Results 131 to 140 of about 14,444 (299)
Material ESG Performance and Bid Premium in Merger and Acquisition Deals
International Journal of Finance &Economics, EarlyView.ABSTRACT This study examines the firm‐level and country‐level environmental, social, and governance (ESG) performance on bid premiums in cross‐border mergers and acquisitions (M&A) transactions. We document considerable variations in bid premiums. Higher carbon emissions are associated with higher bid premiums, suggesting that acquirers may perceive ...
Ndubuisi Ezenwa +2 more
wiley +1 more source
Latent Process Heterogeneity in Discounting Behavior [PDF]
We show that observed choices in discounting experiments are consistent with roughly one-half of the subjects using exponential discounting and one-half using quasi-hyperbolic discounting.
E. Elisabet Rutström +2 more
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Looking ahead: subjective time perception and individual discounting [PDF]
, 2014 Time discounting is at the heart of economic decision-making. We disentangle hyperbolic discounting from subjective time perception using experimental data from incentive-compatible tests to measure time preferences, and a set of experimental tasks to ...
Bradford, W. David +2 more
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Beyond the Bin: The Effect of Waste Reduction on Real Earnings Management
International Journal of Finance &Economics, EarlyView.ABSTRACT We investigate the effect of waste management strategies on real earnings management. Using a sample of 6515 firm‐year observations from 22 countries spanning the 2011–2022 period, we show that companies that reduce their waste generation are less likely to engage in real earnings management, supporting the ethical theoretical perspective ...
Faten Lakhal +3 more
wiley +1 more source
The Effect of a Constant or a Declining Discount Rate on Optimal Investment Timing [PDF]
This paper shows that exponential discounting may have anadvancing effect on the timing of investment, not captured bysensitivity analysis carried out for the complete range of instantaneous discount rates implicit in declining discounting.Declining ...
Gonzalo Edwards
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ESG Performance and Credit Risk: Evidence From Chinese Manufacturing Companies
International Journal of Finance &Economics, EarlyView.ABSTRACT This study investigates the effect of corporate environmental, social, and governance (ESG) performance on credit risk using a sample of manufacturing firms listed on China's Shanghai and Shenzhen A‐share markets from 2009 to 2021. Employing fixed effects, the generalised method of moments, and instrumental variable models, we find that ...
Yanan Wang +4 more
wiley +1 more source
Folk Theorems for Present-Biased Players [PDF]
The folk theorems for infinitely repeated games with discounting presume that the discount rate between two successive periods is constant. Following the literature on quasi-exponential or hyperbolic discounting, I model the repeated interaction between ...
Bernergård, Axel
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From Reactive to Proactive Volatility Modeling With Hemisphere Neural Networks
Journal of Applied Econometrics, EarlyView.ABSTRACT We revisit maximum likelihood estimation (MLE) for macroeconomic density forecasting through a novel neural network architecture with dedicated mean and variance hemispheres. Our architecture features several key ingredients making MLE work in this context.
Philippe Goulet Coulombe +2 more
wiley +1 more source
A Note On Generalized Hyperbolic Discounting [PDF]
In a major contributions to behavioral economics, Loewenstein and Prelec (1992) set the foundations for the behavioral approach to decision making over time and derive the generalized hyperbolic discounting formula.
Ali al-Nowaihi, Sanjit Dhami
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What Explains International Interest Rate Co‐Movement?
Journal of Applied Econometrics, EarlyView.ABSTRACT The international co‐movement of interest rates reflects correlated business‐cycle fluctuations, largely driven by demand shocks. Monetary policy in advanced economies follows domestic mandates—inflation and the output gap—and does not respond to foreign policy shocks.
Annika Camehl, Gregor von Schweinitz
wiley +1 more source