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Advances in Corporate Finance and Financial Management
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Advances in Corporate Finance and Financial Management

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Economics and Finance".

Deadline for manuscript submissions: closed (31 March 2023) | Viewed by 11179

Special Issue Editor

Prof. Dr. Kudret Topyan

E-Mail Website
Guest Editor
Department of Economics and Finance,Manhattan College, 4513 Manhattan College Parkway, Riverdale, NY 10471, USA
Interests: corporate structure; sustainable finance; financial innovation; emerging markets;, valuation; risk premium
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Corporate finance is a rapidly growing field in today’s globally integrated economic and financial environment. A corporation, as the core of free enterprise and the starting point of the capitalist corporate design, is a very complex unit, with its multiple dimensions dealing with legal issues, taxation, efficiency, debt, equity, bankruptcy, accounting, financial statements, governance, securitization, time value, derivatives, and leases. Corporate finance today is arguably the most complex subcategory in finance.

Today’s financial world has a significantly heterogeneous structure. On one side, researchers study the advanced financial markets with dominating exchanges and well-studied characteristics; on the other side, emerging markets shine as an alternative focusing point and attract researchers with their intriguing characteristics. Yet, another alternative, frontier markets, stand out as having even more intriguing characteristics.

This Special Issue focuses on frontiers in corporate finance and financial management. Within this context, the Special Issue looks for theoretical, empirical, or methodological articles on corporate structure, valuation, firm-specific risk premiums, CEO compensation, stakeholders’ perceptions, managerial influence, hybrid financing, financial systems, regulation, finance and innovation, consumer finance, emerging markets, and sustainable finance. Theoretical articles providing new insights as well as empirical papers testing or extending the theory are highly encouraged.

Prof. Dr. Kudret Topyan
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • corporate structure
  • sustainable finance
  • financial innovation
  • emerging markets
  • valuation
  • risk premium

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Published Papers (4 papers)

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Research

23 pages, 633 KiB  
Article
The Impact of FASB Staff Position APB 14-1 on Corporate Financing: A Debt Contracting Perspective
by Justin Y. Jin, Kiridaran Kanagaretnam and Na Li
J. Risk Financial Manag. 2023, 16(4), 213; https://doi.org/10.3390/jrfm16040213 - 27 Mar 2023
Viewed by 1403
Abstract
Using a set of hand-collected data, we study the economic consequences of FASB Staff Position APB 14-1, which was adopted in 2008 and intended to increase reported interest expense and decrease reported leverage. First, we document that issuers are more likely to respond [...] Read more.
Using a set of hand-collected data, we study the economic consequences of FASB Staff Position APB 14-1, which was adopted in 2008 and intended to increase reported interest expense and decrease reported leverage. First, we document that issuers are more likely to respond to APB 14-1 by reducing the outstanding amount of cash-settled convertible debt when they are more able to bear the cost of repurchase. Second, we explore the debt contracting explanations for issuers’ repurchase decisions. In particular, we focus on the contracting practice for GAAP changes and the inclusion of financial covenants related to interest coverage ratios. We find that issuers are less likely to repurchase the outstanding cash-settled convertibles when their bank loan contracts allow them to request a freeze on GAAP provisions to exclude mandatory GAAP changes in calculating accounting-based covenants. Further, when firms’ bank loan contracts contain financial covenants related to interest coverage ratios, issuers are more likely to repurchase outstanding cash-settled convertibles to avoid technical default due to the higher reported interest expense resulting from requirements under APB 14-1. These empirical results are consistent with the notion that firms do respond to mandatory GAAP changes when they are more able to afford the cost of such responses. Furthermore, debt contracting practices can help explain firms’ decisions to respond to mandatory GAAP changes. Full article
(This article belongs to the Special Issue Advances in Corporate Finance and Financial Management)
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19 pages, 553 KiB  
Article
The Effect of CDS Trading on Product Market Competition: Evidence from 10-K Filings
by Changjie Hu, Ming Liu and Weiyu Jiang
J. Risk Financial Manag. 2023, 16(3), 207; https://doi.org/10.3390/jrfm16030207 - 22 Mar 2023
Cited by 1 | Viewed by 1995
Abstract
This paper examines how the initiation of credit default swap (CDS) trading affects the product market competition faced by the referenced firms in the US. The trading of CDS provides an avenue for creditors to hedge default risks, thereby weakening the incentives to [...] Read more.
This paper examines how the initiation of credit default swap (CDS) trading affects the product market competition faced by the referenced firms in the US. The trading of CDS provides an avenue for creditors to hedge default risks, thereby weakening the incentives to monitor the borrowers. Our paper shows that the trading of CDS increases firm-level product market competition because a reduced creditor monitoring effect can lead to growing shareholder demand for information disclosure, revealing strategic information that may undermine the product market competency of the firm when disclosed. While prior literature shows that CDS-traded firms increase both the likelihood and frequency of earnings forecasts as a direct response to shareholder demand, we observe that firms made their mandatory disclosure (i.e., Form 10-K) less readable as a potential way to reduce strategic disclosure. We also find that the presence of institutional investors generally reduces a firm’s competition, but this positive effect is overturned in the presence of CDS trading. Full article
(This article belongs to the Special Issue Advances in Corporate Finance and Financial Management)
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19 pages, 929 KiB  
Article
Pre-IPO Financial Performance and Offer Price Estimation: Evidence from India
by Ajay Yadav, Jaya Mamta Prosad and Sumanjeet Singh
J. Risk Financial Manag. 2023, 16(2), 135; https://doi.org/10.3390/jrfm16020135 - 17 Feb 2023
Cited by 1 | Viewed by 3603
Abstract
The primary focus of this paper is to develop an empirical model to study the relationship between key Financial Performance Indicators and IPO Offer Prices. It seeks to assist Indian IPO investors to make more informed decisions by advancing their knowledge about relevant [...] Read more.
The primary focus of this paper is to develop an empirical model to study the relationship between key Financial Performance Indicators and IPO Offer Prices. It seeks to assist Indian IPO investors to make more informed decisions by advancing their knowledge about relevant Pre-IPO Financial Performance Indicators that are effective predictors of Offer Price. The purpose is this study is to provide all the stakeholders with an approach to evaluate the Offer Price of IPOs. This will help the stakeholders to overcome pricing anomalies. The companies listed in the National Stock Exchange of India between the financial years 2015–2016 to 2020–2021 are taken as the sample of the study. The secondary data are analyzed by constructing a multiple linear regression model. This study uses a range of fundamental factors related to financial performance in a single framework to demonstrate that an IPO Offer Price can be assessed by its Pre-IPO Financial Performance. The findings of this study validate the objectives of the model constructed. This research shows that the Pre-IPO Financial Performance has an influential role in explaining the IPO offering price. The results of the study show that variables such as Net Asset Value (NAV), Return on Assets (ROA), Profit after Tax (PAT), and Return on Net Worth (RONW) have a substantial impact on IPO Offering Price. The findings of the research will assist IPO issuers in pricing their offerings better and more competitively. Furthermore, this study will also minimize the gap between offering and listing prices to prevent speculative failure. The study will help investors with minimal resources to evaluate the value of any IPO issue. An IPO’s value can be fairly estimated, and investors can decide whether the issue is worth investing in or not. Full article
(This article belongs to the Special Issue Advances in Corporate Finance and Financial Management)
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18 pages, 293 KiB  
Article
Holding Companies and Debt Financing: A Comparative Analysis Using Option-Adjusted Spreads
by Natalia Boliari and Kudret Topyan
J. Risk Financial Manag. 2022, 15(12), 569; https://doi.org/10.3390/jrfm15120569 - 1 Dec 2022
Cited by 3 | Viewed by 3570
Abstract
This work investigates and compares the total risk attributable to holding and operating companies, using data from the United States. By proxying overall risk by the option-adjusted spread on corporate bonds, we hypothesize that operating companies face a higher risk. Our data were [...] Read more.
This work investigates and compares the total risk attributable to holding and operating companies, using data from the United States. By proxying overall risk by the option-adjusted spread on corporate bonds, we hypothesize that operating companies face a higher risk. Our data were obtained from Bloomberg and comprise 17,800 corporate bonds. Our methodology entails stratified univariate comparisons of the means of the option-adjusted spreads of sub-samples of operating companies versus holding companies. The principal bases of stratification are issue size, bond maturity, and creditworthiness proxied by the Standard and Poor ratings. With very few exceptions, our results report insignificant t-statistics, thus making us unable to reject the null hypothesis that the operating companies have the same business risk as holding companies. When bond rating, maturity, and size are controlled, there is no consistent cost reduction attributable to holding companies, and contrary to common belief, this is more visible for smaller firms. Our work suggests that there is no evidence consistently favoring holding-company financing compared to operating ones. Full article
(This article belongs to the Special Issue Advances in Corporate Finance and Financial Management)
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