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作者：Goldman, E; Slezak, SL
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University System of Ohio; University of Cincinnati
摘要：This paper develops an agency model in which stock-based compensation is a double-edged sword, inducing managers to exert productive effort but also to divert valuable firm resources to misrepresent performance. We examine how the potential for manipulation affects the equilibrium level of pay-for-performance sensitivity and derive several new cross-sectional implications that are consistent with recent empirical studies. In addition, we analyze the impact of recent regulatory changes containe...
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作者：DeAngelo, H; DeAngelo, L
作者单位：University of Southern California
摘要：Contrary to Miller and Modigliani [1961. Dividend policy, growth, and the valuation of shares. Journal of Business 34, 411-433], payout policy is not irrelevant and investment policy is not the sole determinant of value, even in frictionless markets. MM ask Do companies with generous distribution policies consistently sell at a premium above those with niggardly payouts? But MM's analysis does not address this question because the joint effect of their assumptions is to mandate 100% free cash ...
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作者：Chemmanur, Thomas J.; Fulghieri, Paolo
作者单位：Boston College; University of North Carolina; University of North Carolina Chapel Hill
摘要：We analyze firms' choice of exchange to list equity and exchanges' choice of listing standards when insiders have private information about firm value, but outsiders can produce (noisy) information at a cost. Exchanges are populated by two kinds of investors, whose numbers vary across exchanges: sophisticated (low information production cost) investors and ordinary (high-cost) investors. While firms are short-lived, exchanges are long-lived, value-maximizing agents whose listing and disclosure...
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作者：Kraus, Alan; Sagi, Jacob S.
作者单位：University of California System; University of California Berkeley; University of British Columbia
摘要：We investigate an economy of heterogeneous agents that cannot specify all exogenous welfare-relevant events and consequently view the impact of unforeseen contingencies as utility shocks. In this setting we characterize an appropriate market equilibrium concept when securities can trade only on demand- and price-contingent events. We establish the existence of an equilibrium for a class of parametric models in which aggregating taste shocks across agents can lead to nonconsumption pricing fact...
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作者：DeAngelo, Harry; DeAngelo, Linda; Stulz, Rene M.
作者单位：University of Southern California; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：Consistent with a life-cycle theory of dividends, the fraction of publicly traded industrial firms that pay dividends is high when retained earnings are a large portion of total equity (and of total assets) and falls to near zero when most equity is contributed rather than earned. We observe a highly significant relation between the decision to pay dividends and the earned/contributed capital mix, controlling for profitability, growth, firm size, total equity, cash balances, and dividend histo...
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作者：Polk, Christopher; Thompson, Samuel; Vuolteenaho, Tuomo
作者单位：Northwestern University; Harvard University; National Bureau of Economic Research
摘要：If investors are myopic mean-variance optimizers, a stock's expected return is linearly related to its beta in the cross-section. The slope of the relation is the cross-sectional price of risk, which should equal the expected equity premium. We use this simple observation to forecast the equity-premium time series with the cross-sectional price of risk. We also introduce novel statistical methods for testing stock-return predictability based on endogenous variables whose shocks are potentially...
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作者：Graham, John R.; Tucker, Alan L.
作者单位：Duke University; Pace University
摘要：We gather a unique sample of 44 tax shelter cases to investigate the magnitude of tax shelter activity and whether participating in a shelter is related to corporate debt policy. The average annual deduction produced by the shelters in our sample is very large, equaling approximately nine percent of asset value. These deductions are more than three times as large as interest deductions for comparable companies. The firms in our sample use less debt when they engage in tax sheltering. Compared ...
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作者：Higgins, Matthew J.; Rodriguez, Daniel
作者单位：University System of Georgia; Georgia Institute of Technology; Emory University
摘要：We examine the performance of 160 pharmaceutical acquisitions from 1994 to 2001 and find evidence that on average acquirers realize significant positive returns. These returns are positively correlated with prior acquirer access to information about the research and development activities at target firms and a superior negotiating position. A unique Desperation Index is employed to determine the current status of a firm's internal productivity. We find that firms experiencing declines in inter...
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作者：Bakshi, Gurdip; Ju, Nengjiu; Ou-Yang, Hui
作者单位：Hong Kong University of Science & Technology; University System of Maryland; University of Maryland College Park; Duke University
摘要：The treatment of this article renders closed-form density approximation feasible for univariate continuous-time models. Implementation methodology depends directly on the parametric-form of the drift and the diffusion of the primitive process and not on its transformation to a unit-variance process. Offering methodological convenience, the approximation method relies on numerically evaluating one-dimensional integrals and circumvents existing dependence on intractable multidimensional integral...
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作者：Harford, J
作者单位：University of Washington; University of Washington Seattle
摘要：Aggregate merger waves could be due to market timing or to clustering of industry shocks for which mergers facilitate change to the new environment. This study finds that economic, regulatory and technological shocks drive industry merger waves. Whether the shock leads to a wave of mergers, however, depends on whether there is sufficient overall capital liquidity. This macro-level liquidity component causes industry merger waves to cluster in time even if industry shocks do not. Market-timing ...
