Firm value in crisis: Effects of firm-level transparency and country-level institutions

asset pricing anomalies at the firm level

Anomaly is deviation from common rules and in finance it can be defined as a pattern in the average of stock return that is not consistent with the prevailing asset pricing models literature. For anomaly investigation two common methods are used: portfolio approach and individual firm approach. This paper wants to shed light on anomalies of capital asset pricing model at the individual firm lev...

Tax Avoidance , Corporate Transparency , and Firm Value

Credit Risk Spillovers Among Financial Institutions Around the Global Credit Crisis: Firm-Level Evidence

Using credit default swap data, we propose a novel empirical framework to identify the structure of credit risk networks across international major financial institutions around the recent global credit crisis. The findings shed light on the credit risk transmission process and helps identify key financial institutions. Specifically, we identify three groups of players including prime senders, ...

The Influence of Industry Growth and Firm Market Share on Firm-Level IT Value

Market-dominant firms traditionally have an advantage in growing markets because they operate with larger average plant sizes and are better able to reap the rewards of economies of scale. We present evidence that with information technology (IT), the effect is precisely the opposite: firms with less market power enjoy the benefits in a growing market. The influence of firm-level attributes on ...

Regional Economic Context & the Value of Firm-level It Investments