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作者：Edwards, Amy K.; Hanley, Kathleen Weiss
作者单位：U.S. Securities & Exchange Commission (SEC); Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Short sale constraints in the aftermarket of initial public offerings (IPOs) are often used to explain short-term underpricing that is subsequently reversed. This paper shows that short selling is integral to aftermarket trading and is higher in IPOs with greater underpricing. Perceived restrictions on borrowing shares are not systematically circumvented by naked short selling. Short sellers, on average, do not appear to earn abnormal profits in the near term and our findings are not driven by...
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作者：Jiang, Hao
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：This paper establishes a robust link between the trading behavior of institutions and the book-to-market effect. Building on work by Daniel and Titman (2006), who argue that the book-to-market effect is driven by the reversal of intangible returns, I find that institutions tend to buy (sell) shares in response to positive (negative) intangible information and that the reversal of the intangible return is most pronounced among stocks for which a large proportion of active institutions trade in ...
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作者：Daines, Robert M.; Gow, Ian D.; Larcker, David F.
作者单位：Stanford University; Stanford University; Northwestern University
摘要：Proxy advisory and corporate governance rating firms (such as RiskMetrics/Institutional Shareholder Services, GovernanceMetrics International, and The Corporate Library) play an increasingly important role in U.S. public markets. They rank the quality of firm corporate governance, advise shareholders how to vote, and sometimes press for governance changes. We examine whether commercially available corporate governance rankings provide useful information for shareholders. Our results suggest th...
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作者：Jiang, Guohua; Lee, Charles M. C.; Yue, Heng
作者单位：Stanford University; Peking University
摘要：This study investigates a particularly brazen form of corporate abuse, in which controlling shareholders use intercorporate loans to siphon billions of RMB from hundreds of Chinese listed companies during the 1996-2006 period. We document the nature and extent of these transactions, evaluate their economic consequences, examine factors that affect their cross-sectional severity, and report on the mitigating roles of auditors, institutional investors, and regulators. Collectively, our findings ...
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作者：Hund, John; Monk, Donald; Tice, Sheri
作者单位：Tulane University; Rice University; U.S. Securities & Exchange Commission (SEC)
摘要：The diversification discount (multiple segment firm value below the value imputed using single segment firm multiples) is commonly thought to be generated by agency problems, a lack of transparency, or lackluster future prospects for diversified firms. If multiple segment firms have lower uncertainty about mean profitability than single segment firms, rational learning about mean profitability provides an alternative explanation for the diversification discount that does not rely on suboptimal...
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作者：Jiang, John (Xuefeng); Petroni, Kathy R.; Wang, Isabel Yanyan
作者单位：Michigan State University; Michigan State University's Broad College of Business
摘要：This study examines the association between chief financial officer (CFO) equity incentives and earnings management. Chief executive officer (CEO) equity incentives have been shown to be associated with accruals management and the likelihood of beating analyst forecasts (Bergstresser and Philippon, 2006; Cheng and Warfield, 2005). Because CFOs' primary responsibility is financial reporting. CFO equity incentives should play a stronger role than those of the CEO in earnings management. We find ...
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作者：Francis, Bill B.; Hasan, Iftekhar; John, Kose; Waisman, Maya
作者单位：Fordham University; Rensselaer Polytechnic Institute; Bank of Finland; New York University
摘要：We examine how state antitakeover laws affect bondholders and the cost of debt, and report four findings. First, bonds issued by firms incorporated in takeover-friendly states have significantly higher at-issue yield spreads than bonds issued by firms in states with restrictive antitakeover laws. Second, firms in takeover friendly states have significantly higher leverage than their counterparts in restrictive law states. Third, bond issues are associated with negative average stock price reac...
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作者：Demirguc-Kunt, Asli; Huizinga, Harry
作者单位：Tilburg University; The World Bank
摘要：This paper examines the implications of bank activity and short-term funding strategies for bank risk and return using an international sample of 1,334 banks in 101 countries leading up to the 2008 financial crisis. Expansion into noninterest income-generating activities such as trading increases the rate of return on assets, and it could offer some risk diversification benefits at very low levels. Nondeposit, wholesale funding in contrast lowers the rate of return on assets, while it can offe...
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作者：Dewenter, Kathryn L.; Han, Xi; Malatesta, Paul H.
作者单位：University of Washington; University of Washington Seattle; Tsinghua University
摘要：We analyze the impact of sovereign wealth fund (SWF) investments on firm values and provide evidence consistent with the tradeoff between the monitoring and lobbying benefits versus tunneling and expropriation costs of SWFs as blockholders. The data show significant positive (negative) returns to announcements of SWF investments (divestments). The returns are non-monotonic, first rising (falling) and then falling (rising) with the share sought (sold) for investments (divestments). Moreover, we...
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作者：Bernstein, Asaf; Hughson, Eric; Weidenmier, Marc D.
作者单位：Claremont Colleges; Claremont Graduate University; Claremont McKenna College; Claremont Colleges; Harvey Mudd College; National Bureau of Economic Research
摘要：We use the founding of the Federal Reserve to identify the effects of a lender of last resort. We examine stock return and interest rate volatility during September and October, when markets were vulnerable because of financial stringency from the harvest. Stock volatility fell by 40% and interest rate volatility by more than 70% following the monetary regime change. The drop is insignificant if major panic years are omitted from the analysis, however. Because business cycle downturns occurred...
