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作者：Pástor, L; Veronesi, P
作者单位：University of Chicago; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：We develop a simple approach to valuing stocks in the presence of learning about average profitability. The market-to-book ratio (M/B) increases with uncertainty about average profitability, especially for firms that pay no dividends. M/B is predicted to decline over a firm's lifetime due to learning, with steeper decline when the firm is young. These predictions are confirmed empirically. Data also support the predictions that younger stocks and stocks that pay no dividends have more volatile...
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作者：Aggarwal, RK; Samwick, AA
作者单位：Dartmouth College; National Bureau of Economic Research; University of Virginia
摘要：We show that top management incentives vary by responsibility. For oversight executives, pay-performance incentives are $1.22 per thousand dollar increase in shareholder wealth higher than for divisional executives. For CEOs, incentives are $5.65 higher than for divisional executives. Incentives for the median top management team are substantial at $32.32. CEOs account for 42 to 58 percent of aggregate team incentives. For divisional executives, the pay divisional performance sensitivity is po...
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作者：Hotchkiss, ES; Strickland, D
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Boston College
摘要：We examine whether institutional ownership composition is related to parameters of the market reaction to negative earnings announcements. When firms report earnings below analysts' expectations, the stock price response is more negative for firms with higher levels of ownership by momentum or aggressive growth investors. There is no evidence, however, that these institutions cause an overreaction to earnings news. Ownership structure is also related to trading volume and to stock price volati...
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作者：Anderson, RC; Reeb, DM
作者单位：American University; University of Alabama System; University of Alabama Tuscaloosa
摘要：We investigate the relation between founding-family ownership and firm performance. We find that family ownership is both prevalent and substantial; families are present in one-third of the S&P 500 and account for 18 percent of outstanding equity. Contrary to our conjecture, we find family firms perform better than nonfamily firms. Additional analysis reveals that the relation between family holdings and firm performance is nonlinear and that when family members serve as CEO, performance is be...
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作者：Brav, A; Lehavy, R
作者单位：Duke University; University of Michigan System; University of Michigan
摘要：Using a large database of analysts' target prices issued over the period 19971999, we examine short-term market reactions to target price revisions and long-term comovement of target and stock prices. We find a significant market reaction to the information contained in analysts' target prices, both unconditionally and conditional on contemporaneously issued stock recommendation and earnings forecast revisions. Using a cointegration approach, we analyze the long-term behavior of market and tar...
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作者：Cestone, G; White, L
作者单位：Harvard University
摘要：This paper presents the first model where entry deterrence takes place through financial rather than product-market channels. In existing models, a firm's choice of financial instruments deters entry by affecting product market behavior; here entry deterrence occurs by affecting the credit market behavior of investors towards entrant firms. We find that to deter entry, the claims held on incumbent firms should be sufficiently risky, that is, equity. This contrasts with the standard Brander and...
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作者：Griffin, JM; Harris, JH; Topaloglu, S
作者单位：University of Texas System; University of Texas Austin; University of Delaware; Queens University - Canada
摘要：We study the daily and intradaily cross-sectional relation between stock returns and the trading of institutional and individual investors in Nasdaq 100 securities. Based on the previous day's stock return, the top performing decile of securities is 23.9% more likely to be bought in net by institutions (and sold by individuals) than those in the bottom performance decile. Strong contemporaneous daily patterns can largely be explained by net institutional (individual) trading positively (negati...
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作者：Cornelli, F; Goldreich, D
作者单位：University of London; London Business School; Centre for Economic Policy Research - UK
摘要：We examine the institutional bids submitted under the bookbuilding procedure for a sample of international equity issues. We find that information in bids which include a limit price, especially those of large and frequent bidders, affects the issue price. Oversubscription has a smaller but significant effect for IPOs. Public information affects the issue price to the extent that it is reflected in the bids. Oversubscription and demand elasticity are positively correlated with the first-day af...
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作者：Allayannis, G; Brown, GW; Klapper, LF
作者单位：University of Virginia; University of North Carolina; University of North Carolina Chapel Hill
摘要：Using a data set of East Asian nonfinancial companies, we examine a firm's choice between local, foreign, and synthetic local currency (hedged foreign currency) debt. We find evidence of unique as well as common factors that determine each debt type's use, indicating the importance of examining debt at a disaggregated level. We exploit the Asian financial crisis as a natural experiment to investigate the role of debt type in firm performance. Surprisingly, we find that the use of synthetic loc...
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作者：Corwin, SA
作者单位：University of Notre Dame
摘要：Seasoned offers were underpriced by an average of 2.2 percent during the 1980s and 1990s, with the discount increasing substantially over time. The increase appears to be related to Rule 10b-21 and to economic changes affecting both IPOs and SEOs. Consistent with temporary price pressure, underpricing is positively related to offer size especially for securities with relatively inelastic demand. Underpricing is also positively related to price uncertainty and, after Rule 10b-21, to the magnitu...
