Empirical Corporate Finance

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Economics and Finance".

Deadline for manuscript submissions: closed (31 December 2023) | Viewed by 8829

Special Issue Editor

Dr. Tao-Hsien Dolly King
E-Mail Website
Guest Editor
Department of Finance, University of North Carolina at Charlotte, Charlotte, NC 28223, USA
Interests: corporate finance; fixed income securities
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue focuses on the broad topic of “Empirical Corporate Finance” and includes the empirical exploration of various topics related to corporate finance.

Empirical articles on a broad range of corporate finance topics, such as financing decisions, issuance behaviors, payout policy, corporate governance, managerial compensation, ownership structure, cost of capital, mergers and acquisitions, IPOs, investor activism, and corporate risk management are welcome.

Contributions focusing on international corporations, impacts of regulatory changes on corporate policies, effects of major shocks to corporate policies and event, and other related topics are also encouraged.

Dr. Tao-Hsien Dolly King
Guest Editor

Manuscript Submission Information

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Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • empirical corporate finance
  • corporate governance
  • corporate risk management or hedging
  • mergers and acquisitions
  • payout policy
  • financing decisions
  • IPO
  • managerial compensation
  • ownership structure
  • investor activism

Published Papers (3 papers)

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Research

12 pages, 260 KiB  
Article
Offer Price and Post-IPO Ownership Structure
J. Risk Financial Manag. 2024, 17(2), 61; https://doi.org/10.3390/jrfm17020061 - 06 Feb 2024
Viewed by 437
Abstract
In an initial public offering (IPO) the firm can set the offer price of its shares, based on the valuation of the firm, by changing the number of shares. This study uses stock ownership records and hand-collected IPO data to analyze the offer [...] Read more.
In an initial public offering (IPO) the firm can set the offer price of its shares, based on the valuation of the firm, by changing the number of shares. This study uses stock ownership records and hand-collected IPO data to analyze the offer prices, the underpricing of IPO shares (measured as the initial return, IR) and the relationship with the post-IPO ownership structure. Specifically, the paper focuses on individual IPO investors. The results show that for the lowest priced IPOs the IR is significantly higher priced IPOs. Furthermore, for the low-priced IPOs, there is a negative relationship between offer price and breadth of ownership. This implies that stocks with a low price can attract more investors than stocks with higher offer prices. However, for high-priced IPOs the relationship is positive, suggesting that also the IPOs with highest price attract more investors. Overall, this study shows that the offer price of an IPO firm may have a moderate effect on its post-IPO ownership structure. Full article
(This article belongs to the Special Issue Empirical Corporate Finance)
25 pages, 345 KiB  
Article
The Determinants of Implementing and Completing Share Repurchases
J. Risk Financial Manag. 2023, 16(10), 441; https://doi.org/10.3390/jrfm16100441 - 10 Oct 2023
Viewed by 1119
Abstract
Open-market repurchase is a popular corporate payout method that public limited company (PLCs) use, and once they have made this decision an announcement is made. However, the announcement does not necessarily mean that the firm will implement the payout, or if it is [...] Read more.
Open-market repurchase is a popular corporate payout method that public limited company (PLCs) use, and once they have made this decision an announcement is made. However, the announcement does not necessarily mean that the firm will implement the payout, or if it is initiated that they will buy back the entire announced volume of shares. Thus, using a sample of firms listed on the London Stock Exchange that announced an open-market repurchase between 1993 and 2014, we test the determinants of repurchase implementation using probit regressions, and if their influence also extends to the payout’s completion using Tobit regressions. The results are not identical in nature, but largely indicate a consistency between the influence patterns. Positive influences are exhibited by firm leverage, the balance sheet’s asset base, independent directors and the repurchase’s tax efficiency over dividends. Additionally, the volume of shares announced for repurchasing has a positive influence on the payout’s implementation, but not its completion, while market capitalisation has a positive influence on the payout’s completion, but not its implementation. The findings are most useful for financial practitioners to optimise their portfolio following a repurchase announcement. Full article
(This article belongs to the Special Issue Empirical Corporate Finance)
19 pages, 390 KiB  
Article
Determinants of Dividend Policy: The Case of the Casablanca Stock Exchange
J. Risk Financial Manag. 2022, 15(12), 548; https://doi.org/10.3390/jrfm15120548 - 24 Nov 2022
Cited by 1 | Viewed by 6497
Abstract
This article investigates the determinants of dividend policy on the Casablanca stock exchange. The variables tested were based on the main theories of dividend policy, and the fixed effect model was used to test panel data over a period of 16 years from [...] Read more.
This article investigates the determinants of dividend policy on the Casablanca stock exchange. The variables tested were based on the main theories of dividend policy, and the fixed effect model was used to test panel data over a period of 16 years from 2003 to 2018. The eight independent variables tested were profitability, firm size, retained earnings, firm age, leverage, growth opportunities, price to earnings (P/E) and a dummy variable introduced for financial companies. To corroborate the results, two proxies were used to test the dependent variable: dividend yield and payout ratio. The results led to the identification of three significant determinants of dividend policy, which are firm age, growth opportunities and firm size. The negative correlation between the variables of firm size and firm age with dividend policy is explained by signaling theory. On the other hand, the negative correlation between growth opportunities and dividend payments is predicted by different theories, such as agency theory, financial flexibility theory and life cycle theory. This study provides insights for investors, analysts and researchers into dividend policy determinants on the Casablanca stock exchange based on firms’ characteristic variables. Full article
(This article belongs to the Special Issue Empirical Corporate Finance)
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