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作者：Goel, Anand M.; Thakor, Anjan V.
作者单位：Washington University (WUSTL); DePaul University
摘要：We develop a theory which shows that merger waves can arise even when the shocks that precipitated the initial mergers in the wave are idiosyncratic. The analysis predicts that the earlier acquisitions produce higher bidder returns, involve smaller targets, and result in higher compensation gains for the acquirer's top management team than the later acquisitions in the wave. We find strong empirical support for these predictions. The model also generates additional predictions, some of which r...
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作者：Korteweg, Arthur; Sorensen, Morten
作者单位：Stanford University
摘要：Valuations of entrepreneurial companies are only observed occasionally, albeit more frequently for well-performing companies. Consequently, estimators of risk and return must correct for sample selection to obtain consistent estimates. We develop a general model of dynamic sample selection and estimate it using data from venture capital investments in entrepreneurial companies. Our selection correction leads to markedly lower intercepts and higher estimates of risks compared to previous studie...
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作者：Hanley, Kathleen Weiss; Hoberg, Gerard
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University System of Maryland; University of Maryland College Park
摘要：Using word content analysis, we decompose information in the initial public offering prospectus into its standard and informative components. Greater informative content, as a proxy for premarket due diligence, results in more accurate offer prices and less underpricing, because it decreases the issuing firm's reliance on bookbuilding to price the issue. The opposite is true for standard content. Greater content from high reputation underwriters and issuing firm managers, through Management's ...
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作者：Choi, Darwin; Getmansky, Mila; Henderson, Brian; Tookes, Heather
作者单位：Yale University; Hong Kong University of Science & Technology; University of Massachusetts System; University of Massachusetts Amherst; George Washington University
摘要：This article examines the potential impact of capital supply on security issuance. We focus on the role of convertible bond arbitrageurs as suppliers of capital to convertible bond issuers. We estimate a simultaneous equations model of demand and supply of convertible bond capital, linking the time series of aggregate convertible bond issuance to measures of capital supply: convertible bond arbitrage hedge fund flows, returns, and a proxy for arbitrageurs' use of leverage. We find that issuanc...
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作者：Christoffersen, Peter; Elkamhi, Redouane; Feunou, Bruno; Jacobs, Kris
作者单位：McGill University; University of Iowa; Duke University; University of Houston System; University of Houston; Tilburg University
摘要：We provide results for the valuation of European-style contingent claims for a large class of specifications of the underlying asset returns. Our valuation results obtain in a discrete time, infinite state space setup using the no-arbitrage principle and an equivalent martingale measure (EMM). Our approach allows for general forms of heteroskedasticity in returns, and valuation results for homoskedastic processes can be obtained as a special case. It also allows for conditional nonnormal retur...
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作者：Liu, Xiaoding; Ritter, Jay R.
作者单位：State University System of Florida; University of Florida
摘要：Using a sample of fifty-six companies going public in 1996-2000 in which top executives received allocations of other hot initial public offerings (IPOs) from the bookrunner, a practice known as spinning, we examine the consequences of spinning. The fifty-six IPOs had first-day returns that were, on average, 23% higher than similar IPOs. The profits collected by these executives were only a small fraction of the incremental amount of money left on the table by their companies when they went pu...
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作者：Giat, Yahel; Hackman, Steven T.; Subramanian, Ajay
作者单位：University System of Georgia; Georgia State University; Jerusalem College of Technology; University System of Georgia; Georgia Institute of Technology
摘要：We develop a structural model to investigate the effects of asymmetric beliefs and agency conflicts on dynamic principal agent relationships. Optimism has a first-order effect on incentives, investments, and output, which could reconcile the private equity puzzle. Asymmetric beliefs cause optimal contracts to have features consistent with observed venture capital and research and development (R&D) contracts. We derive testable implications for the effects of project characteristics on contract...
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作者：Guttman, Ilan; Kadan, Ohad; Kandel, Eugene
作者单位：Washington University (WUSTL); Stanford University; Hebrew University of Jerusalem; Hebrew University of Jerusalem
摘要：We argue that dividend stickiness, the tendency of managers to keep dividends unchanged, implies that managers use a partially pooling dividend policy. We offer a model that demonstrates how such a policy can evolve endogenously in equilibrium. An informed manager who cares about the firm's intrinsic value as well as short-term stock price allocates earnings between investments and dividends. We show that there is a continuum of equilibria in which the dividend is constant for a range of reali...
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作者：Gennaioli, Nicola; Rossi, Stefano
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Imperial College London
摘要：We study a demand-and-supply model of judicial discretion in corporate bankruptcy. On the supply side, we assume that bankruptcy courts may be biased for debtors or creditors, and subject to career concerns. On the demand side, we assume that debtors (and creditors) can engage in forum shopping at some cost. A key finding is that stronger creditor protection in reorganization improves judicial incentives to resolve financial distress efficiently, preventing a race to the bottom toward ineffici...
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作者：Xiouros, Costas; Zapatero, Fernando
作者单位：BI Norwegian Business School; University of Southern California
摘要：In this article, we derive an analytic expression for the representative agent of a large class of economies populated by agents with catching up with the Joneses preferences, but who exhibit heterogeneous risk aversion. As Chan and Kogan (2002) show numerically, the representative agent has stochastic risk that moves countercyclically to the state variable. However, we show that heterogeneity of risk aversion alone is insufficient for explaining empirical regularities-namely the variability o...
