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作者：Coles, Jeffrey L.; Daniel, Naveen D.; Naveen, Lalitha
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Drexel University; Arizona State University; Arizona State University-Tempe
摘要：This paper reexamines the relation between firm value and board structure. We find that complex firms, which have greater advising requirements than simple firms, have larger boards with more outside directors. The relation between Tobin's Q and board size is U-shaped, which, at face value, suggests that either very small or very large boards are optimal. This relation, however, arises from differences between complex and simple firms. Tobin's Q increases (decreases) in board size for complex ...
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作者：Dastidar, Siddhartha G.; Fisman, Raymond; Khanna, Tarun
作者单位：Columbia University; Harvard University
摘要：We examine the effect of regime change on privatization. In the 2004 Indian election, the pro-reform BJP was unexpectedly defeated by a less reformist coalition. Stock prices of government-controlled companies that had been slated for privatization by the BJP dropped 3.5% relative to private firms. Government-controlled companies that were under study for possible privatization fell 7.5% relative to private firms. This is consistent with investor belief of a point of no return, where advanced ...
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作者：Puri, Manju; Rocholl, Joerg
作者单位：Duke University; National Bureau of Economic Research; European School of Management & Technology
摘要：We use proprietary data to analyze the importance of retail banking relationships to commercial banks and their depositors when banks underwrite securities. We find lead underwriters' retail customers benefit as they demand and end up with significantly more of the highly underpriced issues. We find it is actual underpricing beyond that predicted by grey markets that drive the differential demand from the lead bank retail clientele, suggesting that banks pass on information about underpriced i...
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作者：Ferreira, Miguel A.; Matos, Pedro
作者单位：University of Southern California; Instituto Universitario de Lisboa
摘要：We study the role of institutional investors around the world using a comprehensive data set of equity holdings from 27 countries. We find that all institutional investors have a strong preference for the stock of large firms and firms with good governance, while foreign institutions tend to overweight firms that are cross-listed in the U.S. and members of the Morgan Stanley Capital International World Index. Firms with higher ownership by foreign and independent institutions have higher firm ...
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作者：Andrade, Sandro C.; Chang, Charles; Seasholes, Mark S.
作者单位：Santa Clara University; University of Miami; Cornell University
摘要：We test the implications of a multi-asset equilibrium model in which a finite number of risk-averse liquidity providers accommodate non-informational trading imbalances. These imbalances generate predictable reversals in stock returns. An imbalance in one stock also affects the prices of other stocks. The magnitude of the cross-stock price pressure depends on the correlations of the stocks' underlying cash flows. The model implies that non-informational trading increases the volatility of stoc...
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作者：Huizinga, Harry; Laeven, Luc; Nicodeme, Gaetan
作者单位：Tilburg University; International Monetary Fund; Universite Libre de Bruxelles
摘要：This paper presents a model of a multinational firm's optimal debt policy that incorporates international taxation factors. The model yields the prediction that a multinational firm's indebtedness in a country depends on a weighted average of national tax rates and differences between national and foreign tax rates. These differences matter as multinationals have an incentive to shift debt to high-tax countries. The predictions of the model are tested using a novel firm-level dataset for Europ...
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作者：Johnson, Timothy C.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of London; London Business School
摘要：Many classes of microstructure models, as well as intuition, suggest that it should be easier to trade when markets are more active. In the data, however, volume and liquidity seem unrelated over time. This paper offers an explanation for this fact based on a simple frictionless model in which liquidity reflects the average risk-bearing capacity of the economy and volume reflects the changing contribution of individuals to that average. Volume and liquidity are unrelated in the model, but volu...
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作者：Malmendier, Ulrike; Tate, Geoffrey
作者单位：University of California System; University of California Los Angeles; University of California System; University of California Berkeley
摘要：Does CEO overconfidence help to explain merger decisions? Overconfident CEOs overestimate their ability to generate returns. As a result, they overpay for target companies and undertake value-destroying mergers. The effects are strongest if they have access to internal financing. We test these predictions using two proxies for overconfidence: CEOs' personal over-investment in their company and their press portrayal. We find that the odds of making an acquisition are 65% higher if the CEO is cl...
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作者：Feldhutter, Peter; Lando, David
作者单位：Copenhagen Business School
摘要：We analyze a six-factor model for Treasury bonds, corporate bonds, and swap rates and decompose swap spreads into three components: a convenience yield from holding Treasuries, a credit risk element from the underlying LIBOR rate, and a factor specific to the swap market. The convenience yield is by far the largest component of spreads. There is a discernible contribution from credit risk as well as from a swap-specific factor with higher variability which in certain periods is related to hedg...
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作者：Cheng, Shijun
作者单位：University System of Maryland; University of Maryland College Park
摘要：This study provides empirical evidence that firms with larger boards have lower variability of corporate performance. The results indicate that board size is negatively associated with the variability of monthly stock returns, annual accounting return on assets, Tobin's Q, accounting accruals, extraordinary items, analyst forecast inaccuracy, and R&D spending, the level of R&D expenditures, and the frequency of acquisition and restructuring activities. The results are consistent with the view ...
