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Articles 1 - 9 of 9
Full-Text Articles in Corporate Finance
Additional Evidence On The Impact Of The International Financial Reporting Standards On Earnings Quality: Evidence From Latin America, Mauricio Melgarejo
Additional Evidence On The Impact Of The International Financial Reporting Standards On Earnings Quality: Evidence From Latin America, Mauricio Melgarejo
Scholarship and Professional Work - Business
The purpose of this paper is to explore whether the adoption of the International Financial Reporting Standards (IFRS) has an impact on the quality of earnings in Latin America. Studying a sample offirms from Argentina, Brazil, Chile, Mexico, and Peru, I find that management reports a lower level of discretionary accruals after the implementation of the IFRS. In addition, this study provides evidence that earnings are more persistent and stock prices are more associated with earning numbers after the application of IFRS. This paper provides evidence that earnings quality has increased after the adoption of IFRS in Latin America.
Does Beating Cash Flow Benchmarks Reduce The Cost Of Debt?, Mauricio A. Melgarejo
Does Beating Cash Flow Benchmarks Reduce The Cost Of Debt?, Mauricio A. Melgarejo
Scholarship and Professional Work - Business
This paper examines whether beating previous year cash flow values and analysts' cash flow forecasts impact the firms' cost of debt. Creditors are expected to be more concerned about firm solvency than firm profitability. Accordingly, if lenders have any reference point it may be related to cash flow numbers. This study finds that firms that beat analysts' cash flow forecasts have smaller initial bond yield spreads in the next period and a decrease in their initial bond yield spreads between consecutive periods. This effect is more pronounced at short maturities and for observations with less informative earnings. Firms with lower …
Further Examination Of Equity Returns And Seasonal Depression, Steven D. Dolvin, Mark K. Pyles, Qun Wu
Further Examination Of Equity Returns And Seasonal Depression, Steven D. Dolvin, Mark K. Pyles, Qun Wu
Scholarship and Professional Work - Business
Seasonal Affective Disorder (SAD) induces investors to shift resources away from risky investments (such as equity) and towards safer alternatives (such as fixed income) during the Fall, while stimulating the opposite action in the Winter. Existing studies, however, fail to account for the possibility that SAD could further motivate investors to shift exposure among different subsets of equity, rather than simply across broad asset categories. We explore this possibility by examining the impact of SAD on the returns of “safe” and “risky” equity sectors (i.e., industries), as well as on equity at different levels of market capitalization. We find the …
Collaborative Standards, Voluntary Codes And Industry Self-Regulation, Lawrence J. Lad, Craig B. Caldwell
Collaborative Standards, Voluntary Codes And Industry Self-Regulation, Lawrence J. Lad, Craig B. Caldwell
Scholarship and Professional Work - Business
In a complex, global economy, firms seek a range of mechanisms for addressing regulatory and social movement pressures. This requires an evolution beyond our current models of response to regulation and control. This paper offers ideas on collaborative control and industry self-regulation as alternative mechanisms for addressing regulatory complexity. It explores a range of self-regulatory practices worldwide, proposes a framework for examining its use, potential and limits, and discusses the critical role of third-party organisations in the process.
Earnings Guidance: How Should Companies Interact With The Market?, Steven D. Dolvin
Earnings Guidance: How Should Companies Interact With The Market?, Steven D. Dolvin
Scholarship and Professional Work - Business
Steven Dolvin's contribution to the January/February Edition of BizVoice, magazine of the Indiana Chamber of Commerce.
Information Asymmetry And The Cost Of Going Public For Equity Carve Outs, Steven D. Dolvin, Karen M. Hogan, Gerad T. Olson
Information Asymmetry And The Cost Of Going Public For Equity Carve Outs, Steven D. Dolvin, Karen M. Hogan, Gerad T. Olson
Scholarship and Professional Work - Business
We examine the relationship between asymmetric information and the cost of going public for equity carve-outs (ECOs) as compared to ordinary initial public offerings (IPOs). We decompose underpricing into the opportunity cost of issuance (OCI) and a measure of share retention. Compared to an average IPO, we find that ECOs have lower OCI and price revisions, but higher share retention and long-term returns. Compared to a matched sample of IPOs, however, we observe similar OCI and long-term returns, but still find ECOs have higher share retention. Our analysis suggests that documented pricing differences between ECOs and IPOs likely are attributable …
Corporate Governance, Transparency And Performance Of Malaysian Companies, Mohd Che Haat, H. R. Raaman, Sakthi Mahenthiran
Corporate Governance, Transparency And Performance Of Malaysian Companies, Mohd Che Haat, H. R. Raaman, Sakthi Mahenthiran
Scholarship and Professional Work - Business
The paper aims to examine the effect of good corporate governance practices on corporate transparency and performance Malaysian listed companies.
Underpricing, Overhang, And The Cost Of Going Public To Preexisting Shareholders, Steven D. Dolvin, Bradford D. Jordan
Underpricing, Overhang, And The Cost Of Going Public To Preexisting Shareholders, Steven D. Dolvin, Bradford D. Jordan
Scholarship and Professional Work - Business
IPO underpricing has been extensively studied; however, its impact on the wealth of preexisting shareholders has not been closely examined. We address the question of whether or not periods of high underpricing adversely affect preexisting shareholders. We find that high levels of underpricing are associated with increased share retention, which effectively offsets much of the potential cost. Overall, we find that the percentage of shareholder wealth lost is surprisingly stable over time, unlike underpricing itself. We also find that many factors known to be related to underpricing are not significant determinants of the cost of going public to preexisting owners.
Prior Debt And The Cost Of Going Public, Steven D. Dolvin, Merk K. Pyles
Prior Debt And The Cost Of Going Public, Steven D. Dolvin, Merk K. Pyles
Scholarship and Professional Work - Business
Previous studies find that firms with prior debt, particularly publicly rated, have lower information asymmetry and experience a lower opportunity cost of going public, as measured by underpricing. Subsequent research suggests that underpricing may be an inaccurate measure of indirect issuance costs. Thus, we replicate and extend existing studies to examine whether previously issued debt reduces the true opportunity cost of issuance. We find that private debt issues have little effect; however, firms with public debt (particularly rated) have both significantly lower levels of underpricing and lower issuance opportunity costs, as well as narrower filing ranges and smaller price revisions, …