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作者：Guay, W; Harford, J
作者单位：University of Oregon; University of Pennsylvania
摘要：We hypothesize that firms choose dividend increases to distribute relatively permanent cash-flow shocks and repurchases to distribute more transient shocks. As predicted, we find that post-shock cash flows of dividend increasing firms exhibit less reversion to pre-shock levels compared with repurchasing firms. We also examine whether the stock market uses the announcement of the payout method to update its beliefs about the permanence of cash-flow shocks. Controlling for payout size and the ma...
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作者：Acharya, VV; John, K; Sundaram, RK
作者单位：New York University
摘要：The practice of resetting strike prices on underwater executive stock options has drawn criticism for weakening managerial incentives. Our model shows that although the anticipation of resetting can negatively affect initial incentives, resetting can still be an important, value-enhancing aspect of compensation contracts, even from an ex-ante standpoint. In fact, we find that some resetting is almost always optimal. The relative advantages of resetting diminish with greater ability of managers...
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作者：Chance, DM; Kumar, R; Todd, RB
作者单位：Virginia Polytechnic Institute & State University; Boston University
摘要：We examine a sample of firms that reset the exercise prices on their executive options. These repricings follow a period of about one year of poor firm-specific performance in which the average firm loses one-fourth of its value. No other offsetting changes to option terms or compensation are made, and many firms reprice more than once. Without repricing, a majority of the options would have been at-the-money within two years. We find that when faced with circumstances in which repricing might...
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作者：Johnson, SA; Tian, YS
作者单位：Louisiana State University System; Louisiana State University; York University - Canada; University System of Ohio; University of Cincinnati
摘要：We examine the value and incentive effects of six nontraditional executive stock options: premium options, performance-vested options, repriceable options, purchased options, reload options, and indexed options. With reasonable parameter values, four options have lower value than a traditional option when granted, and large differences in value are evident across the types. Holding option value constant, five options create stronger incentives than traditional options to increase stock price, ...
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作者：Longstaff, FA
作者单位：University of California System; University of California Los Angeles
摘要：Empirical researchers have frequently rejected the expectations hypothesis. The expectations hypothesis, however, has seldom, if ever, been tested at the extreme short end of the term structure where maturities are measured in days or weeks. Using overnight, weekly, and monthly ripe rates, I find that term rates are almost unbiased estimates of the average overnight rate. This evidence provides new support for the expectations hypothesis. (C) 2000 Elsevier Science S.A. All rights reserved. JEL...
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作者：Henry, PB
作者单位：Stanford University
摘要：Stock market liberalizations lead private investment booms. In a sample of Il developing countries that liberalized their stock markets, 9 experience growth rates of private investment above their non-liberalization median in the first year after liberalizing. In the second and third years after liberalization, this number is 10 of 11 and 8 of 11, respectively. The mean growth rate of private investment in the three years immediately following stock market liberalization exceeds the sample mea...
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作者：Jagannathan, M; Stephens, CP; Weisbach, MS
作者单位：University of Missouri System; University of Missouri Columbia; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper measures the growth in open market stock repurchases and the manner in which stock repurchases and dividends are used by U.S. corporations. Stock repurchases and dividends are used at different times from one another, by different kinds of firms. Stock repurchases are very pro-cyclical, while dividends increase steadily over time. Dividends are paid by firms with higher permanent operating cash flows, while repurchases are used by firms with higher temporary, non-operating cash hows...
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作者：DeAngelo, H; DeAngelo, L
作者单位：University of Southern California
摘要：The Times Mirror Company, a NYSE-listed Fortune 500 firm controlled for 100 years by the Chandler family, hired an industry outsider as CEO in 1995 following an extended period of poor operating and stock price performance under non-family management. This change was apparently an unintended consequence of actions taken by old management to fund its capital expansion plans while satisfying the family's desire for dividends. Specifically, in 1994 old management agreed to (1) sell TM's cable bus...
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作者：Gorton, G; Schmid, FA
作者单位：University of Pennsylvania; National Bureau of Economic Research; Federal Reserve System - USA
摘要：We empirically investigate the influence of German universal banks on the performance of German firms. We take into account banks' control rights from equity ownership, banks' proxy-voting rights, and the concentration of control rights from equity ownership (which includes complex forms such as pyramids, cross-shareholdings, and stocks with multiple votes). We also account for voting restrictions and the German codetermination system (under which employees of large firms have control rights t...
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作者：Chordia, T; Roll, R; Subrahmanyam, A
作者单位：University of California System; University of California Los Angeles; Vanderbilt University
摘要：Traditionally and understandably, the microscope of market microstructure has focused on attributes of single assets. Little theoretical attention and virtually no empirical work has been devoted to common determinants of liquidity nor to their empirical manifestation, correlated movements in liquidity. But a wider-angle lens exposes an imposing image of commonality. Quoted spreads, quoted depth, and effective spreads co-move with market- and industry-wide liquidity. After controlling for well...
