Zobrazeno 1 - 10
of 25
pro vyhledávání: '"Ron Giammarino"'
Publikováno v:
The Review of Financial Studies. 35:4105-4151
We study a standard real-option problem in which sequential decisions are made through voting by a group of members with heterogeneous beliefs. We show that, when facing both investment and abandonment timing decisions, the group behavior cannot be r
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::a90f89ac2a0bcc707d3fc739bda99bfb
https://doi.org/10.1093/rfs/hhab100
https://doi.org/10.1093/rfs/hhab100
Publikováno v:
Journal of Financial Economics. 125:417-433
We study a dynamic corporate investment problem where decisions have to be made collectively by a group of agents holding heterogeneous beliefs and adhering to a “utilitarian” governance mechanism in which each agent has a given influence in the
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::d71fcc05843086ff24803a03748df610
https://doi.org/10.1016/j.jfineco.2017.06.005
https://doi.org/10.1016/j.jfineco.2017.06.005
Publikováno v:
SSRN Electronic Journal.
We study a standard real-option problem where sequential decisions are made through voting by a group of members with heterogeneous beliefs. We show that, when facing both investment and abandonment timing decisions, the group behavior cannot be repl
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::9ec73745a337fa856de8d6824166c40f
https://doi.org/10.2139/ssrn.3341017
https://doi.org/10.2139/ssrn.3341017
Publikováno v:
SSRN Electronic Journal.
Tax loss carry forward (TLCF), the accumulated corporate losses that can be applied to future or past taxable income, form an important asset in the corporate portfolio. In our sample (1964 - 2014) TCLF was on average equal to 17% of pretax income wi
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::5d67405ba00aff099f8f333785ea8a0b
https://doi.org/10.2139/ssrn.2812410
https://doi.org/10.2139/ssrn.2812410
Publikováno v:
Review of Financial Studies. 23:4026-4077
We theoretically and empirically investigate firm-level risk dynamics around seasoned equity offerings (SEOs). Empirically, beta increases before SEOs and decreases gradually thereafter. Using real options theory, commitment-to-invest generates a gra
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::9fff174fcd872b9af36f992dd3cedd97
https://doi.org/10.1093/rfs/hhq083
https://doi.org/10.1093/rfs/hhq083
Autor:
Ed Nosal, Ron Giammarino
Publikováno v:
Journal of Law, Economics, and Organization. 21:136-152
Governments often have the power to take property rights from private citizens but their responsibility to pay compensation is typically not well specified. In this paper we examine how the compensation rule adopted by a country affects both private
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::41ccfcf6020f3f352545994f9f08283e
https://doi.org/10.1093/jleo/ewi006
https://doi.org/10.1093/jleo/ewi006
Publikováno v:
Economic Notes. 33:83-110
Seasoned equity offerings involve two significant events: registration followed by the decision to complete the issue or withdraw the registration. We present an empirical analysis of the interaction between seasoned equity issues, insider trading an
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::717d09e26ccd4056f5251abdc5d543a9
https://doi.org/10.1111/j.0391-5026.2004.00126.x
https://doi.org/10.1111/j.0391-5026.2004.00126.x
Publikováno v:
SSRN Electronic Journal.
Corporate decisions undertaken by groups of agents with heterogeneous beliefs, such as a corporate board, are de facto "ambiguous" to the group, even if each group member is Bayesian. In such cases, governance rules must aggregate diverse priors to r
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::e137aab9b06ae387bc7850f91897b507
https://doi.org/10.2139/ssrn.2510235
https://doi.org/10.2139/ssrn.2510235
Publikováno v:
The Journal of Finance. 52:1467-1493
The authors study a model where firms may possess free cash flow and takeovers may be disruptive. They show that the possibility of a takeover, combined with defensive mechanisms and the ability to pay greenmail, can solve the free cash flow problem
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::04ab843b27b6f386322ce8b8ddca54c6
https://doi.org/10.1111/j.1540-6261.1997.tb01117.x
https://doi.org/10.1111/j.1540-6261.1997.tb01117.x
Publikováno v:
SSRN Electronic Journal.
We examine ambiguity in a model of corporate investment with follow up expansion and contraction options. We compare two specific multi-prior representations of ambiguity: Gilboa and Schmeidler’s (1989) Minimum Expected Utility (MEU) that relies on
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::ccd61c5233fcdb3518203c132cefa1f3
https://doi.org/10.2139/ssrn.2214557
https://doi.org/10.2139/ssrn.2214557