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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：Bakshi, Gurdip; Carr, Peter; Wu, Liuren
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); New York University; Bloomberg L.P.; University System of Maryland; University of Maryland College Park
摘要：We develop models of stochastic discount factors in international economies that produce stochastic risk premiums and stochastic skewness in currency options. We estimate the models using time-series returns and option prices on three currency pairs that form a triangular relation. Estimation shows that the average risk premium in Japan is larger than that in the US or the UK, the global risk premium is more persistent and volatile than the country-specific risk premiums, and investors respond...
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作者：Eisfeldt, Andrea L.; Rampini, Adriano A.
作者单位：Duke University; Northwestern University
摘要：We argue that when managers have private information about the productivity of assets under their control and receive private benefits, substantial bonuses are required to induce less productive managers to declare that capital should be reallocated. The need to provide incentives for managers to relinquish control links executive compensation to capital reallocation and managerial turnover over the business cycle, rendering them procyclical if expected managerial compensation increases when m...
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作者：Guedhami, Omrane; Pittman, Jeffrey
作者单位：Memorial University Newfoundland; University of South Carolina System; University of South Carolina Columbia
摘要：We examine the link between Internal Revenue Service (IRS) monitoring and yield spreads on private firms' 144A bond issues. After controlling for security-specific and other firm-specific determinants, we provide evidence that debt financing is cheaper when the probability of a face-to-face IRS audit is higher. Consistent with another prediction, we find that IRS oversight has a stronger impact on bond pricing for private firms with high ownership concentration, which suffer worse agency probl...
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作者：Larrain, Boria; Yogo, Motohiro
作者单位：University of Pennsylvania; Pontificia Universidad Catolica de Chile; National Bureau of Economic Research
摘要：The appropriate measure of cash flow for valuing corporate assets is net payout, which is the sum of dividends, interest, and net repurchases of equity and debt. Variation in net payout yield, the ratio of net payout to asset value, is mostly driven by movements in expected cash flow growth, instead of movements in discount rates. Net payout yield is less persistent than dividend yield and implies much smaller variation in long-horizon discount rates. Therefore, movements in the value of corpo...
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作者：Beneish, Messod D.; Jansen, Ivo Ph.; Lewis, Melissa F.; Stuart, Nathan V.
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Rutgers University System; Rutgers University New Brunswick; Rutgers University Camden; Utah System of Higher Education; University of Utah; State University System of Florida; University of South Florida
摘要：While it is well established that diversifying acquisitions by large, cash-rich firms destroy shareholder wealth, we document positive abnormal returns to such acquisitions in the tobacco industry. We show that these abnormal returns are associated with proxies for lower expected expropriation costs. Specifically, we show that wealth creation increases in the degree of domestic geographic expansion afforded by the acquisition (increasing tobacco firms' influence in more political districts) an...
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作者：Graham, John R.; Li, Si; Qiu, Jiaping
作者单位：Duke University; National Bureau of Economic Research; Wilfrid Laurier University; McMaster University
摘要：This paper is the first to study the effect of financial restatement on bank loan contracting. Compared with loans initiated before restatement, loans initiated after restatement have significantly higher spreads, shorter maturities, higher likelihood of being secured, and More covenant restrictions. The increase in loan spread is significantly larger for fraudulent restating firms than other restating firms. We also find that after restatement, the number of lenders per loan declines and firm...
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作者：Dahya, Jay; Dimitrov, Orlin; McConnell, John J.
作者单位：Purdue University System; Purdue University; American University Bulgaria; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We investigate the relation between corporate Value and the proportion of the board made up of independent directors in 799 firms with a dominant shareholder across 22 Countries. We find a positive relation, especially in Countries with weak legal protection for shareholders. The findings suggest that a dominant shareholder, were he so inclined, could offset, at least in part, the documented value discount associated with weak country-level shareholder protection by appointing an 'independent'...
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作者：Schaefer, Stephen M.; Strebulaev, Ilya A.
作者单位：Stanford University; University of London; London Business School
摘要：Structural models of credit risk provide poor predictions of bond prices. We show that, despite this, they provide quite accurate predictions of the sensitivity of corporate bond returns to changes in the value of equity (hedge ratios). This is important since it suggests that the poor performance of structural models may have more to do with the influence of non-credit factors rather than their failure to capture the credit exposure of corporate debt. The main result of this paper is that eve...
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作者：Denis, David J.; Osobov, Igor
作者单位：Purdue University System; Purdue University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：In the US, Canada, UK, Germany, France, and Japan, the propensity to pay dividends is higher among larger, more profitable firms, and those for which retained earnings comprise a large fraction of total equity. Although there are hints of reductions in the propensity to pay dividends in most of the sample countries over the 1994-2002 period, they are driven by a failure of newly listed firms to initiate dividends when expected to do so. Dividend abandonment and the failure to initiate by exist...
