Customer Concentration Risk And The Cost Of Equity Capital

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Customer Concentration Risk and the Cost of Equity Capital

Author : Dan S. Dhaliwal
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Customer Concentration Risk and the Cost of Equity Capital by : Dan S. Dhaliwal

Download or read book Customer Concentration Risk and the Cost of Equity Capital written by Dan S. Dhaliwal and published by . This book was released on 2015 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the relation between customer concentration and a supplier's cost of equity capital. We hypothesize that a more concentrated customer base increases a supplier's risk, which results in a higher cost of equity. Our results show a positive association between customer concentration and a supplier's cost of equity, and this relation is more pronounced for suppliers that are more likely to lose major customers or that are more prone to larger losses if they lose such customers. Further, results from a propensity score matched sample analysis and instrumental variables regressions imply that our findings are robust to accounting for endogeneity. We also provide evidence that a supplier with a concentrated base of safer government customers has a lower cost of equity. Finally, we document a positive relation between corporate customer concentration and a supplier's cost of debt. Overall, our findings suggest that the composition and concentration of a supplier's customer base significantly impact its financing costs.

Economic Concentration and the Cost of Equity Capital

Author : Alan Richard Schriber
Publisher :
ISBN 13 :
Total Pages : 149 pages
Book Rating : 4.:/5 (254 download)

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Book Synopsis Economic Concentration and the Cost of Equity Capital by : Alan Richard Schriber

Download or read book Economic Concentration and the Cost of Equity Capital written by Alan Richard Schriber and published by . This book was released on 1976 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Effect of Exchange-listing on a Firm's Cost of Equity Capital

Author : Dan S. Dhaliwal
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.3/5 (243 download)

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Book Synopsis The Effect of Exchange-listing on a Firm's Cost of Equity Capital by : Dan S. Dhaliwal

Download or read book The Effect of Exchange-listing on a Firm's Cost of Equity Capital written by Dan S. Dhaliwal and published by . This book was released on 1980 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:

International Convergence of Capital Measurement and Capital Standards

Author :
Publisher : Lulu.com
ISBN 13 : 9291316695
Total Pages : 294 pages
Book Rating : 4.2/5 (913 download)

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Book Synopsis International Convergence of Capital Measurement and Capital Standards by :

Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook Of Financial Econometrics, Mathematics, Statistics, And Machine Learning (In 4 Volumes)

Author : Cheng Few Lee
Publisher : World Scientific
ISBN 13 : 9811202400
Total Pages : 5053 pages
Book Rating : 4.8/5 (112 download)

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Book Synopsis Handbook Of Financial Econometrics, Mathematics, Statistics, And Machine Learning (In 4 Volumes) by : Cheng Few Lee

Download or read book Handbook Of Financial Econometrics, Mathematics, Statistics, And Machine Learning (In 4 Volumes) written by Cheng Few Lee and published by World Scientific. This book was released on 2020-07-30 with total page 5053 pages. Available in PDF, EPUB and Kindle. Book excerpt: This four-volume handbook covers important concepts and tools used in the fields of financial econometrics, mathematics, statistics, and machine learning. Econometric methods have been applied in asset pricing, corporate finance, international finance, options and futures, risk management, and in stress testing for financial institutions. This handbook discusses a variety of econometric methods, including single equation multiple regression, simultaneous equation regression, and panel data analysis, among others. It also covers statistical distributions, such as the binomial and log normal distributions, in light of their applications to portfolio theory and asset management in addition to their use in research regarding options and futures contracts.In both theory and methodology, we need to rely upon mathematics, which includes linear algebra, geometry, differential equations, Stochastic differential equation (Ito calculus), optimization, constrained optimization, and others. These forms of mathematics have been used to derive capital market line, security market line (capital asset pricing model), option pricing model, portfolio analysis, and others.In recent times, an increased importance has been given to computer technology in financial research. Different computer languages and programming techniques are important tools for empirical research in finance. Hence, simulation, machine learning, big data, and financial payments are explored in this handbook.Led by Distinguished Professor Cheng Few Lee from Rutgers University, this multi-volume work integrates theoretical, methodological, and practical issues based on his years of academic and industry experience.

Customer Concentration and Stock Price Crash Risk

Author : Jeong-Bon Kim
Publisher :
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Customer Concentration and Stock Price Crash Risk by : Jeong-Bon Kim

Download or read book Customer Concentration and Stock Price Crash Risk written by Jeong-Bon Kim and published by . This book was released on 2018 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the impact of customer concentration on stock price crash risk. Customer concentration may represent a source of significant cash flow and business risk for supplier firms or benefit supplier firms in terms of efficient product, inventory and supply chain management. Using a large sample of firms for the period of 1977-2016, we find that corporate customer concentration is positively associated with stock price crash risk. We find, however, that governmental customer concentration is negatively associated with stock price crash risk. Further analyses show that our results are robust to potential endogeneity and reverse causality concerns. In the cross-sectional analyses, we find that the likelihood that a supplier firm with concentrated customer base experiencing higher crash risk is attenuated by lower switching cost and is accentuated when the degree of information asymmetry is high.

Supply Chain Finance

Author : Wendy Tate
Publisher : Kogan Page Publishers
ISBN 13 : 0749482419
Total Pages : 281 pages
Book Rating : 4.7/5 (494 download)

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Book Synopsis Supply Chain Finance by : Wendy Tate

Download or read book Supply Chain Finance written by Wendy Tate and published by Kogan Page Publishers. This book was released on 2018-12-03 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: Supply Chain Finance is a contributed book looking at the two major perspectives of managing finance across the supply chain. The first is more short-term, focused on accounts payables and receivables. The second is a more overarching perspective, focused on working capital optimization in terms of inventory and asset management. It includes chapters from a variety of research perspectives, as well as from business and policymakers. The authors look at the benefits of the supply chain finance approach including reduction of working capital, access to more funding at lower costs, risk reduction, as well as an increase of trust, commitment, and profitability through the chain. Supply Chain Finance includes theory as well as practical case studies addressing advances in the area of supply chain finance. The editors and contributors look at how to design and implement supply chain finance in supply chains and examine what the future holds for this important area. Online supporting resources include self-test multiple-choice and essay questions for each chapter.

Cost of Capital, + Website

Author : Shannon P. Pratt
Publisher : John Wiley & Sons
ISBN 13 : 1118555805
Total Pages : 1344 pages
Book Rating : 4.1/5 (185 download)

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Book Synopsis Cost of Capital, + Website by : Shannon P. Pratt

Download or read book Cost of Capital, + Website written by Shannon P. Pratt and published by John Wiley & Sons. This book was released on 2014-04-21 with total page 1344 pages. Available in PDF, EPUB and Kindle. Book excerpt: A one-stop shop for background and current thinking on the development and uses of rates of return on capital Completely revised for this highly anticipated fifth edition, Cost of Capital contains expanded materials on estimating the basic building blocks of the cost of equity capital, the risk-free rate, and equity risk premium. There is also discussion of the volatility created by the financial crisis in 2008, the subsequent recession and uncertain recovery, and how those events have fundamentally changed how we need to interpret the inputs to the models we use to develop these estimates. The book includes new case studies providing comprehensive discussion of cost of capital estimates for valuing a business and damages calculations for small and medium-sized businesses, cross-referenced to the chapters covering the theory and data. Addresses equity risk premium and the risk-free rate, including the impact of Federal Reserve actions Explores how to use Morningstar's Ibbotson and Duff Phelps Risk Premium Report data Discusses the global cost of capital estimation, including a new size study of European countries Cost of Capital, Fifth Edition puts an emphasis on practical application. To that end, this updated edition provides readers with exclusive access to a companion website filled with supplementary materials, allowing you to continue to learn in a hands-on fashion long after closing the book.

ICBBEM 2023

Author : Liu Lin
Publisher : European Alliance for Innovation
ISBN 13 : 1631904167
Total Pages : 1522 pages
Book Rating : 4.6/5 (319 download)

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Book Synopsis ICBBEM 2023 by : Liu Lin

Download or read book ICBBEM 2023 written by Liu Lin and published by European Alliance for Innovation. This book was released on 2023-07-24 with total page 1522 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2nd International Conference on Bigdata Blockchain and Economy Management (ICBBEM 2023) was successfully held on 19-21 May 2023 in Hangzhou, China. The conference aims to present the latest research results in the areas related to Big Data, Blockchain and Economic Management, and provide an opportunity for experts and scholars from various fields to meet face-to-face, exchange new ideas and practical experiences, establish business or research relationships, and seek future international cooperation. This volume contains a collection of excellent papers from the conference, presented on topics such as computer software and computer applications, blockchain in data management, e-commerce and digital commerce, and linear regression analysis. We hope that these papers will serve as a reference for young scholars in their future research.

Cross-border Valuation

Author : Gordon M. Bodnar
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Cross-border Valuation by : Gordon M. Bodnar

Download or read book Cross-border Valuation written by Gordon M. Bodnar and published by . This book was released on 2003 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: "How does a firm in one country evaluate an investment in a firm in another country, or how does it evaluate a foreign project that the firm itself is undertaking? The firm must estimate future free cash flows just as in a domestic project, but choosing an appropriate discount rate is a particular challenge. This study examines the determinants of the discount rate for an international acquisition or project by examining the sources of risk in an international setting. These risks include stock-market price risk measured with various versions of the capital asset pricing model, as well as exchange rate risk and political risk. To measure stock market risk, both segmented and integrated models of the world equity markets are considered. The emphasis of the study is on some of the practical aspects of estimation, particular for markets where no comparable investments exist on which to base estimates of risk premiums. To show how each of these risks might be measured, the study reports estimates for a representative French firm, Thals. The estimates range widely depending on whether or not the equity market is globally integrated"--NBER website

Consumption Risk and the Cost of Equity Capital

Author : Ravi Jagannathan
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (254 download)

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Book Synopsis Consumption Risk and the Cost of Equity Capital by : Ravi Jagannathan

Download or read book Consumption Risk and the Cost of Equity Capital written by Ravi Jagannathan and published by . This book was released on 2005 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: "We demonstrate, using data for the period 1954-2003, that differences in exposure to consumption risk explains cross sectional differences in average excess returns (cost of equity capital) across the 25 benchmark equity portfolios constructed by Fama and French (1993). We use yearly returns on stocks to take into account well documented within year deterministic seasonal patterns in returns, measurement errors in the consumption data, and possible slow adjustment of consumption to changes in wealth due to habit and prior commitments. Consumption during the fourth quarter is likely to have a larger discretionary component. Further, given the availability of more leisure time during the holiday season and the ending of the tax year in December, investors are more likely to review their asset holdings and make trading decisions during the fourth quarter. We therefore match the growth rate in the fourth quarter consumption from one year to the next with the corresponding calendar year return when computing the latter's exposure to consumption risk. We find strong support for our consumption risk model specification in the data"--National Bureau of Economic Research web site.

Estimating the Cost of Equity Capital for a Division of a Firm

Author :
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Estimating the Cost of Equity Capital for a Division of a Firm by :

Download or read book Estimating the Cost of Equity Capital for a Division of a Firm written by and published by . This book was released on 1989 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Cost of Equity Capital and the Risk Premium on Equities

Author : Maurice FitzGerald Scott
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (431 download)

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Book Synopsis The Cost of Equity Capital and the Risk Premium on Equities by : Maurice FitzGerald Scott

Download or read book The Cost of Equity Capital and the Risk Premium on Equities written by Maurice FitzGerald Scott and published by . This book was released on 1992 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Cost of Capital in Litigation

Author : Shannon P. Pratt
Publisher : John Wiley & Sons
ISBN 13 : 0470944919
Total Pages : 323 pages
Book Rating : 4.4/5 (79 download)

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Book Synopsis Cost of Capital in Litigation by : Shannon P. Pratt

Download or read book Cost of Capital in Litigation written by Shannon P. Pratt and published by John Wiley & Sons. This book was released on 2010-10-26 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cost of Capital in Litigation addresses cost of capital issues in litigation and discusses major decisions, highlighting how to avoid errors that have often been made by experts. The book helps the attorney and valuation expert understand the decisions within the context of the theory of cost of capital and includes a chapter on cross-examining experts on cost of capital issues. Throughout, there are citation to relevant material and cross-reference to Cost of Capital: Applications and Examples, Fourth Edition.

Macroeconomic Risk and Growth in the Southeast Asian Countries

Author : William A. Barnett
Publisher : Emerald Group Publishing
ISBN 13 : 1837972842
Total Pages : 193 pages
Book Rating : 4.8/5 (379 download)

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Book Synopsis Macroeconomic Risk and Growth in the Southeast Asian Countries by : William A. Barnett

Download or read book Macroeconomic Risk and Growth in the Southeast Asian Countries written by William A. Barnett and published by Emerald Group Publishing. This book was released on 2023-11-09 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: ASEAN economies have much insight to offer the world, from investor behaviour during COVID-19, and deep-rooted attitudes towards risk and corruption, to achievement of the Sustainable Development Goals through the gender perspective.

Corporate Finance

Author : CFA Institute
Publisher : John Wiley & Sons
ISBN 13 : 1119743761
Total Pages : 819 pages
Book Rating : 4.1/5 (197 download)

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Book Synopsis Corporate Finance by : CFA Institute

Download or read book Corporate Finance written by CFA Institute and published by John Wiley & Sons. This book was released on 2022-11-01 with total page 819 pages. Available in PDF, EPUB and Kindle. Book excerpt: The complete guide to corporate finance, for today’s practitioners from CFA Institute After ten years, the third edition of the CFA Institute Investment Series’ Corporate Finance text has arrived with a decisive focus on the needs of today’s investment professionals. Now titled Corporate Finance: Economic Foundations and Financial Modeling, this third edition outlines the essential tools, concepts, and applications within the discipline of corporate finance that businesses need to thrive. New and refreshed content on Environmental, Social, and Governance (ESG) considerations alongside foundational coverage of capital structure and measures of leverage empower readers to support the growth of their organizations and develop the skills to succeed in our current corporate world. Six new chapters expand this updated discussion of corporate finance via topics such as corporate structures and ownership, capital investments, business models and risks, corporate restructuring, and more. The companion workbook (sold separately) offers problems and solutions aligning with the text and allows learners to test their comprehension of key concepts. Through Corporate Finance: Economic Foundations and Financial Modeling, 3rd Edition, readers will become proficient in the following areas: Corporate structures and governance Capital budgeting Cost of capital Measures of leverage Business models, risks, and restructurings CFA Institute is the world’s premier association for investment professionals, and the governing body for the CFA® Program, CIPM® Program, CFA Institute ESG Investing Certificate, and Investment Foundations® Program. Those seeking a deeper understanding of the fundamentals behind corporate finance will value the level of expertise CFA Institute brings to the discussion, providing a clear, comprehensive resource for students and professionals alike.

Trade credit, financial intermediary development, and industry growth

Author : Raymond Fisman
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4./5 ( download)

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Book Synopsis Trade credit, financial intermediary development, and industry growth by : Raymond Fisman

Download or read book Trade credit, financial intermediary development, and industry growth written by Raymond Fisman and published by World Bank Publications. This book was released on 2001 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Where do firms turn for financing in countries with poorly developed financial markets? One source is trade credit. And where formal financial intermediaries are deficient, industries that rely more on this source of financing grow faster.