The Effects and Applicability of Financial Media Reports on Corporate Default Ratings

Lu, Ralph; Wei, Yu‐Chen; Chang, Tsangyao

doi:10.2139/ssrn.2396406

Cited by 9 publications

(2 citation statements)

References 32 publications

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“…To overcome the drawbacks in both models this study also utilizes the generalized method of moment (GMM) (Arellano and Bond 1991). Currently, GMM is extensively used for estimating dynamic capital structure decision (Antoniou et al 2008;Öztekin and Flannery 2012;Cheng 2014;Lu et al 2015). The two-step GMM is employed in this study.…”

Section: Estimation Techniquesmentioning

confidence: 99%

Credit Rating as a Mechanism for Capital Structure Optimization: Empirical Evidence from Panel Data Analysis

Sajjad

Zakaria

2018

IJFS

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This paper empirically examines the significance of credit ratings for optimal capital structure decisions. Non-financial Asian listed companies, evaluated by Standard and Poor's, are selected from 2000 to 2016. Panel data analysis with pooled ordinary least square (OLS), fixed effect (FE), and generalized method of moment (GMM) estimation techniques are employed to test the effect of each credit rating scale on capital structure choices. For the problem of heteroskedasticity in OLS, the heteroskedastic white consistent variance is used for the best fit of the model. Findings of all estimation techniques show that the relationship between credit rating scales and leverage ratio is a non-linear inverted U shape. High-and low-rated companies have a low level of leverage, whereas mid-rated companies have a high level of leverage. It is evident that costs and benefits of each rating scale have a substantial effect on the behavior of a company's choices for optimal capital structure. The study suggests that policymakers, investors, and financial officers should consider credit rating as an important measure of financing decisions.

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Section: Estimation Techniquesmentioning

confidence: 99%

Credit Rating as a Mechanism for Capital Structure Optimization: Empirical Evidence from Panel Data Analysis

Sajjad

Zakaria

2018

IJFS

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“…The availability of data sources is tightly coupled with the entity whose credit risk is assessed. As a side note, papers tend to exclude banks because their financial metrics are distributed differently and therefore may not be comparable (e.g., Lu et al (2015)). The number of papers analyzing public companies is distributed relatively evenly between non-banks (27) and banks (19).…”

Section: Results Analysismentioning

confidence: 99%

34th Bled eConference Digital Support from Crisis to Progressive Change: Conference Proceedings

Pucihar¹,

Borštnar²,

Bons³

et al. 2021

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The COVID-19 pandemic has presented governments with challenges not only in relation to bio-medical understanding, medical treatment and health facility operations, but also the management of public health, public behaviour and the economy. In the area of public health management, discrete event simulation modelling is capable of providing considerable assistance to decision-makers. In April 2020, on the basis of publicly available information about the virus and its impacts, an analysis was undertaken of the needs of public health policymakers, and a 16-state / 40-flow model was postulated. The model was revisited in December 2020, and experiences around the world applied in order to evaluate the model's apparent usefulness. This resulted in improved appreciation of its applicability and limitations, a revised model, and plans for further evaluation and application. 2 34 TH BLED ECONFERENCE DIGITAL SUPPORT FROM CRISIS TO PROGRESSIVE CHANGE R. Clarke: A Simulation Model for COVID-19 Public Health Management: Design and Preliminary Evaluation 3ill-informed. To constitute information, and to enable the people responsible for public health management to make decisions, data must have context. That context may be provided by each individual policy-maker's own mental model. However, major programmes of this nature involve many stakeholders with diverse perspectives. The context is therefore multi-dimensional, it features competition among values, and the conception of the problem-space needs to be shared rather than personal.The most powerful form of context is provided by models that are shared, that impose some degree of formality on the problem-space, that are sufficiently graphic that all stakeholders can relate to them, and that have an associated terminology that is reasonably common among the stakeholders. Given such a model, it becomes much easier to identify data that would be valuable input to deliberations, to generate and evaluate alternative courses of action, and to assess both the potential and the actual impacts of interventions. 6 34 TH BLED ECONFERENCE DIGITAL SUPPORT FROM CRISIS TO PROGRESSIVE CHANGE ModellingIT was applied to the gathering and publication of data, partly to inform and entertain the public, but more critically to support policy-makers in their efforts to understand the phenomenon. This paper investigates the question as to whether the seeming absence of an 'enterprise model' of the undertaking, and of 'information architecture' and 'data models' to support it, have hampered the potential IT contribution, and hence whether return on investment in IT can be improved by applying insights from modelling theory and practice.A model is a simplified representation of a real-world system, which reflects interdependence among the relevant entities, structures and processes. Real-world socio-economic systems are open, complex and highly inter-connected. Simplification necessarily involves limiting the scope of the model, by placing the focus on one sub-system or two or more closely-related su...

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Data Management Platforms: An Empirical Taxonomy

Hüllmann¹,

Sivakumar²,

Krebber³

2021

34th Bled eConference Digital Support From Crisis to Progressive Change: Conference Proceedings

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Data management platforms (DMPs) are a widely used means of placing targeted advertising, for example, commercial or political advertisements. However, only a few academic papers shed light on the platforms’ mechanisms. These mechanisms’ opacity makes it hard for consumers to understand what happens with their data, and regulators struggle to implement effective regulations. Hence, we develop a taxonomy to understand and compare different characteristics of DMPs. Following Nickerson’s (2013) method and combining an inductive and deductive approach, eight dimensions emerge that differentiate DMPs. We evaluate the taxonomy’s applicability and test it with a set of nine DMPs, which we select by feasibility, relevance, and popularity. The application shows that the eight dimensions cover the significant features that explain most of the variance in characteristics between DMPs. The evaluation revealed opportunities for further development of the taxonomy

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The Effects and Applicability of Financial Media Reports on Corporate Default Ratings

Cited by 9 publications

References 32 publications

Credit Rating as a Mechanism for Capital Structure Optimization: Empirical Evidence from Panel Data Analysis

Credit Rating as a Mechanism for Capital Structure Optimization: Empirical Evidence from Panel Data Analysis

34th Bled eConference Digital Support from Crisis to Progressive Change: Conference Proceedings

Data Management Platforms: An Empirical Taxonomy

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