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作者：Jiang, George J.; Yao, Tong; Yu, Tong
作者单位：University of Arizona; University of Rhode Island
摘要：Previous research finds insignificant market-timing ability for mutual funds using tests based on fund returns. The return-based tests, however, are subject to the artificial timing bias. In this paper, we propose and implement new measures of market timing based on mutual fund holdings. Our holdings-based measures do not suffer from the artificial timing bias. We find that, on average, actively managed U.S. domestic equity funds have positive timing ability. Market timing funds use non-public...
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作者：Ritter, Jay R.; Zhang, Donghang
作者单位：State University System of Florida; University of Florida; University of South Carolina System; University of South Carolina Columbia
摘要：We examine how investment banks use initial public offerings (IPOs) in relation to their affiliated mutual funds. The dumping ground hypothesis predicts that the lead underwriter allocates cold IPOs to its affiliated funds so that more deals can be completed when demand for these IPOs is weak. Affiliated funds could also receive more cold IPOs because the lead underwriter uses allocations of hot IPOs to unaffiliated funds to gain trading commission business. The nepotism hypothesis predicts th...
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作者：Davis, Gerald F.; Kim, E. Han
作者单位：University of Michigan System; University of Michigan
摘要：The magnitude of mutual funds' business ties with their portfolio firms is documented and is linked to funds' proxy votes at specific firms and to overall voting practices. Aggregate votes at the fund family level indicate a positive relation between business ties and the propensity to vote with management. Votes at specific firms, however, reveal that funds are no more likely to vote with management of client firms than of non-clients. Because the votes took place when funds knew their votes ...
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作者：Bergman, Nittai K.; Nicolaievsky, Daniel
作者单位：Massachusetts Institute of Technology (MIT)
摘要：The corporate charters of a sample of Mexican firms show that private firms often significantly enhance the legal protection offered to investors, but public firms rarely do so. We construct a model that endogenizes the degree of investor protection that firms provide, using as a springboard the assumption that legal regimes differ in their ability to enforce precisely filtering contracts that provide protection only in those cases where expropriation can occur. Our model generates predictions...
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作者：Alexander, Gordon J.; Peterson, Mark A.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Southern Illinois University System; Southern Illinois University
摘要：NYSE and Nasdaq trades increasingly cluster on multiples of 500, 1,000, and 5,000 shares. Such clustering varies over time and across stocks, and tends to increase with the level of trading activity. Furthermore, rounded trades tend to have more persistence both in occurrence and in trade initiation. Finally, medium-sized rounded trades tend to have greater relative price impact than large rounded trades. From these observations we surmise that trade-size clustering is consistent, at least in ...
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作者：Yasuda, Ayako
作者单位：University of Pennsylvania
摘要：I examine the effects of bank relationships on underwriter choice in the Japanese corporate bond market following the 1993 deregulation. Bank relationships have significant positive effects on a firm's underwriter choice. Relationship firms receive a small but significant fee discount and, consistent with the mitigating effect of competition on hold-up costs, multiple-relationship firms receive a significantly deeper discount than single-relationship firms. Bank shareholding alone negatively a...
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作者：Bolton, Patrick; Freixas, Xavier; Shapiro, Joel
作者单位：Columbia University; Pompeu Fabra University
摘要：In some markets sellers have better information than buyers over which products best serve a buyer's needs. Depending on the market structure, this may lead to conflicts of interest in the provision of information by sellers. This paper studies this issue in the market for financial services. The analysis presents a new model of competition between banks, where price competition influences the ensuing incentives for truthful information revelation. We also compare conflicts of interest in two ...
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作者：Griffin, John M.; Harris, Jeffrey H.; Topaloglu, Selim
作者单位：Queens University - Canada; University of Texas System; University of Texas Austin; University of Delaware
摘要：In Nasdaq initial public offerings (IPOs) issued between 1997 and 2002, purchases of lead underwriter clients exceed sales by an amount equal to 8.79% of the total issue. We find that lead underwriter clients do not buy to build larger long-term positions, capitalize on superior execution quality, or because of clientele effects. However, characteristics of net buying that are at odds with these explanations and other behaviors (like institutional purchases of cold IPOs) are all consistent wit...
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作者：Stulz, Rene M.
作者单位：University System of Ohio; Ohio State University
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作者：Do, Quy-Toan; Levchenko, Andrei A.
作者单位：International Monetary Fund; The World Bank
摘要：This paper analyzes the effect of comparative advantage in international trade on a country's level of financial development. Countries with comparative advantage in financially intensive goods experience a higher demand for external finance, and therefore financial development. By contrast, financial development is lower in countries that primarily export goods which do not rely on external finance. We use disaggregated trade data to develop a measure of a country's external finance need of e...
