-
作者：Dunbar, CG
作者单位：Western University (University of Western Ontario)
摘要：This paper examines the effect of several factors on the market share of investment banks that act as book managers in initial public offerings (IPOs) between 1984 and 1995. For established banks, IPO first-day returns, one-year abnormal performance, abnormal compensation, industry specialization, analyst reputation, and association with withdrawn offers have a significant impact on changes in market share. These factors have a more significant effect on market share changes in low-volume IPO ...
-
作者：D'Souza, J; Jacob, J
作者单位：Cornell University; University of Colorado System; University of Colorado Denver
摘要：We analyze market reaction to targeted stock issuances and investigate possible motives for their use. We find a statistically significant abnormal return of 3.61% within a three-day window around the announcement of proposed targeted stock issuances, possibly attributable to greater information on targeted stock segments as well as monitoring and motivational advantages. We find lower tax-loss carry forwards among firms that issue targeted stock compared to those that spin off segments, sugge...
-
作者：Brav, A; Geczy, C; Gompers, PA
作者单位：Harvard University; Duke University; University of Pennsylvania
摘要：We examine whether a distinct equity issuer underperformance anomaly exists. In a sample of initial public offering (IPO) and seasoned equity offering (SEO) firms from 1975 to 1992, we find that underperformance is concentrated primarily in small issuing firms with low book-to-market ratios. SEO firms, that underperform these standard benchmarks have time series returns that covary with factor returns constructed from nonissuing firms. We conclude that the stock returns following equity issues...
-
作者：Rau, PR
作者单位：Purdue University System; Purdue University
摘要：This paper investigates the determinants of the market share of investment banks acting as advisors in mergers and tender offers. In both mergers and tender offers, bank market share is positively related to the contingent fee payments charged by the bank and to the percentage of deals completed in the past by the bank. It is unrelated to the performance of the acquirers advised by the bank in the past. In tender offers, the post-acquisition performance of the acquirer is negatively related to...
-
作者：Bettis, JC; Coles, JL; Lemmon, ML
作者单位：Arizona State University; Arizona State University-Tempe
摘要：This paper examines policies and procedures put in place by corporations to regulate trading in the stock by the firm's own insiders. Over 92% of our sample companies have their own policies restricting trading by insiders, and 78% have explicit blackout periods during which the company prohibits trading by its insiders. Our data indicate that blackout periods successfully suppress trading, both purchases and sales, by insiders, and that the blackout period is associated with a bid-ask spread ...
-
作者：Slovin, MB; Sushka, ME; Lai, KWL
作者单位：Arizona State University; Arizona State University-Tempe; Louisiana State University System; Louisiana State University; Hautes Etudes Commerciales (HEC) Paris; Lingnan University
摘要：We examine valuation effects of announcements of seasoned equity issuance and assess the impact of the choice of flotation method in the U.K. Rights offerings are predominant, but in 1986, British firms gained the flexibility to conduct placings, which are comparable to U.S, firm commitment offerings. A placing is a fixed-price bought deal that increases ownership dispersion. Placings generate significantly positive share price effects, whereas rights offerings have large negative valuation ef...
-
作者：Grinblatt, M; Keloharju, M
作者单位：University of California System; University of California Los Angeles; Aalto University
摘要：Using data from Finland, this study analyzes the extent to which past returns determine the propensity to buy and sell. It also analyzes whether these differences in past-return-based behavior and differences in investor sophistication drive the performance of various investor types. We find that foreign investors tend to be momentum investors, buying past winning stocks and selling past losers. Domestic investors, particularly households, tend to be contrarians. The distinctions in behavior a...
-
作者：Eckbo, BE; Masulis, RW; Norli, O
作者单位：Dartmouth College; Vanderbilt University; University of Toronto
摘要：The 'new issues puzzle' is that stocks of common stock issuers subsequently underperform nonissuers matched on size and book-to-market ratio. With 7000 + seasoned equity and debt issues, we document that issuer underperformance reflects lower systematic risk exposure for issuing firms relative to the matches. A consistent explanation is that, as equity issuers lower leverage, their exposures to unexpected inflation and default risks decrease, thus decreasing their stocks' expected returns rela...
-
作者：Loughran, T; Ritter, JR
作者单位：State University System of Florida; University of Florida; University of Notre Dame
摘要：Defenders of market efficiency argue that anomalies involving long-term abnormal returns are not robust to alternative methodologies. We argue that because various methodologies use different weighting schemes, the magnitude of abnormal returns should differ, and in a predictable manner. Three problems are identified that cause low power in value-weighted three-factor time series regressions when abnormal returns following managerial actions are being estimated. We illustrate the sensitivities...
-
作者：Bennedsen, M; Wolfenzon, D
作者单位：University of Michigan System; University of Michigan; University of Copenhagen
摘要：We analyze a closely held corporation characterized by the absence of a resale market for its shares. We show that the founder of the firm can optimally choose an ownership structure with several large shareholders to force them to form coalitions to obtain control. By grouping member cash flows, a coalition internalizes to a larger extent the consequences of its actions and hence takes more efficient actions than would any of its individual members. The model has implications for the optimal ...
