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作者：Garcia, Rene; Renault, Eric
作者单位：Universite de Montreal; Universite de Montreal
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作者：Pagano, Marco; Roell, Ailsa A.
作者单位：Universite Libre de Bruxelles
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作者：Poterba, James M.; Samwick, Andrew A.
作者单位：Massachusetts Institute of Technology (MIT)
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作者：Schwartz, Eduardo S.
作者单位：University of California System; University of California Los Angeles
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作者：Slovin, MB; Sushka, ME
作者单位：Arizona State University; Arizona State University-Tempe
摘要：We provide evidence about the motivation for a parent-subsidiary governance structure by analyzing valuation effects of seasoned equity offerings by publicly traded affiliated units. Our results support Nanda's (1991) theoretical model which predicts equity offerings convey differential information about subsidiary and parent value. Subsidiary equity issuance has negative valuation effects on issuing subsidiaries and positive effects on parents, while parent equity issuance reduces issuing par...
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作者：Brav, A; Gompers, PA
作者单位：Harvard University; National Bureau of Economic Research
摘要：We investigate the long-run underperformance of recent initial public offering (IPO) firms in a sample of 934 venture-backed IPOs from 1972-1992 and 3,407 nonventure-backed IPOs from 1975-1992. We find that venture-backed IPOs outperform nonventure-backed IPOs using equal weighted returns. Value weighting significantly reduces performance differences and substantially reduces underperformance for nonventure-backed IPOs. In tests using several comparable benchmarks and the Fama-French (1993) th...
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作者：Jordan, BD; Jordan, SD
摘要：Duffie (1996) examines the theoretical impact of repo ''specials'' on the prices of Treasury securities and concludes that, all else the same, an issue on special will carry a higher price than an otherwise identical issue. We examine this hypothesis and find strong evidence in support of it. We also examine whether the liquidity premium associated with ''on-the-run'' issues is due to repo specialness and find evidence of a distinct effect. Finally, we investigate whether auction tightness and...
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作者：Richards, AJ
摘要：This article examines possible explanations for ''winner-loser reversals'' in the national stock market indices of 16 countries. There is no evidence that loser countries are riskier than winner countries either in terms of standard deviations, covariance with the world market or other risk factors, or performance in adverse economic states of the world, While there is evidence that small markets are subject to larger reversals than large markets, perhaps due to some form of market imperfectio...
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作者：Opler, Tim C.; Sokobin, Jonathan
作者单位：University System of Ohio; Ohio State University
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作者：Zhang, HH
摘要：This article develops ways to endogenize the borrowing constraints used in a class of computable incomplete markets models. We allow the constraints to depend on an investor's characteristics such as time preference, risk aversion, and income streams. The proposed constraint can be interpreted as a borrowing Limit;within which an investor has no incentive to default. Using a numerical algorithm, we find that for an array of structural parameters, the endogenous borrowing constraints can be muc...
