1,720,991 research outputs found
Inter-firm relationships and the special role of common banks
No full textUsing a novel dataset that combines information on customer-supplier trade relationships with information on f irm-bank lending relationships, we show that common banks that lend to firms at both ends of a trade link grow and strengthen such trade relationships. To establish causality, we use bank mergers, which generate exogenous variations in the presence of common banks, and show that common bank relationships between customers and suppliers increase trade relationships by 49.6%. We find that the role of a common bank is greater when it is more informed and when supply chains suffer from larger information and holdup problems. We also document that suppliers with common banks face lower spillover risks from a distressed customer. Overall, our findings show the unique role of banks in driving inter-firm growth and investment by mitigating information and holdup problems, which arguably leads to greater economic growth
Leverage, Volatility, and Returns: A Cross-Country Analysis of Public Real Estate Markets
No full textThe theoretical literature suggests a significant positive relation between financial leverage and both volatility
and returns. However, the empirical evidence on the effects of leverage on public stock returns and volatility
are mixed. We propose to examine leverage effects in public real estate market returns and volatility across the
10-15 countries with the most active public real estate markets. Cross-country public real estate markets
provide a unique testing ground given the significant use of leverage in real estate markets, the cross-section of
REIT structures and real estate firms within and across countries, and the cross country differences in
liquidity, ownership, economic, institutional, legal and capital market structures. In our preliminary results
using U.S. public real estate markets, we carefully isolate leverage effects in firm-level returns and find that
leverage has a significant effect on returns and volatility both unconditionally and conditionally using standard
asset pricing and GARCH volatility models. We hypothesize that the across country evidence on leverage
effects in public real estate markets are likely to be significant and to vary with differences in liquidity,
ownership, economic, institutional, legal and capital market structures
Capital Structure Matters: Leverage Effects on REIT Return Performance
No full textThe availability and use of credit have increased significantly over time due to economic growth and development, stronger institutional structures, increased financial innovation and integration, as well as firm-level considerations. Although many firms and households have delevered their balance sheets in response to the recent financial crisis, many governments, governmental agencies, and private sector firms, including public real estate firms, continue to maintain significant levels of debt. In fact, Green Street Advisors (2009), a prominent REIT buy-side analysis firm, has argued that REIT shareholder values would be enhanced by additional deleveraging.
Ling and Naranjo (2013) and Ling, Naranjo, and Giacomini (2013) have recently shown that financial leverage affects firm-level returns in public real estate markets across a broad cross-section of countries. The authors also document that the additional returns earned by public real estate firms from financial leverage are, on average, not commensurate with the additional risks associated with the increased leverage. The recent financial crisis, during which credit markets froze and equity returns tumbled, provides further motivation to understand potential capital structure effects. In this research, we propose to examine U.S. REIT capital structure choices, the effects these corporate financial policy choices have on return performance, and the extent to which returns can be enhanced with modified leverage targets. The results of this research will also have important implications for equity holders of private real estate entities, which often make even greater use of leverage than publicly-traded real estate companies
Leverage and Returns. A Cross-Country Analysis of Public Real Estate Markets
No full textThe theoretical literature suggests a positive relation between financial
leverage and asset returns, but the empirical evidence on this effect is mixed. We
examine leverage effects in public real estate markets across eight countries with active
public real estate markets. Cross-country public real estate markets provide an interesting
testing ground given the significant use of leverage in real estate markets, the
variation in REIT capital structures within and across countries, and the cross-country
differences in liquidity, ownership, economic, institutional, and capital market structures.
After carefully isolating leverage effects in firm-level returns, we find that
leverage has a significant effect on returns both unconditionally and conditionally
using standard asset pricing models. In addition, greater use of leverage during the
2007–2008 REIT crisis period is associated with larger share price declines
REIT leverage and return performance. Keep your eye on the target
No full textThis article examines U.S. REIT leverage decisions and their effects on risk and return. We find that the speed at which REITs close the gap between current debt levels and target leverage levels is 17% annually. REITs that are highly levered relative to the average REIT tend to underperform REITs with less debt in their capital structure. However, REITs that are highly levered relative to their target leverage tend to perform better on a risk-adjusted basis than under-levered REITs. Taken together, our results show that REIT leverage has significant return performance effects conditional on deviations from target leverage
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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