, where a group or committee is charged with the responsibility of negotiating the decision. We investigate situations of explicitly stated (multiple) criteria and the simpler situation of no such stated criteria. The former case includes the congenial, the mixed, and the uncongenial cases, where the individuals agree on the direction of all, some, or none of the criteria, respectively. We offer a framework within which a group of individuals can be supported in such a decision process. In the case of explicit criteria, we provide the decision-makers with probability information of the likelihood of finding more preferred alternatives provided the initial set of alternatives is expanded. The framework is tested using a simulated real-world choice situation. 相似文献
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This study examines the objectivity of Finnish listed companies' environmental reporting in their ordinary annual reports during the period 1985–1996. We study the firms' practice to disclose negative versus positive environmental events that are ex ante publicly known. As regards the entire research period, the results show that the environmental reporting of the sample firms cannot be considered objective, since the proportional share of negative events reported was negligible compared to the respective percentage for positive events. Copyright © 2001 John Wiley & Sons, Ltd and ERP Environment 相似文献
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This study examines share price effects of environmental investments using data from the Finnish forest industry from 1970 to 1996. The results indicate that the instantaneous market reaction is negative, and that the larger the investment, the larger the fall in prices. However, contrary to the view that corporate actions have a permanent effect on firm value, we observe rapid price recovery after the instantaneous negative reaction. This may support a hypothesis that environmental investments create goodwill for the investing firms and are thus not negative net present value investments. Unexpectedly, we find that the instantaneous negative market reaction was stronger in the most recent sample years. Explanations for this finding relate to the slowness of institutional change within the financial community as well as to the growing share of international investors seeking short‐term holding gains. In conclusion, it appears that not only finance theory but also notions from institutional theory and corporate environmental management literature are needed to explain stock price behaviour in conjunction with environmental investments. Copyright © 2001 John Wiley & Sons, Ltd and ERP Environment 相似文献