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作者：Shleifer, A; Vishny, RW
作者单位：Harvard University; University of Chicago
摘要：We present a model of mergers and acquisitions based on stock market misvaluations of the combining firms. The key ingredients of the model are the relative valuations of the merging firms and the market's perception of the synergies from the combination. The model explains who acquires whom, the choice of the medium of payment, the valuation consequences of mergers, and merger waves. The model is consistent with available empirical findings about characteristics and returns of merging firms, ...
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作者：Dahiya, S; John, K; Puri, M; Ramírez, G
作者单位：New York University; Georgetown University; Stanford University; National Bureau of Economic Research; University System of Georgia; Kennesaw State University
摘要：Debtor-in-possession (DIP) financing is unique secured financing available to firms filing for Chapter 11. Opponents of DIP financing argue that it leads to overinvestment. Alternatively, DIP financing can allow funding for positive net present value projects that increase the likelihood of reorganization and reduce time in bankruptcy. Using a large sample of bankruptcy filings, we find little evidence of systematic overinvestment. DIP financed firms are more likely to emerge from Chapter 11 t...
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作者：Pagano, MS; Schwartz, RA
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Villanova University
摘要：The Paris Bourse (currently Euronext Paris) refined its trading system to include electronic call auctions at market closings in 1996 for its less-liquid Continuous B stocks and in 1998 for its more actively traded Continuous A stocks. This paper analyzes the effects of the innovation on market quality. Our empirical analysis of price behavior for two samples of firms (50 B stocks and 50 A stocks) for two different calendar dates (1996 and 1998) indicates that introduction of the closing calls...
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作者：Kahl, M; Liu, J; Longstaff, FA
作者单位：University of California System; University of California Los Angeles
摘要：Many firms have stockholders who face severe restrictions on their ability to sell their shares and diversify the risk of their personal wealth. We study the costs of these liquidity restrictions on stockholders using a continuous-time portfolio choice framework. These restrictions have major effects on the optimal investment and consumption strategies because of the need to hedge the illiquid stock position and smooth consumption in anticipation of the eventual lapse of the restrictions. Thes...
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作者：Bessembinder, H
作者单位：Utah System of Higher Education; University of Utah
摘要：This study examines quotations, order routing, and trade execution costs for seven markets that compete for orders in large-capitalization NYSE-listed stocks. The competitiveness of quote updates from each market varies with measures of the profitability of attracting additional order and with volatility and inventory measures. The probability of a trade executing on each market increases when the market posts competitive quotes. Execution costs for non-NYSE trades when the local market posts ...
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作者：Conrad, J; Johnson, KM; Wahal, S
作者单位：Emory University; University of North Carolina; University of North Carolina Chapel Hill
摘要：We analyze the use of alternative trading systems in a large sample of institutional orders and the trades that constitute these orders. Proprietary data allow us to distinguish between orders and trades filled by day and after-hours crossing systems, electronic communication networks (ECNs), and traditional brokers. Controlling for variation in order and security characteristics, as well as endogeneity in the choice of trading venue, we find that realized execution costs are generally lower o...
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作者：Leuz, C; Nanda, D; Wysocki, PD
作者单位：University of Pennsylvania; Duke University; Massachusetts Institute of Technology (MIT)
摘要：This paper examines systematic differences in earnings management across 31 countries. We propose an explanation for these differences based on the notion that insiders, in an attempt to protect their private control benefits, use earnings management to conceal firm performance from outsiders. Thus, earnings management is expected to decrease in investor protection because strong protection limits insiders' ability to acquire private control benefits, which reduces their incentives to mask fir...
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作者：Massa, M
作者单位：INSEAD Business School
摘要：This is a first attempt to study how the structure of the industry affects mutual fund behavior. I show that industry structure matters; the mutual fund families employ strategies that rely on the heterogeneity of the investors in terms of investment horizon by offering the possibility to switch across different funds belonging to the same family at no cost. I argue that this option acts as an externality for all the funds belonging to the same family, affecting the target level of performance...
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作者：Ang, JS; Brau, JC
作者单位：Brigham Young University; State University System of Florida; Florida State University
摘要：We study a known negative signal, the sale of insider shares in an IPO and find that insiders adopt two concealment strategies consistent with wealth-maximizing behavior. First, insiders underreport the number of personally owned shares in the prominent original prospectus and use an obscure amendment to communicate the true higher level of shares to be offered. Second, when insiders increase shares in a later amendment, they tend to either increase secondary shares disproportional to primary ...
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作者：Valkanov, R
作者单位：University of California System; University of California Los Angeles
摘要：I use asymptotic arguments to show that the t-statistics in long-horizon regressions do not converge to well-defined distributions. In some cases, moreover, the ordinary least squares estimator is not consistent and the R 2 is an inadequate measure of the goodness of fit. These findings can partially explain the tendency, of long-horizon regressions to find significant results where previous short-term approaches find none. I propose a rescaled t-statistic, whose asymptotic distribution is eas...
