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作者：Rossi, S; Volpin, PF
作者单位：University of London; London Business School
摘要：We study the determinants of mergers and acquisitions around the world by focusing on differences in laws and regulation across countries. We find that the volume of M&A activity is significantly larger in countries with better accounting standards and stronger shareholder protection. The probability of an all-cash bid decreases with the level of shareholder protection in the acquirer country. In cross-border deals, targets Lire typically from countries with poorer investor protection than the...
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作者：Baek, JS; Kang, JK; Park, KS
作者单位：Korea University; Michigan State University; Michigan State University's Broad College of Business; Hankuk University Foreign Studies
摘要：During the 1997 Korean financial crisis, firms with higher ownership concentration by unaffiliated foreign investors experienced a smaller reduction in their share value. Firms that had higher disclosure quality and alternative sources of external financing also suffered less. In contrast, chaebol firms with concentrated ownership by controlling family shareholders experienced a larger drop in the value of their equity. Firms in which the controlling shareholders' voting rights exceeded cash f...
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作者：Lee, PM; Wahal, S
作者单位：Emory University
摘要：We examine the role of venture capital backing in the Underpricing of IPOs. Controlling for endogeneity in the receipt of venture funding, we find that venture capital backed IPOs experience larger first-day returns than comparable non-venture backed IPOs. Between 1980 and 2000, the average return difference ranges from 5.01 percentage points to 10.32 percentage points. This return difference is particularly pronounced in the bubble period of 1999-2000. Consistent with the grandstanding hypoth...
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作者：Chemmanur, TJ; Yan, A
作者单位：Boston College; Fordham University
摘要：We develop a new rationale for corporate spin-offs, and for the performance and value improvements following them, based on corporate control considerations. We consider a firm with multiple divisions, with incumbent management having different abilities for managing these divisions. If the incumbent loses control to a more able rival, it benefits all shareholders (including the incumbent) by increasing equity value, but involves the incumbent losing his private benefits of control. We show th...
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作者：Ofek, E; Richardson, M; Whitelaw, RF
作者单位：New York University; National Bureau of Economic Research
摘要：We investigate empirically the well-known put-call parity no-arbitrage relation in the presence of short sales restrictions. Violations of put-call parity are asymmetric in the direction of short sales constraints, and their magnitudes are strongly related to the cost and difficulty of short selling. These violations are also related to both the maturity of the option and the level of valuations in the stock market, consistent with a behavioral finance theory of over-optimistic stock investors...
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作者：Doidge, C; Karolyi, GA; Stulz, RM
作者单位：University System of Ohio; Ohio State University; University of Toronto
摘要：At the end of 1997, foreign companies with shares cross-listed in the U.S. had Tobin's q ratios that were 16.5% higher than the q ratios of non-cross-listed firms from the same country. The valuation difference is statistically significant and reaches 37% for those companies that list on major U.S. exchanges, even after controlling for a number of firm and country characteristics. We suggest that a U.S. listing reduces the extent to which controlling shareholders can engage in expropriation an...
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作者：Desai, MA; Foley, CF; Hines, JR
作者单位：Harvard University; University of Michigan System; University of Michigan
摘要：This paper analyzes the determinants of partial ownership of the foreign affiliates of U.S. multinational firms and, in particular, the marked decline in the use of joint ventures over the last 20 years. The evidence indicates that whole ownership is most common when firms coordinate integrated production activities across different locations, transfer technology, and benefit from worldwide tax planning. Because operations and ownership levels are jointly determined, it is helpful to use the l...
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作者：Tu, J; Zhou, GF
作者单位：Washington University (WUSTL); Tsinghua University
摘要：As the usual normality assumption is firmly rejected by the data, investors encounter a data-generating process (DGP) uncertainty in making investment decisions. In this paper, we propose a novel way to incorporate uncertainty about the DGP into portfolio analysis. We find that accounting for fat tails leads to nontrivial changes in both parameter estimates and optimal portfolio weights, but the certainty-equivalent losses associated with ignoring fat tails are small. This Suggests that the no...
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作者：Hillion, P; Vermaelen, T
作者单位：INSEAD Business School
摘要：Floating-priced convertibles, known as death spirals, are privately held convertible securities with a conversion price set at a discount from the average of past stock prices in a look-back period. The issuance of floating-priced convertibles is followed by significant negative abnormal returns. The results are consistent with the faulty contract hypothesis that argues that the contract design encourages short-selling by the convertible holders and other professional short sellers. However, t...
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作者：Sapienza, P
作者单位：Northwestern University; Centre for Economic Policy Research - UK
摘要：This paper uses information on individual loan contracts to Study the effects of government ownership on bank lending behavior. State-owned banks charge lower interest rates than do privately owned banks to similar or identical firms, even if firms are able to borrow more from privately owned banks. State-owned banks mostly favor large firms and firms located in depressed areas. The lending behavior of state-owned banks is affected by the electoral results of the party affiliated with the bank...
