3期

最新文章

• Why do private acquirers pay so little compared to public acquirers? AI翻译
  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...
• Political connections and preferential access to finance: The role of campaign contributions AI翻译
  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 ...
• Internationalization and the evolution of corporate valuation AI翻译
  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...
• The divergence of liquidity commonality in the cross-section of stocks AI翻译
  作者：Kamara, Avraham; Lou, Xiaoxia; Sadka, Ronnie
  作者单位：Boston College; University of Delaware; University of Washington; University of Washington Seattle
  摘要：This paper demonstrates that the cross-sectional variation of liquidity commonality has increased over the period 1963-2005. The divergence of systematic liquidity can be explained by patterns in institutional ownership over the sample period. We document that our findings are associated with similar patterns in systematic risk. Our analysis also indicates that the ability to diversify systematic risk and aggregate liquidity shocks by holding large-cap stocks has declined. The evidence suggest...
• Mixing family with business: A study of Thai business groups and the families behind them AI翻译
  作者：Bertrand, Marianne; Johnson, Simon; Samphantharak, Krislert; Schoar, Antoinette
  作者单位：Massachusetts Institute of Technology (MIT); University of Chicago; University of California System; University of California San Diego
  摘要：How does the structure of the families behind business groups affect the group's organization, governance, and performance? We construct a unique dataset of family trees and business groups for 93 of the largest business families in Thailand. We find a strong positive association between family size and family involvement in the ownership and control of the family businesses. The founders' sons play a central role in both ownership and board membership, especially when the founder of the group...
• Do investors value smooth performance? AI翻译
  作者：Rountree, Brian; Weston, James P.; Allayannis, George
  作者单位：Rice University; University of Virginia
  摘要：This paper presents empirical evidence that cash-flow volatility is negatively valued by investors. The magnitude of the effect is substantial with a 1% increase in cash-flow volatility, resulting in approximately a 0.15% decrease in firm value. We show that this increase, however, is not associated with earnings smoothing resulting from managers' accrual estimates, Our results are consistent with a preference by the market for less volatile cash flows and suggest that managers' efforts to pro...
• Option valuation with long-run and short-run volatility components AI翻译
  作者：Christoffersen, Peter; Jacobs, Kris; Ornthanalai, Chayawat; Wang, Yintian
  作者单位：McGill University; Aarhus University; CREATES; Tilburg University; Tsinghua University
  摘要：This paper presents a new model for the valuation of European options, in which the volatility of returns consists of two components. One is a long-run component and can be modeled as fully persistent. The other is short-run and has a zero mean. Our model can be viewed as an affine version of Engle and Lee [ 1999. A permanent and transitory component model of stock return volatility. In: Engle, R., White, H. (Eds.), Cointegration, Causality, and Forecasting: A Festschrift in Honor of Clive WJ....
• Capital structure with risky foreign investment AI翻译
  作者：Desai, Mihir A.; Foley, C. Fritz; Hines, Jannes R., Jr.
  作者单位：Harvard University; University of Michigan System; University of Michigan
  摘要：Firms facing significant business risks have incentives to mitigate the costs of these risks by adjusting their capital structures. This paper investigates this link by analyzing the exposures of multinational firms to political risk. The evidence indicates that returns on investment in politically risky countries are more volatile than returns elsewhere. Multinational firms reduce their leverage in response to these political risks: a one standard deviation increase in foreign political risk ...
• Why firms purchase property insurance AI翻译
  作者：Aunon-Nerin, Daniel; Ehling, Paul
  作者单位：BI Norwegian Business School
  摘要：We investigate whether corporate finance incentives affect the extent of corporate hedging with property insurance. Using a database that contains detailed insurance information, we document a positive relation between the expected costs of distress and property insurance coverage. We also show that the dividend payout ratio is negatively associated with property insurance coverage, consistent with the view that firms with high payout ratios insure a smaller fraction of properties due to cash ...
• How common are common return factors across the NYSE and Nasdaq? AI翻译
  作者：Goyal, Amit; Perignon, Christophe; Villa, Christophe
  作者单位：University of Lausanne; Swiss Finance Institute (SFI); Hautes Etudes Commerciales (HEC) Paris; Audencia
  摘要：We entertain the possibility of pervasive factors that are not common across two (or more) groups of securities. We propose and implement a general procedure to estimate the space spanned by common and group-specific pervasive factors. In our empirical analysis, we study the factor structure of excess returns on stocks traded on the NYSE and Nasdaq using our methodology. We find that there are only two common pervasive factors that govern the returns for both NYSE and Nasdaq. At the same time,...