Outputs (3)

Is working capital management value-enhancing? Evidence from firm performance and investments (2014)
Journal Article

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

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

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.