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作者：Morellec, Erwan; Zhdanov, Alexel
作者单位：University of Lausanne; George Mason University; Swiss Finance Institute (SFI)
摘要：This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of takeovers in which the financing strategies of bidding firms and the timing and terms of takeovers are jointly determined. In the paper, capital structure plays the role of a commitment device, and determines the outcome of the acquisition contest. We demonstrate that there exists an asymmetric equilibrium in financing policies with endogenous leverage, bankruptcy, and takeover t...
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作者：Gompers, Paul; Kovner, Anna; Lerner, Josh; Scharfstein, David
作者单位：Harvard University; National Bureau of Economic Research
摘要：It is well documented that the venture capital industry is highly volatile and that much of this volatility is associated with shifting valuations and activity in Public equity markets. This paper examines how changes in public market signals affected venture capital investing between 1975 and 1998. We find that venture capitalists with the most industry experience increase their investments the most when public market signals become more favorable. Their reaction to an increase is greater tha...
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作者：Eckbo, B. Espen; Thorburn, Karin S.
作者单位：Dartmouth College
摘要：We test for fire-sale tendencies in automatic bankruptcy auctions. We find evidence consistent with fire-sale discounts when the auction leads to piecemeal liquidation, but not when the bankrupt firm is acquired as a going concern. Neither industry-wide distress nor the industry affiliation of the buyer affect prices in going-concern sales. Bids are often structured as leveraged buyouts, which relaxes liquidity constraints and reduces bidder underinvestment incentives in the presence of debt o...
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作者：Fernandes, Nuno; Ferreira, Miguel A.
作者单位：Universidade Catolica Portuguesa; Instituto Universitario de Lisboa
摘要：We investigate whether cross-listing in the U.S. affects the information environment for non-U.S. stocks. Our findings suggest cross-listing has an asymmetric impact on stock price informativeness around the world, as measured by firm-specific stock return variation. Cross-listing improves price informativeness for developed market firms. For firms in emerging markets, however, cross-listing decreases price informativeness. The added analyst coverage associated with cross-listing likely explai...
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作者：Foucault, Thierry; Gehrig, Thomas
作者单位：Hautes Etudes Commerciales (HEC) Paris; University of Freiburg
摘要：We show that a cross-listing enables firms to obtain, from the stock market, more precise information about the value of their growth opportunities. Thus, cross-listed firms make better investment decisions and trade at a premium. This theory of cross-listings implies that the sensitivity of investment to stock prices is larger for cross-listed firms. Moreover, the cross-listing premium is positively related to the size of growth opportunities and negatively related to the quality of manageria...
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作者：Harford, Jarrad; Mansi, Sattar A.; Maxwell, William F.
作者单位：University of Washington; University of Washington Seattle; Virginia Polytechnic Institute & State University; University of Arizona
摘要：Using governance metrics based on antitakeover provisions and inside ownership, we find that firms with weaker corporate governance structures actually have smaller cash reserves. When distributing cash to shareholders, firms with weaker governance structures choose to repurchase instead of increasing dividends, avoiding future payout commitments. The combination of excess cash and weak shareholder rights leads to increases in capital expenditures and acquisitions. Firms with low shareholder r...
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作者：Kim, Woojin; Weisbach, Michael S.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Korea University; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：This paper examines the motivations for public equity offers, using a sample of 17,226 initial public offerings and 13,142 seasoned equity offerings from 38 countries between 1990 and 2003. We estimate the uses of funds raised in both initial and seasoned offerings. Firms appear to spend incremental dollars on both R&D and capital expenditures, consistent with the investment financing explanation of equity issues. However, consistent with the mispricing explanation, high market to book firms t...
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作者：Madureira, Leonardo; Underwood, Shane
作者单位：University System of Ohio; Case Western Reserve University; Rice University
摘要：The interaction between an investment bank's research and market making arms may have important implications for the trading of a firm's stock. We investigate the impact that research has on the liquidity provided by the bank's market maker. Utilizing a large sample of Nasdaq firms, we show that market makers whose banks also provide research coverage provide more liquidity and contribute more to price discovery than do market makers without such research coverage. Finally, we show that such a...
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作者：Matvos, Gregor; Ostrovsky, Michael
作者单位：Stanford University; University of Chicago
摘要：We show that institutional shareholders of acquiring companies on average do not lose money around public merger announcements, because they hold substantial stakes in the targets and make up for the losses from the acquirers with the gains from the targets. Depending on their holdings in the target, acquirer shareholders generally realize different returns from the same merger, some losing money and others gaining. This conflict of interest is reflected in the mutual fund voting behavior: In ...
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作者：Tsyplakov, Sergey
作者单位：University of South Carolina System; University of South Carolina Columbia
摘要：The paper examines the effect of investment frictions on leverage dynamics, using a model of a firm whose investment projects are (1) indivisible and lumpy, and (2) subject to time-to-build. Regressions on the model-simulated data demonstrate that investment frictions can provide alternative interpretations of the observed leverages shown in the empirical literature. Cross-sectional analysis of firms in the oil and gas extraction industries, as well as analysis across all industries, reveals t...
