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作者：Louis, H
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：I examine the market's efficiency in processing manipulated accounting reports and provide an explanation for the post-merger underperformance anomaly. I find strong evidence suggesting that acquiring firms overstate their earnings in the quarter preceding a stock swap announcement. I also find evidence of a reversal of the stock price effects of the earnings management in the days leading to the merger announcement. However, the pre-merger reversal is only partial. I find evidence of a post-m...
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作者：McNeil, C; Niehaus, G; Powers, E
作者单位：University of South Carolina System; University of South Carolina Columbia
摘要：We compare turnover of subsidiary managers inside conglomerate firms to turnover of CEO's of comparable stand-alone firms. We find that, compared to turnover of CEOs, subsidiary manager turnover is significantly more sensitive to changes in performance and significantly more likely following poor performance. For subsidiary managers, the relation between turnover and performance is significantly stronger when the subsidiary operates in an industry that is related to the parent's primary indust...
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作者：Hovakimian, A; Hovakimian, G; Tehranian, H
作者单位：Boston College; City University of New York (CUNY) System; Baruch College (CUNY); Fordham University
摘要：We examine whether market and operating performance affect corporate financing behavior because they are related to target leverage. Our focus on firms that issue both debt and equity enhances our ability to draw inferences. Consistent with dynamic trade-off theories, dual issuers offset the deviation from the target resulting from accumulation of earnings and losses. Our results also imply that high market-to-book firms have low target debt ratios. On the other hand, consistent with market ti...
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作者：Doidge, C; Karolyi, GA; Stulz, RM
作者单位：University System of Ohio; Ohio State University; University of Toronto
摘要：At the end of 1997, foreign companies with shares cross-listed in the U.S. had Tobin's q ratios that were 16.5% higher than the q ratios of non-cross-listed firms from the same country. The valuation difference is statistically significant and reaches 37% for those companies that list on major U.S. exchanges, even after controlling for a number of firm and country characteristics. We suggest that a U.S. listing reduces the extent to which controlling shareholders can engage in expropriation an...
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作者：Mikhail, MB; Walther, BR; Willis, RH
作者单位：Duke University; Northwestern University
摘要：We investigate whether security analysts exhibit persistence in their stock picking ability. We find that analysts whose recommendation revisions earned the most (least) excess returns in the past continue to outperform (underperform) in the future. Further, the market recognizes these performance differences in the five-day period surrounding the recommendation revision. This market reaction, however, is incomplete. Excess returns in the one and three trading months following the revision are...
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作者：Desai, MA; Foley, CF; Hines, JR
作者单位：Harvard University; University of Michigan System; University of Michigan
摘要：This paper analyzes the determinants of partial ownership of the foreign affiliates of U.S. multinational firms and, in particular, the marked decline in the use of joint ventures over the last 20 years. The evidence indicates that whole ownership is most common when firms coordinate integrated production activities across different locations, transfer technology, and benefit from worldwide tax planning. Because operations and ownership levels are jointly determined, it is helpful to use the l...
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作者：Tu, J; Zhou, GF
作者单位：Washington University (WUSTL); Tsinghua University
摘要：As the usual normality assumption is firmly rejected by the data, investors encounter a data-generating process (DGP) uncertainty in making investment decisions. In this paper, we propose a novel way to incorporate uncertainty about the DGP into portfolio analysis. We find that accounting for fat tails leads to nontrivial changes in both parameter estimates and optimal portfolio weights, but the certainty-equivalent losses associated with ignoring fat tails are small. This Suggests that the no...
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作者：Ahn, S; Denis, DJ
作者单位：Purdue University System; Purdue University; Concordia University - Canada
摘要：We analyze changes in investment policy following 106 spinoffs between 1981 and 1996. Pre-spinoff, the sample firms are valued at a discount and invest less in their high q segments than do their single-segment peers. Post-spinoff, there is a significant increase in measures of investment efficiency and the diversification discount is eliminated. Furthermore, changes in excess value around the spinoff are positively related to changes in measures of investment efficiency. These findings suppor...
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作者：Hillion, P; Vermaelen, T
作者单位：INSEAD Business School
摘要：Floating-priced convertibles, known as death spirals, are privately held convertible securities with a conversion price set at a discount from the average of past stock prices in a look-back period. The issuance of floating-priced convertibles is followed by significant negative abnormal returns. The results are consistent with the faulty contract hypothesis that argues that the contract design encourages short-selling by the convertible holders and other professional short sellers. However, t...
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作者：Grinblatt, M; Keloharju, M
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Aalto University
摘要：Finnish investors realize losses more than gains toward the end of December. Moreover, they repurchase the same stocks recently sold. The repurchase rate depends on loss magnitude, firm size, and how late in the year the sale takes place. This trading pattern generates net tax-loss buying pressure that is negative prior to the turn of the year and positive afterward. Cross-sectional regressions indicate that stock returns around the turn of the year, particularly for small firms, are related t...
