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作者：Bhagat, Sanjai; Black, Bernard
作者单位：University of Colorado System; University of Colorado Boulder
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作者：Bolton, Patrick; Freixas, Xavier
作者单位：Pompeu Fabra University
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作者：Goldstein, Robert S.
作者单位：University System of Ohio; Ohio State University
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作者：LaPorta, R; LopezDeSilanes, F; Shleifer, A; Vishny, RM
作者单位：University of Chicago
摘要：Using a sample of 49 countries, we show that countries with poorer investor protections, measured by both the character of legal rules and the quality of law enforcement, have smaller and narrower capital markets. These findings apply to both equity and debt markets. In particular, French civil law countries have both the weakest investor protections and the least developed capital markets, especially as compared to common law countries.
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作者：Ravid, S. Abraham; Spiegel, Matthew
作者单位：University of California System; University of California Berkeley
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作者：Toft, Klaus Bjerre; Prucyk, Brian
作者单位：University of Texas System; University of Texas Austin
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作者：Gemmill, G
摘要：This article examines whether reducing a market's transparency, by delaying the publication of prices for block trades, has any impact on liquidity. The analysis uses a sample of 5987 blocks from the London Stock Exchange that cover three different publication regimes: immediate (1987/88), 90 minutes (1991/92), and 24 hours (1989/90). Delaying publication does not affect the time taken by prices to reach a new level, which is rapid under all regimes. Spreads differ across years, but their size...
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作者：Martin, KJ
摘要：This article examines the motives underlying the payment method in corporate acquisitions. The findings support the notion that the higher the acquirer's growth opportunities, the more likely the acquirer is to use stock to finance an acquisition. Acquirer managerial ownership is not related to the probability of stock financing over small and large ranges of ownership, but is negatively related over a middle range. In addition, the likelihood of stock financing increases with higher pre-acqui...
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作者：Beneish, MD; Whaley, RE
作者单位：Duke University
摘要：This study analyzes the effects of changes in S&P 500 index composition from January 1986 through June 1994, a period during which Standard and Poor's began its practice of preannouncing changes five days beforehand. The new announcement practice has given rise to the ''S&P game'' and has altered the way stock prices react. We find that prices increase abnormally from the close on the announcement day to the close on the effective day. The overall increase is greater than under the old announc...
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作者：Chan, KC; Foresi, S; Lang, LHP
作者单位：New York University; Chinese University of Hong Kong
摘要：A cash-in-advance model of a monetary economy is used to derive a money-based CAPM (M-CAPM), which allows us to implement tests of asset pricing restrictions without consumption data. A test as in Fama and MacBeth of the model suggests that the money betas have some explanatory power for the cross-sectional variation of expected returns; however, the model is rejected using conditional information. Consistent with our predictions, estimates of the curvature parameter are lower than those of th...
