-
作者：Panayides, Marios A.
作者单位：Utah System of Higher Education; University of Utah
摘要：Existing empirical studies provide little support for the theoretical prediction that market makers rebalance their inventory through revisions of quoted prices. This study provides evidence that the NYSE's specialist does engage in significant inventory rebalancing, but only when not constrained by the affirmative obligation to provide liquidity imposed by the Price Continuity rule. The evidence also suggests that such obligations are associated with better market quality, but impose signific...
-
作者：Fich, Eliezer M.; Shivdasani, Anil
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Drexel University
摘要：We investigate the reputational impact of financial fraud for outside directors based on a sample of firms facing shareholder class action lawsuits. Following a financial fraud lawsuit, outside directors do not face abnormal turnover on the board of the sued firm but experience a significant decline in other board seats held. This decline in other directorships is greater for more severe allegations of fraud and when the outside director bears greater responsibility for monitoring fraud. Inter...
-
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...
-
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 ...
-
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 ...
-
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...
-
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 ...
-
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...
-
作者：Stulz, Rene M.
作者单位：University System of Ohio; Ohio State University
-
作者：Djankov, Simeon; McLiesh, Caralee; Shleifer, Andrei
作者单位：Harvard University; The World Bank
摘要：We investigate cross-country determinants of private credit, using new data on legal creditor rights and private and public credit registries in 129 countries. Both creditor protection through the legal system and information-sharing institutions are associated with higher ratios of private credit to gross domestic product, but the former is relatively more important in the richer countries. An analysis of legal reforms shows that credit rises after improvements in creditor rights and in infor...
