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作者：LYS, T; VINCENT, L
作者单位：University of Chicago
摘要：AT&T's $7,5 billion acquisition of NCR decreased the wealth of AT&T shareholders by between $3.9 billion and $6.5 billion and resulted in negative synergies of $1.3 to $3.0 billion, We find that AT&T paid a documented $50 million and possibly as much as $500 million to satisfy pooling accounting, thus boosting EPS by roughly 17% but leaving cash flows unchanged, We conclude that AT&T's decision to acquire NCR in what the market perceived as a value-destroying transaction was related at least i...
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作者：ALDERSON, MJ; BETKER, BL
作者单位：University System of Ohio; Ohio State University; Saint Louis University
摘要：We investigate the relation between liquidation costs of assets and composition of capital structure for firms that reorganized under Chapter 11 of the Bankruptcy Code. Firms with high liquidation costs emerge from Chapter 11 with relatively low debt ratios. The debt of these firms is more likely to be public and unsecured, and to have less restrictive covenant terms; these firms are also more likely to raise new equity capital. Assets with high liquidation costs thus lead firms to choose capi...
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作者：PONTIFF, J
摘要：This paper examines the relation between closed-end fund premia and returns. Additional evidence is provided on Thompson's (1978) finding that fund premia are negatively correlated with future returns. Funds with 20% discounts have expected twelve-month returns that are 6% greater than nondiscounted funds. This correlation is attributed to premium mean-reversion, not to anticipated future portfolio performance. Economically motivated explanations do not account for this effect.
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作者：COMMENT, R; JARRELL, GA
摘要：Greater corporate focus is consistent with shareholder wealth maximization. Diseconomies of scope in the 1980s are confirmed by a trend towards focus or specialization, a positive relation between stock returns and focus increases, and the failure of diversified firms to exploit financial economies of scope (coinsurance of debt or reliance on internal capital markets). Large focused firms were less likely to be subject to hostile takeover attempts than were other firms, but diversified firms w...
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作者：HENTSCHEL, L
摘要：This paper develops a parametric family of models of generalized autoregressive heteroskedasticity (GARCH). The family nests the most popular symmetric and asymmetric GARCH models, thereby highlighting the relation between the models and their treatment of asymmetry. Furthermore, the structure permits nested tests of different types of asymmetry and functional forms. Daily U.S. stock return data reject all standard GARCH models in favor of a model in which, roughly speaking, the conditional st...
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作者：BRENNAN, MJ; SUBRAHMANYAM, A
作者单位：University of California System; University of California Los Angeles; University of London; London Business School; Columbia University
摘要：This paper investigates the relation between the number of analysts following a security and the estimated adverse selection cost of transacting in the security, controlling for the effects of previously identified determinants of liquidity. Using intraday data for the year 1988, we find that greater analyst following tends to reduce: adverse selection costs based on the Kyle (1985) notion of market depth. This result is consistent with the analysis of Admati and Pfleiderer (1988). Estimates o...
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作者：CRAIG, A; DRAVID, A; RICHARDSON, M
作者单位：University of Pennsylvania; New York University
摘要：This paper examines whether information across international markets is rationally incorporated into stock prices, We find that Japanese Nikkei index-based futures traded in the U,S. provide complete information about contemporaneous overnight Japanese returns. Moreover, existing cross-dependence between the U.S, and Japanese stock index returns is subsumed by the information content of the derivative securities. Our findings cast doubt on trading models based on irrational traders who either ...
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作者：HUBBARD, RG; PALIA, D
摘要：This paper examines CEO pay in the banking industry and the effect of deregulating the market for corporate control. Using panel data on 147 banks over the 1980s, we find higher levels of pay in competitive corporate control markets, i.e., those in which interstate banking is permitted. We also find a stronger pay-performance relation in deregulated interstate banking markets. Finally, CEO turnover increases substantially after deregulation. These results provide evidence of a managerial talen...
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作者：YERMACK, D
摘要：This paper analyzes stock option awards to CEOs of 792 U.S. public corporations between 1984 and 1991. Using a Black-Scholes approach, I test whether stock options' performance incentives have significant associations with explanatory variables related to agency cost reduction. Further tests examine whether the mix of compensation between stock options and cash pay can be explained by corporate liquidity, tax status, or earnings management. Results indicate that few agency or financial contrac...
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作者：LODERER, C; JACOBS, A
摘要：On November 17, 1988, the board of directors of Nestle AG decided to allow foreign investors to hold Nestle registered stock, reversing a longstanding practice. This decision had a tremendous impact on the prices of the firm's three classes of common stock, as well as on the prices of several other corporations traded on the Zurich stock exchange. These price changes can be explained by the hypothesis that demand curves slope down.
