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Full-Text Articles in Business
Governance-Default Risk Relationship And The Demand For Intermediated And Non-Intermediated Debt, Husam Aldamen, Keith Duncan, Safdar Khan
Governance-Default Risk Relationship And The Demand For Intermediated And Non-Intermediated Debt, Husam Aldamen, Keith Duncan, Safdar Khan
Safdar Khan
This paper explores the impact of corporate governance on the demand for intermediated debt (asset finance, bank debt, non-bank private debt) and non-intermediated debt (public debt) in the Australian debt market. Relative to other countries the Australian debt market is characterised by higher proportions of intermediatedor private debt with a lower inherent level of information asymmetry in that private lenders have greater access to financial information (Gray, Koh & Tong 2009). Our firm level, cross-sectional evidence suggests that higher corporate governance impacts demand for debt via the mitigation of default risk. However, this relationship is not uniform across all debt …
Transaction Size And Effective Spread: An Informational Relationship, Thomas Henker, Robert Kohn, Yuewen Xia, David Feldman
Transaction Size And Effective Spread: An Informational Relationship, Thomas Henker, Robert Kohn, Yuewen Xia, David Feldman
Thomas Henker
The relationship between quantity traded and transaction costs has been one of the main focuses among financial scholars and practitioners. The purpose of this thesis is to investigate the informational relationship between these variables.Following insights and results of Milgrom (1981), Feldman (2004), and Feldman and Winer (2004), we use New York Stock Exchange (NYSE) data and kernel estimation methods to construct the distribution of one variable conditional on the other. Then, we study the information in these conditional distributions: the extent to which they are ordered by first order stochastic dominance (FOSD) and by the monotone likelihood ratio property (MLRP).
The Vanishing Abnormal Returns Of Momentum Strategies And ‘Front-Running’ Momentum Strategies, Julia Henker, Thomas Henker, Robert Huynh, Martin Martens
The Vanishing Abnormal Returns Of Momentum Strategies And ‘Front-Running’ Momentum Strategies, Julia Henker, Thomas Henker, Robert Huynh, Martin Martens
Thomas Henker
We find variations in returns from momentum strategies. Unlike most studies, we form portfolios one week prior to the end of month, called ‘front-running’ momentum portfolios. As expected, due to the effects of institutional momentum trading, our ‘front-running’ portfolios generate returns of similar magnitude but lower volatility than month-end strategies. We also show that the previously documented large-firm momentum effect is sensitive to the strategy examined, and is attributable to the abnormal returns of large NASDAQ stocks. Moreover, momentum strategies did not earn significant returns during our sample period, an indication that momentum is not an unambiguously persistent anomaly.
Names, Trains, And Corporate Deals: Why Public Transit Shouldn't Sell Naming Rights, Frank Pasquale
Names, Trains, And Corporate Deals: Why Public Transit Shouldn't Sell Naming Rights, Frank Pasquale
Frank A. Pasquale
No abstract provided.