infonet-economy

This paper analyzes the impact of debt covenant renegotiations on corporate policies. We develop a structural model of a levered firm that can renegotiate debt both at investment and in corporate distress. Covenant renegotiation at investment disciplines equity holders in their financing and investment decisions and, hence, mitigates the agency cost of debt. Our model explains the...

Using a sample of 77,036 firm-quarters, we test whether firms change their news disclosure when experiencing an exogenous negative shock to their stock price. We use mutual fund flow-induced selling pressure to measure exogenous undervaluation and classify news as positive and negative based on textual analysis. Our results show a robust negative relationship between mutual fund flow...

A GMM-based system for two different linear factor pricing models is used to test if the pricing errors are the same. Simulations demonstrate the small sample properties. As an illustration, the test is applied to the Fama-French (1996, 2015) models.

The authors are focusing attention on ethics in international business as evaluated from the perspective of cosmopolitan theory. Considering political, cultural and social perspectives on cosmopolitanism, they discern the different ways that global organizations are positioned in the nexus of ethics and politics.

The University of St Gallen stands out as one of the first Business Schools in German-Speaking countries to establish a gender and diversity study program. As this program has become a key part of St Gallen's Curriculum, we could draw the preliminary conclusion that our integration of gender and diversity topics into management education has been successful. However, this is not...

Puppenecken und Bauecken gehören zur Einrichtung vieler Kinderkrippen und Kindergärten. Eine systematische Analyse des Raum- und Spielangebots zeigt, dass die Raumgestaltung häufig von unreflektierten Traditionen geprägt wird, durch die stereotype Vorstellungen der Geschlechter vermittelt werden. Kinderkrippen, Kitas und Kindergärten können vor diesem Hintergrund als "gendered...

An open European market for goods and services, including transport services, stimulates trade, global competitiveness and economic growth. At the same time, concerns about domestic job security, regulation compliance and the environment have sparked a debate. This report should be considered one of the first modest contributions to the mainly unexplored area of European freight...

Der Stellenwert der Logistik in Europa und insbesondere auch in der Schweiz gewinnt weiterhin an Bedeutung. Die Dynamik und Relevanz des Logistikmarktes ist neben der ansteigenden Arbeitsteiligkeit und globalisierten Märkten dem zunehmenden Abbau von Handelshemmnissen zu verdanken. Diese Entwicklungszüge machen es aus unserer Sicht erforderlich, den relevanten Markt und seine Supply...