Journal of Financial Economics

最新文章

• THE STAYING POWER OF LEVERAGED BUYOUTS AI翻译
  作者：KAPLAN, SN
  作者单位：National Bureau of Economic Research
• A TEST OF THE FREE CASH FLOW HYPOTHESIS - THE CASE OF BIDDER RETURNS AI翻译
  作者：LANG, LHP; STULZ, RM; WALKLING, RA
  作者单位：University System of Ohio; Ohio State University
• DEREGULATION, CONTESTABILITY, AND AIRLINE ACQUISITIONS AI翻译
  作者：SLOVIN, MB; SUSHKA, ME; HUDSON, CD
  作者单位：Arizona State University; Arizona State University-Tempe; Auburn University System; Auburn University
  摘要：We test whether airline consolidations generate monopoly profits by examining returns to listed carriers around horizontal airline-acquisition bids and evaluating effects of industry concentration on share-price reactions. Under Civil Aeronautics Board (CAB) regulation, returns to targets, bidders, and rival carriers are positive functions of changes in concentration implied by bids. Changes in concentration after deregulation have no positive effect on carrier returns. These results support J...
• A CASE-STUDY IN THE DESIGN OF AN OPTIMAL PRODUCTION SHARING RULE FOR A PETROLEUM-EXPLORATION VENTURE AI翻译
  作者：HAMPSON, P; PARSONS, J; BLITZER, C
  作者单位：City University of New York (CUNY) System; Baruch College (CUNY); The World Bank
  摘要：To improve on the design of the production-sharing rule in a contract for exploration and development negotiated between a state-owned oil resources authority and a U.S. oil company, we use the Grossman and Hart (1983) principal-agent model. In the original contract, the company was granted a share of production as an incentive to maximize the net return to the authority. The optimal sharing rule we develop increases the expected return to the authority by 6% by improving the company's incenti...
• PROXY VOTING AND THE SEC - INVESTOR PROTECTION VERSUS MARKET-EFFICIENCY AI翻译
  作者：POUND, J
• MONITORING AN OWNER - THE CASE OF TURNER BROADCASTING AI翻译
  作者：HOLDERNESS, CG; SHEEHAN, DP
  作者单位：University of Chicago; Purdue University System; Purdue University
  摘要：Turner Broadcasting illustrates how organizational mechanisms can be adapted to prevent a majority owner from imposing costs on minority shareholders through inept management or opportunistic behavior. These mechanisms involve issuing preferred stock with unusual features, concentrating its ownership among a small group of investors, allowing the new preferred shareholders to elect several directors, and requiring supramajority approval of major management decisions by a reconstituted board of...
• UNDERWRITTEN CALLS OF CONVERTIBLE BONDS AI翻译
  作者：SINGH, AK; COWAN, AR; NAYAR, N
  作者单位：University of Oklahoma System; University of Oklahoma - Norman
• COMPONENTS OF SHORT-HORIZON INDIVIDUAL SECURITY RETURNS AI翻译
  作者：CONRAD, J; KAUL, G; NIMALENDRAN, M
  作者单位：University of Michigan System; University of Michigan; State University System of Florida; University of Florida
• THE PRICING OF EQUITY OFFERINGS AI翻译
  作者：LODERER, CF; SHEEHAN, DP; KADLEC, GB
  作者单位：Purdue University System; Purdue University; University of Chicago
• THE ROLE OF BANKS IN REDUCING THE COSTS OF FINANCIAL DISTRESS IN JAPAN AI翻译
  作者：HOSHI, T; KASHYAP, A; SCHARFSTEIN, D
  作者单位：Federal Reserve System - USA; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research