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作者：Hau, Harald; Massa, Massimo; Peress, Joel
作者单位：INSEAD Business School
摘要：Traditional portfolio balance theory derives a downward sloping currency demand function from limited international asset substitutability. Historically, this theory enjoyed little empirical support. We provide direct evidence by examining the exchange rate effect of a major redefinition of the MSCI Global Equity Index in 2001 and 2002. The index redefinition implied large changes in the representation of different countries in the MSCI Global Equity Index and therefore produced strong exogeno...
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作者：Chemmanur, Thomas J.; He, Shan; Nandy, Debarshi K.
作者单位：Boston College; Louisiana State University System; Louisiana State University; York University - Canada
摘要：At what point in a firm's life should it go public? How do a firm's ex ante product market characteristics relate to its going-public decision? Further, what are the implications of a firm going public on its post-IPO operating and product market performance? In this article, we answer the above questions by conducting the first large sample study of the going-public decisions of U.S. firms in the literature. We use the Longitudinal Research Database (LRD) of the U.S. Census Bureau, which cove...
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作者：Frydman, Carola; Saks, Raven E.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We analyze the long-run trends in executive compensation using a new dataset of top officers of large firms from 1936 to 2005. The median real value of compensation was remarkably flat from the late 1940s to the 1970s, revealing a weak relationship between pay and aggregate firm growth. By contrast, this correlation was much stronger in the past thirty years. This historical perspective also suggests that compensation arrangements have often helped to align managerial incentives with those of ...
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作者：Foley, C. Fritz; Greenwood, Robin
作者单位：Harvard University; National Bureau of Economic Research
摘要：Panel data on corporate ownership in thirty-four countries between 1995 and 2006 reveal that newly public firms have concentrated ownership regardless of the level of investor protection. After listing, firms in countries with strong investor protection are more likely to experience decreases in ownership concentration; these decreases occur in response to growth opportunities, and they are associated with new share issuance. We conclude that ownership concentration falls after listing in coun...
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作者：Colla, Paolo; Mele, Antonio
作者单位：University of London; London School Economics & Political Science
摘要：In a market with informationally connected traders, the dynamics of volume, price informativeness, price volatility, and liquidity are severely affected by the information linkages every trader experiences with his peers. We show that in the presence of information linkages among traders, volume and price informativeness increase. Moreover, we find that information linkages improve or damage market depth, and lower or boost the Traders' profits, according to whether these linkages convey posit...
