References
- Alam, I. M. S., & Sickles, R. C. (1998). The relationship between stock market returns and technical efficiency innovations: Evidence from the US airline industry. Journal of Productivity Analysis, 9(1), 35–51. https://doi.org/10.1023/A:1018368313411
- Alissa, W., Bonsall, S. B., IV, Koharki, K., & Penn, M. W., Jr. (2013). Firms’ use of accounting discretion to influence their credit ratings. Journal of Accounting and Economics, 55(2–3), 129–147. https://doi.org/10.1016/j.jacceco.2013.01.001
- Baik, B., Chae, J., Choi, S., & Farber, D. B. (2013). Changes in operational efficiency and firm performance: A frontier analysis approach. Contemporary Accounting Research, 30(3), 996–1026. https://doi.org/10.1111/j.1911-3846.2012.01179.x
- Black, F. (1972). Capital market equilibrium with restricted borrowing. The Journal of Business, 45(3), 444–455. https://doi.org/10.1086/295472
- Coelli, T. J., Rao, D. S. P., O’Donnell, C. J., & Battese, G. E. (2005). An introduction to efficiency and productivity analysis. Boston: Springer Science & Business Media.
- Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin’s q. Financial Management, 23(3), 70–74. https://doi.org/10.2307/3665623
- Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, 70(2), 193–225.
- Demsetz, H. (1973). Industry structure, market rivalry, and public policy. The Journal of Law & Economics, 16(1), 1–9. https://doi.org/10.1086/466752
- Demerjian, P. R., Lev, B., Lewis, M. F., & McVay, S. E. (2013). Managerial ability and earnings quality. The Accounting Review, 88(2), 463–498. https://doi.org/10.2308/accr-50318
- Easley, D., Hvidkjaer, S., & O’hara, M. (2002). Is information risk a determinant of asset returns? The Journal of Finance, 57(5), 2185–2221. https://doi.org/10.1111/1540-6261.00493
- Dilling-Hansen, M., Madsen, E. S., & Smith, V. (2003). Efficiency, R&D and ownership–some empirical evidence. International Journal of Production Economics, 83(1), 85–94. https://doi.org/10.1016/S0925-5273(02)00302-X
- El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388–2406. https://doi.org/10.1016/j.jbankfin.2011.02.007
- Fama, E. F., & French, K. R. (1992). The cross-section of expected stock returns. The Journal of Finance, 47(2), 427–465. https://doi.org/10.1111/j.1540-6261.1992.tb04398.x
- Fama, E. F., & French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33(1), 3–56. https://doi.org/10.1016/0304-405X(93)90023-5
- Fama, E. F., & French, K. R. (1995). Size and book-to-market factors in earnings and returns. The Journal of Finance, 50(1), 131–155. https://doi.org/10.1111/j.1540-6261.1995.tb05169.x
- Fama, E. F., & MacBeth, J. D. (1973). Risk, return, and equilibrium: Empirical tests. Journal of Political Economy, 81(3), 607–636. https://doi.org/10.1086/260061
- Farrell, M. J. (1957). The measurement of productive efficiency. Journal of the Royal Statistical Society. Series A (General), 120(3), 253–290. https://doi.org/10.2307/2343100
- Frijns, B., Margaritis, D., & Psillaki, M. (2012). Firm efficiency and stock returns. Journal of Productivity Analysis, 37(3), 295–306. https://doi.org/10.1007/s11123-011-0246-y
- Hay, D. A., & Liu, G. S. (1997). The efficiency of firms: What difference does competition make? Economic Journal (London), 107(442), 597–617. https://doi.org/10.1111/j.1468-0297.1997.tb00029.x
- Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
- Kisgen, D. J. (2006). Credit ratings and capital structure. The Journal of Finance, 61(3), 1035–1072. https://doi.org/10.1111/j.1540-6261.2006.00866.x
- Kisgen, D. J. (2009). Do firms target credit ratings or leverage levels? Journal of Financial and Quantitative Analysis, 44(6), 1323–1344. https://doi.org/10.1017/S002210900999041X
- Kraft, P. (2015a). Rating agency adjustments to GAAP financial statements and their effect on ratings and credit spreads. The Accounting Review, 90(2–3), 641–674. https://doi.org/10.2308/accr-50858
- Kraft, P. (2015b). Do rating agencies cater? Evidence from rating-based contracts. Journal of Accounting and Economics, 59(2), 264–283. https://doi.org/10.1016/j.jacceco.2014.09.008
- Lim, H. J., & Mali, D. (2018). Does market risk predict credit risk? An analysis of firm risk sensitivity, evidence from South Korea. Asia-Pacific Journal of Accounting & Economics, 25(1), 235–252. https://www.tandfonline.com/doi/abs/10.1080/16081625.2016.1268060?journalCode=raae20
- Majumdar, M. K., Thiede, M. A., Mosca, J. D., Moorman, M., & Gerson, S. L. (1998). Phenotypic and functional comparison of cultures of marrow-derived mesenchymal stem cells (MSCs) and stromal cells. Journal of Cellular Physiology, 176(1), 57–66. https://doi.org/10.1002/(SICI)1097-4652(199807)176:1≤57::AID-JCP7≥3.0.CO;2-7
- Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77–91.
- Nguyen, G. X., & Swanson, P. E. (2009). Firm characteristics, relative efficiency, and equity returns. Journal of Financial and Quantitative Analysis, 44(1), 213–236. https://doi.org/10.1017/S0022109009090012
- Nickell, S., Nicolitsas, D., & Dryden, N. (1997). What makes firms perform well? European Economic Review, 41(3–5), 783–796. https://doi.org/10.1016/S0014-2921(97)00037-8
- Pástor, Ľ., & Stambaugh, R. F. (2003). Liquidity risk and expected stock returns. Journal of Political Economy, 111(3), 642–685. https://doi.org/10.1086/374184
- Peltzman, S. (1977). The gains and losses from industrial concentration. The Journal of Law & Economics, 20(2), 229–263. https://doi.org/10.1086/466902
- Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002
- Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance, 19(3), 425–442.
- Vassalou, M., & Xing, Y. (2004). Default risk in equity returns. The Journal of Finance, 59(2), 831–868. https://doi.org/10.1111/j.1540-6261.2004.00650.x