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46841 results in Management

Page 718 of 2343

  • Time Will Tell: Information in the Timing of Scheduled Earnings News

  • Travis L. Johnson, Eric C. So
  • Journal:
    Journal of Financial and Quantitative Analysis / Volume 53 / Issue 6 / December 2018
    Published online by Cambridge University Press:
    05 October 2018, pp. 2431-2464
    Print publication:
    December 2018

  • Using novel earnings calendar data, we show that firms’ advanced scheduling of earnings announcement dates foreshadows their earnings news. Firms that schedule later-than-expected announcement dates subsequently announce worse news than those scheduling earlier-than-expected announcement dates. Despite scheduling disclosures being observable weeks ahead of earnings announcements, we show that equity markets fail to reflect the information in these disclosures until the announcement itself. By also showing that option markets respond efficiently to volatility-timing information embedded in the same scheduling disclosures, we provide novel evidence that markets fail to react to information about future earnings despite investors immediately trading on the underlying signal.

  • Asymmetric Information, Debt Capacity, and Capital Structure

  • Michael L. Lemmon, Jaime F. Zender
  • Journal:
    Journal of Financial and Quantitative Analysis / Volume 54 / Issue 1 / February 2019
    Published online by Cambridge University Press:
    05 October 2018, pp. 31-59
    Print publication:
    February 2019

  • Capital structure choice based on costs associated with asymmetric information is examined in order to present a new perspective on the standard pecking order and trade-off theories. In the model, both the face value of debt and the restrictiveness of the associated debt covenants are chosen as part of the financial structure, allowing a more complete characterization of this decision. Debt structure choice balances ex ante adverse selection against ex post moral hazard, providing a natural integration of the pecking order and trade-off theories and the development of interesting empirical implications.

  • MOR volume 14 issue 3 Cover and Back matter

  • Journal:
    Management and Organization Review / Volume 14 / Issue 3 / September 2018
    Published online by Cambridge University Press:
    04 October 2018, pp. b1-b5
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  • BCA volume 9 Issue 3 Cover and Front matter

  • Journal:
    Journal of Benefit-Cost Analysis / Volume 9 / Issue 3 / Fall 2018
    Published online by Cambridge University Press:
    04 October 2018, pp. f1-f3
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  • MOR volume 14 issue 3 Cover and Front matter

  • Journal:
    Management and Organization Review / Volume 14 / Issue 3 / September 2018
    Published online by Cambridge University Press:
    04 October 2018, pp. f1-f10
    • Article
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  • BCA volume 9 Issue 3 Cover and Back matter

  • Journal:
    Journal of Benefit-Cost Analysis / Volume 9 / Issue 3 / Fall 2018
    Published online by Cambridge University Press:
    04 October 2018, pp. b1-b2
    • Article
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  • The Income Elasticity of Global Values of a Statistical Life: Stated Preference Evidence

  • Clayton J. Masterman, W. Kip Viscusi
  • Journal:
    Journal of Benefit-Cost Analysis / Volume 9 / Issue 3 / Fall 2018
    Published online by Cambridge University Press:
    04 October 2018, pp. 407-434
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  • Examination of estimates of the income elasticity of the value of a statistical life based on international stated preference studies yields an average between 0.94 and 1.05 overall and 0.65 and 0.80 after controlling for covariates. Quantile regression estimates indicate that the income elasticity is about 0.55 for more affluent countries and 1.0 for lower income nations, i.e., those countries that have estimates of the value of a statistical life below $2 million or per capita income levels below $3212. The estimates distinguish the values of the income elasticity across country either by income level or by the value of a statistical life. These elasticities are similar to those found in revealed preference labor market studies. The estimates are robust, controlling for possible sample selection bias and the influence of covariates, such as the type of risk.

Page 718 of 2343