Equity risk
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Gender differences in the contribution patterns of equity-crowdfunding investors Open
This paper is an exploratory attempt to understand gender-related differences in the behavior of investors in firms seeking equity financing. Using data from the Swedish equity crowdfunding platform FundedByMe, we find that female investor…
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Estimating Private Equity Returns from Limited Partner Cash Flows Open
We introduce a methodology to estimate the historical time series of returns to investment in private equity funds. The approach requires only an unbalanced panel of cash contributions and distributions accruing to limited partners and is …
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Firm‐Level Climate Change Risk and CEO Equity Incentives Open
We document evidence that CEOs who lead firms that face higher climate change risk (CCR) receive higher equity‐based compensation. Our finding is consistent with the compensating wedge differential theory and survives numerous robustness a…
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Private Equity Investments In Health Care: An Overview Of Hospital And Health System Leveraged Buyouts, 2003–17 Open
Private equity firms have increased their participation in the US health care system, raising questions about incentive alignment and downstream effects on patients. However, there is a lack of systematic characterization of private equity…
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Barbarians at the Store? Private Equity, Products, and Consumers Open
We investigate the effects of private equity firms on product markets using price and sales data for an extensive number of consumer products. Following a private equity deal, target firms increase retail sales of their products 50% more t…
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Equity crowdfunding and the role of investor discussion boards Open
Start-ups are increasingly using equity crowdfunding to raise necessary funding at an early stage. In this rather new form of financing, potential investors communicate with each other and the entrepreneurs typically through the discussion…
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Environmental transparency and investors' risk perception: Cross‐country evidence on multinational corporations' sustainability practices and cost of equity Open
We explore whether a greater amount of environmental disclosure can reduce a firm's ex ante cost of equity. This could occur because the quantity of environmental information changes investors' risk perception of the company, thereby influ…
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How does private firm disclosure affect demand for public firm equity? Evidence from the global equity market Open
We investigate the relationship between private firms' disclosures and the demand for the equity of their publicly traded peers. Using data on the global movement of portfolio investments in public equity, we find that a 10% increase in pr…
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Systematic Risk in Conventional and Islamic Equity Markets Open
We aim to compare the systematic risk in conventional and Islamic equity markets by introducing two dynamic risk measures. Accordingly, the level of the systematic risk in conventional markets is slightly higher than the risk in Islamic ma…
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Enterprise risk management and firm performance: Empirical evidence from Ghana equity market Open
This paper examines the linear and non-linear relationship between Enterprise Risk Management (ERM) and firm performance while focusing on how operational status (financial and non-financial listed firms' status) affects this relationship …
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Unsuccessful Equity Crowdfunding Offerings and the Persistence in Equity Fundraising of Family Business Start-Ups Open
Little is known about what happens after an unsuccessful equity crowdfunding campaign. Taking a socioemotional wealth perspective, we hypothesize that family business start-ups are more likely to eventually still raise equity financing rel…
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Incorporating equity in economic evaluations: a multi-attribute equity state approach Open
In publicly funded health care systems, decision makers must continually balance often conflicting priorities of efficiency and equity. Health economists have developed a set of highly sophisticated analytical methods for assessing efficie…
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The definition of equity in transport Open
Equity is a concept related to the objective of narrowing inequalities and to other notions such as justice, convergence, and fairness. The study of equity has been widely addressed within the transport sector and has been often interprete…
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Equity tail risk and currency risk premiums Open
We find that an option-based equity tail risk factor is priced in the cross section of currency returns; more exposed currencies offer a low risk premium because they hedge against equity tail risk. A portfolio that buys currencies with hi…
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Measuring Equity Share Related Risk Perception of Investors in Economically Backward Regions Open
Risk perception is an idiosyncratic process of interpretation. It is a highly personal process of making a decision based on an individual’s frame of reference that has evolved over time. The purpose of this paper is to find out the risk p…
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Equity incentive plans and R&D investment manipulation: evidence from China Open
This paper examines the issue of earning management in companies with equity incentives from two dimensions: management manipulation of the intensity of R&D and accounting treatment by using a sample of Shanghai and Shenzhen listed compani…
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Brand Equity and Firm Sustainable Performance: The Mediating Role of Analysts’ Recommendations Open
Current literature has overlooked the signaling effects of the brand on a firm’s sustainable performance through financial analysts. This study posits that financial analysts may serve as the information bridge connecting brand equity and …
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Tackling gender bias in equity crowdfunding: an exploratory study of investment behaviour of Latin American investors Open
Purpose Belonging to the financial technologies’ companies, equity-based crowdfunding platforms offer investors the opportunity to become shareholders through the purchase of small equity stakes of new innovative ventures. This paper aims …
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The Pricing of Tail Risk and the Equity Premium: Evidence From International Option Markets Open
We explore the pricing of tail risk as manifest in index options across international equity markets. The risk premium associated with negative tail events displays persistent shifts, unrelated to volatility. This tail risk premium is a po…
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Pricing and value creation in private equity-backed buy-and-build strategies Open
We investigate the pricing and value creation in private equity-backed buy-and-build (B&B) strategies using a sample of 3399 buyouts between 1997 and 2020 as well as proprietary performance data. We find that private equity firms pay sizab…
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Negative equity companies in Europe: theory and evidence Open
Businesses in technical bankruptcy are part of the European context, many of them in such financial distress that they have lost all their equity and a very high percentage of them have even incurred negative equity. There is a very little…
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IMPACT OF ADOPTING IFRS STANDARD ON THE EQUITY COST OF BRAZILIAN OPEN CAPITAL COMPANIES Open
Purpose: This study aims to assess the impact of adopting IFRS standard on the equity cost of Brazilian open capital companies in the period of 2004-2013. Originality/gap/relevance/implications: The adoption of International Financial Repo…
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Brand equity and corporate debt structure Open
We use the firm's stock of trademarks and their ages to compute proxies for brand equity. We find that firms with more brand equity have lower equity and asset volatility and higher cash flows. Although suggestive of greater debt capacity,…
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An Empirical Investigation of Risk-Return Relations in Chinese Equity Markets: Evidence from Aggregate and Sectoral Data Open
This paper investigates the risk-return relations in Chinese equity markets. Based on a TARCH-M model, evidence shows that stock returns are positively correlated with predictable volatility, supporting the risk-return relation in both agg…
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How Integrated are Regional Green Equity Markets? Evidence from a Cross-Quantilogram Approach Open
Rising concerns over climate change have increased investors’ and policymakers’ interests in environmentally friendly investments, which have led to the rapid expansion of the green equity market recently. Previous studies have focused on …
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Private equity and the regulation of financialised infrastructure: the case of Macquarie in Britain's water and energy networks Open
This paper explores the ways that private equity practices of financialised value extraction have migrated to the water sector in England. In line with the financialisation literature more broadly, we show how private equity investors have…
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Equity financing incentive and corporate disclosure: new causal evidence from SEO deregulation Open
We provide new causal evidence for the impact of equity financing incentive on firms’ voluntary disclosure decisions by exploring the 2008 seasoned equity offering deregulation, which exogenously facilitates small firms’ access to public e…
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What do we know about individual equity options? Open
This paper examines the empirical literature on individual equity options, discussing results in areas of consensus, showing findings in areas of disagreement and providing a guide for future research (especially highlighting analyses that…
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Private Equity: Antecedents, Outcomes, Mediators, and Moderators Open
As private equity’s financial heft and influence on the business landscape has intensified, so too has scholarly interest in the phenomenon. We review recent progress in private equity research, with a focus on the private equity industry’…
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Should Vietnamese Banks Need More Equity? Evidence on Risk-Return Trade-Off in Dynamic Models of Banking Open
This study employs generalized method of moments (GMM) for dynamic panel data models to deal with the nature of banking behaviour, aiming at investigating the impact of bank equity on the risk and return of Vietnamese commercial banks duri…