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Articles 31 - 38 of 38
Full-Text Articles in Corporate Finance
Why "Democracy" And "Drifter" Firms Can Have Abnormal Returns: The Joint Importance Of Corporate Governance And Abnormal Accruals In Separating Winners From Losers, Koon Boon Kee
Dissertations and Theses Collection (Open Access)
Do managers exercise accounting discretion in an opportunistic or efficient manner? Good governance structures, which mitigate agency costs, are necessary to ensure that the accounting information supplied by management is not opportunistically manipulated. The output of quality accounting information, in turn, serves as an input to better governance structures. Thus, governance and earnings quality (EQ) are inexorably linked through a complementarity relationship. This suggests two previously unexamined relationships. Firstly, the governance effects on performance in the influential paper by Gompers, Ishii and Metrick (2003) is overrated without good EQ, measured by the magnitude of abnormal accruals (AA), as an input. …
Why Does Corporate Governance Matter? Evidence From Seasoned Bond Offerings, Fang Wang
Why Does Corporate Governance Matter? Evidence From Seasoned Bond Offerings, Fang Wang
Dissertations and Theses Collection (Open Access)
To examine the importance of corporate governance, I look at how management and investors behave in the event of seasoned bond offerings, controlling for the corporate governance structure of issuing firms. I find that companies with the weakest governance structure aggressively manipulate their earnings upwards during the two years prior to the debt issuances. And when the bond offerings are announced to the market, these same firms experienced positive abnormal returns over a three day event period, indicating that investors of poorly governed firms value a debt financing for the alleged decrease in agency cost.
Does Corporate Governance Matter, Evidence From Earnings Management Practices In Singapore, Lingxu Hu
Does Corporate Governance Matter, Evidence From Earnings Management Practices In Singapore, Lingxu Hu
Dissertations and Theses Collection (Open Access)
This paper addresses two questions. First, do good corporate governance practices add values to company or does it lead to higher stock returns in Singapore? Second, does poorly governed listed company in SGX tend to manage their earnings by using discretionary accruals? Following the approach of Gompers et al. (2003), we formed two portfolios consisting of well-governed and poorly governed companies. Well governed companies are able to maintain a higher return relative to poorly governed companies. I also look at the firm valuation from the adoption of corporate governance practices. Our result shows a positive relationship between firm valuation and …
Corporate Governance And Earnings Management Before Share Repurchase Announcements In Singapore, Jian Ming Chua
Corporate Governance And Earnings Management Before Share Repurchase Announcements In Singapore, Jian Ming Chua
Dissertations and Theses Collection (Open Access)
Share repurchase in Singapore was legalized in 1998. It is well known that investors view share repurchase as good news. This study is based on share repurchase announcements from 2006 to 2009. The mean Cumulative Market-Adjusted Returns (CAR) for the period [0, +1] and [-1, +1] are significant at 1.25% and 1.33% respectively. In Singapore, there are positive abnormal returns following share repurchase announcements in support of the ―free cash flow‖ hypothesis. By using the Singapore Corporate Governance Index as a proxy, the weakly governed companies exhibit the strongest, positive and significant CAR of 2.62% for the period [0, +1]. …
Acquisitions Driven By Stock Overvaluation, Leming Lin
Acquisitions Driven By Stock Overvaluation, Leming Lin
Dissertations and Theses Collection (Open Access)
Overvaluation might drive a firm to use its stock to acquire another firm whose stock is not as overpriced. Though hypothetically desirable, these acquisitions create little, if any, value for acquirer shareholders. Two factors impede value creation for acquirer stockholders from these transactions (despite large differences in relative overvaluation at announcement): acquirers paying large premiums to targets, and investors' correction of acquirer overvaluation during the bid period. Furthermore, acquirer CEOs obtain a large amount of new stock and option grants after acquisitions and realize a net gain in wealth, further suggesting that equity overvaluation increases agency costs and the resulting …
Venture Capital Firm's Reputation Effect On Its Start-Up Company's Long Term Operating Performance And Survivorship, Huei Siang Yap
Venture Capital Firm's Reputation Effect On Its Start-Up Company's Long Term Operating Performance And Survivorship, Huei Siang Yap
Dissertations and Theses Collection (Open Access)
In this paper, I tested the effects of three proxies for venture capitalist(VC) reputation on its invested company's long term industry-djusted operating performances (ROA , ROE), market-to-book ratio and survival time (time to delisting) in the aftermarket. VC's market share and VC's IPO share have strong and positive association with the post-IPO long-term performance metrics, and the effects are statistically significant even after accounting for self-selection bias. For long term survivorship of start-up companies, I applied hazard analysis to the IPO company's time to delisting with accelerated failure time (AFT) model as the baseline hazard function, and found that start …
Liquidity, Credit Risk And Pricing Of Corporate Bond, Xiaoli Sun
Liquidity, Credit Risk And Pricing Of Corporate Bond, Xiaoli Sun
Dissertations and Theses Collection (Open Access)
Employing a comprehensive database on transactions of corporate bonds issued by corporations, agencies and financial institutions, we compare the different liquidity measures--bid-ask spread, zero-return percentage, Amihud illiquidity factor for the corporate bond market. The criteria of judging is based on the explanatory power of different liquidity measures in determining yield spread over the benchmark curve (equivalent-maturity Treasury bond or notes). The conclusion is that liquidity plays a role in determining corporate bond yield spread. There are significant differences in the explanatory power of the different liquidity measures; among the liquidity measures, zero-return percentage works best. Preliminary findings, based on the …
Under-Pricing And Long-Run Performance Of Initial Public Offerings In Developing Markets, Sze Wei Daniel Ong
Under-Pricing And Long-Run Performance Of Initial Public Offerings In Developing Markets, Sze Wei Daniel Ong
Dissertations and Theses Collection (Open Access)
The transition from being a private company to a public one is one of the most important events in the life of a firm. It is also one of particular interest to institutional investors, and the transition is facilitated through the initial public offering (IPO) process. The IPO provides a fresh source of capital that is critical to the growth of the firm and provides the founder and other shareholders such as venture capitalists a liquid market for their shares. From an institutional investor's perspective, the IPO provides an opportunity to share in the rewards of the growth of the …