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作者：Officer, Micah S.
作者单位：University of Southern California
摘要：This paper documents average acquisition discounts for stand-alone private firms and subsidianes of other firms (unlisted targets) of 15% to 30% relative to acquisition multiples for comparable publicly traded targets. My results are strongly consistent with the notion that sale prices for unlisted targets are affected by both the need for, and availability of, the liquidity provided by the buyi.r. Corporate parents are significantly liquidity-constraincd prior to the sale of a subsidiary, par...
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作者：Green, Richard C.; Hollifield, Burton; Schuerhoff, Norman
作者单位：Carnegie Mellon University; Swiss Finance Institute (SFI); University of Lausanne
摘要：Municipal bonds trade in decentralized broker-dealer markets, and are underpriced when issued, but unlike equities the average price rises slowly over several days. Newly issued municipal bonds have high levels of price dispersion and the average price rises because the mix of trade sizes changes over time. While large trades occur close to the reoffering price, small trades occur between the reoffering price to as much as 5% above the reoffering price. Using a mixed-distribution model we quan...
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作者：Fama, Eugene F.; French, Kenneth R.
作者单位：Dartmouth College; University of Chicago
摘要：Standard asset pricing models assume that: (i) there is complete agreement among investors about probability distributions of future payoffs on assets; and (ii) investors choose asset holdings based solely on anticipated payoffs-, that is, investment assets are not also consumption goods. Both assumptions are unrealistic. We provide a simple framework for studying how disagreement and tastes for assets as consumption goods can affect asset prices. (c) 2006 Elsevier B.V. All rights reserved.
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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...
