Alternative approach to the optimality of the threshold strategy for spectrally negative Levy processes [PDF]
Consider the optimal dividend problem for an insurance company whose uncontrolled surplus precess evolves as a spectrally negative Levy process. We assume that dividends are paid to the shareholders according to admissible strategies whose dividend rate is bounded by a constant.
arxiv +1 more source
Compacter networks as a defensive mechanism: How firms clustered during 2015 Financial Crisis in China [PDF]
The stock market's reaction to the external risk shock is closely related to the cross-shareholding network structure. This paper takes the public information of listed companies in the A-share securities market as the primary sample to study the relationship between the stock return rate, market performance, and network topology before and after China'
arxiv
Cross-shareholding networks and stock price synchronicity: Evidence from China [PDF]
This paper investigates the effect of cross-shareholding on stock price synchronicity, as a measure of price informativeness, of the listed firms in the Chinese stock market. We gauge firms' levels of cross-shareholdings in terms of centrality in the cross-shareholding network.
arxiv +1 more source
Marketing as an Investment in Shareholder Value [PDF]
AbstractWe present resource‐based and capability‐based arguments of marketing investment intensity to offer a strategic view of marketing as an investment in shareholder value. We find that marketing investment intensity has a U‐shaped quadratic effect on shareholder value creation (Tobin's q) that calls for marketing investment to be protected and ...
Mathew Hughes+3 more
openaire +4 more sources
The Shareholder Value and Diversification Puzzle [PDF]
Diversified firms are supposed to be valued less than the sum of their parts because of the diversification discount, but subsequent research has found that the relationship between diversification and shareholder value is not causal. We analyze the relationship between diversification and shareholder value taking into consideration the persistence of ...
openaire +2 more sources
Systemic Harms and Shareholder Value [PDF]
The financial crisis has demonstrated serious flaws in the corporate governance of systemically important financial firms. In particular, the Shareholder Value norm, which has guided corporate governance reform for a generation, proves to be a faulty guide for managerial action in systemically important firms.
Armour, J, Gordon, J
openaire +2 more sources
Stakeholder capitalism, corporate governance and firm value [PDF]
We consider the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers as well as shareholders compared to shareholder-oriented firms. Societies with stakeholder-oriented firms have higher prices, lower
Elena Carletti+7 more
core +8 more sources
The Effects of Human Resource Management Decisions on Shareholder Value [PDF]
We examine the effects of selected human resource management decisions on the abnormal change in total shareholder return. Announcements of human resource decisions are classified into five types--general HR system announcements, compensation and ...
Abowd, John M.+2 more
core +2 more sources
Valuation implications of pharmaceutical companies' R&D regulatory approval notifications [PDF]
This paper examines shareholder wealth effects surrounding applications to, and approvals by, the United States Food and Drug Administration (FDA) for firms listed on the New York (NYSE) and London (LSE) stock exchanges.
Hamill, P.A., McIlkenny, P., Opong, K.K.
core +1 more source
How the network properties of shareholders vary with investor type and country [PDF]
We construct two examples of shareholder networks in which shareholders are connected if they have shares in the same company. We do this for the shareholders in Turkish companies and we compare this against the network formed from the shareholdings in Dutch companies.
arxiv +1 more source