The Experts below are selected from a list of 9015 Experts worldwide ranked by ideXlab platform
Renee M Stulz - One of the best experts on this subject based on the ideXlab platform.
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Seasoned Equity Offerings, Market Timing, and the Corporate Lifecycle
Journal of Financial Economics, 2010Co-Authors: Harry Deangelo, Linda Deangelo, Renee M StulzAbstract:Both a firm's market-timing opportunities and its corporate Lifecycle Stage exert statistically and economically significant influences on the probability that it conducts a seasoned equity offering (SEO), with the Lifecycle effect empirically stronger. Neither effect adequately explains SEO decisions because a near-majority of issuers are not growth firms and the vast majority of firms with high M/B ratios and high recent and poor future stock returns fail to issue stock. Since without the offer proceeds 62.6% of issuers would run out of cash (81.1% would have subnormal cash balances) the year after the SEO, a near-term cash need is the primary SEO motive, with market-timing opportunities and Lifecycle Stage exerting only ancillary influences.
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Seasoned Equity Offerings, Market Timing, and the Corporate Lifecycle
SSRN Electronic Journal, 2009Co-Authors: Harry Deangelo, Linda Deangelo, Renee M StulzAbstract:This paper gauges the importance of market timing for the decision to conduct a seasoned equity offering by testing whether SEO decisions are better explained by timing opportunities or by a simple fundamentals-based theory in which firms sell stock primarily in the early Stages of their Lifecycle, when growth opportunities exceed internally generated cash flow. We measure timing opportunities using market-to-book ratios and prior and future stock returns (and other equity mispricing proxies advanced in the literature), and Lifecycle Stage by the number of years listed. Both timing and Lifecycle proxies have a significant influence, with the Lifecycle effect quantitatively stronger, but neither adequately explains SEO decisions because (i) a near-majority of issuers are not growth firms, and (ii) the vast majority of firms with high M/B ratios and high recent and poor future stock returns fail to issue stock. Since a full 62.6% of issuers would run out of cash by the year after the SEO without the offer proceeds (and 81.1% would have subnormal cash balances at that time), we conclude that a near-term cash need is the primary SEO motive, with market-timing opportunities and Lifecycle Stage exerting economically significant ancillary influences on the SEO decision.
David Solnet - One of the best experts on this subject based on the ideXlab platform.
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understanding generation y and their use of social media a review and research agenda
Journal of Service Management, 2013Co-Authors: Ruth N Bolton, A Parasuraman, Ankie Hoefnagels, Nanne Migchels, Sertan Kabadayi, Thorsten Gruber, Yuliya Komarova Loureiro, David SolnetAbstract:Purpose – The purpose of this paper is to review what we know – and don't know – about Generation Y's use of social media and to assess the implications for individuals, firms and society.Design/methodology/approach – The paper distinguishes Generation Y from other cohorts in terms of systematic differences in values, preferences and behavior that are stable over time (as opposed to maturational or other differences). It describes their social media use and highlights evidence of intra‐generational variance arising from environmental factors (including economic, cultural, technological and political/legal factors) and individual factors. Individual factors include stable factors (including socio‐economic status, age and Lifecycle Stage) and dynamic, endogenous factors (including goals, emotions, and social norms).The paper discusses how Generation Y's use of social media influences individuals, firms and society. It develops managerial implications and a research agenda.Findings – Prior research on the so...
Noel Crespi - One of the best experts on this subject based on the ideXlab platform.
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ITIL perspective on enterprise social media
International Journal of Information Management, 2017Co-Authors: Mayla Alimam, Emmanuel Bertin, Noel CrespiAbstract:Enterprise Social Media (ESM) services have been largely considered in the literature as a new innovation; and thus a number of academic and industrial interests have been overlooked. This paper provides a new perspective of ESM literature, one that supports the claim that this research field should be considered as sustainable and no longer emergent. Based on ITIL framework for service Lifecycle management, a total of 45 articles, spanning from 2010 to 2016, were analyzed to evaluate the current state of ESM literature. While summarizing and tabulating the literature findings for easy reference, the proposed taxonomy highlights that the main focus of researchers is on the Stages of strategy and transition. It also highlights the remaining issues at each Lifecycle Stage and suggests future research directions.
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ITIL perspective on enterprise social media
International Journal of Information Management, 2017Co-Authors: Mayla Alimam, Emmanuel Bertin, Noel CrespiAbstract:Taxonomy of current ESM literature based on ITIL framework for IT service Lifecycle management.ESM literature is mainly focusing on two Lifecycle Stages: strategy and transition.Highlights of the main remaining issues at each Stage are provided.A complete vision of the overall Lifecycle Stages should be maintained while initiating an implementation of an ESM service. It starts from the enterprises strategic objectives to end with the usage evaluation. Enterprise Social Media (ESM) services have been largely considered in the literature as a new innovation; and thus a number of academic and industrial interests have been overlooked. This paper provides a new perspective of ESM literature, one that supports the claim that this research field should be considered as sustainable and no longer emergent. Based on ITIL framework for service Lifecycle management, a total of 45 articles, spanning from 2010 to 2016, were analyzed to evaluate the current state of ESM literature. While summarizing and tabulating the literature findings for easy reference, the proposed taxonomy highlights that the main focus of researchers is on the Stages of strategy and transition. It also highlights the remaining issues at each Lifecycle Stage and suggests future research directions.
Harry Deangelo - One of the best experts on this subject based on the ideXlab platform.
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Seasoned Equity Offerings, Market Timing, and the Corporate Lifecycle
Journal of Financial Economics, 2010Co-Authors: Harry Deangelo, Linda Deangelo, Renee M StulzAbstract:Both a firm's market-timing opportunities and its corporate Lifecycle Stage exert statistically and economically significant influences on the probability that it conducts a seasoned equity offering (SEO), with the Lifecycle effect empirically stronger. Neither effect adequately explains SEO decisions because a near-majority of issuers are not growth firms and the vast majority of firms with high M/B ratios and high recent and poor future stock returns fail to issue stock. Since without the offer proceeds 62.6% of issuers would run out of cash (81.1% would have subnormal cash balances) the year after the SEO, a near-term cash need is the primary SEO motive, with market-timing opportunities and Lifecycle Stage exerting only ancillary influences.
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Seasoned Equity Offerings, Market Timing, and the Corporate Lifecycle
SSRN Electronic Journal, 2009Co-Authors: Harry Deangelo, Linda Deangelo, Renee M StulzAbstract:This paper gauges the importance of market timing for the decision to conduct a seasoned equity offering by testing whether SEO decisions are better explained by timing opportunities or by a simple fundamentals-based theory in which firms sell stock primarily in the early Stages of their Lifecycle, when growth opportunities exceed internally generated cash flow. We measure timing opportunities using market-to-book ratios and prior and future stock returns (and other equity mispricing proxies advanced in the literature), and Lifecycle Stage by the number of years listed. Both timing and Lifecycle proxies have a significant influence, with the Lifecycle effect quantitatively stronger, but neither adequately explains SEO decisions because (i) a near-majority of issuers are not growth firms, and (ii) the vast majority of firms with high M/B ratios and high recent and poor future stock returns fail to issue stock. Since a full 62.6% of issuers would run out of cash by the year after the SEO without the offer proceeds (and 81.1% would have subnormal cash balances at that time), we conclude that a near-term cash need is the primary SEO motive, with market-timing opportunities and Lifecycle Stage exerting economically significant ancillary influences on the SEO decision.
Ruth N Bolton - One of the best experts on this subject based on the ideXlab platform.
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understanding generation y and their use of social media a review and research agenda
Journal of Service Management, 2013Co-Authors: Ruth N Bolton, A Parasuraman, Ankie Hoefnagels, Nanne Migchels, Sertan Kabadayi, Thorsten Gruber, Yuliya Komarova Loureiro, David SolnetAbstract:Purpose – The purpose of this paper is to review what we know – and don't know – about Generation Y's use of social media and to assess the implications for individuals, firms and society.Design/methodology/approach – The paper distinguishes Generation Y from other cohorts in terms of systematic differences in values, preferences and behavior that are stable over time (as opposed to maturational or other differences). It describes their social media use and highlights evidence of intra‐generational variance arising from environmental factors (including economic, cultural, technological and political/legal factors) and individual factors. Individual factors include stable factors (including socio‐economic status, age and Lifecycle Stage) and dynamic, endogenous factors (including goals, emotions, and social norms).The paper discusses how Generation Y's use of social media influences individuals, firms and society. It develops managerial implications and a research agenda.Findings – Prior research on the so...