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作者：Hertzel, Michael G.; Li, Zhi; Officer, Micah S.; Rodgers, Kimberly J.
作者单位：University of Southern California; Arizona State University; Arizona State University-Tempe; American University
摘要：Extant research examines the extent to which bankruptcy has intra-industry valuation consequences. This study broadens the investigation by examining the wealth effects of distress and bankruptcy filing for suppliers and customers of filing firms. On average, important wealth effects occur prior to and at bankruptcy filings and extend beyond industry competitors along the supply chain. Specifically, distress related to bankruptcy filings is associated with negative and significant stock price ...
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作者：Schaefer, Stephen M.; Strebulaev, Ilya A.
作者单位：Stanford University; University of London; London Business School
摘要：Structural models of credit risk provide poor predictions of bond prices. We show that, despite this, they provide quite accurate predictions of the sensitivity of corporate bond returns to changes in the value of equity (hedge ratios). This is important since it suggests that the poor performance of structural models may have more to do with the influence of non-credit factors rather than their failure to capture the credit exposure of corporate debt. The main result of this paper is that eve...
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作者：Denis, David J.; Osobov, Igor
作者单位：Purdue University System; Purdue University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：In the US, Canada, UK, Germany, France, and Japan, the propensity to pay dividends is higher among larger, more profitable firms, and those for which retained earnings comprise a large fraction of total equity. Although there are hints of reductions in the propensity to pay dividends in most of the sample countries over the 1994-2002 period, they are driven by a failure of newly listed firms to initiate dividends when expected to do so. Dividend abandonment and the failure to initiate by exist...
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作者：Winton, Andrew; Yerramilli, Vijay
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We analyze how entrepreneurial firms choose between two funding institution: banks, which monitor less intensively and face liquidity demands from their own investors, and venture capitalists, who can monitor more intensively but face a higher cost of capital because of the liquidity constraints that they impose on their own investors. Because the firm's manager prefers continuing the firm over liquidating it and aggressive (risky) continuation strategies over conservative (safe) continuation ...
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作者：Bates, Thomas W.; Becher, David A.; Lemmon, Michael L.
作者单位：University of Arizona; Drexel University; Utah System of Higher Education; University of Utah
摘要：This paper considers the relation between board classification, takeover activity, and transaction outcomes for a panel of firms between 1990 and 2002. Target board classification does not change the likelihood that a firm, once targeted, is ultimately acquired. Moreover, shareholders of targets with a classified board realize bid returns that are equivalent to those of targets with a single class of directors, but receive a higher proportion of total bid surplus. Board classification does red...
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作者：Fogel, Kathy; Morck, Randall; Yeung, Bernard
作者单位：University of Alberta; University of Arkansas System; University of Arkansas Fayetteville; National Bureau of Economic Research; New York University
摘要：What is good for a country may not be good for its big businesses, at least recently. More turnover in top businesses correlates with faster per capita gross domestic product, productivity, and capital growth; supporting Schumpeter's [1942. Capitalism, Socialism and Democracy, third ed., Harper & Bros., New York, NY] theory of creative destruction-innovative firms blooming as stagnant ones wither. These correlations are greater in more developed economies, supporting Aghion and Howitt's [1992....
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作者：Bae, Kee-Hong; Stulz, Rene M.; Tan, Hongping
作者单位：University System of Ohio; Ohio State University; Queens University - Canada; University of Waterloo
摘要：This paper examines whether analysts resident in a country make more precise earnings forecasts for firms in that country than non-resident analysts. Using a sample of 32 countries, we find an economically and statistically significant local analyst advantage even after controlling for firm and analyst characteristics. The local advantage is high in countries where earnings are smoothed more, less information is disclosed by firms, and firm idiosyncratic information explains a smaller fraction...
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作者：Chen, Zhaohui; Wilhelm, William J., Jr.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Virginia
摘要：We develop a model in which investment banks and institutional investors collaborate in smoothing an initial public offering's (IPOs) transition to secondary market trading. Their intervention promotes welfare under the assumption that significant new information arrives in the market in the immediate aftermath of the IPO. Under this assumption, it is optimal to stage the offering and suboptimal to commit to selling shares at a uniform price. The optimal strategy yields an economic rationale f...
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作者：Della Corte, Pasquale; Sarno, Lucio; Thornton, Daniel L.
作者单位：University of Warwick; AXA Group; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：This paper reexamines the validity of the expectation hypothesis (EH) of the term structure of US repo rates ranging in maturity from overnight to 3 months. We extend the work of Longstaff [2000b. The term Structure of very short term rates: new evidence for the expectations hypothesis. journal of Financial Economics 58, 397-415] in two directions: (1) we implement statistical tests designed to increase test power in this context; (2) more important, we assess the economic value of departures ...
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作者：Chordia, Tarun; Roll, Richard; Subrahmanyam, Avanidhar
作者单位：University of California System; University of California Los Angeles; Emory University
摘要：Short-horizon return predictability from order flows is an inverse indicator of market efficiency. We find that such predictability is diminished when bid-ask spreads are narrower, and has declined over time with the minimum tick size. Variance ratio tests suggest that prices were closer to random walk benchmarks in the more liquid decimal regime than in other ones. These findings indicate that liquidity stimulates arbitrage activity, which, in turn, enhances market efficiency. Further, as the...
