Online Appendix Tables of 'Staggered Boards and Long-Term Firm Value, Revisited'

2016 ◽  
Author(s):  
Martijn Cremers ◽  
Lubomir P. Litov ◽  
Simone M. Sepe
Keyword(s):  
Firm Value ◽  
Online Appendix ◽  
Staggered Boards

scholarly journals Staggered boards and long-term firm value, revisited

2017 ◽  
Vol 126 (2) ◽  
pp. 422-444 ◽  
Author(s):  
K.J. Martijn Cremers ◽  
Lubomir P. Litov ◽  
Simone M. Sepe
Keyword(s):  
Firm Value ◽  
Staggered Boards

Do Staggered Boards Affect Firm Value?

2017 ◽  
Author(s):  
Yakov Amihud ◽  
Markus M. Schmid ◽  
Steven Davidoff Solomon
Keyword(s):  
Firm Value ◽  
Staggered Boards

Liquidity hedging with futures and forward contracts

2019 ◽  
Vol 36 (2) ◽  
pp. 265-290 ◽  
Author(s):  
Yong Jae Shin ◽  
Unyong Pyo
Keyword(s):  
Firm Value ◽  
Minimal Amount ◽  
Forward Contracts ◽  
Content Type ◽  
Term Operation ◽  
Futures Contract ◽  
Hedging Strategies ◽  
Parameter Values ◽  
Risky Debt

Purpose This paper aims to develop hedging strategies using both futures and forward contracts and issuing risky debt when financially constrained firms are forced to operate in long horizon. Design/methodology/approach The authors present a model for developing hedging strategies using both futures and forward contracts and issuing risky debt. A theoretical model employing stochastic differential equations for forward hedging is illustrated with a numerical example over parameter values consistent with the literature. Findings A financially constrained firm with limited cash balance must hedge its liquidity with both future and forward contracts and issue risky debt to support its long-term operations. The firm can issue a minimal amount of risky debt by adding forward contracts into hedging and can increase its value higher than that when hedging with only futures contracts. We show numerically that hedging with both futures and forward contracts allows the firm to issue minimal risky debt in increasing its firm value. Practical implications When Metallgesellschaft nearly collapsed in 1993, it offered long-term forward contracts to its customers and attempted to hedge its risk by rolling over series of short-term futures contract. It created the situation of inherent mismatch in maturity structure. A financially constrained firm operating in a long horizon appears to commit its liquidity as long-term forward contracts, which cannot be fully hedged with series of futures contacts. The firm should hedge its liquidity with both futures and forward contracts and avoid liquidation with deadweight costs in its long-term operation. Originality/value This is the first study examining hedging strategies with both futures and forward contracts.

scholarly journals A Study of A Causality Relationship between Profitability and Firm Value: A Comparison between European Countries

2017 ◽  
Vol 4 (1) ◽  
pp. 108
Author(s):  
Ben Said Hatem
Keyword(s):  
Firm Value ◽  
European Countries ◽  
Tobin’S Q ◽  
Return On Assets ◽  
Tobin's Q ◽  
Mean Values ◽  
Return On Equity ◽  
Market Values ◽  
Causality Relationship

The aim of our paper is to test for a causality interdependence between profitability and firm value. To this end, we examined a sample of two European countries: Italy and Poland. Our samples contain 200 firms from each country studied over a period of 4 years from 2007 to 2010. As a measure of firm performance, we use two ratios; return on assets and return on equity. Regarding firm value, we used two ratios; Tobin’s Q calculated as long-term debt increased by short-term debt divided by total assets, and Market To Book ratio calculated as market capitalization divided by shareholder’s equity. The descriptive statistics show that Italian firms have higher market values. We obtained mean values of 1,123 and 2,0698 of Tobin’s Q and MTB, respectively. However, firms of Poland are more profitable than firms of Italy. Using a data panel method, we concluded that for firms of Italy, there is a causality relationship between profitability, approximated by return on assets and return on equity and firm value, measured by Tobin’s Q. For firms of Poland, a causality relationship is also found.

scholarly journals The Inter-Firm Value Effect in the Qatar Stock Market: 2005-2014

2015 ◽  
Vol 11 (1) ◽  
pp. 189
Author(s):  
Omar Gharaibeh
Keyword(s):  
Stock Market ◽  
Firm Value ◽  
Factor Model ◽  
Two Measures ◽  
Value Effect ◽  
Abnormal Profits ◽  
Market Strategies ◽  
Three Factor

<p>This paper examines whether there is evidence of an inter-firm value in the returns of Qatar firms. The long-term return contrarian and book-to-market strategies are approaches commonly used to test for value effect. This study documents statistically significant abnormal profits of an inter-firm value effect with two measures. The long-term return contrarian and BE/ME strategies provide significant abnormal raw returns of 1.17% and 1.64% per month, respectively. Although each of the value strategies earns significant unadjusted profits, these profits can be explained by the Fama-French three-factor model.</p>

Short-Term Investors, Long-Term Investments, and Firm Value

2017 ◽  
Author(s):  
K. J. Martijn Cremers ◽  
Ankur Pareek ◽  
Zacharias Sautner
Keyword(s):  
Firm Value ◽  
Short Term

Staggered boards, corporate opacity and firm value

2013 ◽  
Vol 37 (2) ◽  
pp. 341-360 ◽  
Author(s):  
Augustine Duru ◽  
Dechun Wang ◽  
Yijiang Zhao
Keyword(s):  
Firm Value ◽  
Staggered Boards ◽  
Corporate Opacity

Firm web visibility and its business value

2014 ◽  
Vol 24 (3) ◽  
pp. 292-312 ◽  
Author(s):  
Fang Wang ◽  
Liwen Vaughan
Keyword(s):  
Significant Relationship ◽  
Firm Value ◽  
Shareholder Value ◽  
Convincing Evidence ◽  
Business Value ◽  
Cross Sectional ◽  
Content Type ◽  
Web Visibility ◽  
Advertising Efficiency

Purpose – The purpose of this paper is to theoretically analyze and empirically test the business value of firm web visibility, including its relationship to advertising efficiency and long-term financial performance (i.e. shareholder value). Design/methodology/approach – A conceptual framework is established to analyze firm value of web visibility through its market effects. Hypotheses on the associations between firm web visibility and advertising efficiency and shareholder value are tested by cross-sectional analysis of 1,331 firms in six industries and four industry sectors. The authors control for several firm- and industry-level factors. Findings – The results consistently support the two hypotheses, i.e., first, a positive and significant relationship between firm web visibility and advertising efficiency; and second, a positive and significant relationship between firm web visibility and shareholder value. Practical implications – In addition to increasing web traffic, firm web visibility has business value and helps to enhance advertising efficiency and shareholder value. Managers can use the web references as a valuable tool for marketing success when the use of traditional advertising reaches saturation. Managers should actively monitor and use web visibility as a web management measure in practice. Originality/value – This research provides convincing evidence to support both short-term and long-term business value of web visibility and suggests that web visibility be recognized and managed as a market-based asset.

Institutional Shareholders' Investment Horizons and Tax Avoidance

2012 ◽  
Vol 35 (1) ◽  
pp. 111-134 ◽  
Author(s):  
Inder K. Khurana ◽  
William J. Moser
Keyword(s):  
Avoidance Behavior ◽  
Firm Value ◽  
Tax Avoidance ◽  
Institutional Ownership ◽  
Managerial Opportunism ◽  
Tax Savings ◽  
Institutional Shareholders

ABSTRACT: We investigate whether the level of ownership by institutional shareholders with a long-term horizon is associated with firms' tax avoidance activities. In theory, tax avoidance increases firm value through tax savings; however, institutions with long-term investment horizons are likely to discourage tax avoidance activities if such activities encourage managerial opportunism and reduce transparency. Using a sample of firms with institutional ownership data from 1995–2008, we find less tax avoidance in firms held by long-term institutional shareholders. Probing further, we find these results are generally driven by poorly governed firms. Overall, our results highlight the role of certain types of institutional shareholders in affecting a firm's tax avoidance behavior.

scholarly journals Impact of CEO pensions on value relevance of R&D expenditures

2018 ◽  
Vol 16 (4) ◽  
pp. 224-234
Author(s):  
Kyung Jin Park ◽  
Kyoungwon Mo
Keyword(s):  
Firm Value ◽  
Default Risk ◽  
Value Relevance ◽  
Least Square ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Dependent Variables ◽  
Unfunded Liabilities ◽  
The Impact

Since CEO pension is unsecured and unfunded liabilities of the firm, it induces CEOs to have long-term incentives towards minimizing their firms’ default risk. Motivated by the unique characteristics of CEO pension, this study investigates the impact of CEO pension on the value relevance of R&amp;amp;D expenditures. Using Tobin’s Q ratio to measure firm value, the empirical results show that CEO pension intensifies the relation between R&amp;amp;D expenditures and Tobin’s Q ratio. The results remain robust in two-stage least square and propensity score matching regression analysis to address the endogeneity issues in the relation between CEO pension and the value relevance of R&amp;amp;D expenditures. In addition, the regression results with ROA and F-score as the alternative dependent variables also confirm that CEO pension intensifies the relation between R&amp;amp;D expenditures and firm value.

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