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Advances in Corporate Finance and Investments
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Advances in Corporate Finance and Investments

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

Deadline for manuscript submissions: closed (1 May 2024) | Viewed by 3736

Special Issue Editors

Dr. Jeffrey (Jun) Chen

E-Mail Website
Guest Editor
College of Business, North Dakota State University, Fargo, ND 58108, USA
Interests: corporate finance; investments; fixed income securities; real estate finance
Dr. Tao-Hsien Dolly King

E-Mail Website
Guest Editor
Department of Finance, University of North Carolina at Charlotte, Charlotte, NC 28223, USA
Interests: corporate finance; fixed income securities
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues, 

The Special Issue on Advances in Corporate Finance and Investments aims at inspiring and motivating conceptual, empirical, theoretical, methodological, and case study research in various branches of finance with a focus on new perspectives and emerging challenges in corporate finance and investments.  

The topics of the Special Issue cover, but are not limited to: 

  • Firm valuation, capital structure, cost of capital, loan contracting, payout policies, working capital management, and corporate risk management.
  • IPO and private equity, ownership structure, mergers and acquisitions, joint venture, and strategic alliance.
  • Corporate governance, executive compensation, firm resilience, and labor market.
  • International financial management, globalization investment, and supply chain risk.
  • Institutional investors, shareholder engagement and activism, CSR, and social capital.
  • Impact investing, technological and demographic disruption, ESG, and sustainable finance.
  • Financial innovation, big data investment, machine-learning-based forecasting, and capital budgeting.

Studies that apply asset pricing and market microstructure analysis into corporate finance issues are also welcome.

Yours sincerely,
Dr. Jeffrey (Jun) Chen
Dr. Tao-Hsien Dolly King
Guest Editors

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 finance policies
  • market mechanism
  • international financial management and investment
  • institutional investors
  • impact investing
  • financial innovation

Published Papers (2 papers)

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Research

20 pages, 1915 KiB  
Article
Tail Risks in Corporate Finance: Simulation-Based Analyses of Extreme Values
by Christoph J. Börner, Dietmar Ernst and Ingo Hoffmann
J. Risk Financial Manag. 2023, 16(11), 469; https://doi.org/10.3390/jrfm16110469 - 30 Oct 2023
Viewed by 1687
Abstract
Recently, simulation-based methods for assessing company-specific risks have become increasingly popular in corporate finance. This is because modern capital market theory, with its assumptions of perfect and complete capital markets, cannot satisfactorily explain the risk situation in companies and its effects on entrepreneurial [...] Read more.
Recently, simulation-based methods for assessing company-specific risks have become increasingly popular in corporate finance. This is because modern capital market theory, with its assumptions of perfect and complete capital markets, cannot satisfactorily explain the risk situation in companies and its effects on entrepreneurial success. Through simulation, the individual risks of a company can be aggregated, and the risk effect on a target variable can be shown. The aim of this article is to investigate which statistical methods can best assess tail risks in the overall distribution of the target variables. By doing so, the article investigates whether extreme value theory is suitable to model tail risks in a business plan independent of company-specific data. For this purpose, the simulated cash flows of a medium-sized company are analyzed. Different statistical ratios, statistical tests, calibrations, and extreme value theory are applied. The findings indicate that the overall distribution of the simulated cash flows can be multimodal. In the example studied, the potential loss side of the cash flow exhibits a superimposed, well-delimitable second distribution. This tail distribution is extensively analyzed through calibration and the application of extreme value theory. Using the example studied, it is shown that similar tail risk distributions can be modeled both by calibrating the simulation data in the tail and by using extreme value theory to describe it. This creates the possibility of working with tail risks even if only a few planning data are available. Thus, this approach contributes to systematically combining risk management and corporate finance and significantly improving corporate risk management. Based on these findings, further analyses can be performed in terms of risk coverage potential and rating to improve the risk situation in a company. Full article
(This article belongs to the Special Issue Advances in Corporate Finance and Investments)
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28 pages, 938 KiB  
Article
The Market Reaction to Repurchase Announcements
by Adhiraj Sodhi, Cesario Mateus, Irina Mateus and Aleksandar Stojanovic
J. Risk Financial Manag. 2023, 16(10), 443; https://doi.org/10.3390/jrfm16100443 - 12 Oct 2023
Viewed by 1551
Abstract
This paper investigates the drivers of the market’s reaction to share repurchase announcements in the UK and the related abnormality in stock performance. It uniquely captures the impact of globalisation in tandem with a variety of firm-level and macro-level determinants. We undertake multivariate [...] Read more.
This paper investigates the drivers of the market’s reaction to share repurchase announcements in the UK and the related abnormality in stock performance. It uniquely captures the impact of globalisation in tandem with a variety of firm-level and macro-level determinants. We undertake multivariate OLS regression to test the determinants of the market’s reaction and find a negative influence when repurchases are tax-friendlier than dividends if there is high debt exposure and economic globalisation is rising, with a positive influence when the company has a history of distributing above average dividends. To quantify the short-term price abnormality, we employ event study analysis, and the findings compute positive (insignificant) stock price abnormality for nonfinancial (financial) firms. For long-term stock price abnormality, we compare against the FTSE 100 by computing annual geometric stock performances. The findings indicate a negative (insignificant) stock price abnormality for nonfinancial (financial) firms. The results can aid corporate management in improving repurchase timing, aid in the decision making of financial practitioners when trading or investing in repurchasing firms, and assist policymakers in mapping more efficient fiscal and cross-market trade frameworks. Full article
(This article belongs to the Special Issue Advances in Corporate Finance and Investments)
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