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作者：Parrino, R; Sias, RW; Starks, LT
作者单位：University of Texas System; University of Texas Austin; Washington State University
摘要：We investigate whether institutional investors vote with their feet when dissatisfied with a firm's management by examining changes in equity ownership around forced CEO turnover. We find that aggregate institutional ownership and the number of institutional investors decline in the year prior to forced CEO turnover. However, selling by institutions is far from universal. Overall, there is an increase in shareholdings of individual investors and a decrease in holdings of institutional investor...
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作者：Gromb, D; Vayanos, D
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of London; London Business School
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作者：Burch, TR; Nanda, V
作者单位：University of Miami; University of Michigan System; University of Michigan
摘要：Existing literature argues that disparity in investment opportunities within diversified firms can erode firm value. We investigate the diversity cost hypothesis of spinoffs by using post-spinoff data to (1) reconstruct the diversified firm after the spinoff and assess the aggregate improvement in value and (2) relate any value improvements to changes in diversity. We find that improvements in aggregate value depend significantly on changes in both a direct measure of diversity and measures ba...
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作者：Carlin, W; Mayer, C
作者单位：University of Oxford; University of London; University College London
摘要：This paper examines the relation between the institutional structures of advanced OECD countries and the comparative growth and investment of 27 industries in those countries over the period 1970 to 1995. The paper reports a strong relation between the structure of countries' financial systems, the characteristics of industries, and the growth and investment of industries in different countries. (C) 2003 Elsevier Science B.V. All rights reserved.
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作者：Green, RC; Hollifield, B
作者单位：Carnegie Mellon University
摘要：We value a firm that pays its cash flows to equity through share repurchases in a dynamic environment where personal taxes are paid on capital gains upon realization. The cost of capital is reduced by approximately 0.8% through the use of repurchases relative to dividends. We use the empirical distribution of pre-tax free cash flows in Fama and French (1999) to evaluate the tradeoffs between the costs of financial distress, the personal-tax advantages of equity, and the corporate-tax advantage...
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作者：Lowry, M
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：IPO volume fluctuates substantially over time. This paper compares the extent to which the aggregate capital demands of private firms, the adverse-selection costs of issuing equity, and the level of investor optimism can explain these fluctuations. Empirical tests include both aggregate and industry-level time-series regressions using proxies for the above factors and an analysis of the relation between post-IPO stock returns and IPO volume. Results indicate that firms' demands for capital and...
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作者：Shleifer, A; Vishny, RW
作者单位：Harvard University; University of Chicago
摘要：We present a model of mergers and acquisitions based on stock market misvaluations of the combining firms. The key ingredients of the model are the relative valuations of the merging firms and the market's perception of the synergies from the combination. The model explains who acquires whom, the choice of the medium of payment, the valuation consequences of mergers, and merger waves. The model is consistent with available empirical findings about characteristics and returns of merging firms, ...
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作者：Dahiya, S; John, K; Puri, M; Ramírez, G
作者单位：New York University; Georgetown University; Stanford University; National Bureau of Economic Research; University System of Georgia; Kennesaw State University
摘要：Debtor-in-possession (DIP) financing is unique secured financing available to firms filing for Chapter 11. Opponents of DIP financing argue that it leads to overinvestment. Alternatively, DIP financing can allow funding for positive net present value projects that increase the likelihood of reorganization and reduce time in bankruptcy. Using a large sample of bankruptcy filings, we find little evidence of systematic overinvestment. DIP financed firms are more likely to emerge from Chapter 11 t...
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作者：Pagano, MS; Schwartz, RA
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Villanova University
摘要：The Paris Bourse (currently Euronext Paris) refined its trading system to include electronic call auctions at market closings in 1996 for its less-liquid Continuous B stocks and in 1998 for its more actively traded Continuous A stocks. This paper analyzes the effects of the innovation on market quality. Our empirical analysis of price behavior for two samples of firms (50 B stocks and 50 A stocks) for two different calendar dates (1996 and 1998) indicates that introduction of the closing calls...
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作者：Kahl, M; Liu, J; Longstaff, FA
作者单位：University of California System; University of California Los Angeles
摘要：Many firms have stockholders who face severe restrictions on their ability to sell their shares and diversify the risk of their personal wealth. We study the costs of these liquidity restrictions on stockholders using a continuous-time portfolio choice framework. These restrictions have major effects on the optimal investment and consumption strategies because of the need to hedge the illiquid stock position and smooth consumption in anticipation of the eventual lapse of the restrictions. Thes...
