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作者：BRICKLEY, JA; COLES, JL; TERRY, RL
作者单位：Utah System of Higher Education; University of Utah; University of Rochester; Arizona State University; Arizona State University-Tempe; Oklahoma State University System; Oklahoma State University - Stillwater
摘要：We find that the average stock-market reaction to announcements of poison pills is positive when the board has a majority of outside directors and negative when it does not. The probability that a subsequent control contest is associated with an auction is also positively related to the fraction of outsiders on the board. These results are largely driven by directors who are retired executives from other companies. The evidence suggests that outside directors serve the interests of shareholders.
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作者：DEANGELO, H; DEANGELO, L; GILSON, SC
作者单位：Harvard University
摘要：In April 1991, regulators seized the major subsidiaries of First Executive Corporation (FE), an insurer that invested heavily in junk bonds. During the junk bond market turmoil of 1989-1990, adverse publicity fueled a bank run at FE, forcing a $4 billion portfolio liquidation before the market rose 50-60% in 1991-1992. More traditional insurers did not receive commensurate press coverage, despite their substantial exposure to real estate declines, which were roughly 2.5 times the junk bond dec...
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作者：KAPLAN, SN; MINTON, BA
作者单位：University System of Ohio; Ohio State University
摘要：This paper investigates the determinants of appointments of outsiders - directors previously employed by banks (bank directors) or by other nonfinancial firms (corporate directors) - to the boards of large nonfinancial Japanese corporations. Such appointments increase with poor stock performance; those of bank directors also increase with earnings losses. Turnover of incumbent top executives increases substantially in the year of both types of outside appointments. We perform a similar analysi...
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作者：COTTER, JF; ZENNER, M
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Iowa
摘要：We present empirical evidence on the relation between changes in managerial wealth and tender offer characteristics. Changes in managerial wealth resulting from a tender offer are negatively related to the likelihood of managerial resistance to a tender offer and positively related to the likelihood of tender offer success. We also document that the abnormal returns to tender offers are lower for hostile than for friendly offers if we control for the tender offer premium. Finally, we find that...
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作者：FERSON, WE; FOERSTER, SR
作者单位：Western University (University of Western Ontario)
摘要：We develop evidence on the finite sample properties of the Generalized Method of Moments (GMM) in an asset pricing context. The models imply nonlinear, cross-equation restrictions on predictive regressions for security returns. We find that a two-stage GMM approach produces goodness-of-fit statistics that reject the restrictions too often. An iterated GMM approach has superior finite sample properties. The coefficient estimates are approximately unbiased in simpler models, but their asymptotic...
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作者：FRANKS, JR; TOROUS, WN
作者单位：University of California System; University of California Los Angeles
摘要：We investigate the financial recontracting of firms completing distressed exchanges and those reorganizing under Chapter 11. We find that recovery rates for creditors, on average, are higher in distressed exchanges than in Chapter 11 reorganizations, as are equity deviations from absolute priority. The difference in deviations potentially provides valuable information on the higher costs of formal reorganization. Also, cash is used more extensively to redeem creditors' claims in Chapter 11 tha...
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作者：AMIN, KI; MORTON, AJ
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：We test six term structure models in the Heath, Jarrow, and Morton (1992) class using Eurodollar futures and options data from 1987-1992. We study the time series of implied interest rate volatilities from these models. Using one-day lagged implied volatilities, our one- and two-parameter models simultaneously price an average of 18.5 options each day with an average absolute error of one-and-a-half to two basis points. Although the models fit well, we document systematic strike-price and time...
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作者：JONES, CM; KAUL, G; LIPSON, ML
作者单位：University of Michigan System; University of Michigan
摘要：We examine the effects of trading and information flows on the short-run behavior of stock prices by comparing the behavior of stock return volatility during trading and nontrading periods. We define nontrading periods as periods when exchanges and businesses are open but traders endogenously choose not to trade. After correcting for the bid/ask bounce and stickiness in quotes, we find that a large proportion of daily stock return volatility occurs without trades, especially for large firms. F...
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作者：FENN, GW; COLE, RA
摘要：We investigate contagion effects in the stock returns of life insurance companies at the time of announcements by First Executive and Travelers of significant problems in their investment portfolios. We first demonstrate that investments in junk bonds or commercial mortgages are important for the shareholder wealth effects of other life insurance companies. We then directly link the shareholder wealth effects to characteristics of firms' customers. Our evidence shows that effects on shareholde...
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作者：WRUCK, KH
摘要：This paper examines the role of financial policy as a catalyst for organizational change. The subject is Sealed Air Corporation, a company with substantial free cash flow that undertakes a leveraged special dividend. While the stock price response to announcement is typical, Sealed Air exhibits dramatic, sustained, post-dividend performance improvement. Evidence indicates this performance results from managers' conscious and successful use of financial leverage as a tool to disrupt the status ...
