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作者：Hartzell, JC; Ofek, E; Yermack, D
作者单位：University of Texas System; University of Texas Austin; New York University
摘要：We study benefits received by target chief executive officers (CEOs) in completed mergers and acquisitions. Certain target CEOs negotiate large cash payments in the form of special bonuses or increased golden parachutes. These negotiated cash payments are positively associated with the CEO's prior excess compensation and negatively associated with the likelihood that the CEO becomes an executive of the acquiring company. Regression estimates suggest that target shareholders receive lower acqui...
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作者：Morellec, E
作者单位：University of Rochester; University of Lausanne
摘要：This article analyzes the impact of managerial discretion and corporate control mechanisms on leverage and firm value within a contingent claims model where the manager derives perquisites from investment. Optimal capital structure reflects both the tax advantage of debt less bankruptcy costs and the agency costs of managerial discretion. Actual capital structure reflects the trade-off made by the manager between his empire-building desires and the need to ensure sufficient efficiency to preve...
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作者：Berkovitch, E; Israel, R
作者单位：Reichman University
摘要：This article presents a theory of capital allocation that shows how the use of net present value (NPV) as an investment criterion leads to inefficient capital budgeting outcomes and how this criterion may be dominated by other capital budgeting criteria, like the internal rate of return and the profitability index. The essence of our theory is rooted in the mainstream paradigm of corporate finance: while firms use NPV to measure the addition to firm value from prospective projects, classical i...
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作者：Berk, JB; Green, RC; Naik, V
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Carnegie Mellon University
摘要：A dynamic model of a multistage investment project that captures many features of research and development (R&D) ventures and start-up companies is developed. An important feature these problems share is that firms learn about the potential profitability of the project throughout its life, but that technical uncertainty about the R&D effort is only resolved through additional investment. Consequently the risks associated with the ultimate cash flows have a systematic component even while the p...
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作者：Goel, AM; Nanda, V; Narayanan, MP
作者单位：University of Michigan System; University of Michigan; New York University
摘要：We investigate resource allocation decisions in conglomerates when managers are motivated by career concerns. When divisional cash flows are differentially informative about managerial ability, we show that it is in the managers' interest to over-allocate unobservable intangible resources to the more informative divisions. Anticipating this bias, it is optimal for the firm's owners to also over-allocate observable capital to the more informative divisions. The model provides rationale for corp...
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作者：Agarwal, V; Naik, NY
作者单位：University System of Georgia; Georgia State University
摘要：This article characterizes the systematic risk exposures of hedge funds using buy-and-hold and option-based strategies. Our results show that a large number of equity-oriented hedge fund strategies exhibit payoffs resembling a short position in a put option on the market index and therefore bear significant left-tail risk, risk that is ignored by the commonly used mean-variance framework. Using a mean-conditional value-at-risk framework, we demonstrate the extent to which the mean-variance fra...
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作者：Sias, RW
作者单位：Washington State University
摘要：Institutional investors' demand for a security this quarter is positively correlated with their demand for the security last quarter. We attribute this to institutional investors following each other into and out of the same securities (herding) and institutional investors following their own lag trades. Although institutional investors are momentum traders, little of their herding results from momentum trading. Moreover, institutional demand is more strongly related to lag institutional deman...
