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作者：DEWENTER, KL
摘要：This paper examines shareholder wealth gains from domestic and foreign takeover announcements in the U.S. chemical and retail industries. Contrary to results in several recent papers, these data indicate there is no significant difference in within industry mean takeover premia levels. There is evidence, though, that the sensitivity of takeover premia levels to standard transaction characteristics does differ across buyers: Foreign investors do pay more than domestic investors in hostile trans...
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作者：CHATTERJEE, S; DHILLON, US; RAMIREZ, GG
作者单位：State University of New York (SUNY) System; Binghamton University, SUNY; Fordham University
摘要：This paper examines a recent sample of public workouts for distressed high-yield debt. The nature of holdouts and the effectiveness of coercive tactics in alleviating the holdout problem is analyzed. Tender offers are in relatively less financial distress, exhibit more severe holdouts, and are more coercive than exchange offers. Tender offers also have higher completion rates and fewer Chapter 11 filings. Security prices react positively to announcements of tender offers, negatively to exchang...
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作者：KANG, JK; SHIVDASANI, A
作者单位：Michigan State University; Michigan State University's Broad College of Business; University of Rhode Island
摘要：We examine the role of corporate governance mechanisms during top executive turnover in Japanese corporations. Consistent with evidence from U.S. data, the likelihood of nonroutine turnover is significantly related to industry-adjusted return on assets, excess stock returns, and negative operating income, but is not related to industry performance. The sensitivity of nonroutine turnover to earnings performance is higher for firms with ties to a main bank than for firms without such ties. Outsi...
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作者：DUFFEE, GR
摘要：It has been previously documented that individual firms' stock return volatility rises after stock prices fall. This paper finds that this statistical relation is largely due to a positive contemporaneous relation between firm stock returns and firm stock return volatility. This positive relation is strongest for both small firms and firms with little financial leverage. At the aggregate level, the sign of this contemporaneous relation is reversed. The reasons for the difference between the ag...
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作者：BAILEY, W; JAGTIANI, J
作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We study the effects of barriers to capital flows using data from the Stock Exchange of Thailand, which segments local and foreign trading of securities that have reached foreign ownership limits. Cross-sectional differences between local and foreign prices are correlated with proxies for the severity of foreign ownership limits, liquidity, and information availability. Time-series variability in the spread between local and foreign returns is consistent with differences in risk exposures and ...
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作者：SCHULTZ, PH; ZAMAN, MA
作者单位：University of Northern Iowa
摘要：We study the aftermarket for 72 initial public offerings (IPOs) using comprehensive trade and quote-change data from every market maker for the first three days of trading. Underwriters quote higher bid prices than other market makers for issues that commence trading at or below the offer price. Underwriters repurchase large quantities of stock in the aftermarket without risk by overselling the issue by the amount of the overallotment option. If the IPO is hot, the overallotment option is exer...
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作者：BLANCHARD, OJ; LOPEZDESILANES, F; SHLEIFER, A
作者单位：Harvard University; Massachusetts Institute of Technology (MIT)
摘要：Suppose that a firm receives a cash windfall which does not change its investment opportunity set or, equivalently, its marginal Tobin's Q. What will this firm do with the money? We provide empirical answers to this question using a sample of eleven firms with such windfalls in the form of a won or settled lawsuit. We examine a variety of decisions of the firm to shed light on alternative theories of corporate financing and investment. Our evidence is broadly inconsistent with the perfect capi...
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作者：BOYCKO, M; SHLEIFER, A; VISHNY, RW
作者单位：Harvard University; University of Chicago
摘要：Several Eastern European countries have initiated mass privatization programs to transfer state-owned assets to the general population. We show that the decision to pursue mass privatization and even the specific design of the programs are largely dictated by politics. Nonetheless, politically feasible programs can also be made attractive from an economic standpoint in terms of maximizing value, fostering free and efficient markets, and promoting corporate governance. In general, the design of...
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作者：KAPLAN, SN
摘要：This paper updates Kaplan (1989) by comparing Federated Department Stores' value before its purchase by Campeau Corporation to its post-bankruptcy value. The post-bankruptcy value includes all direct and indirect costs of bankruptcy and financial distress. Federated's assets increased in value by $3.1 billion in 1992 dollars (or $1.6 billion in 1987 dollars). This increase is only slightly below that in Kaplan (1989), suggesting that net bankruptcy costs were modest, and, possibly, nonexistent...
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作者：LERNER, J
作者单位：Harvard University
摘要：This paper examines the timing of initial public offerings and private financings by venture capitalists. Using a sample of 350 privately held venture-backed biotechnology firms between 1978 and 1992, 1 show that these companies go public when equity valuations are high and employ private financings when values are lower. Seasoned venture capitalists appear to be particularly proficient at taking companies public near market peaks. The results are robust to a variety of controls and alternativ...
