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作者：Kovenock, D; Phillips, GM
作者单位：University System of Maryland; University of Maryland College Park; Purdue University System; Purdue University
摘要：We examine whether sharp debt increases through leveraged buyouts and recapitalizations interact with market structure to influence plant closing and investment decisions of recapitalizing firms and their rivals. We take into account the fact that recapitalizations and investment decisions are both endogenous and may be simultaneously influenced by the same exogenous events. Following their recapitalizations, firms in industries with high concentration are more likely to close plants and less ...
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作者：Wahal, S
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Purdue University System; Purdue University
摘要：The probability of entry and exit of dealers on the NASDAQ National Market (NNM) is significantly affected by trading intensity, volatility and the quoted bid-ask, spread Entry and exit of market makers is a pervasive phenomenon, Large-scale entry (exit) is associated with substantial declines (increases) in quoted end-of-day inside spreads, even after controlling for the effects of changes in volume and volatility. The spread changes are larger in magnitude for issues with few market makers; ...
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作者：Kirby, C
作者单位：Rice University
摘要：Recent studies show that when a regression model is used to forecast stock: and bond returns, the sample R-2 increases dramatically with the length of the return horizon These studies argue, therefore, that long-horizon returns are highly predictable. This article presents evidence that suggests otherwise. Long-horizon regressions can easily yield large values of the sample R-2, even if the population R-2 is small or zero. Moreover, long-horizon regressions with a small or zero population R-2 ...
