-
作者：Fohlin, C
作者单位：California Institute of Technology
摘要：Close bank relationships are thought to ameliorate firms' liquidity constraints-a phenomenon frequently measured by liquidity sensitivity of investment. Using German firms during the formative years of universal banking (1903-1913), this paper shows that, even controlling for selection bias, investment is more sensitive to internal liquidity for bank-networked firms than unattached firms. The firm exhibiting the greatest liquidity sensitivity, however, faced no apparent liquidity constraint. T...
-
作者：Maksimovic, V; Phillips, G
作者单位：University System of Maryland; University of Maryland College Park
摘要：This paper investigates whether Chapter 11 bankruptcy provides a mechanism by which insolvent firms are efficiently reorganized and the assets of unproductive firms are effectively redeployed. We argue that incentives to reorganize depend on the level of demand and industry conditions. Using plant-level data, me find that Chapter 11 status is much less important than industry conditions in explaining the productivity, asset sales, and closure conditions of Chapter 11 bankrupt firms. This sugge...
-
作者：Rozeff, MS; Zaman, MA
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; University of Northern Iowa
摘要：Insider transactions are not random across growth and value stocks. We find that insider buying climbs as stocks change from growth to value categories. Insider buying also is greater after low stock returns, and lower after high stock returns. These findings are consistent with a version of overreaction which says that prices of value stocks tend to lie below fundamental values, and prices of growth stocks tend to lie above fundamental values.
-
作者：Andersen, TG; Bollerslev, T
作者单位：Northwestern University; University of Virginia
摘要：This paper provides a detailed characterization of the volatility in the deutsche mark-dollar foreign exchange market using an annual sample of five-minute returns. The approach captures the intraday activity patterns, the macroeconomic announcements, and the volatility persistence (ARCH) known from daily returns. The different features are separately quantified and shown to account for a substantial fraction of return variability, both at the intraday and daily level. The implications of the ...
-
作者：Swidler, S; Goldreyer, E
作者单位：University of Texas System; University of Texas Arlington; University of Denver
摘要：The empirical analysis examines the salary and publication records of 311 finance professors at public research universities to calculate the worth of a top finance journal article. Within rank, salary regressions provide measures of the direct returns of a journal publication, while probit models consider the indirect returns that result from promotion. Ultimately, the analysis uses a reduced form salary equation to measure both the direct and indirect effects of publishing a journal article....
-
作者：Dawkins, MC; Bamber, LS
作者单位：University System of Georgia; University of Georgia
摘要：Drawing on a comprehensive sample of 330 bankruptcy petition filings from 1980 to 1993, we find that most of the market reaction does not occur on the bankruptcy petition filing date when the information becomes publicly available. Rather, most of the reaction occurs when news of the bankruptcy filing is more widely disseminated via the Broadtape. This Broadtape announcement effect persists after controlling for firm size, exchange listing, and predisclosure information. These are primarily ti...
-
作者：Allen, JW; McConnell, JJ
作者单位：Southern Methodist University; Purdue University System; Purdue University
摘要：This study proposes a managerial discretion hypothesis of equity carve-outs in which managers value control over assets and are reluctant to carve out subsidiaries. Thus, managers undertake carve-outs only when the firm is capital constrained. Consistent with this hypothesis, firms that carve out subsidiaries exhibit poor operating performance and high leverage prior to carve-outs. Also consistent with this hypothesis, in carve-outs wherein funds raised are used to pay down debt, the average e...
-
作者：Cornett, MM; Mehran, H; Tehranian, H
作者单位：Southern Illinois University System; Southern Illinois University; Northwestern University; Boston College
摘要：This paper examines firm performance around announcements of common stock issues. We study the banking industry in which some stock issues are made voluntarily by managers, and other issues are involuntary. We find that hanks that voluntarily issue common stock experience a significant drop in the matched adjusted operating performance following the issue, a significant drop in benchmark firms' adjusted stock prices following the issue, and systematically negative market reactions to post-issu...
-
作者：Ghosh, A; Ruland, W
作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
摘要：This study investigates how acquiring and target firm managers' preferences for control rights motivate the payment for corporate acquisitions. We expect that managers of target firms who value influence in combined firms will prefer to receive stock. One reason top managers desire influence is to enhance their chances of retaining jobs in the combined firm. Our analysis shows a strong, positive association between managerial ownership of target firms and the likelihood of acquisitions for sto...
-
作者：Graham, JR; Lemmon, ML; Schallheim, JS
作者单位：Duke University; Utah System of Higher Education; University of Utah; Arizona State University; Arizona State University-Tempe
摘要：We provide evidence that corporate tax status is endogenous to financing decisions, which induces a spurious relation between measures of financial policy and many commonly used tax proxies. Using a forward-looking estimate of before-financing corporate marginal tax rates, we document a negative relation between operating leases and tax rates, and a positive relation between debt levels and tax rates. This is the first unambiguous evidence supporting the hypothesis that low tax rate firms leas...
