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作者：Bittlingmayer, G; Hazlett, TW
作者单位：University of California System; University of California Davis
摘要：Antitrust enforcement that efficiently constrains Microsoft's behavior benefits firms supplying complements to and/or substitutes for Microsoft's operating system and applications software. However, from 1991 through 1997, 29 reports of federal antitrust enforcement action against Microsoft were accompanied by declines in the value of an index of 159 computer industry firms (excluding Microsoft). The mean loss to those firms exceeded $1 billion per event, Eight retreats or setbacks in enforcem...
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作者：Slovin, MB; Sushka, ME; Polonchek, JA
作者单位：Arizona State University; Arizona State University-Tempe; Louisiana State University System; Louisiana State University; Oklahoma State University System; Oklahoma State University - Stillwater
摘要：We examine whether an adverse event at one bank generates externalities for the banking industry, and assess whether the population of commercial banks is homogeneous. We find dividend reductions are negative events for both announcing money center and regional banks, but only reductions at money center banks have negative, contagion-type externalities. Dividend reductions at regional banks have positive competitive effects on geographic rivals. Regulatory enforcement actions induce negative v...
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作者：Edelen, RM
作者单位：University of Pennsylvania
摘要：Open-end equity funds provide a diversified equity positions with little direct cost to investors for liquidity. This study documents a statistically significant indirect cost in the form of a negative relation between a fund's abnormal return and investor flows. Controlling for this indirect cost of liquidity changes the average fund's abnormal return (net of expenses) from a statistically significant - 1.6% per year to a statistically insignificant - 0.2% and also fully explains the negative...
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作者：Guenther, DA; Willenborg, M
作者单位：University of Connecticut; University of Colorado System; University of Colorado Boulder
摘要：We examine the issue prices of small initial public offerings around the 1993 tax law change that reduced the capital gains tax on qualified small business stock. We compare the actual issue price of new stock with a benchmark price that is not affected by the change in capital gains tax. We find that, after controlling for IPO underpricing, the issue prices of qualifying small business stock after the tax rate change are significantly higher than the issue prices before the change. A control ...
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作者：Schwert, GW
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作者：Mahoney, PG
作者单位：University of Virginia
摘要：The stated justification for the Securities Exchange Act of 1934 (Exchange Act) was to eliminate manipulation. The primary evidence of manipulation was the existence of 'stock pools,' through which groups of traders jointly traded in a particular stock. The conclusion of Congress that the pools were manipulative is inconsistent with the evidence produced by the Senate's own investigation. The returns on a sample of pool stocks are also inconsistent with manipulation. These findings suggest tha...
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作者：Jones, SL; Megginson, WL; Nash, RC; Netter, JM
作者单位：University System of Georgia; University of Georgia; Wake Forest University; University of Oklahoma System; University of Oklahoma - Norman; Indiana University System; Indiana University Indianapolis; IU Kelley School of Business
摘要：This study examines how political and economic factors affect the offer price, share allocation, and other terms governments choose when they privatize state-owned enterprises via a public share offering. Using a 59 country sample of 630 share issue privatizations (SIPs) with total proceeds of over $446 billion during the period 1977-1997, we find that governments consistently underprice SIP offers, tilt their share allocation patterns to favour domestic investors, impose control restrictions ...
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作者：Krishnaswami, S; Subramaniam, V
作者单位：University of Louisiana System; University of New Orleans; Tulane University
摘要：We empirically analyze the information hypothesis that the separation of a firm's divisions into independently traded units through a spin-off enhances value because it mitigates information asymmetry about the firm. Consistent with this hypothesis, we find that firms that engage in spin-offs have higher levels of information asymmetry compared to their industry and size matched counterparts and the information problems decrease significantly after the spin-off. The gains around spin-offs are ...
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作者：Anderson, CW; Makhija, AK
作者单位：University of Missouri System; University of Missouri Columbia; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University System of Ohio; Ohio State University
摘要：Many Japanese firms reduced dependence on banks following financial deregulation in the 1980s, The financial architecture of Japanese firms after liberalization provides an opportunity to investigate the choice of financing with public bonds versus monitored bank loans. Examination of accounting and stock price data for a sample of Japanese firms in the late 1980s suggests that debt structure is related to variables that serve as proxies for agency costs of debt. In particular, we find that th...
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作者：Jaffe, JF; Mahoney, JM
作者单位：University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper analyzes the recommendations of common stocks made by the investment newsletters followed by the Hulbert Financial Digest. We conclude that, taken as a whole, the securities that newsletters recommend do not outperform appropriate benchmarks. Our data provide modest evidence that the future performance of a newsletter is related to its past performance, when performance is measure by raw returns.:Evidence of persistence vanishes, however, when performance is measured by abnormal ret...
