All Outputs (3)

Is working capital management value-enhancing? Evidence from firm performance and investments (2014)
Journal Article
Aktas, N., Croci, E., & Petmezas, D. (2015). Is working capital management value-enhancing? Evidence from firm performance and investments. Journal of Corporate Finance, 30, 98-113. https://doi.org/10.1016/j.jcorpfin.2014.12.008

We examine the value effect of working capital management (WCM) for a large sample of US firms between 1982–2011. Our results indicate (i) the existence of an optimal level of working capital policy; and (ii) firms that converge to that optimal level... Read More about Is working capital management value-enhancing? Evidence from firm performance and investments.

Investor induced contagion during the banking and European sovereign debt crisis of 2007–2012: Wealth effect or portfolio rebalancing? (2014)
Journal Article
Petmezas, D., & Santamaria, D. (2014). Investor induced contagion during the banking and European sovereign debt crisis of 2007–2012: Wealth effect or portfolio rebalancing?. Journal of International Money and Finance, 49, 401-424. https://doi.org/10.1016/j.jimonfin.2014.06.005

This study investigates the way a crisis spreads within a country and across borders by testing the investor induced contagion hypothesis through the liquidity channel on stock-bond relationships of the US and five European countries before and durin... Read More about Investor induced contagion during the banking and European sovereign debt crisis of 2007–2012: Wealth effect or portfolio rebalancing?.

Credit ratings and the choice of payment method in mergers and acquisitions (2014)
Journal Article
Karampatsas, N., Petmezas, D., & Travlos, N. G. (2014). Credit ratings and the choice of payment method in mergers and acquisitions. Journal of Corporate Finance, 25, 474-493. https://doi.org/10.1016/j.jcorpfin.2014.01.008

This paper establishes that credit ratings affect the choice of payment method in mergers and acquisitions. We find that bidders holding a high rating level are more likely to use cash financing in a takeover. We attribute this finding to lower finan... Read More about Credit ratings and the choice of payment method in mergers and acquisitions.