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作者：Brockman, Paul; Khurana, Inder K.; Martin, Xiumin
作者单位：University of Missouri System; University of Missouri Columbia; Washington University (WUSTL)
摘要：Managers increase the frequency and magnitude of bad news announcements during the 1-month period prior to repurchasing shares. To a lesser extent, they also increase the frequency and magnitude of good news announcements during the 1-month period following their repurchases. These results are consistent with Barclay and Smith's [1988. Corporate payout policy: Cash dividends versus open-market repurchases. journal of Financial Economics 22, 64-82.] conjecture that share repurchases, unlike div...
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作者：Zia, Bilal H.
作者单位：The World Bank
摘要：This paper combines an exogenous shock to the supply of subsidized credit with unique loan-level data from the export sector in Pakistan to identify the impact and allocation of such financial incentives. The removal of subsidized credit causes a significant decline in the exports of privately owned firms, while the exports of large, publicly listed, and group network firms are unaffected. Publicly listed firms make no significant adjustments to their balance sheets, and only their profits are...
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作者：Del Guercio, Diane; Seery, Laura; Woidtke, Tracie
作者单位：University of Oregon; University of Tennessee System; University of Tennessee Knoxville; University of Tennessee System; University of Tennessee Knoxville
摘要：We examine just vote no campaigns, a recent innovation in low-cost shareholder activist tools whereby activists encourage their fellow shareholders to withhold votes toward a director's election to express dissatisfaction with management performance or the firm's corporate governance structure. Grundfest [1993. Just vote no: a minimalist strategy for dealing with barbarians inside the gates. Stanford Law Review 45, 857-937] argues that a substantial withheld vote motivates directors to take im...
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作者：Bargeron, Leonce L.; Schlingemann, Frederik P.; Stulz, Rene M.; Zutter, Chad J.
作者单位：University System of Ohio; Ohio State University; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Using the longest event window, we find that public target shareholders receive a 63% (14%) higher premium when the acquirer is a public firm rather than a private equity firm (private operating firm). The premium difference holds with the usual controls for deal and target characteristics, and it is highest (lowest) when acquisitions by private bidders are compared to acquisitions by public companies with low (high) managerial ownership. Further, the premium paid by public bidders (not privat...
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作者：von Eije, Henk; Megginson, William L.
作者单位：University of Oklahoma System; University of Oklahoma - Norman; University of Groningen
摘要：We examine cash dividends and share repurchases from 1989 to 2005 in the 15 nations that were members of the European Union before May 2004. As ill the United States, the fraction of European firms paying dividends declines, while total real dividends paid increase and share repurchases surge. We also show that financial reporting frequency is associated with higher payout, and that privatized companies account for almost one-quarter of total cash dividends and share repurchases. Our regressio...
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作者：Bali, Turan G.
作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
摘要：This paper explores the time-series relation between expected returns and risk for a large cross section of industry and size/book-to-market portfolios. I use a bivariate generalized autoregressive conditional heteroskedasticity (GARCH) model to estimate a portfolio's conditional covariance with the market and then test whether the conditional covariance predicts time-variation in the portfolio's expected return. Restricting the slope to be the same across assets, the risk-return coefficient i...
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作者：Hong, Harrison; Scheinkman, Jose; Xiong, Wei
作者单位：Princeton University
摘要：We develop a model of asset price bubbles based on the communication process between advisors and investors. Advisors are well-intentioned and want to maximize the welfare of their advisees (like a parent treats a child). But only some advisors understand the new technology (the tech-savvies): others do not and can only make a downward-biased recommendation (the old-fogies). While smart investors recognize the heterogeneity in advisors, naive ones mistakenly take whatever is said at face value...
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作者：Claessens, Stijn; Feijen, Erik; Laeven, Luc
作者单位：International Monetary Fund; University of Amsterdam; Centre for Economic Policy Research - UK; The World Bank
摘要：Using novel indicators of political connections constructed from campaign contribution data, we show that Brazilian firms that provided contributions to (elected) federal deputies experienced higher stock returns than firms that did not around the 1998 and 2002 elections. This suggests that contributions help shape policy on a firm-specific basis. Using a firm fixed effects framework to mitigate the risk that unobserved firm characteristics distort the results, we find that contributing firms ...
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作者：Gozzi, Juan Carlos; Levine, Ross; Schmukler, Sergio L.
作者单位：Brown University; The World Bank
摘要：By documenting the evolution of Tobin's g before, during, and after firms internationalize, this paper provides evidence on the bonding, segmentation, and market-timing theories of internationalization. We find that Tobin's g does not rise after internationalization, even relative to domestic firms. Instead, g rises significantly before and during the internationalization year, but then falls sharply in the following year, quickly relinquishing the increases of the previous years. In decomposi...
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作者：Chun, Hyunbae; Kim, Jung-Wook; Morck, Randall; Yeung, Bernard
作者单位：University of Alberta; Sogang University; National Bureau of Economic Research; New York University
摘要：Traditional U.S. industries with higher firm-specific stock return and fundamentals performance heterogeneity use information technology (IT) more intensively and post faster productivity growth in the late 20th century. We argue that this mechanically reflects a wave of Schumpeter's creative destruction disrupting a wide swath of industries, with successful IT adopters unpredictably undermining established firms. This validates endogenous growth theory models of creative destruction and sugge...
