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作者：Yu, F
作者单位：University of California System; University of California Irvine
摘要：Theory predicts that the quality of a firm's information disclosure can affect the term structure of its corporate bond yield spreads. Using cross-sectional regression and Nelson-Siegel yield curve estimation, I find that firms with higher Association for Investment Management and Research disclosure rankings tend to have lower credit spreads. Moreover, this transparency spread is especially large among short-term bonds. These findings are consistent with the theory of discretionary disclosure...
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作者：Bhagat, S; Dong, M; Hirshleifer, D; Noah, R
作者单位：University System of Ohio; Ohio State University; York University - Canada; University of Colorado System; University of Colorado Boulder
摘要：Conventional techniques of estimating takeover value improvements measure only a fraction of the total gain and include revelation about bidder stand-alone value. To address these biases, we develop the probability scaling method, which rescales announcement date returns; and the intervention method, which uses returns at intervening events. Perceived value improvements are larger than traditional methods indicate. We cannot reject the hypothesis that bidders on average pay fair prices. Combin...
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作者：Cull, R; Xu, LC
作者单位：The World Bank; Peking University
摘要：Johnson et al. (2002. American Economic Review 92 (5), 1335-1356) examine the relative importance of property rights and external finance in several Eastern European countries. They find property rights to be overwhelmingly important, while external finance explains little of firm reinvestment. McMillan and Woodruff (2002. Journal of Economic Perspectives 16 (3), 153-170) further conjecture that as transition moves along, market-supporting (financial) institutions should become more important....
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作者：Petkova, R; Zhang, L
作者单位：University of Rochester; University System of Ohio; Case Western Reserve University; National Bureau of Economic Research
摘要：We study the relative risk of value and growth stocks. We find that time-varying risk goes in the right direction in explaining the value premium. Value betas tend to covary positively, and growth betas tend to covary negatively with the expected market risk premium. Our inference differs from that of previous studies because we sort betas on the expected market risk premium, instead of on the realized market excess return. However, we also find that this beta-premium covariance is too small t...
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作者：Jiang, GL; Mahoney, PG; Mei, JP
作者单位：University of Virginia; Shanghai University of Finance & Economics; New York University
摘要：Using a new hand collected data set, this paper examines in detail a classic account of stock market manipulation, the stock pools of the 1920s, which prompted the current antimanipulation rules in the United States. We examine abnormal turnover and returns and the relation between them, as well as the long-term performance of the selected stocks. We conclude that the evidence suggests informed trading rather than manipulation. Our findings have implications for regulatory policy as well as th...
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作者：Shahrur, H
作者单位：Bentley University
摘要：We examine the wealth effects of horizontal takeovers on rivals of the merging firms, and on firms in the takeover industry's supplier and customer industries. Inconsistent with the collusion and buyer power motives, we find significant positive abnormal returns to rivals, suppliers, and corporate customers for the subsample of takeovers with positive combined wealth effect to target and bidder shareholders. Overall, our findings suggest that the average takeover in our sample is driven by eff...
