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作者：La Porta, R; Lopez-De-Silanes, F; Shleifer, A; Vishny, R
作者单位：Harvard University; Yale University; University of Chicago
摘要：We present a model of the effects of legal protection of minority shareholders and of cash-flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 539 large firms from 27 wealthy economies. Consistent with the model, we find evidence of higher valuation of firms in countries with better protection of minority shareholders and in firms with higher cash-flow ownership by the controlling shareholder.
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作者：Black, SE; Strahan, PE
作者单位：University of California System; University of California Los Angeles; Boston College
摘要：The literature is divided on the expected effects of increased competition and consolidation in the financial sector on the supply of credit to relationship borrowers. This paper tests whether policy changes fostering competition and consolidation in U.S. banking helped or harmed entrepreneurs. We find that the rate of new incorporations increases following deregulation of branching restrictions, and that deregulation reduces the negative effect of concentration on new incorporations. We also ...
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作者：Pagano, M; Röell, AA; Zechner, J
作者单位：University of Salerno; Centre for Economic Policy Research - UK; Princeton University; University of Vienna
摘要：This paper documents aggregate trends in the foreign listings of companies, and analyzes their distinctive prelisting characteristics and postlisting performance. In 1986-1997, many European companies listed abroad, mainly on U.S. exchanges, while the number of U.S. companies listed in Europe decreased. European companies that cross-list tend to be large and recently privatized firms, and expand their foreign sales after listing abroad. They differ sharply depending on where they cross-list: T...
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作者：Mayhew, S
作者单位：University System of Georgia; University of Georgia
摘要：This paper examines the effects of competition and market structure on equity option bid-ask spreads from 1986 to 1997. Options listed on multiple exchanges have narrower spreads than those listed on a single exchange, but the difference diminishes as option volume increases. Option spreads become wider when a competing exchange delists the option. Options traded under a Designated Primary Marketmaker (DPM) have narrower quoted spreads than those traded in a traditional open outcry crowd. Effe...
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作者：Novaes, W
作者单位：Pontificia Universidade Catolica do Rio de Janeiro
摘要：How do shareholders perceive managers who lever up under a takeover threat? Increasing leverage conveys good news if it reflects management's ability to enhance value. It conveys bad news, though, if inefficient managers are more pressured to lever up than the efficient ones. This paper demonstrates that negative updating may prevail. Managers who lever up to end a takeover threat may thus commit to enhance value and yet increase their chances of being replaced by their shareholders. The model...
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作者：Bessembinder, H; Lemmon, ML
作者单位：Utah System of Higher Education; University of Utah; Emory University
摘要：Spot power prices are volatile and since electricity cannot be economically stored, familiar arbitrage-based methods are not applicable for pricing power derivative contracts. This paper presents an equilibrium model implying that the forward power price is a downward biased predictor of the future spot price if expected power demand is low and demand risk is moderate. However, the equilibrium forward premium increases when either expected demand or demand variance is high, because of positive...
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作者：Boehme, RD; Sorescu, SM
作者单位：University of Houston System; University of Houston
摘要：We examine the long-term stock performance following dividend initiations and resumptions from 1927 to 1998. We show that post announcement abnormal returns are significantly positive for equally weighted calendar time portfolios, but become insignificant when the portfolios are value weighted. Moreover, the equally weighted results are not robust across subsamples. We also document postannouncement reductions in the risk factor loadings of underlying stocks. Cross-sectionally, these reduction...
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作者：Shivdasani, A
作者单位：University of North Carolina; University of North Carolina Chapel Hill
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作者：La Porta, R; Lopez-de-Silanes, F; Shleifer, A
作者单位：Harvard University; Yale University
摘要：We assemble data on government ownership of banks around the world. The data show that such ownership is large and pervasive, and higher in countries with low levels of per capita income, backward financial systems, interventionist and inefficient governments, and poor protection of property rights. Higher government ownership of banks in 1970 is associated with slower subsequent financial development and lower growth of per capita income and productivity. This evidence supports political theo...
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作者：Gemmill, G; Thomas, DC
作者单位：City St Georges, University of London
摘要：If arbitrage is costly and noise traders are active, asset prices may deviate from fundamental values for long periods of time. We use a sample of 158 closed-end funds to show that noise-trader sentiment, as proxied by retail-investor flows, leads to fluctuations in the discount. Nevertheless, we reject the hypothesis that noise-trader risk is the cause of the long-run discount. Instead we find that funds which are more difficult to arbitrage have larger discounts, due to: (1) the censoring of...
