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作者：Kim, M; Ritter, JR
作者单位：State University System of Florida; University of Florida; Kyung Hee University
摘要：The use of accounting information in conjunction with comparable firm multiples is widely recommended for valuing initial public offerings (IPOs). We find that the price-earnings (P/E), market-to-book, and price-to-sales multiples of comparable firms have only modest predictive ability without further adjustments. This is largely due to the wide variation of these ratios for young firms within an industry. PIE multiples using forecasted earnings result in much more accurate valuations than mul...
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作者：Schwert, GW
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作者：Chung, KH; Van Ness, BF; Van Ness, RA
作者单位：University of Memphis; Kansas State University
摘要：We examine the role of limit-order traders and specialists in the market-making process. We find that a large portion of posted bid-ask quotes originates from the limit-order book without direct participation by specialists, and that competition between traders and specialists has a significant impact on the bid-ask spread. Specialists' spreads are widest at the open, narrow until late morning, and then level off. The U-shaped intraday pattern of spreads largely reflects the intraday variation...
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作者：Vafeas, N
作者单位：University of Cyprus
摘要：For 307 firms over the 1990-1994 period, I find that board meeting frequency is related to corporate governance and ownership characteristics in a manner that is consistent with contracting and agency theory. The annual number of board meetings is inversely related to firm value. This result is driven by increases in board activity following share price declines. I further find that operating performance improves following years of abnormal board activity. These improvements are most pronounce...
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作者：Anderson, CW
作者单位：University of Missouri System; University of Missouri Columbia
摘要：Economic volatility, high transaction costs, and fragile institutions hinder financial contracting in emerging markets. These conditions characterize the economy of Brazil, yet a nascent corporate bond marker thrives. I analyze 50 Brazilian indenture agreements and find that sample debentures are characterized by (i) features that mitigate inflation risk for investors, (ii) contingent-maturity mechanisms that provide periodic opportunities for exit or renegotiation, (iii) a paucity of covenant...
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作者：Parrino, R; Weisbach, MS
作者单位：University of Texas System; University of Texas Austin; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We examine the importance of stockholder-bondholder conflicts in capital-structure choice. Numerical techniques are used to compute the expected wealth transfer between stockholders and bondholders when a firm adopts a new project. We characterize the set of positive NPV projects that stockholders prefer to ignore and the set of negative NPV projects that stockholders want to accept. The results illustrate how these distortions vary with firm and project characteristics. We also estimate the i...
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作者：Krishnaswami, S; Spindt, PA; Subramaniam, V
作者单位：Tulane University; University of Louisiana System; University of New Orleans
摘要：We empirically examine the impact of flotation costs, agency conflicts, regulation, and information asymmetries on a firm's mix between public and private debt. Results indicate that firms with larger issue sizes exploit the scale economies in flotation costs of public debt. Firms with higher contracting costs due to moral hazard have higher proportions of private debt. There is only limited support for the adverse selection hypothesis. We find little evidence that firms with favorable private...
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作者：Becker, C; Ferson, W; Myers, DH; Schill, MJ
作者单位：University of Washington; University of Washington Seattle; National Bureau of Economic Research; University of California System; University of California Riverside
摘要：This paper tests models of mutual fund market timing that allow the manager's payoff function to depend on returns in excess of a benchmark, and distinguish timing based on publicly available information from timing based on finer information. We simultaneously estimate parameters which describe the public information environment, the manager's risk aversion, and the precision of the fund's market-timing signal. Using a sample of more than 400 U.S. mutual funds for 1976-94, our findings sugges...
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作者：Kole, SR; Lehn, KM
作者单位：University of Rochester; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Deregulation provides a natural experiment for examining how governance adapts to structural changes in the business environment. We investigate the evolution of governance structure, characterized by ownership concentration, compensation policy, and board composition, in the U.S. airline industry during a 22-year period surrounding the Airline Deregulation Act of 1978. Consistent with theory, we find that after deregulation (i) equity ownership is more concentrated, (ii) CEO pay increases, (i...
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作者：Miller, DP
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; Texas A&M University System; Texas A&M University College Station
摘要：This paper examines the stock price impact of international dual listings. The sample consists of 181 firms from 35 countries that instituted their first Depositary Receipt program over the period 1985-1995. The market reaction to a Depositary Receipt program is larger in magnitude and more pervasive than previously reported. The stock price reaction is related to choice of exchange, geographical location (i.e., emerging or developed markets), and avenues for raising equity capital (i.e., publ...
