-
作者：Gompers, PA
摘要：I develop and test the hypothesis that young venture capital firms take companies pubic earlier than older venture capital firms in order to establish a reputation and successfully raise capital for new funds. Evidence from a sample of 433 IPOs suggests that companies backed by young venture capital firms are younger and more underpriced at their IPO than those of established venture capital firms. Moreover, young venture capital firms have been on the board of directors a shorter period of ti...
-
作者：Jensen, MC; Long, JB; Mikkelson, WH; Ruback, RS; Schwert, GW; Smith, CW; Warner, JB
-
作者：Pilotte, E; Manuel, T
作者单位：University of Montana System; University of Montana
摘要：A substantial body of literature suggests that stock splits convey information. In this paper we extend this literature by examining firms that split their stock at least twice during 1970-1988. We focus on firms with multiple splits to provide evidence on the market's use of previous split experience in interpreting a recurring event. Our major findings are that stock price responses to both stock splits and post-split earnings changes depend on earnings realizations observed after previous s...
-
作者：Nyborg, KG; Sundaresan, S
作者单位：Columbia University; University of London; London Business School
摘要：We use when-issued transactions data to assess the Treasury's current experiment with uniform auctions. When-issued volume is higher under uniform as compared to discriminatory auctions, suggesting a higher information release, which should;reduce pre-auction uncertainty and the winner's curse. Under uniform auctions, when-issued volatility falls after the auction and again after the outcome announcement. The pattern is the opposite for discriminatory auctions. This is further evidence that un...
-
作者：Denis, DJ; Serrano, JM
作者单位：Stephen F Austin State University
摘要：We report that 34% of targets of unsuccessful control contents between 1983 and 1989 experience a change in top manager within two years following the contest. Management turnover is concentrated among poorly performing firms in which outside blockholders acquire an ownership stake. These blockholders appear to facilitate post-contest asset restructurings that increase the value of the target and improve operating performance. In the absence of an outsider blockholder, managers typically retai...
-
作者：Muscarella, CJ; Vetsuypens, MR
作者单位：Southern Methodist University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Stock splits should have no effect on firm value in perfect capital markets, yet stock prices increase on split announcements. The two traditional explanations are information signaling and improved liquidity for shares that trade at lower prices. We investigate these explanations by studying splits of American Depositary Receipts (ADRs) that are not associated with splits in their home-country stock, and which represent unique illustrations of the effect of liquidity. We interpret our finding...
-
作者：Helwege, J; Liang, N
作者单位：Federal Reserve System - USA
摘要：We test the pecking order model of capital structure by examining the financing of firms that went public in 1983, We estimate a legit to predict external financing, and a multinomial legit to predict the type of financing using data on the IPO firms' security offerings during 1984-1992. Our results indicate that the probability of obtaining external funds is unrelated to the shortfall in internally generated funds, although firms with cash surpluses avoid external financing. Firms that access...
-
作者：Peck, SW
摘要：In a sample of 111 MBO offers between 1984 and 1987, almost 30% attract new blockholders. These blockholders are primarily professional investors who act to facilitate a takeover by a higher bidder, thus increasing returns to both themselves and other public shareholders. In contrast, I find little evidence that pre-existing blockholders, particularly institutional holders, affect either the offer outcome or actively participate in the buyout contest once it begins. The overall pattern of resu...
-
作者：Dare, WH; MacDonald, SS
作者单位：Texas Tech University System; Texas Tech University; State University System of Florida; Florida Atlantic University
摘要：Most sports teams play as either the favorite or the underdog and either at home or away. The failure to recognize the symmetric and interdependent relations between these characteristics has led previous researchers to use potentially biased methods to test for rationality and efficiency in football betting markets and thus to reach inappropriate conclusions. We develop a more general specification, which also incorporates 'pick-em' games and games played on neutral sites, and find little or ...
-
作者：Karpoff, JM; Malatesta, PH; Walkling, RA
作者单位：University of Washington; University of Washington Seattle; University System of Ohio; Ohio State University
摘要：Shareholder-initiated proxy proposals on corporate governance issues became popular in the late 1980s as corporate takeover activity declined. We find firms attracting governance proposals have poor prior performance, as measured by the market-to-book ratio, operating return, and sales growth. There is little evidence that operating returns improve after proposals. The proposals also have negligible effects on company share values and top management turnover. Even proposals that receive a majo...
