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作者：Mehran, Hamid; Stulz, Rene M.
作者单位：University System of Ohio; Ohio State University; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：A conflict of interest exists when a party to a transaction can gain by taking actions that are detrimental to its counterparty. This paper examines the growing empirical literature on the economics of conflicts of interest in financial institutions. Economic analysis shows that, although conflicts of interest are omnipresent when contracting is costly and parties are imperfectly informed, there are important factors that mitigate their impact and, strikingly, it is possible for customers of f...
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作者：Massa, Massimo; Rehman, Zahid; Vermaelen, Theo
作者单位：INSEAD Business School
摘要：We study the tendency of firms to mimic the repurchase announcements of their industry counterparts. We argue that a firm, by repurchasing its shares, sends a positive signal about itself and a negative one about its competitors. This induces the competing firms to mimic the behavior of the repurchasing firm by repurchasing themselves. Using a broad sample of US firms from the period 1984-2002, we show that, in concentrated industries, a repurchase announcement lowers the stock price of the ot...
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作者：Andricopoulos, Ari D.; Widdicks, Martin; Newton, David P.; Duck, Peter W.
作者单位：University of Nottingham; University of Manchester; University of Manchester
摘要：The exposition of the quadrature (QUAD) method (Andricopoulos, Widdicks, Duck, and Newton, 2003. Universal option valuation using quadrature methods. Journal of Financial Economics 67, 447-471 (see also Corrigendum, Journal of Financial Economics 73, 603 (2004)) is significantly extended to cover notably more complex and difficult problems in option valuations involving one or more underlyings. Trials comparing several techniques in the literature, adapted from standard lattice, grid and Monte...
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作者：Faleye, Olubunmi
作者单位：Northeastern University
摘要：This paper shows that classified boards destroy value by entrenching management and reducing director effectiveness. First, I show that classified boards are associated with a significant reduction in firm value and that this holds even among complex firms, although such firms are often regarded as most likely to benefit from staggered board elections. I then examine how classified boards entrench management by focusing on CEO turnover, executive compensation, proxy contests, and shareholder p...
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作者：Love, Inessa; Preve, Lorenzo A.; Sarria-Allende, Virginia
作者单位：Austral University; The World Bank
摘要：This paper studies the effect of financial crises on trade credit for a sample of 890 firms in six emerging economies. Although the provision of trade credit increases right after a crisis, it contracts in the following months and years. Firms that are financially more vulnerable to crises extend less trade credit to their customers. We argue that the decline in aggregate trade credit ratios is driven by the reduction in the supply of trade credit that follows a bank credit crunch, consistent ...
