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作者：Miller, Darius P.; Reisel, Natalia
作者单位：Southern Methodist University
摘要：This article studies the ability of security-level contracts to substitute for poor country-level investor protections. Using a cross-country sample of restrictive covenants, we find that bond contacts are more likely to include covenants when creditor protection laws are weak. Further, the use of restrictive covenants in weak creditor protection countries is associated with a lower cost of debt. We also find that strong country-level shareholder rights are not necessarily harmful to bondholde...
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作者：Lee, Suzanne S.
作者单位：University System of Georgia; Georgia Institute of Technology
摘要：This article investigates the predictability of jump arrivals in U.S. stock markets. Using a new test that identifies jump predictors up to the intraday level, I find that jumps are likely to occur shortly after macroeconomic information releases, such as the Federal Reserve announcements, nonfarm payroll reports, and jobless claims, as well as market index jumps. I also find firm-specific jump predictors related to earnings releases, analyst recommendations, past stock jumps, and dividend dat...
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作者：Anand, Amber; Irvine, Paul; Puckett, Andy; Venkataraman, Kumar
作者单位：Southern Methodist University; Syracuse University; University System of Georgia; University of Georgia; University of Tennessee System; University of Tennessee Knoxville
摘要：Using a proprietary dataset of institutional investors' equity transactions, we document that institutional trading desks can sustain relative performance over adjacent periods. We find that trading-desk skill is positively correlated with the performance of the institution's traded portfolio, suggesting that institutions that invest resources in developing execution abilities also invest in generating superior investment ideas. Although some brokers can deliver better executions consistently ...
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作者：Bayazitova, Dinara; Shivdasani, Anil
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：We study the government equity infusions into banks under the Capital Purchase Program (CPP) of the Troubled Asset Relief Program (TARP). Strong banks opted out of CPP, and equity infusions were provided to banks that posed systemic risk and faced high financial distress costs but had strong asset quality. Concerns over executive compensation led banks to reject CPP infusions and exit the program. CPP infusions did not have meaningful certification effects, but the subsequent stress tests cond...
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作者：Erel, Isil; Julio, Brandon; Kim, Woojin; Weisbach, Michael S.
作者单位：Seoul National University (SNU); University System of Ohio; Ohio State University; University of London; London Business School; National Bureau of Economic Research
摘要：Do macroeconomic conditions affect firms' abilities to raise capital? If so, how do they affect the manner in which the capital is raised? Using a large sample of publicly traded debt issues, seasoned equity offers, bank loans, and private placements of equity and debt, we find that a borrower's credit quality significantly affects its ability to raise capital during macroeconomic downturns. For noninvestment-grade borrowers, capital raising tends to be procyclical, while for investment-grade ...
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作者：Marshall, Ben R.; Nguyen, Nhut H.; Visaltanachoti, Nuttawat
作者单位：University of Auckland; Massey University; Massey University
摘要：We examine the performance of liquidity proxies in commodities. The Amihud measure has the largest correlation with liquidity benchmarks. Amivest and Effective Tick measures also perform well. These proxies are useful for studies of commodity liquidity over a long time period and those that lack access to high-frequency data. We use various aspects of transaction costs, such as spread, depth, immediacy, and resiliency, to give insight into the costs of different execution approaches. Transacti...
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作者：Liu, Tingjun
摘要：This study examines takeover bidding contests in which privately informed bidders have incentives to signal high values to uninformed investors through their bids. Such incentives could arise in a large number of situations from financing and managerial concerns. The findings show that the dynamic nature of the takeover contests plays a critical role in the signaling process, allowing bidders to signal high values in two ways. Such signaling bears important consequences on the bids, the alloca...
