WorldCat Identities

Welch, Ivo

Overview
Works: 52 works in 159 publications in 1 language and 712 library holdings
Roles: Author
Classifications: HB1, 658.15
Publication Timeline
.
Most widely held works by Ivo Welch
Corporate finance : an introduction by Ivo Welch( Book )

12 editions published between 2008 and 2014 in English and held by 105 WorldCat member libraries worldwide

The book presents core principles of corporate finance within a unique organizational structure that builds from perfect to imperfect markets. This unifying perspective and an example-driven presentation develop students' understanding by building from simple to complex and from concrete to theoretical
Columbus' egg : the real determinants of capital structure by Ivo Welch( Book )

12 editions published in 2002 in English and held by 45 WorldCat member libraries worldwide

This paper shows that managers fail to readjust their capital structure in response to external stock returns. Thus, the typical firm's capital structure is not caused by attempts to time the market, by attempts to minimize taxes or bankruptcy costs, or by any other attempts at firm-value maximization. Instead, capital structure is almost entirely determined by lagged stock returns (which, when applied to ancient equity values, predict current equity value and with it debt equity ratios). Consequently, one should conclude that capital structure is determined primarily by external stock market influences, and not by internal corporate optimizing decisions
Predicting the equity premium with dividend ratios by A Goyal( Book )

12 editions published in 2002 in English and held by 45 WorldCat member libraries worldwide

Abstract: Our paper reexamines the forecasting regressions which predict annual aggregate stock market returns net of the risk-free rate with lagged aggregate dividend-yield ratios and dividend-price ratios. Prior to 1990, the conditional dividend yield could reliably outperform the historical equity premium mean in predicting future equity premia @*in-sample@*. But our paper shows that the dividend ratios could not outperform the prevailing unconditional mean @*out-of-sample@*, plus any residual power was directly related to only two years, 1974 and 1975. As of 2000, even this in-sample predictive ability has disappeared. Our paper also documents changes in the time-series processes of the dividends themselves and shows that an increasing persistence of dividend-price ratio is largely responsible for weak stock return predictability
Financial market runs by Antonio E Bernardo( Book )

12 editions published in 2002 in English and held by 44 WorldCat member libraries worldwide

Our paper offers a minimalist model of a run on a financial market. The prime ingredient is that each risk-neutral investor fears having to liquidate after a run, but before prices can recover back to fundamental values. During the urn, only the risk-averse market-making sector is willing to absorb shares. To avoid having to possibly liquidate shares at the marginal post-run price in which case the market-making sector will already hold a lot of share inventory and thus be more reluctant to absorb additional shares all investors may prefer selling their shares into the market today at the average run price, thereby causing the run itself. Consequently, stock prices are low and risk is allocated inefficiently. Liquidity runs and crises are not caused by liquidity shocks per se, but by the fear of future liquidity shocks
A review of IPO activity, pricing, and allocations by Jay R Ritter( Book )

11 editions published in 2002 in English and held by 44 WorldCat member libraries worldwide

We review the theory and evidence on IPO activity: why firms go public, why they reward first-day investors with considerable underpricing, and how IPOs perform in the long run. Our perspective on the literature is three-fold: First, we believe that many IPO phenomena are not stationary. Second, we believe research into share allocation issues is the most promising area of research in IPOs at the moment. Third, we argue that asymmetric information is not the primary driver of many IPO phenomena. Instead, we believe future progress in the literature will come from non-rational and agency conflict explanations. We describe some promising such alternatives
The optimal concentration of creditors by Arturo Bris( Book )

11 editions published in 2001 in English and held by 41 WorldCat member libraries worldwide

There are situations in which dispersed creditors (e.g., public creditors) have more difficulties and higher costs when collecting their claims in financial distress than concentrated creditors (e.g., banks). Under this assumption, our model predicts that measures of debt concentration relate [a] positively to creditors' chosen aggregate debt collection expenditures; [b] positively to management's chosen expenditures to avoid paying; [c] positively to total net litigation costs/waste in financial distress; and [d] positively to accomplished claim recovery by creditors (to which we present some preliminary favorable empirical evidence). Under additional assumptions, measures of debt concentration relate [e] positively to intrinsic firm quality; [f] positively to creditor monitoring and negatively to managerial waste; [g] positively to optimal continuation/discontinuation choices; [h] negatively to issuing marketing expenses. In a signaling model, when concentration alone is not a sufficient signal, firms choose the ultimately concentrated debt (i.e., a house bank) and have to pay a high interest
A comprehensive look at the empirical performance of equity premium prediction by Amit Goval( Book )

10 editions published in 2004 in English and held by 39 WorldCat member libraries worldwide

Given the historically high equity premium, is it now a good time to invest in the stock market? Economists have suggested a whole range of variables that investors could or should use to predict: dividend price ratios, dividend yields, earnings-price ratios, dividend payout ratios, net issuing ratios, book-market ratios, interest rates (in various guises), and consumption-based macroeconomic ratios (cay). The typical paper reports that the variable predicted well in an *in-sample* regression, implying forecasting ability. Our paper explores the *out-of-sample* performance of these variables, and finds that not a single one would have helped a real-world investor outpredicting the then-prevailing historical equity premium mean. Most would have outright hurt. Therefore, we find that, for all practical purposes, the equity premium has not been predictable, and any belief about whether the stock market is now too high or too low has to be based on theoretical prior, not on the empirically variables we have explored
Investment sentiment measures by Lily Qiu( Book )

6 editions published in 2004 in English and held by 33 WorldCat member libraries worldwide

This paper compares investor sentiment measures based on consumer confidence surveys with measures extracted from the closed-end fund discount (CEFD). Our evidence suggests that these two kinds of sentiment measures do not correlate well with one another. For a short 2 - 4 year period in which we have direct investor sentiment survey data from UBS/Gallup, only the consumer confidence correlates well with investor sentiment. Further, only the consumer confidence based measure can robustly explain the small-firm return spread and the return spread between stocks held disproportionately by retail investors and those held by institutional investors. Surprisingly, there is even a hint that the consumer confidence measure can explain closed-end fund IPO activity, while the CEFD cannot. In sum, our evidence supports the view that sentiment plays a role in financial markets, but that the CEFD may be the wrong measure of sentiment
Earnings management and the post-issue underperformance of seasoned equity offerings by Siew Hong Teoh( Book )

4 editions published in 1995 in English and held by 8 WorldCat member libraries worldwide

The optimal concentration of creditors by Ivo Welch( Book )

3 editions published in 2001 in English and held by 6 WorldCat member libraries worldwide

An economic approach to the psychology of change : amnesia, inertia, and impulsiveness by David Hirshleifer( Book )

4 editions published between 2000 and 2001 in English and held by 6 WorldCat member libraries worldwide

On the evolution of overconfidence and entrepreneurs by Antonio E Bernardo( Book )

4 editions published in 2001 in English and held by 5 WorldCat member libraries worldwide

Why is bank debt senior? : a theory of priority among creditors by Ivo Welch( Book )

2 editions published between 1994 and 1995 in English and held by 4 WorldCat member libraries worldwide

The equity premium consensus forecast revisited by Ivo Welch( Book )

3 editions published in 2001 in English and held by 4 WorldCat member libraries worldwide

The effect of socially activist investment policies on the financial markets : evidence from the South African boycott by Siew Hong Teoh( Book )

2 editions published between 1995 and 1996 in English and held by 4 WorldCat member libraries worldwide

A first course in corporate finance by Ivo Welch( Book )

2 editions published between 2008 and 2009 in English and held by 4 WorldCat member libraries worldwide

Bondholder losses in leveraged buyouts by Arthur Warga( Book )

2 editions published between 1990 and 1993 in English and held by 4 WorldCat member libraries worldwide

Sharpening Sharpe ratios by William N Goetzmann( Book )

3 editions published in 2002 in English and held by 4 WorldCat member libraries worldwide

It is now well known that the Sharpe ratio and other related reward-to-risk measures may be manipulated with option-like strategies. In this paper we derive the general conditions for achieving the maximum expected Sharpe ratio. We derive static rules for achieving the maximum Sharpe ratio with two or more options, as well as a continuum of derivative contracts. The optimal strategy rules for increasing the Sharpe ratio. Our results have implications for performance measurement in any setting in which managers may use derivative contracts. In a performance measurement setting, we suggest that the distribution of high Sharpe ratio managers should be compared with that of the optimal Sharpe ratio strategy. This has particular application in the hedge fund industry where use of derivatives is unconstrained and manager compensation itself induces a non-linear payoff. The shape of the optimal Sharpe ratio leads to further conjectures. Expected returns being held constant, high Sharpe ratio strategies are, by definition, strategies that generate regular modest profits punctunated by occasional crashes. Our evidence suggests that the 'peso problem' may be ubiquitous in any investment management industry that rewards high Sharpe ratio managers
A rational economic approach to the psychology of change : amnesia, inertia, and impulsiveness by David Hirshleifer( Book )

3 editions published between 1998 and 2000 in English and held by 4 WorldCat member libraries worldwide

Investor sentiment measures by Lily Qiu( Book )

6 editions published in 2004 in English and held by 3 WorldCat member libraries worldwide

This paper compares investor sentiment measures based on consumer confidence surveys with measures extracted from the closed-end fund discount (CEFD). Our evidence suggests that these two kinds of sentiment measures do not correlate well with one another. For a short 2 - 4 year period in which we have direct investor sentiment survey data from UBS/Gallup, only the consumer confidence correlates well with investor sentiment. Further, only the consumer confidence based measure can robustly explain the small-firm return spread and the return spread between stocks held disproportionately by retail investors and those held by institutional investors. Surprisingly, there is even a hint that the consumer confidence measure can explain closed-end fund IPO activity, while the CEFD cannot. In sum, our evidence supports the view that sentiment plays a role in financial markets, but that the CEFD may be the wrong measure of sentiment
 
moreShow More Titles
fewerShow Fewer Titles
Audience Level
0
Audience Level
1
  Kids General Special  
Audience level: 0.72 (from 0.47 for A rational ... to 0.82 for The optima ...)

Corporate finance : an introduction
Alternative Names
Ivo Welch American economist

Ivo Welch deutsch-amerikanischer konom

Welch, I. 1963-

Welch, I. A. 1963-

Welch, Ivo Icio Alexander 1963-

Languages
English (124)

Covers
A first course in corporate finance