... flexibility and financial hedging based on portfolio interrelationships. © Emerald Publishing Limited 2025 Emerald Publishing Limited Licensed re-use rights only Operational hedge Crash risk Operating leverage Earnings management Liquidity D24 G10 G30 M41 Kogan et...

...Marius Popescu; Zhaojin Xu Purpose The paper examines how equity mutual funds manage their liquidity. Specifically, the authors investigate what strategies fund managers use to meet investor redemption demand, whether these strategies vary over time, whether different type of funds employ...

... experience a liquidity shock that allows them to invest more in working capital. Design/methodology/approach The empirical results are based on a sample of European IPO firms matched with comparable non-IPO firms; the author uses the generalized method of moments panel-data regressions to test...

...-community banks in the US and finds that although the level of cash to assets increased at both types of depository institutions post reserve elimination, the impact on liquidity-focused ratios was more pervasive at community banks in the first quarter post the regulatory shift. Among community banks...

... advantage, and the potential for price improvement. An alternative explanation is that liquidity traders are responsible for the increased fraction of volume executed in dark pools. This could be the case if liquidity traders deliberately avoid informed traders, which may result in a preference for trading...

... to the period length being considered and the investment specialty of the fund. The authors also note that additional disclosure regarding Level 3 valuation inputs decreases market concern for valuation uncertainty and increases the liquidity benefits of investing in Level 3 carrying funds. Ahmad Hammami...

...Jinwoo Park; Kengo Shiroshita; Naili Sun; Yun W. Park Purpose The purpose of this paper is to analyze the wealth effect of involuntary delisting and investigate insider opportunism and the role of corporate governance, liquidity and legal environment in involuntary delisting in Japan’s stock...

...Rui Ma; Hamish D. Anderson; Ben R. Marshall Purpose – The purpose of this paper is to review the literature on liquidity in international stock markets, highlights differences and similarities in empirical results across existing studies, and identifies areas requiring further research...

...Vinod Venkiteshwaran Purpose – Asset sales can have opposing effects on firm credit quality. On the one hand asset sales could signal increased credit risk resulting from distress or on the other hand they could improve internal liquidity and hence credit quality. Therefore the impact potential...

...Byeongyong Paul Choi; Jin Park; Chia‐Ling Ho Purpose The purpose of this study is two‐fold. The first purpose is to properly measure the level of US property and liability (P/L) insurers liquidity creation, applying the liquidity creation measure developed by Berger and Bouwman. The second purpose...

...Adam Y.C. Lei; Huihua Li Purpose The purpose of this paper is to determine whether information produced in the takeover process or changes in firm characteristics after takeovers affect bidder liquidity. Design/methodology/approach This paper compares the liquidity changes for bidders...

... return predictability from historical order flow approach to evaluate the price formation process of ETFs and to provide evidence on the determinants of its efficiency. With the availability of these innovative ETF products, along with the increasing depth and liquidity offered by competing trading...

...Paul Brockman; Brett C. Olsen Purpose Firms issuing equity securities for capital must recognize that this issuance may alter the ownership concentration of the firm. Through this change in ownership structure, the market liquidity of the firm's stock may also change, which has implications...

...Shannon Allen; Sungsoo Kim; Mark Zitzler Purpose Using Fortune 50 company financial statements data, this paper aims to investigate the use of interest rate swaps in post‐liquidity crisis. Design/methodology/approach The paper uses Fortune 50 company financial statements data...

... is to examine whether liquidity is likely to affect the ease with which an offer is completed, as proxied by the length of the offer. Design/methodology/approach This study uses multiple regression analysis to establish the link between liquidity and the duration of the SEO completion cycle. To provide...

...Suzanne G.M. Fifield; David M. Power; Magueye Dia; Sébastien Pouget Purpose How is liquidity formed in emerging financial markets? Do traders preannounce their orders to attract outside liquidity providers (a practice referred to as sunshine trading)? The purpose of this paper is to study...

... and second sections of the Tokyo Stock Exchange with a daily observation frequency. The daily return series of the Nikkei Portfolio Master database was used, and the observation period was from January of 1977 to December of 2007. Capital asset pricing model Liquidity Momentum Stock markets Japan...

...George P. Artikis; Elias Dedoussis; Afroditi Papadaki Purpose The purpose of this paper is to present evidence on the effects that different ownership's structures of Greek listed firms exercise on the relation between investment and liquidity constraints. Design/methodology/approach Corporate...

... The paper examines stock excess returns, total capital, several measures of liquidity, and the premium or discount relative to net present value around the split. It also tests for increases in smaller trades after the split. Findings The results support the hypothesis that two key management objectives...

... that are correlated with subsequent decreases in bid‐ask spreads. There is a fivefold increase in trading volume, but only temporary abnormal returns, around the effective dates (EDs). Taken collectively, the evidence indicates that the permanent return at announcement is best explained by liquidity/information cost...