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作者：Puri, M
作者单位：Stanford University
摘要：Commercial bank entry into securities underwriting can affect underwriter behavior because, unlike investment houses, banks also lend to firms. This raises several issues. Are banks better certifiers of firms' securities than investment houses? If banks hold equity in firms rather than debt, does this make certification more credible? Would one type of underwriter drive out the other? This paper provides a model for analyzing such issues, and derives several interesting results. First? banks, ...
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作者：Opler, T; Pinkowitz, L; Stulz, R; Williamson, R
作者单位：University System of Ohio; Ohio State University; Georgetown University
摘要：We examine the determinants and implications of holdings of cash and marketable securities by publicly traded U.S. firms in the 1971-1994 period. In time-series and cross-section tests, we find evidence supportive of a static tradeoff model of cash holdings. In particular, firms with strong growth opportunities and riskier cash flows hold relatively high ratios of cash to total non-cash assets. Firms that have the greatest access to the capital markets, such as large firms and those with high ...
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作者：Balduzzi, P; Lynch, AW
作者单位：New York University; Boston College
摘要：We examine the loss in utility for a consumer who ignores any or all of the following: (1) the multi-period nature of the consumer's portfolio-choice problem, (2) the empirically documented predictability of asset returns, or (3) transaction costs. Both the costs of behaving myopically and ignoring predictability can be substantial, although allowing for intermediate consumption reduces these costs. Ignoring realistic transaction costs fixed and proportional) imposes significant utility costs ...
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作者：Shyam-Sunder, L; Myers, SC
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper tests traditional capital structure models against the alternative of a pecking order model of corporate financing. The basic pecking order model, which predicts external debt financing driven by the internal financial deficit, has much greater time-series explanatory power than a static tradeoff model, which predicts that each firm adjusts gradually toward an optimal debt ratio. We show that our tests have the power to reject the pecking order against alternative tradeoff hypothese...
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作者：Himmelberg, CP; Hubbard, RG; Palia, D
作者单位：Columbia University; National Bureau of Economic Research
摘要：Both managerial ownership and performance are endogenously determined by exogenous land only partly observed) changes in the firm's contracting environment. We extend the cross-sectional results of Demsetz and Lehn (1985) (Journal of Political Economy, 93, 1155-1177) and use panel data to show that managerial ownership is explained by key variables in the contracting environment in ways consistent with the predictions of principal-agent models. A large fraction of the cross-sectional variation...
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作者：Schwert, G
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作者：Kan, R; Zhang, C
作者单位：University of Alberta; Hong Kong University of Science & Technology; University of Toronto
摘要：This paper studies generalized method of moments tests for the stochastic discount factor representation of asset pricing models when one of the proposed factors is in fact useless, defined as being independent of the asset returns. Analytic results on asymptotic distributions and simulation results on finite sample distributions both show that(i) the Wald test tends to overreject the hypothesis of a zero factor premium for a useless factor when the model is misspecified, (ii) with the presenc...
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作者：Logue, DE; Tiniç, SM
作者单位：Dartmouth College
摘要：We use a previously unexploited data base, specifically debt offerings by AT&T and its subsidiaries in the period 1970-1974, to examine the relative costliness of competitive and negotiated offerings. A sample based on the experience of a single issuer allows us to minimize the influence of agency considerations and differential riskiness of the issuers. We find no systematic ex post cost difference, and we also find that negotiation was chosen during comparatively unsettled times. (C) 1999 El...
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作者：Choe, H; Kho, BC; Stulz, RM
作者单位：University System of Ohio; Ohio State University; Seoul National University (SNU); National Bureau of Economic Research
摘要：This paper examines the impact of foreign investors on stock returns in Korea from November 30, 1996 to the end of 1997 using order and trade data. We find strong evidence of positive feedback trading and herding by foreign investors before the period of Korea's economic crisis. During the crisis period, herding falls, and positive feedback trading by foreign investors mostly disappears. We find no evidence that trades by foreign investors had a destabilizing effect on Korea's stock market ove...
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作者：Vijh, AM
作者单位：University of Iowa
摘要：Using a sample of 628 carveouts during 1981-1995, this paper finds that the newly issued subsidiary stocks do not underperform appropriate benchmarks over a three-year period following the carveout. This result is in striking contrast with the documented poor performance of initial public offerings and seasoned equity offerings. I conjecture that the superior performance of subsidiary stocks arises because the subsidiary and parent firms can focus on fewer business segments after carveout, and...
