-
作者：van Rooij, Maarten; Lusardi, Annamaria; Alessie, Rob
作者单位：Dartmouth College; National Bureau of Economic Research; University of Groningen
摘要：We have devised two special modules for De Nederlandsche Bank (DNB) Household Survey to measure financial literacy and study its relationship to stock market participation. We find that the majority of respondents display basic financial knowledge and have some grasp of concepts such as interest compounding, inflation, and the time value of money. However, very few go beyond these basic concepts; many respondents do not know the difference between bonds and stocks, the relationship between bon...
-
作者：Almeida, Heitor; Park, Sang Yong; Subrahmanyam, Marti G.; Wolfenzon, Daniel
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Yonsei University; New York University; Columbia University
摘要：We study the evolution of Korean chaebols (business groups) using ownership data. Chaebols grow vertically (as pyramids) when the controlling family uses well-established group firms (central firms) to acquire firms with low pledgeable income and high acquisition premiums. Chaebols grow horizontally (through direct ownership) when the family acquires firms with high pledgeable income and low acquisition premiums. Central firms trade at a relative discount, due to shareholders' anticipation of ...
-
作者：Billett, Matthew T.; Flannery, Mark J.; Garfinkel, Jon A.
作者单位：State University System of Florida; University of Florida; University of Iowa
摘要：Prior studies conclude that firms' equity underperforms following many individual sorts of external financing. These conclusions naturally raise significant questions about market efficiency and/or about the techniques used to measure long-run abnormal returns. Rather than concentrating on a single security type or issuance, we examine long-run performance following any and all sorts of security issuances. Initial financing events do not associate with underperformance; however, subsequent fin...
-
作者：Larcker, David F.; Ormazabal, Gaizka; Taylor, Daniel J.
作者单位：Stanford University; University of Pennsylvania
摘要：This paper investigates the market reaction to recent legislative and regulatory actions pertaining to corporate governance. The managerial power view of governance suggests that executive pay, the existing process of proxy access, and various governance provisions [e.g., staggered boards and Chief Executive Officer (CEO)-chairman duality] are associated with managerial rent extraction. This perspective predicts that broad government actions that reduce executive pay, increase proxy access, an...
-
作者：Houston, Joel F.; Lin, Chen; Ma, Yue
作者单位：State University System of Florida; University of Florida; Chinese University of Hong Kong; Lingnan University
摘要：Building on the pioneering study by Beck, Demirguc-Kunt, and Levine (2006), this study examines the effects of media ownership and concentration on corruption in bank lending using a unique World Bank data set covering more than 5,000 firms across 59 countries. We find strong evidence that state ownership of media is associated with higher levels of bank corruption. We also find that media concentration increases corruption both directly and indirectly through its interaction with media state ...
-
作者：Dimson, Elroy; Spaenjers, Christophe
作者单位：University of London; London Business School; University of Cambridge; Tilburg University
摘要：This paper uses stamp catalogue prices to investigate the returns on British collectible postage stamps over the period 1900-2008. We find an annualized return on stamps of 7.0% in nominal terms, or 2.9% in real terms. These returns are higher than those on bonds but below those on equities. The volatility of stamp prices approaches that of equities. Stamp returns are impacted by movements in the equity market, but the systematic risk of stamps remains low. Stamps partially hedge against unant...
-
作者：Yu, Jianfeng; Yuan, Yu
作者单位：University of Pennsylvania; University of Minnesota System; University of Minnesota Twin Cities; University of Iowa
摘要：This study shows the influence of investor sentiment on the market's mean-variance tradeoff. We find that the stock market's expected excess return is positively related to the market's conditional variance in low-sentiment periods but unrelated to variance in high-sentiment periods. These findings are consistent with sentiment traders who, during the high-sentiment periods, undermine an otherwise positive mean-variance tradeoff. We also find that the negative correlation between returns and c...
-
作者：Giesecke, Kay; Longstaff, Francis A.; Schaefer, Stephen; Strebulaev, Ilya
作者单位：University of California System; University of California Los Angeles; Stanford University; National Bureau of Economic Research; University of London; London Business School
摘要：We study corporate bond default rates using an extensive new data set spanning the 1866-2008 period. We find that the corporate bond market has repeatedly suffered clustered default events much worse than those experienced during the Great Depression. For example, during the railroad crisis of 1873-1875, total defaults amounted to 36% of the par value of the entire corporate bond market. Using a regime-switching model, we examine the extent to which default rates can be forecast by financial a...
-
作者：Chordia, Tarun; Roll, Richard; Subrahmanyam, Avanidhar
作者单位：University of California System; University of California Los Angeles; Emory University
摘要：We explore the sharp uptrend in recent trading activity and accompanying changes in market efficiency. Higher turnover has been associated with more frequent smaller trades, which have progressively formed a larger fraction of trading volume over time. Evidence indicates that secular decreases in trading costs have influenced the turnover trend. Turnover has increased the most for stocks with the greatest level of institutional holdings, suggesting professional investing as a key contributor t...
-
作者：Fich, Eliezer M.; Cai, Jie; Tran, Anh L.
作者单位：Drexel University; City St Georges, University of London
摘要：Unscheduled stock options to target chief executive officers (CEOs) are a nontrivial phenomenon during private merger negotiations. In 920 acquisition bids during 1999-2007. over 13% of targets grant them. These options substitute for golden parachutes and compensate target CEOs for the benefits they forfeit because of the merger. Targets granting unscheduled options are more likely to be acquired but they earn lower premiums. Consequently, deal value drops by $62 for every dollar target CEOs ...
