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Stock Market Consequences of Political Vibrancy
Christos Pantzalis,Jung Chul Park 한국재무학회 2016 한국재무학회 학술대회 Vol.2016 No.05
We test the hypothesis that value-relevant information diffuses faster (slower) into stock prices of firms located in areas with (without) geographic ties to powerful politicians. Using two alternative measures of such ties as proxies for a location’s political vibrancy, we show that there is more value-relevant information generated in politically vibrant areas, and that equity markets in these areas tend to be somewhat segmented from the rest of the country. Accordingly, stock returns of firms from politically vibrant areas predict those in non-vibrant areas. Consistent with the notion that an area’s political vibrancy can affect local investor ability to process complicated information in a timely manner, this return predictability pattern is more pronounced among large firms and during periods characterized by higher uncertainty traced to random events constituting exogenous political shocks.
Agency Costs and Equity Mispricing
박정철,Christos Pantzalis 한국증권학회 2014 Asia-Pacific Journal of Financial Studies Vol.43 No.1
We investigate a link between agency costs and equity mispricing. We employ comprehensive,multi-dimensional measures of agency costs and mispricing, and find that mispricing is significantlyand positively related to agency costs. We also explore the effect of equity-basedcompensation on the impact of agency costs on mispricing. Our investigation extends previousstudies that do not separately account for the options and restricted stock grants componentsof equity-based compensation. We show that stock options, originally intended toresolve conflicts of interest, exaggerate the problem and this phenomenon is pronouncedespecially when firms are overvalued. Overall, our results imply that compensation packagesthat are not structured optimally could lead to greater mispricing.