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作者：Benveniste, LM; Busaba, WY; Wilhelm, WJ
作者单位：Boston College; University of Minnesota System; University of Minnesota Twin Cities; University of Arizona
摘要：Underwriters have an incentive to overstate investor interest in order to persuade some investors to purchase shares at a price in excess of their initial estimate of the fair value. We show that this incentive is eliminated when the underwriter commits to secondary market price stabilization. Destroying the underwriter's incentive to overstate interest reduces the total surplus captured by initial investors in initial public offerings. Further efficiency gains are associated with penalty bid ...
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作者：Barber, BM; Lyon, JD
摘要：This research evaluates methods used in event studies that employ accounting-based measures of operating performance. We examine the choice of an accounting-based performance measure, a statistical test, and a model of expected operating performance. We document the impact of these choices on the test statistics designed to detect abnormal operating performance. We find that commonly used research designs yield test statistics that are misspecified in cases where sample firms have performed ei...
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作者：Puri, M
摘要：When commercial banks make loans to firms and also underwrite securities, does this hamper or enhance their role as certifiers of firm value? This paper examines empirically the pricing of bank-underwritten securities as compared to investment-house-underwritten securities over a unique period in the U.S. (pre-Glass-Steagall) when both banks and investment houses were allowed to underwrite securities. The evidence shows that investors were willing to pay higher prices for securities underwritt...
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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：Berger, PG; Ofek, E; Swary, I
作者单位：New York University; University of Pennsylvania; Tel Aviv University
摘要：We investigate whether investors price the option to abandon a firm at its exit value. Theory prices this real option as an American put with both a stochastic strike price (exit value) and a stochastic value of the underlying security (the value of cash flows). The empirical implications are that firm value increases in exit value, after controlling for expected going-concern cash flows, and that more generalizable assets produce more abandonment option value. Using discounted earnings foreca...
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作者：Godek, PE
摘要：Recent studies argue that implicit collusion explains the tendency of Nasdaq market makers to avoid odd-eighth price quotes. This paper focuses on the role that preference trading plays in determining quoted spreads, Under the postulated effects of preference trading, an analysis of the relation between spreads and price fractions explains the paucity of odd-eighth quotes on Nasdaq. Empirical results from a comprehensive data set show that exogenous economic characteristics explain the distrib...
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作者：DeAngelo, H; DeAngelo, L; Skinner, DJ
作者单位：University of Michigan System; University of Michigan
摘要：We study the signaling content of managers' dividend decisions for 145 NYSE firms whose annual earnings decline after nine or more consecutive years of growth. Using a variety of model specifications and definitions of favorable dividend signals, we find virtually no support for the notion that dividend decisions help identify firms with superior future earnings. Dividends tend not to be reliable signals because (i) a behavioral bias (overoptimism) leads managers to overestimate future earning...
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作者：Strickland, D; Wiles, KW; Zenner, M
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：From 1986 to 1993, the United Shareholders Association (USA) provided a conduit through which small shareholders could unite and attempt to influence the governance of large US corporations. We show that the USA targeted large firms that underperformed the market, that its influence increased from 1990 to 1993, and that USA-sponsored proposals were more successful when the target firm was a poor performer with high institutional ownership. The announcement of 53 USA-negotiated agreements is as...
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作者：Holthausen, RW; Larcker, DF
摘要：We examine the accounting and market performance of reverse leveraged buyouts (i.e., firms making their first public offering after previously completing a leveraged buyout). On average, the accounting performance of these firms is significantly better than their industries at the time of the initial public offering(IPO) and for at least the following four years, though there is some evidence of a decline in performance. Cross-sectional variation in accounting performance subsequent to the IPO...
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作者：Bessembinder, H; Chan, K; Seguin, PJ
作者单位：University of Michigan System; University of Michigan
摘要：We investigate the relations between trading volumes and our proxies for information flows and divergences in opinions. We view S&P 500 Index futures' open interest as a useful proxy for divergences of traders' opinions, and find that volumes are higher on days when open interest increases than on days with declines. Volume in individual equities is more closely related to firm-specific information flows, while equity basket volume is more closely associated with market information. This diffe...
