Blar i Scientific articles på tidsskrift "Journal of Empirical Finance"

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    • CEO Dividend Protection 

      Zhang, Danielle (Journal article; Peer reviewed, 2018)
      This paper studies CEO dividend protection, an important element in the executive compensation package that protect CEOs’ compensation from stock price drops due to dividend payments. First, I show that there is large ...

    • Equity issues, creditor control and market timing patterns: evidence from leverage decreasing recapitalizations 

      Kisser, Michael; Rapushi, Loreta (Peer reviewed; Journal article, 2022)
      We contribute to the literature on “market timing” by exploring periods of simultaneous equity issues and debt retirements (a leverage decreasing recapitalization, LDR). Contrary to traditional equity issues, LDRs are ...

    • Managerial Overconfidence and the Buyback Anomaly 

      Andreou, Panayiotis; Cooper, Ilan; Garcia de Olalla Lopez, Ignacio; Louca, Christodoulos (Journal article; Peer reviewed, 2018)
      While positive, long-run abnormal returns following share repurchase announcements are substantially lower when CEOs are overconfident. This effect is particularly strong for (i) difficult to value firms, such as small, ...

    • The bank-sovereign nexus: Evidence from a non-bailout episode 

      Caporin, Massimiliano; Natvik, Gisle James; Ravazzolo, Francesco; Santucci de Magistris, Paolo (Journal article; Peer reviewed, 2019)
      We explore the interplay between sovereign and bank credit risk in a setting where Danish authorities first let two Danish banks default and then left the country’s largest bank, Danske Bank, to recapitalize privately. We ...