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作者：Franks, J; Mayer, C
作者单位：University of Oxford
摘要：This paper examines the disciplining function of hostile takeovers in the U.K. in 1985 and 1986. We report evidence of high board turnover and significant levels of post-takeover restructuring. Large gains are anticipated in hostile bids as reflected in high bid premiums. However, there is little evidence of poor performance prior to bids, suggesting that the high board turnover does not derive from past managerial failure. Hostile takeovers do not therefore perform a disciplining function. In...
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作者：Jensen, MC; Long, JB; Mikkelson, WH; Ruback, RS; Schwert, GW; Smith, CW; Warner, JB
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作者：Sundaram, AK; John, TA; John, K
作者单位：New York University
摘要：We operalionalize a firm's competitive strategy through a new empirical measure, and develop a framework for empirical analysis of the market value of strategic behavior. Using this framework, we study announcement effects of R&D spending. The announcing firm's stock prices are positively influenced by a change in spending, and negatively by our competitive strategy measure (CSM). Competitors' stock prices are positively influenced by the interaction between the market's reaction to the announ...
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作者：Jensen, MC; Long, JB; Mikkelson, WH; Ruback, RS; Schwert, GW; Smith, CW; Warner, JB
作者单位：University of Rochester; University of Oregon
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作者：Jensen, MC; Schwert, GW
作者单位：University of Rochester
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作者：Jung, KY; Kim, YC; Stulz, RM
作者单位：University System of Ohio; Ohio State University; Texas Christian University; Clemson University; National Bureau of Economic Research
摘要：This paper investigates the ability of the pecking-order model, the agency model, and the timing model to explain arms' decisions whether to issue debt or equity, the stock price reaction to their decisions, and their actions afterward. We find strong support for the agency model. Firms often depart from the pecking order because of agency considerations. We fail to find support for the timing model.
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作者：Brennan, MJ; Subrahmanyam, A
作者单位：University of London; London School Economics & Political Science
摘要：Models of price formation in securities markets suggest that privately informed investors create significant illiquidity costs for uninformed investors, implying that the required rates of return should be higher for securities that are relatively illiquid. We investigate the empirical relation between monthly stock returns and measures of illiquity obtained from intraday data. We find a significant relation between required rates of return and these measures after adjusting for the Fama and F...
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作者：Kang, JK; Lee, YW
作者单位：University of Rhode Island; University of California System; University of California Riverside
摘要：We present the first empirical evidence on the pricing of convertible debt offerings. Using a sample of 91 convertible debt offerings from the period 1988-1992, we show a significant mean initial excess return of 1.11%. Our underpricing result is invariant to zero/nonzero coupons, maturity, issue size, or bond ratings. Further analysis reveals that various types of risk inherent in the new convertible issues are useful in explaining the cross-sectional variation in the initial excess returns. ...
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作者：Tashjian, E; Lease, RC; McConnell, JJ
作者单位：Purdue University System; Purdue University
摘要：We provide comprehensive data on the attributes and outcomes of the restructuring process for a sample of 49 financially distressed firms that restructured by means of a prepackaged bankruptcy. Our findings complement previous research on out-of-court restructurings and traditional Chapter 11 filings. By most measures, including the time spent in reorganization, the direct fees as a percent of pre-distress assets, the recovery rates by creditors, and the incidence of violations of absolute pri...
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作者：Grenadier, SR
摘要：Despite empirical evidence pointing to a strong similarity between lease contracts and junk bonds, the theoretical modeling of equilibrium lease determination has been confined primarily to default-free leases. This paper provides a unified framework for determining the equilibrium credit spread on leases subject to default risk. The model is flexible enough to he applied to a wide variety of rear-world leasing structures, including security deposits, required up-front prepayments, embedded le...
