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作者：Frank, MZ; Goyal, VK
作者单位：University of British Columbia; Hong Kong University of Science & Technology
摘要：We test the pecking order theory of corporate leverage on a broad cross-section of publicly traded American firms for 1971 to 1998. Contrary to the pecking order theory, net equity issues track the financing deficit more closely than do net debt issues. While large firms exhibit some aspects of pecking order behavior, the evidence is not robust to the inclusion of conventional leverage factors, nor to the analysis of evidence from the 1990s. Financing deficit is less important in explaining ne...
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作者：Ali, A; Hwang, LS; Trombley, MA
作者单位：University of Arizona; Seoul National University (SNU)
摘要：This paper shows that the book-to-market (B/M) effect is greater for stocks with higher idiosyncratic return volatility, higher transaction costs, and lower investor sophistication, consistent with the market-mispricing explanation for the anomaly. The B/M effect for high volatility stocks exceeds that for the low volatility stocks in 20 of the 22 sample years. Also, volatility exhibits significant incremental power beyond transaction costs and investor sophistication measures in explaining cr...
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作者：Beck, T; Demirgüç-Kunt, A; Levine, R
作者单位：University of Minnesota System; University of Minnesota Twin Cities; The World Bank; National Bureau of Economic Research
摘要：Using a sample of 70 former colonies, this paper assesses two theories regarding the historical determinants of financial development. The law and finance theory holds that legal traditions, brought by colonizers, differ in terms of protecting the rights of private investors vis-A-vis the state, with important implications for financial markets. The endowment theory argues that the disease environment encountered by colonizers influences the formation of long-lasting institutions that shape fi...
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作者：Harford, J
作者单位：University of Washington; University of Washington Seattle
摘要：I investigate the nature of the incentives that lead outside directors to serve stockholders' interests. Specifically, I document the effect of a takeover bid on target directors, both in terms of its immediate financial impact and its effect on the number of future board seats held by those target directors. Directors are rarely retained following a completed offer. All target directors hold fewer directorships in the future than a control group, suggesting that the target board seat is diffi...
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作者：Chan, WS
摘要：Using a comprehensive database of headlines about individual companies, I examine monthly returns following public news. I compare them to stocks with similar returns, but no identifiable public news. There is a difference between the two sets. I find strong drift after bad news. Investors seem to react slowly to this information. I also find reversal after extreme price movements unaccompanied by public news. The separate patterns appear even after adjustments for risk exposure and other effe...
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作者：Parlour, CA; Rajan, U
作者单位：Carnegie Mellon University
摘要：We develop a dynamic model of price competition in broker and dealer markets. With no payment for order flow, a zero-profit equilibrium exists. With payment for order flow, spreads widen to more than compensate for this payment; hence, there is no equilibrium in which market makers earn zero profits. While brokerage commissions for market orders can fall, the total transactions cost to submitting a market order remains positive. Consumer and social welfare are both lower in any equilibrium wit...
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作者：Bharadwaj, A; Shivdasani, A
作者单位：Cornerstone Research; University of North Carolina; University of North Carolina Chapel Hill
摘要：in a sample of 115 cash tender offers between 1990 and 1996, banks extend financing in 70% of the tender offers and finance the entire tender offer in half of these takeovers. Bank financing of tender offers is more likely when internal cash reserves are low. Acquisitions that are entirely financed by banks are associated with large and significantly positive acquirer announcement returns. Announcement returns are also positively related to the fraction of the acquisition value financed by ban...
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作者：Ongena, S; Smith, DC; Michalsen, D
作者单位：Federal Reserve System - USA; BI Norwegian Business School
摘要：We use the near-collapse of the Norwegian banking system during the period 1988-1991 to measure the impact of bank distress announcements on the stock prices of firms maintaining a relationship with a distressed bank. Although banks experienced large and permanent downward revisions in their equity value during the event period, firms maintaining relationships with these banks faced only small and temporary changes, on average, in stock price. Firms with access to unused liquid bank funds and ...
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作者：Del Guercio, D; Dann, LY; Partch, MM
作者单位：University of Oregon
摘要：We analyze whether board structure and director independence in closed-end investment companies are related to shareholder interests in ways that are consistent with boards being effective monitors. We report that funds with relatively low expense ratios, one measure of board effectiveness, have smaller boards, a higher proportion of board members who are legally considered independent, relatively low director compensation, and charter provisions that specify remedial action if discounts becom...
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作者：Baker, M; Greenwood, R; Wurgler, J
作者单位：Harvard University; New York University
摘要：The maturity of new debt issues predicts excess bond returns. When the share of long-term debt issues in total debt issues is high, future excess bond returns are low. This predictive power comes in two parts. First, inflation, the real short-term rate, and the term spread predict excess bond returns. Second, these same variables explain the long-term share, and together account for much of its own ability to predict excess bond returns. The results are consistent with survey evidence that fir...
