| 1. |
- Adams, RB, et al.
(författare)
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Is Pay a Matter of Values?
- 2012
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Ingår i: International Review of Finance. - : Wiley. - 1369-412X. ; 12:2, s. 133-173
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Tidskriftsartikel (refereegranskat)abstract
- Public outrage over executive compensation reached an all-time high during the financial crisis. Around the world, many argued that CEOs and boards were immoral in setting their pay and pressured governments to impose restrictions on executive pay. Using a unique sample of data on human values for CEOs, we show that CEOs and directors have different values than general members of the population. CEOs and directors place more emphasis on power and achievement values than members of the population, and they emphasize self-direction values more. However, values appear to have little explanatory power for pay, in contrast to economic variables. While some CEOs may be unethical in setting their pay, our results suggest that pay is not a matter of values on average.
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| 2. |
- Bekiros, Stelios, et al.
(författare)
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Extreme Dependence under Uncertainty: an application to Stock, Currency and Oil Markets
- 2017
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Ingår i: International Review of Finance. - : WILEY. - 1369-412X .- 1468-2443. ; 17:1, s. 155-162
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Tidskriftsartikel (refereegranskat)abstract
- We explore the impact of uncertainty on financial markets in the aftermath of the global financial crisis. In particular, we investigate the temporal dynamics of the dependence structure of stock, currency and oil markets in the United States using a nonparametric copula approach. Policy uncertainty is modeled via the EPU index of Baker et al. (2013). We find evidence of a pronounced extreme tail asymmetric interrelationship between the crude oil market and economic uncertainty.
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| 3. |
- Korkeamäki, Timo, et al.
(författare)
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CEO’s total wealth characteristics and implications on firm risk
- 2018
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Ingår i: International Review of Finance. - : Wiley. - 1468-2443 .- 1369-412X. ; 18:1, s. 35-58
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Tidskriftsartikel (refereegranskat)abstract
- We study the connections between firm risk and the CEO’s personal wealth characteristics, using a unique dataset on CEO wealth and its components. Consistent with decreasing absolute risk aversion, we find that wealthier CEOs are associated with higher risk firms. Riskier firms tend to have CEOs whose wealth is more independent of the firm. We also find that CEOs with high personal portfolio betas run firms with higher betas. CEO’s tenure is negatively associated with firm risk measured either as beta, idiosynchratic risk, or volatility of accounting profitability. A possible interpretation is that risk-averse managers are better able to imprint their risk preferences on the firm over time. Stronger corporate governance weakens the connection between CEO wealth characteristics and firm risk.
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| 4. |
- Kärnä, Anders, 1985-, et al.
(författare)
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Distance still matters : Local bank closures and credit availability
- 2021
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Ingår i: International Review of Finance. - : John Wiley & Sons. - 1369-412X .- 1468-2443. ; 21:4, s. 1503-1510
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Tidskriftsartikel (refereegranskat)abstract
- In recent years, commercial banks have substantially reduced the number of their branch offices. We address the question of whether or not the increased distance to lenders caused by branch office closures translates into a lower credit supply for small and medium sized enterprises (SMEs). We use a unique dataset based on 33,000 loan contracts from a state-owned Swedish bank designed to support credit-constrained SMEs, and relate loan size and the interest rate to the number of nearby commercial bank offices. We use an IV strategy to account for potential endogeneity of the number of banks in a region. In line with previous studies, we find that interest rates increase with distance, while loan size decreases with distance. Thus, a larger number of local bank offices increases the local credit supply, and thereby reduces credit constraints of nearby SMEs.
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| 5. |
- Luo, Jian, et al.
(författare)
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Counter-Credit-Risk Yield Spreads : A Puzzle in China’s Corporate Bond Market
- 2016
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Ingår i: International Review of Finance. - : Wiley. - 1369-412X .- 1468-2443. ; 16:2, s. 2013-241
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Forskningsöversikt (refereegranskat)abstract
- In this paper, using China's risk-free and corporate zero yields together with aggregate credit risk measures and various control variables from 2006 to 2013, we document a puzzle of counter-credit-risk corporate yield spreads. We interpret this puzzle as a symptom of the immaturity of China's credit bond market, which reveals a distorted pricing mechanism latent in the fundamental of this market. We also find interesting results about relationships between corporate yield spreads and interest rates and risk premia and the stock index, and these results are somewhat attributed to this puzzle.
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| 6. |
- Sekerci, Naciye
(författare)
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Factors Associated with Strategic Corporate Decisions in Family Firms : Evidence from Sweden
- 2020
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Ingår i: International Review of Finance. - : Wiley. - 1369-412X .- 1468-2443. ; 20:1, s. 45-75
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Tidskriftsartikel (refereegranskat)abstract
- By using detailed ownership data from Sweden, we investigate the factors associated with corporate investment decisions in family firms compared to nonfamily firms. We find that the family owner's portfolio diversification level is to some extent, and the use of dual-class share mechanism by the family owner is strongly, associated with reduced corporate investment. We further demonstrate where entrenched family owners, holding dual-class shares, canalize their firm free cash flows to: they prefer to distribute it as dividends with catering motivations. They opt to pay higher dividends over increasing corporate investment, which indicates some evidence of private benefits of control.
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