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作者：Peyer, UC; Shivdasani, A
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：We study the internal allocation of resources for diversified firms that complete a leveraged recapitalization. Before the recapitalization, internal capital markets allocate investment to high q segments. After the recapitalization, segment investment becomes less sensitive to q and more sensitive to segment cash how. We show that firm value is positively related to investment's sensitivity to segment q and negatively related to investments sensitivity to segment cash fl;ow. Our analysis high...
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作者：Williamson, R
作者单位：Georgetown University
摘要：This study examines the effect of real exchange rare changes on multinational firms and incorporates the effect of intra-industry competition on the relation between exchange rates and firm value. To test the relation more effectively, tests are conducted using a sample of automotive firms from the United States and Japan. Consistent with theoretical predictions, there is significant exposure to exchange rate shocks. Moreover, there is evidence of time-variation in exchange rate exposure, whic...
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作者：Kogan, L
作者单位：University of Pennsylvania
摘要：This paper presents a general equilibrium model of a two-sector production economy with irreversible real investment. Irreversibility of investment is the most prominent feature of the productive sector. It restricts capital accumulation, affecting firms' investment decisions. which in turn determine properties of asset prices. Thus, this model provides a framework for connecting stock returns to firm characteristics that proxy for real economic activity. The primary focus of this paper is on ...
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作者：Graham, JR; Harvey, CR
作者单位：Duke University; National Bureau of Economic Research
摘要：We survey 392 CFOs about the cost of capital, capital budgeting, and capital structure. Large firms rely heavily on present value techniques and the capital asset pricing model, while small firms are relatively likely to use the payback criterion. A surprising number of firms use firm risk rather than project risk in evaluating new investments. Firms are concerned about financial flexibility and credit ratings when issuing debt, and earnings per share dilution and recent stock price appreciati...
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作者：Bernardo, AE; Cai, HB; Luo, J
作者单位：University of California System; University of California Los Angeles; University of California System; University of California Los Angeles; Hong Kong University of Science & Technology
摘要：We consider optimal capital allocation and managerial compensation mechanisms for decentralized firms when division managers have an incentive to misrepresent project quality and to minimize privately costly but value-enhancing effort. We show that in the optimal mechanism firms always underinvest in capital relative to a naive application of the net present value (NPV) rule. We make a number of novel cross-sectional predictions about the severity of the underinvestment problem and the composi...
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作者：Core, JE; Guay, WR
作者单位：University of Pennsylvania
摘要：We examine determinants of non-executive employee stock option holdings, grants, and exercises for 756 firms during 1994-1997. We find that firms use greater stock option compensation when facing capital requirements and financing constraints. Our results are also consistent with firms using options to attract and retain certain types of employees as well as to create incentives to increase firm value. After controlling for economic determinants and stuck returns, option exercises are greater ...
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作者：Dechow, PM; Hutton, AP; Meulbroek, L; Sloan, RG
作者单位：University of Michigan System; University of Michigan; Harvard University
摘要：Firms with low ratios of fundamentals (such as earning and book values) to market values are known to have systematically lower future stock returns. We document that short-sellers position themselves in the stock of such firms, and then cover their positions as the ratios mean-revert. We also show that short-sellers refine their trading strategies to minimize transactions costs and maximize their investment returns. Our evidence is consistent with short-sellers using information in these rati...
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作者：Busaba, WY; Benveniste, LM; Guo, RJ
作者单位：University of Arizona; University of Minnesota System; University of Minnesota Twin Cities; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
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作者：Tufano, P
作者单位：Harvard University
摘要：The purpose of the Harvard Business School-Journal of Financial Economics conference was to reexamine the role of clinical work in our profession. Clinical research-empirical work that examines a relatively small number of events intensively-accounts for a very small fraction of published work in the field. The pieces in this conference volume are case studies of different clinical research techniques that are used to develop, test, apply and communicate theory. (C) 2001 Elsevier Science S.A. ...
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作者：Backus, D; Foresi, S; Mozumdar, A; Wu, LR
作者单位：New York University; National Bureau of Economic Research; Virginia Polytechnic Institute & State University; Fordham University
摘要：We make two contributions to the study of interest rates, The first is to characterize their dynamics in a new way. We estimate forecasting relations based on one-period changes in forward rates, which are more easily compared than earlier work on yields to the stationary theory of bond pricing, The second is to approximate these dynamics and other salient features of interest rates with an affine model. We show that models with 'negative factors come closer to accounting for the properties of...
