4期

最新文章

• Do IPOs Affect the Prices of Other Stocks? Evidence from Emerging Markets AI翻译
  作者：Braun, Matias; Larrain, Borja
  作者单位：Pontificia Universidad Catolica de Chile
  摘要：We show that the introduction of a large asset permanently affects the prices of existing assets in a market. Using data from 254 initial public offerings (IPOs) in 22 emerging markets, we find that portfolios that covary highly with the IPO experience a decline in prices relative to other portfolios during the month of the issue. The effects are stronger when the IPO is issued in a market that is less integrated internationally and when the IPO is bigger. This evidence is consistent with the ...
• Strategic Disclosure and Stock Returns: Theory and Evidence from US Cross-Listing AI翻译
  作者：Goto, Shingo; Watanabe, Masahiro; Xu, Yan
  作者单位：Rice University; University of South Carolina System; University of South Carolina Columbia; University of Rhode Island
  摘要：When a firm exercises discretion to disclose or withhold information (strategic disclosure), risk-averse investors command higher expected returns when expected cash flows decrease, producing a negative correlation between these expectations. Moreover, stock returns exhibit stronger reversal than they do when full disclosure is enforced. We propose a model that makes these predictions and provide consistent evidence using a panel of foreign firms that list American Depositary Receipts (ADRs). ...
• Asset Salability and Debt Maturity: Evidence from Nineteenth-Century American Railroads AI翻译
  作者：Benmelech, Efraim
  作者单位：Harvard University
  摘要：I investigate the effect of assets' liquidation values on capital structure by exploiting the diversity of track gauges in nineteenth-century American railroads. The abundance of track gauges limited the redeployability of rolling stock and tracks to potential users with similar track gauge. Moreover, potential demand for both rolling stock and tracks was further diminished when many railroads went under equity receiverships. I find that the potential demand for a railroad's rolling stock and ...
• Takeovers and the Cross-Section of Returns AI翻译
  作者：Cremers, K. J. Martijn; Nair, Vinay B.; John, Kose
  作者单位：Yale University; New York University
  摘要：This paper considers the impact of the takeover likelihood on firm valuation. If firms are more likely to acquire when there is more free cash or lower required rates of return, the targets become more sensitive to shocks to cash flows or the price of risk. Ceteris paribus, firms exposed to takeovers have different rates of return than protected firms. Using takeover likelihood estimates, we create a takeover factor, buying (selling) firms with a high (low) takeover likelihood, which generates...
• Leasing, Ability to Repossess, and Debt Capacity AI翻译
  作者：Eisfeldt, Andrea L.; Rampini, Adriano A.
  作者单位：Duke University; Northwestern University
  摘要：This paper studies the financing role of leasing and secured lending. We argue that the benefit of leasing is that repossession of a leased asset is easier than foreclosure on the collateral of a secured loan, which implies that leasing has higher debt capacity than secured lending. However, leasing involves agency costs due to the separation of ownership and control. More financially constrained firms value the additional debt capacity more and hence lease more of their capital than less cons...
• The Nature and Persistence of Buyback Anomalies AI翻译
  作者：Peyer, Urs; Vermaelen, Theo
  作者单位：INSEAD Business School
  摘要：Using recent data, we reject the hypothesis that the buyback anomalies first reported by Lakonishok and Vermaelen (1990, Journal of Finance 45:455-77) and Ikenberry, Lakonishok, and Vermaelen (1995, Journal of Financial Economics 39:181-208) have disappeared over time. We find evidence consistent with the hypothesis that open market repurchases are a response to a market overreaction to bad news: significant analyst downgrades, combined with overly pessimistic forecasts of long-term earnings. ...
• The Myth of Diffuse Ownership in the United States AI翻译
  作者：Holderness, Clifford G.
  作者单位：Boston College
  摘要：This article offers evidence on the ownership concentration at a representative sample of U.S. public firms. Ninety-six percent of these firms have blockholders; these blockholders in aggregate own an average 39% of the common stock. The ownership of U.S. firms is similar to and by some measures more concentrated than the ownership of firms in other countries. These findings challenge current thinking on a number of issues, ranging from the nature of the agency conflict in domestic corporation...
• The Real Effects of Debt Certification: Evidence from the Introduction of Bank Loan Ratings AI翻译
  作者：Sufi, Amir
  作者单位：University of Chicago
  摘要：I examine the introduction of syndicated bank loan ratings by Moody's and Standard & Poor's in 1995 to evaluate whether third-party rating agencies affect firm financial and investment policy. The introduction of bank loan ratings leads to an increase in the use of debt by firms that obtain a rating, and also increases in firms' asset growth, cash acquisitions, and investment in working capital. Consistent with a causal effect of the ratings, the increase in debt usage and investment is concen...