Comments on “External Financing, Access to Debt Markets and评论“外部融资进入债务市场和.ppt

下载文档 降价啦

0
0
约7.13千字
约 18页
2016-12-30 发布于上海
举报
版权申诉
保障服务

Comments on “External Financing, Access to Debt Markets and评论“外部融资进入债务市场和.ppt

1、本文档共18页，可阅读全部内容。
2、原创力文档（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。
3、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。

* * * * * * * * * * * * * * Comments on:“External Financing, Access to Debt Markets and Stock Returns”by F.Y. Eric C. Lam and K.C. John Wei Santiago Bazdresch University of Minnesota November 13th, 2009 20th Financial Economics and Accounting Conference Comments on External Fnancing, Access to Debt Markets, and Stock Returns” * Summary Overview Highlight results Contribution Evaluation Contributions Concerns Suggestions Index Comments on External Fnancing, Access to Debt Markets, and Stock Returns” * Overview Objective: Establish External Financing Anomaly (XFin) independence of Asset Growth (AG) and of Accruals (Ac) Find ‘mechanism’ behind it Method: Compare returns of firms based on firm characteristics: EF, Asset Growth, Total Accruals, Size, Book to Market, Momentum Show in which firms the EF effect is concentrated Find the mechanism for the EF effect by contrasting characteristics of these firms with the average firm Comments on External Fnancing, Access to Debt Markets, and Stock Returns” * Highlight #1 The XFin anomaly is there after controlling for AG, Ac and everything: else Table IV, row 6: Fama-MacBeth regressions show significant coefficients Table I, Panel A: EF Decile portfolios show significantly different alphas Table II, Triple sorts show significantly different alphas Comments on External Fnancing, Access to Debt Markets, and Stock Returns” * Highlight #2 The XFin anomaly is driven by unrated firms: Table V, Panel C Comments on External Fnancing, Access to Debt Markets, and Stock Returns” * Highlight #3 High XFin, unrated firms, are very special: Table VII, Panel C Comments on External Fnancing, Access to Debt Markets, and Stock Returns” * Contribution Powerful evidence that small, unrated firms with lots of RD are the key to understanding external finance anomaly Contribution An alternative (and more appealing) story to market timing: It is consistent with the net external finance anomaly (debt and equity) It ‘explains’ the original