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作者：Halling, Michael; Pagano, Marco; Randl, Otto; Zechner, Josef
作者单位：University of Vienna; Utah System of Higher Education; University of Utah; University of Naples Federico II; University of Vienna
摘要：We analyze the location of stock trading for firms with a US cross-listing. The fraction of trading that occurs in the United States tends to be larger for companies from countries that are geographically close to the United States and feature low financial development and poor insider trading protection. For companies based in developed countries, trading volume in the United States is larger if the company is small, volatile, and technology-oriented, while this does not apply to emerging cou...
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作者：Butler, Alexander W.
作者单位：University of Texas System; University of Texas Dallas
摘要：Using a sample of municipal bond offerings, I find that local investment banks have substantial comparative and absolute advantages over nonlocal counterparts--locals charge lower fees and sell bonds at lower yields. Local investment banks' strongest comparative advantage is at underwriting bonds with higher credit risk and bonds not rated by rating agencies. These findings suggest that high-risk bonds and nonrated bonds are more difficult to evaluate and market, and that investment banks with...
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作者：Froot, Kenneth A.; Ramadorai, Tarun
作者单位：Harvard University; National Bureau of Economic Research; University of Oxford; University of London; London Business School
摘要：Using a new technique, and weekly data for 25 countries from 1994 to 1998, we analyze the relationship between institutional cross-border portfolio flows, and domestic and foreign equity returns. In emerging markets, institutional flows forecast statistically indistinguishable movements in country closed-end fund NAV returns and price returns. In contrast, closed-end fund flows forecast price returns, but not NAV returns. Furthermore, institutional flows display trend-following (trend-reversin...
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作者：Viswanathan, S.; Wei, Bin
作者单位：Duke University; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We analyze event abnormal returns when returns predict events. In fixed samples, we show that the expected abnormal return is negative and becomes more negative as the holding period increases. Asymptotically, abnormal returns converge to zero provided that the process of the number of events is stationary. Nonstationarity in the process of the number of events is needed to generate a large negative bias. We present theory and simulations for the specific case of a lognormal model to character...
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作者：Laeven, Luc; Levine, Ross
作者单位：Brown University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); International Monetary Fund
摘要：The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100% small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact, one-third of publicly listed firms in Europe have multiple large owners, and the market value of firms with multiple blockholders differs from firms with a single large owner and from widely held firms. Moreover...
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作者：Hellmann, Thomas; Lindsey, Laura; Puri, Manju
作者单位：Duke University; National Bureau of Economic Research; University of British Columbia; Arizona State University; Arizona State University-Tempe
摘要：This paper examines bank behavior in venture capital. It considers the relation between a bank's venture capital investments and its subsequent lending, which can be thought of as intertemporal cross-selling. Theory suggests that unlike independent venture capital firms, banks may be strategic investors who seek complementarities between venture capital and lending activities. We find evidence that banks use venture capital investments to build lending relationships. Having a prior relationshi...
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作者：Palia, Darius; Ravid, S. Abraham; Reisel, Natalia
作者单位：Southern Methodist University; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Rutgers University System; Rutgers University New Brunswick; Cornell University
摘要：We use a movie industry project-by-project dataset to analyze the choice of financing a project internally versus financing it through outside alliances. The results indicate that project risk is positively correlated with alliance formation. Movie studios produce a variety of films and tend to develop their safest projects internally. Our findings are consistent with internal capital market explanations. We find mixed evidence regarding resource pooling, i.e., sharing the cost of large projec...
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作者：Robinson, David T.
作者单位：Duke University
摘要：Strategic alliances are long-term contracts between legally distinct organizations that provide for sharing the costs and benefits of a mutually beneficial activity. In this paper, I develop and test a model that helps explain why firms sometimes prefer alliances over internally organized projects. I introduce managerial effort into a model of internal capital markets and show how strategic alliances help overcome incentive problems that arise when headquarters cannot pre-commit to particular ...
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作者：Guidolin, Massimo; Timmermann, Allan
作者单位：University of Manchester; Federal Reserve System - USA; University of California System; University of California San Diego
摘要：This paper investigates the international asset allocation effects of time-variations in higher-order moments of stock returns such as skewness and kurtosis. In the context of a four-moment International Capital Asset Pricing Model (ICAPM) specification that relates stock returns in five regions to returns on a global market portfolio and allows for time-varying prices of covariance, co-skewness, and co-kurtosis risk, we find evidence of distinct bull and bear regimes. Ignoring such regimes, a...
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作者：Kempf, Alexander; Ruenzi, Stefan
作者单位：University of Cologne; University of Cologne
摘要：We examine intrafirm competition in the mutual-fund industry. We test the hypothesis that fund managers within mutual-fund families compete with each other in a tournament. Our empirical study of the US equity mutual-fund market shows that they adjust the risk they take depending on the relative position within their fund family. The direction of the adjustment depends on the competitive situation in that family. Risk adjustments are particularly pronounced among managers of funds with high ex...
