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作者：Akey, Pat
作者单位：University of Toronto
摘要：This paper investigates the value of firm political connections using a regression discontinuity design in a sample of close, off-cycle U.S. congressional elections. I compare firms donating to winning candidates and firms donating to losing candidates and find that postelection abnormal equity returns are 3% higher for firms donating to winning candidates. Connections to politicians serving on powerful congressional committees, such as appropriations and taxation, are especially valuable and ...
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作者：Bortolotti, Bernardo; Fotak, Veljko; Megginson, William L.
作者单位：University of Turin; Bocconi University; State University of New York (SUNY) System; University at Buffalo, SUNY; University of Oklahoma System; University of Oklahoma - Norman
摘要：We document that announcement-period abnormal returns of sovereign wealth fund (SWF) equity investments in publicly traded firms are positive but lower than those of comparable private investments. Further, SWF investment targets suffer from declining return on assets and sales growth over the following three years. Our results are robust to controls for target and deal characteristics and are not driven by SWF target selection criteria. Larger discounts are associated with SWFs taking seats o...
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作者：Hameed, Allaudeen; Morck, Randall; Shen, Jianfeng; Yeung, Bernard
作者单位：National University of Singapore; University of Alberta; University of New South Wales Sydney
摘要：Analysts follow disproportionally firms whose fundamentals correlate more with those of their industry peers. This coverage pattern supports models of profit-maximizing information intermediaries producing preferentially information valuable in pricing more stocks. We designate highly followed firms whose fundamentals best predict those of peer firms as bellwether firms. When analysts revise a bellwether firm's earning forecast, it changes the prices of other firms significantly; however, revi...
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作者：Huang, Xing
作者单位：Michigan State University
摘要：I use industry-level returns in foreign markets to examine the hypothesis that value-relevant foreign information slowly diffuses into the stock prices of U.S. multinational firms. A trading strategy that exploits foreign information generates abnormal returns of 0.8% monthly. I find that the market responds more slowly in periods with lower media coverage of foreign news and to information from more linguistically and culturally distant countries. These results suggest that both investors' in...
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作者：Bartram, Soehnke M.; Griffin, John M.; Lim, Tae-Hoon; Ng, David T.
作者单位：University of Warwick; University of Texas System; University of Texas Austin; Korea Institute for International Economic Policy (KIEP); Cornell University
摘要：We derive a foreign ownership return as the weighted average return of foreign stocks that are connected to a stock through common ownership. The foreign ownership return is of similar economic significance as traditional country and industry factors in explaining international stock returns. It is not related to omitted fundamentals or wealth effects but shifts substantially around ADR and index listings when the investor habitat changes. A decomposition shows that the foreign ownership retur...
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作者：Karnaukh, Nina; Ranaldo, Angelo; Soederlind, Paul
作者单位：University of St Gallen
摘要：We provide a comprehensive study of the liquidity of spot foreign exchange (FX) rates over more than two decades and a large cross-section of currencies. First, we show that FX liquidity can be accurately measured with daily and readily available data. Second, we demonstrate that FX liquidity declines with funding constraints and global risk, supporting theoretical models relating funding and market liquidity. In these distressed circumstances, liquidity tends to evaporate more for developed a...
