메뉴 건너뛰기




Volumn 69, Issue 1, 2014, Pages 293-324

Product Market Threats, Payouts, and Financial Flexibility

Author keywords

[No Author keywords available]

Indexed keywords


EID: 84891792967     PISSN: 00221082     EISSN: 15406261     Source Type: Journal    
DOI: 10.1111/jofi.12050     Document Type: Article
Times cited : (800)

References (50)
  • 1
  • 2
    • 2942746458 scopus 로고    scopus 로고
    • Is all that talk just noise? The information content of internet stock message boards
    • Antweiler, Werner, and Murray Frank, 2004, Is all that talk just noise? The information content of internet stock message boards, Journal of Finance 52, 1259-1294.
    • (2004) Journal of Finance , vol.52 , pp. 1259-1294
    • Antweiler, W.1    Frank, M.2
  • 3
  • 4
    • 70349487039 scopus 로고    scopus 로고
    • Why do U.S. firms hold so much more cash than they used to?
    • Bates, Thomas W., Kathleen M. Kahle, and René M. Stulz, 2009, Why do U.S. firms hold so much more cash than they used to? Journal of Finance 64, 1985-2020.
    • (2009) Journal of Finance , vol.64 , pp. 1985-2020
    • Bates, T.W.1    Kahle, K.M.2    Stulz, R.M.3
  • 6
    • 0002689871 scopus 로고
    • A theory of predation based on agency problems in financial contracting
    • Bolton, Patrick, and David S. Scharfstein, 1990, A theory of predation based on agency problems in financial contracting, American Economic Review 80, 93-106.
    • (1990) American Economic Review , vol.80 , pp. 93-106
    • Bolton, P.1    Scharfstein, D.S.2
  • 7
    • 65649108336 scopus 로고    scopus 로고
    • The information content of FOMC minutes
    • Working paper, Yale University.
    • Boukus, Ellyn, and Joshua Rosenberg, 2006, The information content of FOMC minutes, Working paper, Yale University.
    • (2006)
    • Boukus, E.1    Rosenberg, J.2
  • 9
    • 51749102179 scopus 로고    scopus 로고
    • How does financing impact investment? The role of debt covenants
    • Chava, Sudheer, and Michael Roberts, 2008, How does financing impact investment? The role of debt covenants, Journal of Finance 63, 2085-2121.
    • (2008) Journal of Finance , vol.63 , pp. 2085-2121
    • Chava, S.1    Roberts, M.2
  • 10
    • 67449095146 scopus 로고    scopus 로고
    • Payout policy and cash flow uncertainty
    • Chay, J. B., and Jungwon Suh, 2009, Payout policy and cash flow uncertainty, Journal of Financial Economics 93, 88-107.
    • (2009) Journal of Financial Economics , vol.93 , pp. 88-107
    • Chay, J.B.1    Suh, J.2
  • 12
    • 2442689383 scopus 로고    scopus 로고
    • Are dividends disappearing? Dividend concentration and the consolidation of earnings
    • DeAngelo, Harry, Linda DeAngelo, and Douglas J. Skinner, 2004, Are dividends disappearing? Dividend concentration and the consolidation of earnings, Journal of Financial Economics 72, 425-456.
    • (2004) Journal of Financial Economics , vol.72 , pp. 425-456
    • DeAngelo, H.1    DeAngelo, L.2    Skinner, D.J.3
  • 14
    • 30744455448 scopus 로고    scopus 로고
    • Dividend policy and the earned/contributed capital mix: A test of the lifecycle theory
    • DeAngelo, Harry, Linda DeAngelo, and René M. Stulz, 2006, Dividend policy and the earned/contributed capital mix: A test of the lifecycle theory, Journal of Financial Economics 81, 227-254.
    • (2006) Journal of Financial Economics , vol.81 , pp. 227-254
    • DeAngelo, H.1    DeAngelo, L.2    Stulz, R.M.3
  • 15
    • 33847233238 scopus 로고    scopus 로고
    • Corporate governance and the value of cash holdings
    • Dittmar, Amy, and Jan Mahrt-Smith, 2007, Corporate governance and the value of cash holdings, Journal of Financial Economics 83, 599-634.
    • (2007) Journal of Financial Economics , vol.83 , pp. 599-634
    • Dittmar, A.1    Mahrt-Smith, J.2
  • 16
    • 0003164748 scopus 로고    scopus 로고
    • Disappearing dividends: Changing firm characteristics or lower propensity to pay?
    • Fama, Eugene, and Kenneth French, 2001, Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics 60, 3-44.
    • (2001) Journal of Financial Economics , vol.60 , pp. 3-44
    • Fama, E.1    French, K.2
  • 17
    • 33746781777 scopus 로고    scopus 로고
    • Corporate financial policy and the value of cash
    • Faulkender, Michael, and Rong Wang, 2006, Corporate financial policy and the value of cash, Journal of Finance 61, 1957-1990.
    • (2006) Journal of Finance , vol.61 , pp. 1957-1990
    • Faulkender, M.1    Wang, R.2
  • 18
  • 20
    • 77953676163 scopus 로고    scopus 로고
    • Financial strength and product market behavior: The real effects of corporate cash holdings
    • Fresard, Laurent, 2010, Financial strength and product market behavior: The real effects of corporate cash holdings, Journal of Finance 65, 1097-1122.
    • (2010) Journal of Finance , vol.65 , pp. 1097-1122
    • Fresard, L.1
  • 21
    • 51749100246 scopus 로고    scopus 로고
    • The value of financial flexibility
    • Gamba, Andrea, and Alexander Triantis, 2008, The value of financial flexibility, Journal of Finance 63, 2263-2296.
    • (2008) Journal of Finance , vol.63 , pp. 2263-2296
    • Gamba, A.1    Triantis, A.2
  • 22
    • 33847041808 scopus 로고    scopus 로고
    • Idiosyncratic volatility and product market competition
    • Gaspar, José-Miguel, and Massimo Massa, 2006, Idiosyncratic volatility and product market competition, Journal of Business 79, 3125-3152.
    • (2006) Journal of Business , vol.79 , pp. 3125-3152
    • Gaspar, J.-M.1    Massa, M.2
  • 25
    • 0042170206 scopus 로고    scopus 로고
    • Dividends, share repurchases, and the substitution hypothesis
    • Grullon, Gustavo, and Roni Michaely, 2002, Dividends, share repurchases, and the substitution hypothesis, Journal of Finance 57, 1649-1684.
    • (2002) Journal of Finance , vol.57 , pp. 1649-1684
    • Grullon, G.1    Michaely, R.2
  • 26
    • 79952203291 scopus 로고    scopus 로고
    • Corporate payout policy and product market competition
    • Working paper, Rice University.
    • Grullon, Gustavo, and Roni Michaely, 2007, Corporate payout policy and product market competition, Working paper, Rice University.
    • (2007)
    • Grullon, G.1    Michaely, R.2
  • 27
    • 0141977276 scopus 로고    scopus 로고
    • Are dividend changes a sign of firm maturity?
    • Grullon, Gustavo, Roni Michaely, and Bhaskaran Swaminathan, 2002, Are dividend changes a sign of firm maturity?, Journal of Business 75, 378-424.
    • (2002) Journal of Business , vol.75 , pp. 378-424
    • Grullon, G.1    Michaely, R.2    Swaminathan, B.3
  • 28
    • 34548301912 scopus 로고    scopus 로고
    • Corporate precautionary cash holdings
    • Han, Seungji, and Jiaping Qiu, 2007, Corporate precautionary cash holdings, Journal of Corporate Finance 13, 43-57.
    • (2007) Journal of Corporate Finance , vol.13 , pp. 43-57
    • Han, S.1    Qiu, J.2
  • 29
    • 77953813272 scopus 로고    scopus 로고
    • The information content of IPO prospectuses
    • Hanley, Kathleen, and Gerard Hoberg, 2010, The information content of IPO prospectuses, Review of Financial Studies 23, 2821-2864.
    • (2010) Review of Financial Studies , vol.23 , pp. 2821-2864
    • Hanley, K.1    Hoberg, G.2
  • 30
    • 34247616049 scopus 로고    scopus 로고
    • The influence of product market dynamics on a firm's cash holdings and hedging behavior
    • Haushalter, David, Sandy Klasa, and William F. Maxwell, 2007, The influence of product market dynamics on a firm's cash holdings and hedging behavior, Journal of Financial Economics 84, 797-825.
    • (2007) Journal of Financial Economics , vol.84 , pp. 797-825
    • Haushalter, D.1    Klasa, S.2    Maxwell, W.F.3
  • 31
    • 84871245793 scopus 로고    scopus 로고
    • New dynamic product based industry classifications and endogenous product differentiation
    • Working paper, University of Maryland.
    • Hoberg, Gerard, and Gordon Phillips, 2010a, New dynamic product based industry classifications and endogenous product differentiation, Working paper, University of Maryland.
    • (2010)
    • Hoberg, G.1    Phillips, G.2
  • 32
    • 77956897991 scopus 로고    scopus 로고
    • Product market synergies in mergers and acquisitions: A text based analysis
    • Hoberg, Gerard, and Gordon Phillips, 2010b, Product market synergies in mergers and acquisitions: A text based analysis, Review of Financial Studies 23, 3773-3811.
    • (2010) Review of Financial Studies , vol.23 , pp. 3773-3811
    • Hoberg, G.1    Phillips, G.2
  • 33
    • 76549101754 scopus 로고    scopus 로고
    • Disappearing dividends, catering, and risk
    • Hoberg, Gerard, and Nagpurnanand Prabhala, 2009, Disappearing dividends, catering, and risk, Review of Financial Studies 22, 79-116.
    • (2009) Review of Financial Studies , vol.22 , pp. 79-116
    • Hoberg, G.1    Prabhala, N.2
  • 34
    • 33746804192 scopus 로고    scopus 로고
    • Industry concentration and average stock returns
    • Hou, Kewei, and David Robinson, 2006, Industry concentration and average stock returns, Journal of Finance 61, 1927-1956.
    • (2006) Journal of Finance , vol.61 , pp. 1927-1956
    • Hou, K.1    Robinson, D.2
  • 36
    • 0000195838 scopus 로고    scopus 로고
    • Entry, exit, growth, and innovation over the product life cycle
    • Klepper, Steven, 1996, Entry, exit, growth, and innovation over the product life cycle, American Economic Review 86, 562-583.
    • (1996) American Economic Review , vol.86 , pp. 562-583
    • Klepper, S.1
  • 37
    • 40449132072 scopus 로고    scopus 로고
    • Do stock market investors understand the risk sentiment of corporate annual reports?
    • Working paper, University of Michigan.
    • Li, Feng, 2006, Do stock market investors understand the risk sentiment of corporate annual reports?, Working paper, University of Michigan.
    • (2006)
    • Li, F.1
  • 38
    • 77955271696 scopus 로고    scopus 로고
    • What drives corporate liquidity? An international survey of cash holdings and lines of credit
    • Lins, Karl, Henri Servaes, and Peter Tufano, 2010, What drives corporate liquidity? An international survey of cash holdings and lines of credit, Journal of Financial Economics 98, 160-176.
    • (2010) Journal of Financial Economics , vol.98 , pp. 160-176
    • Lins, K.1    Servaes, H.2    Tufano, P.3
  • 39
    • 78650979144 scopus 로고    scopus 로고
    • When is a liability not a liability? Textual analysis, dictionaries, and 10-Ks
    • Loughran, Tim, and Bill McDonald, 2011, When is a liability not a liability? Textual analysis, dictionaries, and 10-Ks, Journal of Finance 66, 35-65.
    • (2011) Journal of Finance , vol.66 , pp. 35-65
    • Loughran, T.1    McDonald, B.2
  • 41
    • 74249084264 scopus 로고    scopus 로고
    • Product market competition, insider trading, and stock market efficiency
    • Peress, Joel, 2010, Product market competition, insider trading, and stock market efficiency, Journal of Finance 65, 1-43.
    • (2010) Journal of Finance , vol.65 , pp. 1-43
    • Peress, J.1
  • 42
    • 0002110167 scopus 로고
    • Increased debt and industry product markets: An empirical analysis
    • Phillips, Gordon M., 1995, Increased debt and industry product markets: An empirical analysis, Journal of Financial Economics 37, 189-238.
    • (1995) Journal of Financial Economics , vol.37 , pp. 189-238
    • Phillips, G.M.1
  • 43
    • 0002343281 scopus 로고
    • Financial signalling and the "deep-pocket" argument
    • Poitevin, Michel, 1989, Financial signalling and the "deep-pocket" argument, Rand Journal of Economics 20, 26-40.
    • (1989) Rand Journal of Economics , vol.20 , pp. 26-40
    • Poitevin, M.1
  • 44
    • 68249159913 scopus 로고    scopus 로고
    • The corporate propensity to save
    • Riddick, Leigh, and Toni Whited, 2009, The corporate propensity to save, Journal of Finance 64, 1729-1766.
    • (2009) Journal of Finance , vol.64 , pp. 1729-1766
    • Riddick, L.1    Whited, T.2
  • 45
    • 0002442796 scopus 로고    scopus 로고
    • Machine learning in automated text categorization
    • Sebastiani, Fabrizio, 2002, Machine learning in automated text categorization, ACM Computing Surveys 34, 1-47.
    • (2002) ACM Computing Surveys , vol.34 , pp. 1-47
    • Sebastiani, F.1
  • 46
    • 40849102409 scopus 로고    scopus 로고
    • The evolving relation between earnings, dividends, and stock repurchases
    • Skinner, Douglas, 2008, The evolving relation between earnings, dividends, and stock repurchases, Journal of Financial Economics 87, 582-609.
    • (2008) Journal of Financial Economics , vol.87 , pp. 582-609
    • Skinner, D.1
  • 47
    • 0005622429 scopus 로고
    • Cutthroat competition and the long purse
    • Telser, L. G., 1966, Cutthroat competition and the long purse, Journal of Law and Economics 9, 259-277.
    • (1966) Journal of Law and Economics , vol.9 , pp. 259-277
    • Telser, L.G.1
  • 48
    • 43649107307 scopus 로고    scopus 로고
    • More than words: Quantifying language to measure firms' fundamentals
    • Tetlock, Paul, Maytal Saar-Tsechanksy, and Sofus Macskassy, 2008, More than words: Quantifying language to measure firms' fundamentals, Journal of Finance 63, 1437-1467.
    • (2008) Journal of Finance , vol.63 , pp. 1437-1467
    • Tetlock, P.1    Saar-Tsechanksy, M.2    Macskassy, S.3
  • 49
    • 34248193914 scopus 로고    scopus 로고
    • Giving content to investor sentiment: The role of media in the stock market
    • Tetlock, Paul C., 2007, Giving content to investor sentiment: The role of media in the stock market, Journal of Finance 62, 1139-1168.
    • (2007) Journal of Finance , vol.62 , pp. 1139-1168
    • Tetlock, P.C.1
  • 50
    • 0001600250 scopus 로고
    • The impact of dividend initiation on the information content of earnings announcements and returns volatility
    • Venkatesh, P. C., 1989, The impact of dividend initiation on the information content of earnings announcements and returns volatility, Journal of Business 62, 175-197.
    • (1989) Journal of Business , vol.62 , pp. 175-197
    • Venkatesh, P.C.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.