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作者：PETERSEN, MA; FIALKOWSKI, D
摘要：When trades are executed inside the posted bid-ask spread, the posted spread is no longer an accurate measure of transactions costs faced by investors. Using two samples of market orders, one based on orders submitted by retail brokers and one based on orders submitted electronically to the NYSE, we document a significant difference between the posted spread and the effective spread paid by investors. For most orders, the effective spread averages half the posted spread. In addition, when the ...
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作者：PETERSEN, MA
摘要：When financial markets are imperfect or financial distress is costly, firms may choose to reduce their risk by lowering financial or operating leverage. This paper examines the role of operating leverage in the firm's pension choice. Contributions to defined contribution plans are more flexible than contributions to defined benefit plans. Firms may therefore reduce their operating leverage by selecting a defined contribution plan. I find empirical support for this hypothesis which is robust to...
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作者：CHAN, LKC; LAKONISHOK, J
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper examines the price effect of institutional stock trading, using a unique data set that reports the transactions (large and small) of 37 large institutional money management firms. The direction of each trade and the identity of the management firm behind each trade are known. Although institutional trades are associated with some price pressure, we find that the average effect is small. There is also a marked asymmetry between the price impact of buys versus sells. We relate our fin...
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作者：KANG, JK
作者单位：University System of Ohio; Ohio State University
摘要：Japanese mergers and acquisitions in the U.S. create statistically significant wealth gains for both Japanese bidders and U.S. targets. Consistent with the literature on foreign direct investment and the market for corporate control, bidder-specific characteristics and exchange-rate movements are useful in explaining the cross-sectional variation in bidder returns: returns to Japanese bidders and to the portfolio of Japanese bidders and U.S. targets increase with the bidder's leverage, the bid...
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作者：BROUS, PA; KINI, O
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We examine analysts' earnings forecasts for a sample of takeover targets and document that the announcement-month forecasts are systematically revised upward, supporting the hypothesis that a takeover announcement conveys favorable information about the target firm. In addition, we find that abnormal forecast revisions of future stand-alone earnings are significantly greater for targets with low Tobin's q-ratios relative to targets with high q-ratios, lending further support to the information...
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作者：YOUNG, PJ; MILLAR, JA; GLEZEN, GW
作者单位：University of Arkansas System; University of Arkansas Fayetteville; Missouri State University
摘要：In an investigation of possible relationships between shareholder voting turnout, trading volume after the record date, and the intervals between the record and meeting dates, we find that higher trading volume and more trading days between the record date and the receipt of proxy materials both reduce voting turnout. A longer interval between the receipt of proxy materials and the meeting increases turnout, as does greater solicitation expense. Our tests show that management mails proxies fur...
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作者：UMLAUF, SR
摘要：This paper studies the effects of transaction taxes on the behavior of Swedish equity returns during the 1980-1987 period. Sweden provides an excellent laboratory-style setting for such a study, as taxes were imposed for political purposes rather than to alter the behavior of the stock market. Volatility did not decline in response to the introduction of taxes although stock price levels and turnover did. Large proportions of trading activity migrated overseas to London when the tax rate was i...
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作者：VANNUYS, K
摘要：This paper analyzes a proxy solicitation and subsequent restructuring at Honeywell Inc. in 1989. The solicitation was financed and led by noninstitutional investors and co-sponsored by two public pension funds. The solicitation and restructuring both appear to increase firm value, though the effects of the restructuring are much larger. The voting records of Honeywell's 72 largest institutional shareholders reveal that banks and insurance companies are significantly more supportive of two mana...
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作者：JONES, SL
摘要：This paper reconciles the relative pricing controversy between DeBondt and Thaler (1985, 1987), Chan (1988), and Ball and Kothari (1989). The negative autocorrelation in long-horizon index returns, along with the selection criterion of the contrarian strategy, can explain the positive covariance between time-varying betas and risk premiums. However, test-period beta estimates reflect the reversal of earnings expectations associated with underlying factors. The controversy thus reduces to the d...
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作者：BARCLAY, MJ; HOLDERNESS, CG; PONTIFF, J
作者单位：Boston College; University of Washington; University of Washington Seattle
摘要：The greater the managerial stock ownership in closed-end funds, the larger are the discounts to net asset value. The average discount for funds with blockholders is 14%, whereas the average discount for funds without blockholders is only 4%. This relation is robust over time and to various model specifications that control for other factors that affect discounts. We argue that blockholders receive private benefits that do not accrue to other shareholders and that they veto open-ending proposal...
