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作者：Boone, Audra L.; Mulherin, J. Harold
作者单位：University of Kansas; University System of Georgia; University of Georgia
摘要：We contrast the winner's curse hypothesis and the competitive market hypothesis as potential explanations for the observed returns to bidders in corporate takeovers. The winner's curse hypothesis posits suboptimal behavior in which winning bidders fail to adapt their strategies to the level of competition and the amount of uncertainty in the takeover environment and predicts that bidder returns are inversely related to the level of competition in a given deal and to the uncertainty in the valu...
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作者：Guner, A. Burak; Malmendier, Ulrike; Tatec, Geoffrey
作者单位：University of California System; University of California Berkeley; Barclays; University of California System; University of California Los Angeles
摘要：We analyze how directors with financial expertise affect corporate decisions. Using a novel panel data set, we find that financial experts exert significant influence, though not necessarily in the interest of shareholders. When commercial bankers join boards, external funding increases and investment-cash flow sensitivity decreases. However, the increased financing flows to firms with good credit but poor investment opportunities. Similarly, investment bankers on boards are associated with la...
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作者：Linck, James S.; Netter, Jeffry M.; Yang, Tina
作者单位：University System of Georgia; University of Georgia; Clemson University
摘要：Using a comprehensive sample of nearly 7,000 firms from 1990 to 2004, we examine the corporate board structure, trends, and determinants. Guided by recent theoretical work, we find that board structure across firms is consistent with the costs and benefits of the board's monitoring and advising roles. Our models explain as much as 45% of the observed variation in board structure. Further, small and large firms have dramatically different board structures. For example, board size fell in the 19...
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作者：Korajczyk, Robert A.; Sadka, Ronnie
作者单位：University of Washington; University of Washington Seattle; Northwestern University
摘要：We estimate latent factor models of liquidity, aggregated across various liquidity measures. Shocks to assets' liquidity have a common component across measures which accounts for most of the explained variation in individual liquidity measures. We find that across-measure systematic liquidity is a priced factor while within-measure systematic liquidity does not exhibit additional pricing information. Controlling for across-measure systematic liquidity risk, there is some evidence that liquidi...
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作者：Bertrand, Marianne; Johnson, Simon; Samphantharak, Krislert; Schoar, Antoinette
作者单位：Massachusetts Institute of Technology (MIT); University of Chicago; University of California System; University of California San Diego
摘要：How does the structure of the families behind business groups affect the group's organization, governance, and performance? We construct a unique dataset of family trees and business groups for 93 of the largest business families in Thailand. We find a strong positive association between family size and family involvement in the ownership and control of the family businesses. The founders' sons play a central role in both ownership and board membership, especially when the founder of the group...
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作者：Karpoff, Jonathan M.; Lee, D. Scott; Martin, Gerald S.
作者单位：University of Washington; University of Washington Seattle; Texas A&M University System; Texas A&M University College Station; Mays Business School; American University
摘要：We track the fortunes of all 2,206 individuals identified as responsible parties for all 788 Securities and Exchange Commission (SEC) and Department of Justice (DOJ) enforcement actions for financial misrepresentation from January 1, 1978 through September 30, 2006. Fully 93% lose their jobs by the end of the regulatory enforcement period. Most are explicitly fired. The likelihood of ouster increases with the cost of the misconduct to shareholders and the quality of the firm's governance. Culp...
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作者：Rountree, Brian; Weston, James P.; Allayannis, George
作者单位：Rice University; University of Virginia
摘要：This paper presents empirical evidence that cash-flow volatility is negatively valued by investors. The magnitude of the effect is substantial with a 1% increase in cash-flow volatility, resulting in approximately a 0.15% decrease in firm value. We show that this increase, however, is not associated with earnings smoothing resulting from managers' accrual estimates, Our results are consistent with a preference by the market for less volatile cash flows and suggest that managers' efforts to pro...
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作者：Christoffersen, Peter; Jacobs, Kris; Ornthanalai, Chayawat; Wang, Yintian
作者单位：McGill University; Aarhus University; CREATES; Tilburg University; Tsinghua University
摘要：This paper presents a new model for the valuation of European options, in which the volatility of returns consists of two components. One is a long-run component and can be modeled as fully persistent. The other is short-run and has a zero mean. Our model can be viewed as an affine version of Engle and Lee [ 1999. A permanent and transitory component model of stock return volatility. In: Engle, R., White, H. (Eds.), Cointegration, Causality, and Forecasting: A Festschrift in Honor of Clive WJ....
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作者：Desai, Mihir A.; Foley, C. Fritz; Hines, Jannes R., Jr.
作者单位：Harvard University; University of Michigan System; University of Michigan
摘要：Firms facing significant business risks have incentives to mitigate the costs of these risks by adjusting their capital structures. This paper investigates this link by analyzing the exposures of multinational firms to political risk. The evidence indicates that returns on investment in politically risky countries are more volatile than returns elsewhere. Multinational firms reduce their leverage in response to these political risks: a one standard deviation increase in foreign political risk ...
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作者：Hong, Harrison; Wang, Jiang; Yu, Jialin
作者单位：Princeton University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Columbia University
摘要：We develop a model to explore the asset pricing implications of firms being buyers of last resort for their own stocks. Those with more ability to repurchase shares when prices drop far below fundamental value (i.e., less financially constrained firms) should have lower short-horizon return variances (controlling for fundamental variance) than other firms. Using standard proxies for financing constraints such as past repurchases and firm age, we find strong Support for this predicted relation....
