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作者：Fernandes, Nuno; Ferreira, Miguel A.
作者单位：Universidade Catolica Portuguesa; Instituto Universitario de Lisboa
摘要：We investigate whether cross-listing in the U.S. affects the information environment for non-U.S. stocks. Our findings suggest cross-listing has an asymmetric impact on stock price informativeness around the world, as measured by firm-specific stock return variation. Cross-listing improves price informativeness for developed market firms. For firms in emerging markets, however, cross-listing decreases price informativeness. The added analyst coverage associated with cross-listing likely explai...
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作者：Foucault, Thierry; Gehrig, Thomas
作者单位：Hautes Etudes Commerciales (HEC) Paris; University of Freiburg
摘要：We show that a cross-listing enables firms to obtain, from the stock market, more precise information about the value of their growth opportunities. Thus, cross-listed firms make better investment decisions and trade at a premium. This theory of cross-listings implies that the sensitivity of investment to stock prices is larger for cross-listed firms. Moreover, the cross-listing premium is positively related to the size of growth opportunities and negatively related to the quality of manageria...
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作者：Harford, Jarrad; Mansi, Sattar A.; Maxwell, William F.
作者单位：University of Washington; University of Washington Seattle; Virginia Polytechnic Institute & State University; University of Arizona
摘要：Using governance metrics based on antitakeover provisions and inside ownership, we find that firms with weaker corporate governance structures actually have smaller cash reserves. When distributing cash to shareholders, firms with weaker governance structures choose to repurchase instead of increasing dividends, avoiding future payout commitments. The combination of excess cash and weak shareholder rights leads to increases in capital expenditures and acquisitions. Firms with low shareholder r...
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作者：Kim, Woojin; Weisbach, Michael S.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Korea University; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：This paper examines the motivations for public equity offers, using a sample of 17,226 initial public offerings and 13,142 seasoned equity offerings from 38 countries between 1990 and 2003. We estimate the uses of funds raised in both initial and seasoned offerings. Firms appear to spend incremental dollars on both R&D and capital expenditures, consistent with the investment financing explanation of equity issues. However, consistent with the mispricing explanation, high market to book firms t...
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作者：Madureira, Leonardo; Underwood, Shane
作者单位：University System of Ohio; Case Western Reserve University; Rice University
摘要：The interaction between an investment bank's research and market making arms may have important implications for the trading of a firm's stock. We investigate the impact that research has on the liquidity provided by the bank's market maker. Utilizing a large sample of Nasdaq firms, we show that market makers whose banks also provide research coverage provide more liquidity and contribute more to price discovery than do market makers without such research coverage. Finally, we show that such a...
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作者：Matvos, Gregor; Ostrovsky, Michael
作者单位：Stanford University; University of Chicago
摘要：We show that institutional shareholders of acquiring companies on average do not lose money around public merger announcements, because they hold substantial stakes in the targets and make up for the losses from the acquirers with the gains from the targets. Depending on their holdings in the target, acquirer shareholders generally realize different returns from the same merger, some losing money and others gaining. This conflict of interest is reflected in the mutual fund voting behavior: In ...
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作者：Tsyplakov, Sergey
作者单位：University of South Carolina System; University of South Carolina Columbia
摘要：The paper examines the effect of investment frictions on leverage dynamics, using a model of a firm whose investment projects are (1) indivisible and lumpy, and (2) subject to time-to-build. Regressions on the model-simulated data demonstrate that investment frictions can provide alternative interpretations of the observed leverages shown in the empirical literature. Cross-sectional analysis of firms in the oil and gas extraction industries, as well as analysis across all industries, reveals t...
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作者：Bakshi, Gurdip; Carr, Peter; Wu, Liuren
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); New York University; Bloomberg L.P.; University System of Maryland; University of Maryland College Park
摘要：We develop models of stochastic discount factors in international economies that produce stochastic risk premiums and stochastic skewness in currency options. We estimate the models using time-series returns and option prices on three currency pairs that form a triangular relation. Estimation shows that the average risk premium in Japan is larger than that in the US or the UK, the global risk premium is more persistent and volatile than the country-specific risk premiums, and investors respond...
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作者：Eisfeldt, Andrea L.; Rampini, Adriano A.
作者单位：Duke University; Northwestern University
摘要：We argue that when managers have private information about the productivity of assets under their control and receive private benefits, substantial bonuses are required to induce less productive managers to declare that capital should be reallocated. The need to provide incentives for managers to relinquish control links executive compensation to capital reallocation and managerial turnover over the business cycle, rendering them procyclical if expected managerial compensation increases when m...
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作者：Benfratello, Luigi; Schiantarelli, Fabio; Sembenelli, Alessandro
作者单位：University of Turin; Consiglio Nazionale delle Ricerche (CNR); Boston College; IZA Institute Labor Economics; Collegio Carlo Alberto
摘要：In this paper we investigate the effect of local banking development on firms' innovative activities, using a rich data set on innovation for a large number of Italian firms over the 1990s. There is evidence that banking development affects the probability Of Process innovation, particularly for firms in high-tech sectors, in Sectors more dependent upon external finance, and for firms that are small. The evidence for product innovation is much weaker and not robust. There is also some evidence...
