Volatility, Adjustment Cost and Capital Misallocation: Evidence from Chinese Industrial Firms

2021 ◽  
Author(s):  
Sarah Tang ◽  
Jim Huangnan Shen
Keyword(s):  
Adjustment Cost ◽  
Industrial Firms ◽  
Capital Misallocation

Capital Misallocation and Risk Sharing

2019 ◽  
Author(s):  
Hengjie Ai ◽  
Anmol Bhandari ◽  
Yuchen Chen ◽  
Chao Ying
Keyword(s):  
Risk Sharing ◽  
Capital Misallocation

THE FAILURE OF UK INDUSTRIAL FIRMS FOR THE PERIOD 1976?1984, LOGISTIC ANALYSIS AND ENTROPY MEASURES

1990 ◽  
Vol 17 (1) ◽  
pp. 119-135 ◽  
Author(s):  
Kevin Keasey ◽  
Paul Mcguinness
Keyword(s):  
Industrial Firms ◽  
Logistic Analysis ◽  
Entropy Measures

Regulation and information asymmetry

2008 ◽  
Vol 16 (1) ◽  
pp. 59-76 ◽  
Author(s):  
Robyn McLaughlin ◽  
Assem Safieddine
Keyword(s):  
Information Asymmetry ◽  
Stock Returns ◽  
Operating Performance ◽  
Cost Benefit ◽  
Future Research ◽  
Information Asymmetries ◽  
Cross Sectional ◽  
Industrial Firms ◽  
Content Type ◽  
Regulated Utilities

PurposeThis paper seeks to examine the potential for regulation to reduce information asymmetries between firm insiders and outside investors.Design/methodology/approachExtensive prior research has established that there are substantial effects of information asymmetry in seasoned equity offers (SEOs). The paper tests for a mitigating effect of regulation on such information asymmetries by examining differences in long‐run operating performance, changes in that performance, and announcement‐period stock returns between unregulated industrial firms and regulated utilities that issue seasoned equity. The authors also segment the samples by firm size, since smaller firms are likely to have greater asymmetries.FindingsConsistent with regulated utility firms having lower levels of information asymmetry, they have superior changes in abnormal operating performance than industrial firms pre‐ to post‐issue and their announcement period returns are significantly less negative. These findings are most pronounced for the smallest firms, firms likely to have the greatest information asymmetries and where regulation could have its greatest effect.Research limitations/implicationsThe paper does not examine costs of regulation. Thus, future research could seek to measure the cost/benefit trade‐off of regulation in reducing information asymmetry. Also, future research could examine cross‐sectional differences between different industries and regulated utilities.Practical implicationsRegulation reduces information asymmetry. Thus, regulation or mandated disclosure may be appropriate in industries/markets where information asymmetry is severe.Originality/valueThis paper is the first to compare the operating performance of regulated and unregulated SEO firms.

Determinants of hierarchical structure in industrial firms: an empirical study

2010 ◽  
Vol 11 (3) ◽  
pp. 295-308 ◽  
Author(s):  
Luis Otávio Façanha ◽  
Marcelo Resende
Keyword(s):  
Empirical Study ◽  
Hierarchical Structure ◽  
Industrial Firms

Performance and Risk of Energy Industrial Firms with Stock Pledge in China

2021 ◽  
pp. 102410
Author(s):  
Zaiwen Ni ◽  
Libing Fang ◽  
Haiyue Liu ◽  
Xinyu Lu
Keyword(s):  
Industrial Firms

Product Development Resources and the Scope of the Firm

2005 ◽  
Vol 69 (2) ◽  
pp. 15-23 ◽  
Author(s):  
Birger Wernerfelt
Keyword(s):  
Supply Chain ◽  
Product Development ◽  
Full Advantage ◽  
Theory Of The Firm ◽  
Adjustment Cost ◽  
Scope Of The Firm ◽  
The Relationship

This article examines the relationship between a firm's strength in product development and its optimal scope. Firms with product development strength have two options: They can leverage it in horizontally related markets, and they can reach into the supply chain to take full advantage of it. The question is how this should be done. One possibility is for the firm to expand its scope, and another is to manage the linkage through contracts. On the basis of the adjustment cost theory of the firm, the author argues that the former solution is more appropriate when product development is fast-paced. This study tests the argument in a sample of several thousand firms and reports four tests. For both types of expansion, the author examines the incidence and the productivity of increased scope. The author uses several measures and finds results that are consistent with the theory.

scholarly journals Job and worker flows in high adjustment cost settings

2003 ◽  
Vol 2 (1) ◽  
pp. 37-51 ◽  
Author(s):  
Jos� M. Varej�o
Keyword(s):  
Adjustment Cost ◽  
Worker Flows

An Adjustment‐Cost Rationalization of Asset Fixity Theory

1990 ◽  
Vol 72 (2) ◽  
pp. 298-308 ◽  
Author(s):  
Shih‐Hsun Hsu ◽  
Ching‐Cheng Chang
Keyword(s):  
Adjustment Cost

Factors affecting corporate environmental strategy in Spanish industrial firms

2009 ◽  
Vol 18 (8) ◽  
pp. 500-514 ◽  
Author(s):  
Elena Fraj-Andrés ◽  
Eva Martínez-Salinas ◽  
Jorge Matute-Vallejo
Keyword(s):  
Environmental Strategy ◽  
Industrial Firms ◽  
Factors Affecting
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