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Rating Agency Fees: Pay to Play in Public Finance?
Publication Type: Academic Journal
Source(s): Review of Financial Studies. May2023, Vol. 36 Issue 5, p2004-2045. 42p.
Abstract: We examine the relationship between credit rating levels and rating agency fees in a public finance market in which rating agencies earn lower fees and face higher disclosure requirements relative to corporate bond and structured finance markets. Contr...
The Effects of Option Trading Behavior on Option Prices.
Publication Type: Academic Journal
Source(s): Journal of Risk & Financial Management. Jul2023, Vol. 16 Issue 7, p337. 24p.
Abstract: This paper investigates the relationship between option trading behavior and option pricing patterns. We argue that greater active trading in the options market due to investor overconfidence leads to higher volatility and larger discrepancies in optio...
Yerel Yönetimler ve Yönetişim: Türkiye'de Kategorileri İtibariyle Belediyelerin Bütçe Giderlerinin TOPSIS Yöntemi ile Analizi (2006-2019).
Publication Type: Academic Journal
Source(s): Sosyoekonomi. Jul2023, Vol. 31 Issue 57, p357-383. 27p.
Abstract: Türkiye'nin ekonomik yapısında; 2000'lerde mekânsal biçimin ölçeklendirilmesi sürecinde yerel yönetimlerin yeniden yapılanmasıyla idari-mali dönüşümler yaşanmaktadır. Yerel düzeydeki toplumsal aktörler arasındaki ilişkiler ekonomik büyüme içinde önemli...
Omitted Budget Constraint Bias and Implications for Competitive Pricing.
Publication Type: Academic Journal
Source(s): Journal of Marketing Research (JMR). Oct2023, Vol. 60 Issue 5, p968-986. 19p. 1 Diagram, 11 Charts, 9 Graphs.
Abstract: Standard choice-based conjoint models often ignore or insufficiently approximate consumers' budget constraints, despite the prominent role of budget constraints in economic theory. The authors offer a theoretically motivated improvement to the choice-b...
Bank Lines of Credit as a Source of Long-Term Finance.
Publication Type: Academic Journal
Source(s): Journal of Financial & Quantitative Analysis. Jun2023, Vol. 58 Issue 4, p1701-1733. 33p.
Abstract: Hand-collecting credit line drawdowns that firms classify as long-term debt, we first document how long-term drawdowns rise with high investment needs or weak external capital market conditions. Nearly all drawdown proceeds finance long-term investment...
An Empirical Assessment of Empirical Corporate Finance.
Publication Type: Academic Journal
Source(s): Journal of Financial & Quantitative Analysis. Jun2023, Vol. 58 Issue 4, p1391-1430. 40p.
Abstract: We empirically evaluate 20 prominent contributions across a broad range of areas in the empirical corporate finance literature. We assemble the necessary data and apply a single, simple econometric method, the connected-groups approach of Abowd et al. ...
Speed and Expertise in Stock Picking: Older, Slower, and Wiser?
Publication Type: Academic Journal
Source(s): Journal of Financial & Quantitative Analysis. Jun2023, Vol. 58 Issue 4, p1612-1644. 33p.
Abstract: There are significant differences among sell-side analysts in how frequently they revise recommendations. We show that much of this variation is an analyst-individual trait. Analysts who change recommendations more slowly make recommendations that are ...
Foreign Acquisition and Credit Risk: Evidence from the U.S. CDS Market.
Publication Type: Academic Journal
Source(s): Journal of Financial & Quantitative Analysis. Jun2023, Vol. 58 Issue 4, p1734-1767. 34p.
Abstract: This article empirically analyzes the effect of foreign block acquisitions on U.S. target firms' credit risk as measured by their credit default swap (CDS) spreads. Foreign block purchases lead to a greater increase in the target firms' CDS premia post...
JFQ volume 58 issue 3 Cover and Front matter.
Publication Type: Academic Journal
Source(s): Journal of Financial & Quantitative Analysis. May2023, Vol. 58 Issue 3, pf1-f4. 4p.
Maturity Clienteles and Corporate Bond Maturities.
Publication Type: Academic Journal
Source(s): Journal of Financial & Quantitative Analysis. May2023, Vol. 58 Issue 3, p1263-1294. 32p.
Abstract: The average maturity of newly issued corporate bonds has declined substantially over the past 40 years, and the traditional determinants of debt maturity fail to explain this decline fully. We show that the changing composition of investors in the corp...