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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：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：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：Heston, Steven L.; Sadka, Ronnie
作者单位：University of Washington; University of Washington Seattle; University System of Maryland; University of Maryland College Park
摘要：This paper presents a new pattern in the cross-section of expected stock returns. Stocks tend to have relatively high (or low) returns every year in the same calendar month. We recognize the annual cross-sectional autocorrelation pattern documented in Jegadeesh [1990. Evidence of predictable behavior of security returns. Journal of Finance 45, 881-898] at lags of 12, 24, and 36 months as part of a general pattern that lasts up to 20 annual lags, superimposed on the general momentum/reversal pa...
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作者：Guner, A. Burak; Malmendier, Ulrike; Tatec, Geoffrey
作者单位：University of California System; University of California Berkeley; Barclays; University of California System; University of California Los Angeles
摘要：We analyze how directors with financial expertise affect corporate decisions. Using a novel panel data set, we find that financial experts exert significant influence, though not necessarily in the interest of shareholders. When commercial bankers join boards, external funding increases and investment-cash flow sensitivity decreases. However, the increased financing flows to firms with good credit but poor investment opportunities. Similarly, investment bankers on boards are associated with la...
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作者：Linck, James S.; Netter, Jeffry M.; Yang, Tina
作者单位：University System of Georgia; University of Georgia; Clemson University
摘要：Using a comprehensive sample of nearly 7,000 firms from 1990 to 2004, we examine the corporate board structure, trends, and determinants. Guided by recent theoretical work, we find that board structure across firms is consistent with the costs and benefits of the board's monitoring and advising roles. Our models explain as much as 45% of the observed variation in board structure. Further, small and large firms have dramatically different board structures. For example, board size fell in the 19...
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作者：Karpoff, Jonathan M.; Lee, D. Scott; Martin, Gerald S.
作者单位：University of Washington; University of Washington Seattle; Texas A&M University System; Texas A&M University College Station; Mays Business School; American University
摘要：We track the fortunes of all 2,206 individuals identified as responsible parties for all 788 Securities and Exchange Commission (SEC) and Department of Justice (DOJ) enforcement actions for financial misrepresentation from January 1, 1978 through September 30, 2006. Fully 93% lose their jobs by the end of the regulatory enforcement period. Most are explicitly fired. The likelihood of ouster increases with the cost of the misconduct to shareholders and the quality of the firm's governance. Culp...
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作者：Nahata, Rajarishi
作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
摘要：I propose a new measure of venture capital (VC) firm reputation and analyze its performance implications on private companies. Controlling for portfolio company quality and other VC-specific factors including experience, connectedness, syndication, industry competition, exit conditions, and investment environment, I find companies backed by more reputable VCs by initial public offering (IPO) capitalization share (based on cumulative market capitalization of IPCs backed by the VC), are more lik...
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作者：Cornett, Marcia Millon; Marcus, Alan J.; Tehranian, Hassan
作者单位：Boston College; Southern Illinois University System; Southern Illinois University
摘要：We ask whether the apparent impact of governance structure and incentive-based compensation on firm performance stands up when measured performance is adjusted for the effects of earnings management. Institutional ownership of shares, institutional investor representation on the board of directors, and the presence of independent outside directors on the board all reduce the use of discretionary accruals. These factors largely offset the impact of option compensation, which strongly encourages...
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作者：Handley, John C.
作者单位：University of Melbourne
摘要：Miller and Modigliani [1961. Dividend policy, growth and the valuation of shares. Journal of Business 34, 411-433] establish the irrelevance of dividend policy in a perfect capital market. DeAngelo and DeAngelo [2006. The irrelevance of the MM dividend irrelevance theorem. Journal of Financial Economics 79, 293-315.] suggest the Miller-Modigliani analysis is flawed and consequently their central conclusion is incorrect. The purpose of this paper is to show the vital role played by stock repurc...
