The Experts below are selected from a list of 7335 Experts worldwide ranked by ideXlab platform
Jucheng Xiong - One of the best experts on this subject based on the ideXlab platform.
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media reporting carbon information disclosure and the cost of Equity Financing evidence from china
Environmental Science and Pollution Research, 2017Co-Authors: Li Li, Dengli Tang, Jucheng XiongAbstract:By using Shanghai and Shenzhen A-share listed companies in heavy polluting industry as research object from 2009 to 2014, this paper examines the relationship between media reporting, carbon information disclosure, and the cost of Equity Financing. The results show that media reporting can improve the quality of carbon information disclosure, and carbon information disclosure level is negatively associated with the cost of Equity Financing. This study also finds that financial carbon information disclosure and non-financial carbon information disclosure have significant negative relationship with the cost of Equity Financing respectively. Moreover, this paper shows that media reporting can strengthen the relationship between carbon information disclosure and the cost of Equity Financing.
Li Li - One of the best experts on this subject based on the ideXlab platform.
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Carbon Information Disclosure, Marketization, and Cost of Equity Financing
International Journal of Environmental Research and Public Health, 2019Co-Authors: Li Li, Jun Wang, Xuefei HongAbstract:Using listed enterprises in China’s heavy pollution industry from 2009 to 2013, this study tests the relationship between marketization degree, carbon information disclosure, and the cost of Equity Financing. The results show that, regardless of marketization degree, the overall level of carbon information disclosure of listed enterprises in China’s heavy pollution industry is low. The content of carbon information disclosure is mainly non-financial carbon information, and the financial carbon information disclosure is very low. The cost of Equity Financing is different in areas with different marketization degrees, specifically speaking, the cost of Equity Financing is lower in regions with a high marketization degree than that of a low marketization degree. Carbon information disclosure, non-financial carbon information disclosure, and financial carbon information disclosure are negatively correlated with the cost of Equity Financing. The marketization degree has strengthened the negative correlation between carbon information disclosure, non-financial carbon information disclosure, financial carbon information disclosure, and the cost of Equity Financing, respectively.
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media reporting carbon information disclosure and the cost of Equity Financing evidence from china
Environmental Science and Pollution Research, 2017Co-Authors: Li Li, Dengli Tang, Jucheng XiongAbstract:By using Shanghai and Shenzhen A-share listed companies in heavy polluting industry as research object from 2009 to 2014, this paper examines the relationship between media reporting, carbon information disclosure, and the cost of Equity Financing. The results show that media reporting can improve the quality of carbon information disclosure, and carbon information disclosure level is negatively associated with the cost of Equity Financing. This study also finds that financial carbon information disclosure and non-financial carbon information disclosure have significant negative relationship with the cost of Equity Financing respectively. Moreover, this paper shows that media reporting can strengthen the relationship between carbon information disclosure and the cost of Equity Financing.
Frederico Belo - One of the best experts on this subject based on the ideXlab platform.
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External Equity Financing Shocks, Financial Flows, and Asset Prices
Review of Financial Studies, 2018Co-Authors: Frederico Belo, Fan YangAbstract:Abstract We develop a dynamic model with time variation in external Equity Financing costs and show that variation in these costs is important for the model to quantitatively capture the joint dynamics of firms’ asset prices, real quantities, and financial flows in the U.S. economy. Growth firms and high investment firms are less risky in equilibrium, because they can substitute more easily debt Financing for Equity Financing when it becomes more costly to raise external Equity, which are high marginal utility states. Using a model-implied proxy of aggregate Equity issuance cost shocks, we provide empirical support for the model’s economic mechanism. Received August 7, 2017; editorial decision September 24, 2018 by Editor Stijn Van Nieuwerburgh. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online
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external Equity Financing shocks financial flows and asset prices
National Bureau of Economic Research, 2017Co-Authors: Frederico Belo, Fan YangAbstract:The ability of corporations to raise external Equity finance varies with macroeconomic conditions, suggesting that the cost of Equity issuance is time-varying. Using cross sectional data on U.S. publicly traded firms, we construct an empirical proxy of an aggregate shock to the cost of Equity issuance, which we interpret as a financial shock. We show that this shock captures systematic risk, and that exposure to this shock helps price the cross section of stock returns including book-to-market, investment, and size portfolios. We propose a dynamic investment-based model with stochastic Equity issuance costs and a collateral constraint to interpret the empirical findings. Our central finding is that time variation in external Equity Financing costs is important for the model to quantitatively capture the joint dynamics of firms’ asset prices, real quantities, and Financing flows. In the model, growth firms, high investment firms, and large firms, can substitute more easily debt Financing for Equity Financing when it becomes more costly to raise external Equity, hence these firms are less risky in equilibrium. The model also replicates the failure of the unconditional CAPM in pricing the cross section of stock returns.
Dengli Tang - One of the best experts on this subject based on the ideXlab platform.
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media reporting carbon information disclosure and the cost of Equity Financing evidence from china
Environmental Science and Pollution Research, 2017Co-Authors: Li Li, Dengli Tang, Jucheng XiongAbstract:By using Shanghai and Shenzhen A-share listed companies in heavy polluting industry as research object from 2009 to 2014, this paper examines the relationship between media reporting, carbon information disclosure, and the cost of Equity Financing. The results show that media reporting can improve the quality of carbon information disclosure, and carbon information disclosure level is negatively associated with the cost of Equity Financing. This study also finds that financial carbon information disclosure and non-financial carbon information disclosure have significant negative relationship with the cost of Equity Financing respectively. Moreover, this paper shows that media reporting can strengthen the relationship between carbon information disclosure and the cost of Equity Financing.
Fan Yang - One of the best experts on this subject based on the ideXlab platform.
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External Equity Financing Shocks, Financial Flows, and Asset Prices
Review of Financial Studies, 2018Co-Authors: Frederico Belo, Fan YangAbstract:Abstract We develop a dynamic model with time variation in external Equity Financing costs and show that variation in these costs is important for the model to quantitatively capture the joint dynamics of firms’ asset prices, real quantities, and financial flows in the U.S. economy. Growth firms and high investment firms are less risky in equilibrium, because they can substitute more easily debt Financing for Equity Financing when it becomes more costly to raise external Equity, which are high marginal utility states. Using a model-implied proxy of aggregate Equity issuance cost shocks, we provide empirical support for the model’s economic mechanism. Received August 7, 2017; editorial decision September 24, 2018 by Editor Stijn Van Nieuwerburgh. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online
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external Equity Financing shocks financial flows and asset prices
National Bureau of Economic Research, 2017Co-Authors: Frederico Belo, Fan YangAbstract:The ability of corporations to raise external Equity finance varies with macroeconomic conditions, suggesting that the cost of Equity issuance is time-varying. Using cross sectional data on U.S. publicly traded firms, we construct an empirical proxy of an aggregate shock to the cost of Equity issuance, which we interpret as a financial shock. We show that this shock captures systematic risk, and that exposure to this shock helps price the cross section of stock returns including book-to-market, investment, and size portfolios. We propose a dynamic investment-based model with stochastic Equity issuance costs and a collateral constraint to interpret the empirical findings. Our central finding is that time variation in external Equity Financing costs is important for the model to quantitatively capture the joint dynamics of firms’ asset prices, real quantities, and Financing flows. In the model, growth firms, high investment firms, and large firms, can substitute more easily debt Financing for Equity Financing when it becomes more costly to raise external Equity, hence these firms are less risky in equilibrium. The model also replicates the failure of the unconditional CAPM in pricing the cross section of stock returns.