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作者：Ahn, S; Denis, DJ; Denis, DK
作者单位：Purdue University System; Purdue University; Concordia University - Canada
摘要：Within diversified firms, the negative impact of leverage on investment is significantly greater for high q than for low q segments and significantly greater for non-core than for core segments. This differs substantially from focused firms and is consistent with the view that diversified firms allocate a disproportionate share of their debt service burden to their higher q and non-core segments. We also find that, among low-growth firms, the positive relation between leverage and firm value i...
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作者：Bates, Thomas W.; Lemmon, Michael L.; Linck, James S.
作者单位：University of Arizona; Utah System of Higher Education; University of Utah; University System of Georgia; University of Georgia
摘要：This paper examines the shareholder wealth effects of bids by controlling shareholders seeking to acquire the remaining minority equity stake in a firm, deals commonly referred to as minority freeze-outs. Minority claimants in freeze-out offers receive an allocation of deal surplus at the bid announcement that exceeds their pro rata claim on the firm. An analysis of bid outcomes and renegotiation indicates that minority claimants and their agents exercise significant bargaining power during fr...
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作者：Jenkinson, T; Morrison, AD; Wilhelm, WJ Jr
作者单位：University of Virginia; University of Oxford; Centre for Economic Policy Research - UK
摘要：Unlike in the U.S., the initial price range for European IPOs is seldom revised, although issues are often priced at the upper bound. We develop a model that explains this seemingly inefficient pricing behavior. As in Europe, but not in the U.S., underwriters in the model obtain information from investors before establishing the indicative price range. A commitment to stay within the range is necessary to extract private information from investors. ours is therefore the first treatment in whic...
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作者：Peng, L; Xiong, W
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Princeton University; Princeton University; National Bureau of Economic Research
摘要：Motivated by psychological evidence that attention is a scarce cognitive resource, we model investors' attention allocation in learning and study the effects of this on asset-price dynamics. We show that limited investor attention leads to category-learning behavior, i.e., investors tend to process more market and sector-wide information than firm-specific information. This endogenous structure of information, when combined with investor overconfidence, generates important features observed in...
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作者：Loh, Roger K.; Mian, G. Mujtaba
作者单位：National University of Singapore; University System of Ohio; Ohio State University; Singapore Management University
摘要：We find that analysts who issue more accurate earnings forecasts also issue more profitable stock recommendations. The average factor-adjusted return associated with the recommendations of analysts in the highest accuracy quintile exceeds the corresponding return for analysts in the lowest accuracy quintile by 1.27% per month. Our findings provide indirect empirical support for valuation models in the accounting and finance literatures (e.g., Ohlson, 1995) that emphasize the role of future ear...
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作者：Fauver, Larry; Fuerst, Michael E.
作者单位：University of Miami
摘要：Within the German corporate governance system, employee representation on the supervisory board is typically legally mandated. We propose that such representation of labor on corporate boards confers valuable first-hand operational knowledge to corporate board decision-making. Indeed, we find that labor representation provides a powerful means of monitoring and reduces agency costs within the firm. Moreover, we show that the greater the need for coordination within the firm, the greater the po...
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作者：Pástor, Lubos; Veronesi, Pietro
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Not necessarily: a firm's fundamental value increases with uncertainty about average future profitability, and this uncertainty was unusually high in the late 1990s. After calibrating a stock valuation model that takes this uncertainty into account, we compute the level of uncertainty that is needed to match the observed Nasdaq valuations at their peak. The uncertainty we obtain seems plausible because it matches not only the high level but also the high volatility of Nasdaq stock prices. In g...
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作者：Johnson, Timothy C.
作者单位：University of London; London Business School
摘要：This paper analyzes endogenous variations in aggregate liquidity that arise in standard representative-agent endowment economies. I introduce a natural definition of liquidity, essentially a shadow elasticity, that characterizes the price impact function or bid/ask spread that a small trader would experience. I compute this quantity for some tractable examples and uncover a rich variety of predictions that, in some cases, appear consistent with levels and covariations observed in the data. The...
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作者：Yermack, D
作者单位：New York University
摘要：This paper studies perquisites of CEOs, focusing on personal use of company planes. For firms that have disclosed this managerial benefit, average shareholder returns underperform market benchmarks by more than 4% annually, a severe gap far exceeding the costs of resources consumed. Around the date of the initial disclosure, firms' stock prices drop by an average of 1.1%. Regression analysis finds no significant associations between CEOs' perquisites and their compensation or percentage owners...
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作者：Stoll, HR; Schenzler, C
作者单位：Vanderbilt University
摘要：In the period 1993 through 2002 examined in this study, quoted and effective spreads declined substantially on Nasdaq and to a lesser degree on the NYSE. At the same time, however, trades outside the quotes increased dramatically on Nasdaq. Because investors would prefer to trade at the quotes rather than outside the quotes, we examine why trades outside the quotes are observed. We focus on how the continuous market mechanism itself influences the outcome of orders and the reporting of trades,...
