Ekaterina E. Emm's research while affiliated with University of Washington Seattle and other places

Publications (17)

Article
Full-text available
We document that diversified firms experience less negative seasoned equity offering (SEO) announcement returns than focused firms. The relatively better SEO announcement stock performance of diversified firms is more pronounced among issuers with operations across unrelated industries. Furthermore, following the SEO announcement, diversified firms...
Article
We examine key developments in trade‐related activity on global derivatives markets during the Covid‐19 pandemic. We first document significant increases in volumes and open interest. Drawing upon techniques from network theory, we next find greater market interconnectedness and notable changes in market centrality. For US exchanges, we examine the...
Article
We conduct a clinical analysis of the CBOT full membership that provides holders with rights to trade any of the exchange's contracts using a unique database of seat information from the period 1897–2020. We examine microstructure and asset pricing properties of seats including during periods before and following the CBOT's transition from trading...
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We conduct firm and industry‐level examinations of key market risk exposures deemed material by managers over the period 2002–2016. We find that risk exposures have expanded in line with firms’ growth and globalization and that managers strategically select disclosure formats in recognition of firms’ demand for capital market access and need to pro...
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We study futures commission merchants, or “FCMs,” who are the important intermediaries through which institutional, corporate and retail customers conduct trading in interest rate, currency and commodity futures. We construct and examine a data base of FCM financial information including holdings of customer segregated and secured funds intended to...
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We study the fundamental, operational, and aftermarket characteristics of special purpose acquisition companies (SPACs) created in the U.S. during the years 2003-2008. We compare the characteristics of the 156 firms that chose to merge with SPACs to become a public company with the 794 firms that chose the traditional initial public offering (IPO)...
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Purpose The purpose of this paper is to examine the extent of systemic risk and competition in over‐the‐counter (OTC) derivatives dealing. Using derivatives‐related failures during the 1990s, the authors draw conclusions that are pertinent to the recent financial market turmoil involving OTC derivatives. Design/methodology/approach The authors use...
Article
For over a decade, the SEC has required corporations to disclose in their 10-K filings the nature and extent of their risk exposures using one or more of the following three methods: (1) sensitivity analysis; (2) the so-called “tabular” format; and (3) value-at-risk (VaR). After discussing the significant differences in the type and level of inform...
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In this study, we contribute to the ongoing research on the rationales for corporate diversification. Using plant-level data from the U.S. Census Bureau, we examine whether combining several lines of business in one entity leads to increased productive efficiency. Studying the direct effect of diversification on efficiency allows us to discern betw...
Article
We provide a descriptive examination of the trading activities of one of the most important intermediaries in global financial markets—the OTC derivatives dealer. These dealers play a central role in the provision of derivative products and in the intermediation of market risks faced by financial and nonfinancial firms alike. Utilizing a unique dat...

Citations

... The Covid-19 pandemic was responsible for not only an equity selloff due to concerns about its economic impact, but also a liquidity crash. The Covid-19 crisis and resulting plunge in equities around the world had a significant impact on derivatives markets, which saw a significant increase in open interest and volumes (Emm et al., 2022), and a dramatic drop in liquidity in corporate bonds, with average transaction costs nearly tripling to 90 basis points (O'Hara & Zhou, 2021). Treasuries, generally seen as a safe haven asset, dropped too. 10 As markets fell, margin requirements increased, which put traders at risk of a downward liquidity spiral (Foley et al., 2021). ...
... 3. Pro e contro delle SPAC rispetto alle IPO tradizionali Berger (2008), Boyer e Baigent (2008), Jenkinson e Sousa (2009), Datar et al. (2012) affrontano il tema di come le SPAC possano favorire la quotazione in borsa di altre società. In una IPO tradizionale una società privata entra in borsa quotando le proprie azioni, ma con il modello SPAC una società privata entra in borsa grazie alla fusione con una società già quotata (la SPAC). ...
... Atkeson et al. provide theoretical arguments for such imbalances, but do not provide actual market data (Atkeson et al. 2013(Atkeson et al. , 2014. A 2005 paper from Emm and Gray provides a comprehensive analysis of actual dealer positions of OTC derivatives, but focuses on the total derivative positions and does not analyze profitability (Emm and Gay 2005). ...
... They added that disclosure helps market participants assess the amount, timing, and risk related to their investments. Emm et al. (2007) argued that increasing the ability of the company to have an access to capital markets, enhancing the attractiveness of the company's shares to investors by reducing the costs of information gathering, increasing the liquidity of the company's securities, and reducing the cost of raising capital are the main advantages of risk disclosure. Berger and Hahn (2003) confirmed the argument that risk disclosure is a choice variable set by management in spite of being mandatory. ...
... Collins and Montgomery (2005) divided diversification into two types related and unrelated diversification. The two are analyzed in-depth, considering their merits and demerits whereas Emms and Kale (2006) describes the various ways and strategies adopted by diversifying companies as modes of diversification. Collins and Montgomery (2008) believe that related diversification involves building shareholder value by capturing cross business strategic fits. ...