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作者：Bailey, Warren; Karolyi, G. Andrew; Salva, Carolina
作者单位：Cornell University; University System of Ohio; Ohio State University; University of Neuchatel
摘要：We examine market behavior around earnings announcements to understand the consequences of the increased disclosure that non-U.S. firms face when listing shares in the U.S. We find that absolute return and volume reactions to earnings announcements typically increase significantly once a company cross-lists in the U.S. Furthermore, these increases are greatest for firms from developed countries and for firms that pursue over-the-counter listings or private placements, which do not have stringe...
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作者：Gomes-Casseres, B; Hagedoorn, J; Jaffe, AB
作者单位：Brandeis University; Maastricht University
摘要：We explore the role of interfirm alliances as a mechanism for sharing technological knowledge. We argue that knowledge flows between alliance partners will be greater than flows between pairs of nonallied firms, and less than flows between units within single firms. Using patent citations as a proxy for knowledge flows, we find results that are consistent with these expectations. We then explore how firm characteristics affect knowledge flows within alliances and find positive effects due to t...
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作者：Desai, MA; Dharmapala, D
作者单位：Harvard University; National Bureau of Economic Research; University of Connecticut
摘要：This paper analyzes the links between corporate tax avoidance and the growth of high-powered incentives for managers. A simple model demonstrates the role of feedback effects between tax sheltering and managerial diversion in determining how high-powered incentives influence tax sheltering decisions. A novel measure of corporate tax avoidance (the component of the book-tax gap not attributable to accounting accruals) allows for an investigation of the link between tax avoidance and incentive c...
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作者：Campello, Murillo
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：Previous research seeks to establish whether debt boosts or hurts a firm's product market performance. This paper proposes that both of these outcomes can be observed: debt can boost and hurt performance. I first model a nonmonotonic relation between debt-like finance and competitive conduct. I then empirically examine the within-industry relation between leverage and sales performance using data from 115 industries over 30 years. My tests deal with the endogencity of debt in a novel fashion: ...
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作者：Cooper, Ian A.; Nyborg, Kjell G.
作者单位：University of London; London Business School; Norwegian School of Economics (NHH); Centre for Economic Policy Research - UK
摘要：Fernandez [2004b. The value of tax shields is not equal to the present value of tax shields. Journal of Financial Economics 73, 145-165] argues that the present value effect of the tax saving on debt cannot be calculated as simply the present value of the tax shields associated with interest. This contradicts standard results in the literature. It implies that, even though the capital market is complete, value-additivity is violated. As a consequence, adjusted present value formulae of a stand...
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作者：Cook, Douglas O.; Kieschnick, Robert; Van Ness, Robert A.
作者单位：University of Texas System; University of Texas Dallas; University of Alabama System; University of Alabama Tuscaloosa; University of Mississippi
摘要：Derrien [2005. Journal of Finance 60, 487-521] and Ljungqvist et al. [2006. Journal of Business] build upon the work of Miller [1977. Journal of Finance 32, 1151-1168] and claim that issuers and the regular customers of investment bankers benefit from the presence of sentiment investors (noise traders) in the market for an initial public offering (IPO). Thus we argue that investment bankers have an incentive to promote an IPO to induce sentiment investors into the market for it. Consistent wit...
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作者：Henderson, Brian J.; Jegadeesh, Narasinihan; Weisbach, Michael S.
作者单位：National Bureau of Economic Research; Seton Hall University; Emory University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We examine the extent to which firms from different countries rely on alternative sources of capital, the locations in which they raise capital, and the factors that affect these choices. During the 1990-2001 period, firms raised about $25.3 trillion of new capital, including $4.9 trillion from abroad. International debt issuances are substantially more common than equity issuances, with debt (equity) issues accounting for 87% (9%) of all securities issued internationally, and about 20% (12%) ...
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作者：Basak, Suleyman; Croitoru, Benjamin
作者单位：McGill University; University of London; London Business School; Centre for Economic Policy Research - UK
摘要：We investigate the role of arbitrageurs, who exploit price discrepancies between redundant securities. Arbitrage opportunities arise endogenously in an economy populated by rational, heterogeneous investors facing investment restrictions. We show that an arbitrageur alleviates these restrictions and improves the transfer of risk amongst investors. When the arbitrageur behaves noncompetitively, taking into account the price impact of his trades, he optimally limits the size of his positions due...
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作者：Chan, K; Hameed, A
作者单位：National University of Singapore; Hong Kong University of Science & Technology
摘要：This paper examines the relation between the stock price synchronicity and analyst activity in emerging markets. Contrary to the conventional wisdom that security analysts specialize in the production of firm-specific information, we find that securities which are covered by more analysts incorporate greater (lesser) market-wide (firm-specific) information. Using the R-2 statistics of the market model as a measure of synchronicity of stock price movement, we find that greater analyst coverage ...
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作者：Campbell, John Y.; Yogo, Motohiro
作者单位：University of Pennsylvania; Harvard University
摘要：Conventional tests of the predictability of stock returns could be invalid, that is reject the null too frequently, when the predictor variable is persistent and its innovations are highly correlated with returns. We develop a pretest to determine whether the conventional t-test leads to invalid inference and an efficient test of predictability that corrects this problem. Although the conventional t-test is invalid for the dividend-price and smoothed earnings-price ratios, our test finds evide...
