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作者：Manso, Gustavo; Strulovici, Bruno; Tchistyi, Alexei
作者单位：Massachusetts Institute of Technology (MIT); Northwestern University; University of California System; University of California Berkeley
摘要：This article studies performance-sensitive debt (PSD), the class of debt obligations whose interest payments depend on some measure of the borrower's performance. We demonstrate that the existence of PSD obligations cannot be explained by the trade-off theory of capital structure, as PSD leads to earlier default and lower equity value compared to fixed-rate debt of the same market value. We show that, consistent with the pecking-order theory, PSD can be used as an inexpensive screening device,...
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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：Bakke, Tor-Erik; Whited, Toni M.
作者单位：University of Rochester; University of Oklahoma System; University of Oklahoma - Norman
摘要：We test whether stock market mispricing or private investor information in stock prices affects corporate investment. We develop an econometric methodology that disentangles stock-price movements that are relevant for investment from those that are not. We combine this decomposition with proxies for private information and mispricing to devise unbiased tests for the effects of mispricing and information on investment. We depart from much of the literature by finding that stock market mispricin...
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作者：Bharath, Sreedhar T.; Dittmar, Amy K.
作者单位：University of Michigan System; University of Michigan
摘要：We investigate how firms weigh the costs and benefits of being public in the decision to opt out of the public market and go private. We draw on previous studies of going private and on the subsequent well-developed theoretical literature on why firms go public to develop our hypotheses. We employ a comprehensive sample of going-private transactions from 1980 to 2004 in the United States and examine how these firms differ over their public life (from IPO to going private) relative to a sample ...
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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 ...
