Zobrazeno 1 - 10
of 13
pro vyhledávání: '"G. Wayne Kelly"'
Publikováno v:
Financial Analysts Journal. 75:125-131
We find that individuals are confused by the titles used by investment professionals and cannot distinguish between investment advisers and brokers. This confusion persists even among those with in...
Publikováno v:
Financial Review. 48:697-723
We examine market value implications of managing liquidity via supplier financing. Results suggest a direct link between shareholder wealth and use of trade credit, and the relation exhibits significant cross-sectional variation. In particular, the m
Publikováno v:
Financial Management. 42:931-957
We examine the determinants and value effects of corporate lobbying, controlling for corporate political action committee (PAC) campaign contributions. We find evidence that firms with greater potential payoffs from favorable policy and regulations l
Publikováno v:
Review of Quantitative Finance and Accounting. 42:123-142
We examine the relation between corporate liquidity and political connections measured via lobbying expenditures. This is an interesting question as many of the motives for holding cash should be diminished by political connections. Results indicate
Publikováno v:
Journal of Real Estate Research. 35:407-444
This study examines the determinants of direct costs for real estate investment trust (REIT) seasoned equity offerings. These costs are not related to information asymmetries, unlike non- REIT firms. Gross spreads vary inversely with stock liquidity,
Publikováno v:
Financial Management. 41:255-280
We examine shareholder wealth implications of supplying financing to customers. Robust results suggest that excess returns and changes in trade receivables are directly and significantly related. Further evidence indicates the value of receivables is
Publikováno v:
The Journal of Real Estate Finance and Economics. 46:91-114
This study examines the market value of REIT dividends conditional on transparency of operating structure and effectiveness of boards. Results suggest that total, mandatory and discretionary dividends are valued by the market. Consistent with agency
Publikováno v:
The Journal of Real Estate Finance and Economics. 45:383-401
We examine the relation between firm value and liquidity among REITs. Results show shareholders benefit from both cash and unused credit line capacity. The market values an additional dollar of cash at a premium and, as theory predicts, unused credit
Publikováno v:
Financial Management. 39:783-805
Net operating working capital captures multiple dimensions of firms’ adjustments to operating and financial conditions. Sales growth, uncertainty of sales, costly external financing, and financial distress encourage firms to pursue more aggressive
Publikováno v:
The Journal of Real Estate Finance and Economics. 39:39-57
The factors influencing the cash holdings of REITs are examined with the view that the REIT industry should yield new information regarding the drivers of corporate cash policy due to their unique operating conditions. The availability of REIT line o