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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：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：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：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...
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作者：Bottazzi, Laura; Da Rin, Marco; Hellmann, Thomas
作者单位：University of British Columbia; European Corporate Governance Institute; Tilburg University; Bocconi University; University of Bologna
摘要：This paper examines the determinants and consequences of investor activism in venture capital. Using a hand-collected sample of European venture capital deals, it shows the importance of human capital. Venture capital firms with partners that have prior business experience are more active recruiting managers and directors. helping with fundraising, and interacting more frequently with their portfolio companies. Independent venture capital firms are also more active than 'captive' (bank-, corpo...
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作者：Chari, Anusha; Henry, Peter Blair
作者单位：Stanford University; University of Michigan System; University of Michigan
摘要：In the three-year period following stock market liberalizations, the growth rate of the typical firm's capital stock exceeds its pre-liberalization mean by an average of 4.1 percentage points. Cross-sectional changes in investment are significantly correlated with the signals about fundamentals embedded in the stock price changes that occur upon liberalization. Panel-data estimations show that a 10-percentage point increase in a firm's expected future sales growth predicts a 2.9- to 3.5-percen...
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作者：Dunbar, Craig G.; Foerster, Stephen R.
作者单位：Western University (University of Western Ontario); University Western Ontario Hospital
摘要：We investigate issuers withdrawing an IPO (after security regulation filings) that return later for a successful offering. Venture capital backing and reputation of the lead underwriter are key factors in predicting successful return. The possibility of returning has a significant impact on the decision to withdraw and the pricing of offerings that succeed. Our sample of returning IPOs also provides a unique setting to investigate underwriter switching after a withdrawal but before a successfu...
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作者：Beck, Thorsten; Demirguec-Kunt, Asli; Maksimovic, Vojislav
作者单位：University System of Maryland; University of Maryland College Park; The World Bank; Tilburg University
摘要：Using a firm-level survey database covering 48 countries, we investigate how financial and institutional development affects financing of large and small firms. our database is not limited to large firms but includes small and medium-size firms and data on a broad spectrum of financing sources, including leasing, supplier, development, and informal finance. Small firms and firms in countries with poor institutions use less external finance, especially bank finance. Protection of property right...
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作者：Harvey, Campbell R.; Lipson, Marc L.; Warnock, Francis E.
作者单位：Duke University; National Bureau of Economic Research
