-
作者：Brickley, JA; Linck, JS; Coles, JL
作者单位：University of Rochester; Arizona State University; Arizona State University-Tempe
摘要：This paper provides evidence on a previously unidentified source of managerial incentives: concerns about post-retirement board service. Both the likelihood that a retired CEO serves on his own board two years after departure, as well as the likelihood of serving as an outside director on other boards, are positively and strongly related to his performance while CEO. Retention on the CEO's own board depends primarily on stock returns, while service on outside boards is better explained by acco...
-
作者：Schwert, GW
-
作者：Campbell, CJ; Wasley, CE
作者单位：Iowa State University; University of Iowa
摘要：Under Ralston Purina Company's 1986 incentive contract 14 managers would receive $49.1 million in stock if within ten years the stock price closed above $100 for ten consecutive days. While the contract required a 57.8% increase in stock price, it did not motivate managers to create value because the rare of return required to reach $100 in ten years was substantially less than Ralston's cost of equity capital at the time of the contract's adoption. Barring any action by managers that would su...
-
作者：Lewellen, J
作者单位：University of Rochester
摘要：This paper examines the time-series relations among expected return, risk, and book-to-market (B/M) at the portfolio level. I find that B/M predicts economically and statistically significant time-variation in expected stock returns. Further, B/M is strongly associated with changes in risk, as measured by the Fama and French (1993) (Journal of Financial Economics, 33, 3-56) three-factor model. After controlling for risk, B/M provides no incremental information about expected returns. The evide...
-
作者：Chay, JB; Trzcinka, CA
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; University of Auckland
摘要：This paper finds that discounts and premiums of closed-end funds reflect the market's assessment of anticipated managerial performance. Using single and multiple bench-marks, we present evidence that there is a significant and positive relation between stock fund premiums and future net asset value performance over the following year. The relation is not caused by the anticipation of future expenses. We also find that bond closed-end funds show no such relation between premium and asset value ...
-
作者：Gompers, P; Lerner, J
作者单位：Harvard University; National Bureau of Economic Research
摘要：Venture capital limited partnerships are an attractive arena to study cross-sectional and time-series variations in compensation schemes. We empirically examine 419 partnerships. The compensation of new and smaller funds displays considerably less sensitivity to performance and less variation than that of other funds. The fixed base component of compensation is higher for younger and smaller firms. We observe no relation between incentive compensation and performance. Our evidence is consisten...
-
作者：Gande, A; Puri, M; Saunders, A
作者单位：Stanford University; Vanderbilt University; New York University
摘要：This paper examines the competitive effects of commercial bank entry into the corporate debt underwriting market, particularly with respect to underwriter spreads, ex-ante yields, and market concentration. We find that underwriter spreads and ex-ante yields have declined significantly with bank entry, consistent with the market becoming more competitive. This effect is strongest among the lower-rated and smaller debt issues of which banks have underwritten a relatively greater share. The early...
-
作者：Demirgüç-Kunt, A; Maksimovic, V
作者单位：University System of Maryland; University of Maryland College Park; The World Bank
摘要：We examine firm debt maturity in 30 countries during the period 1980-1991. In countries with active stock markets, large firms have more long-term debt. Stock market activity is not correlated with debt levels of small firms, By contrast, in countries with a large banking sector, small firms have less short-term debt and their debt is of longer maturity. Variation in the size of the banking sector is uncorrelated with the capital structures of large firms. Government subsidies to industry are ...
-
作者：Green, RC; Rydqvist, K
作者单位：Carnegie Mellon University; BI Norwegian Business School
摘要：Swedish lottery bonds offer a unique opportunity to study ex-day effects in an environment where cash distributions are tax-advantaged relative to capital gains. Thus, in the lottery bond market, we observe a reversal of the preference for capital gains that researchers have cited as an explanation for the ex-day behavior of U.S. equities. Further, in this market there are barriers to short-term arbitrage when prices do reflect the tax preferences of individual investors. We find the bonds are...
-
作者：Christie, WG; Schultz, PH
作者单位：Vanderbilt University; University of Notre Dame
摘要：Christie and Schultz (1994), (Journal of Finance, 49, 1813-1840) find that market makers in many active Nasdaq stocks avoid odd-eighth quotes. This paper studies 67 (58) Nasdaq stocks whose market makers initiate (withdraw) odd-eighth quotes. These regime shifts are often completed within the span of a day, and coincide with dramatic changes in dollar, percentage and effective spreads. In most cases, we are unable to identify comparable changes in the costs of making markets. We do identify lo...
