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作者：Chan, SH; Kensinger, JW; Keown, AJ; Martin, JD
作者单位：University of Hong Kong; University of North Texas System; University of North Texas Denton; Virginia Polytechnic Institute & State University; University of Texas System; University of Texas Austin
摘要：We investigate share price responses to the formation of 345 strategic alliances spanning 1983-1992. The average stock price response is positive, with no evidence of wealth transfers. This is true for horizontal alliances (involving partner firms in industries with the same three-digit SIC codes) as well as non-horizontal alliances. For horizontal alliances, more value accrues when the alliance involves the transfer or pooling of technical knowledge than with nontechnical alliances. Finally, ...
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作者：Barclay, MJ
摘要：This paper examines 472 securities that were listed on Nasdaq and moved to the NYSE or Amex. When Nasdaq market makers avoid odd-eighth quotes, bid-ask spreads are large and decline dramatically with exchange listing. When market makers use both odd and even eighths, spreads are smaller and decline only slightly with exchange listing. The large spreads observed when Nasdaq market makers avoid odd-eighths cannot be explained by security-specific characteristics. Instead, the results support the...
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作者：Esty, BC
摘要：I hypothesize that risk taking is greater in stock thrifts than in mutual thrifts because the residual and fixed claims are separable. I find that stock thrifts exhibit greater profit variability during the 1982-88 period and that conversions from mutual to stock ownership are associated with increased investment in risky assets and increased profit variability. These findings illustrate the relation between the structure of residual claims, incentives, and firm performance as well as the unin...
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作者：Bekaert, G; Harvey, CR
作者单位：Duke University; Stanford University; National Bureau of Economic Research
摘要：Understanding volatility in emerging capital markets is important for determining the cost of capital and for evaluating direct investment and asset allocation decisions. We provide an approach that allows the relative importance of world and local information to change through time in both the expected returns and conditional variance processes. Our time-series and cross-sectional models analyze the reasons that volatility is different across emerging markets, particularly with respect to the...
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作者：Keim, DB; Madhavan, A
作者单位：University of Pennsylvania; University of Southern California
摘要：This paper examines the magnitude and determinants of transactions costs for a sample of institutional traders with different investment styles. Using order-level data for recent equity transactions totaling $83 billion, we find that trading costs are economically significant and increase with trade difficulty. In addition, costs vary with trader-specific factors such as investment style and order submission strategy, as well as stock-specific factors such as exchange listing. We find evidence...
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作者：Mikkelson, WH; Partch, MM
摘要：We compare top management turnover in unacquired U.S. industrial companies during an active takeover market (1984-1988) and a less active takeover market (1989-1993). For firms in the lowest quartile of performance (measured by operating income scaled by assets), 33% experience complete turnover of the president, CEO, and board chair during the active takeover period and only 17% experience complete turnover during the less active period. Controlling for various determinants of management turn...
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作者：Bakshi, GS; Chen, ZW
作者单位：University System of Ohio; Ohio State University; University System of Maryland; University of Maryland College Park
摘要：This paper studies contingent claim valuation in a Lucas-type exchange economy. The derived fundamental valuation equation differs from its Cox-Ingersoll-Ross production-economy counterpart in that it is expressed in terms of the direct utility function and an exogenous output process, thus offering superior tractability. We apply our approach to derive closed-form solutions for bond, bond option, individual stock, and stock option prices, under a more general setting than allowable in the Cox...
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作者：Bessembinder, H; Kaufman, HM
作者单位：Arizona State University; Arizona State University-Tempe
摘要：We examine execution costs for trades in NYSE issues completed on the NYSE, the NASD dealer market, and the regional stock exchanges during 1994. We find that effective bid-ask spreads are only slightly smaller at the NYSE. However, realized bid-ask spreads, which measure market-making revenue net of losses to better-informed traders but gross of inventory or order-processing costs, are lower on the NYSE by a factor of two to three. This differential is attributable to the successful 'cream sk...
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作者：Damodaran, A; John, K; Liu, CH
作者单位：New York University
摘要：We study changes in the real estate industry among organizational forms with varying degrees of restrictiveness and document the associated changes in profitability, free cash flow, debt, dividends, and investment policies. All troubled firms in our sample move to a more flexibile organizational structure, with subsequent reductions in dividends, improvements in performance, and increases in asset sales and investments. Healthy firms that move to a tighter structure have larger free cash flows...
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作者：Loderer, C; Martin, K
作者单位：New Mexico State University
摘要：We examine the relation between managers' financial interests and firm performance. Since the relation could go in either direction, we cast the analysis in a simultaneous equations framework. For firms involved in acquisitions, we find that acquisition performance and Tobin's Q ratios affect the size of managers stockholdings. We find no evidence, however, that larger stockholdings lead to better performance. Perhaps management is effectively disciplined by competition in product and labor ma...
