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作者：Brickley, JA; Linck, JS; Smith, CW Jr
作者单位：University System of Georgia; University of Georgia; University of Rochester
摘要：Agency theory implies that asset ownership and decision authority are complements. Using 1998 data from Texas commercial banks, we test whether the likelihood of local ownership of bank offices increases with the importance of granting local managers greater decision authority (for example, due to location or customer base). Our empirical evidence is consistent with this hypothesis. It suggests that complementarities between strategy and organizational structure can foster differentiation amon...
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作者：Guay, W; Kothari, SP
作者单位：Massachusetts Institute of Technology (MIT); University of Pennsylvania
摘要：For 234 large non-financial corporations using derivatives, we report the magnitude of their risk exposure hedged by financial derivatives. If interest rates, currency exchange rates, and commodity prices change simultaneously by three standard deviations, the median firm's derivatives portfolio, at most, generates $15 million in cash and $31 million in value. These amounts are modest relative to firm size, and operating and investing cash flows, and other benchmarks. Corporate derivatives use...
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作者：Demers, E; Lewellen, K
作者单位：University of Rochester
摘要：This paper explores the potential marketing benefits of going public and of IPO underpricing. We examine the impact of IPO underpricing on website traffic, which is a direct measure of product market performance for internet firms. If underpricing attracts media attention and creates valuable publicity, we expect an increase in web traffic following the IPO. We find that web traffic growth in the month after the IPO is positively and significantly associated with initial returns, and the effec...
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作者：Korajczyk, RA; Levy, A
作者单位：University of California System; University of California Berkeley; Northwestern University
摘要：This paper provides new evidence of how macroeconomic conditions affect capital structure choice. We model firms' target capital structures as a function of macroeconomic conditions and firm-specific variables. We split our sample based on a measure of financial constraints. Target leverage is counter-cyclical for the relatively unconstrained sample, but pro-cyclical for the relatively constrained sample. Macroeconomic conditions are significant for issue choice for unconstrained firms but les...
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作者：Anderson, RC; Mansi, SA; Reeb, DM
作者单位：University of Alabama System; University of Alabama Tuscaloosa; American University; Virginia Polytechnic Institute & State University
摘要：We investigate the impact of founding family ownership structure on the agency cost of debt. We find that founding family ownership is common in large, publicly traded firms and is related, both statistically and economically, to a lower cost of debt financing. Our results are consistent with the idea that founding family firms have incentive structures that result in fewer agency conflicts between equity and. debt claimants. This suggests that bond holders view founding family ownership as an...
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作者：Vassalou, M
作者单位：Columbia University
摘要：A model that includes a factor that captures news related to future Gross Domestic Product (GDP) growth along with the market factor can explain the cross-section of equity returns about as well as the Fama-French model can. Furthermore, the Fama-French factors HML and SMB appear to contain mainly news related to future GDP growth. When news related to future GDP growth is present in the asset-pricing model, HML and SMB lose much of their ability to explain the cross-section. (C) 2002 Elsevier...
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作者：Fleming, J; Kirby, C; Ostdiek, B
作者单位：Rice University; University of Texas System; University of Texas Dallas
摘要：Recent work suggests that intradaily returns can be used to construct estimates of daily return volatility that are more precise than those constructed using daily returns. We measure the economic value of this realized volatility approach in the context of investment decisions. Our results indicate that the value of switching from daily to intradaily returns to estimate the conditional covariance matrix can be substantial. We estimate that a risk-averse investor would be willing to pay 50 to ...
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作者：Naik, NY; Yadav, PK
作者单位：University of London; London Business School; University of Strathclyde
摘要：This paper investigates whether dealer firms' trading and pricing decisions are governed by their equivalent inventories, based on Ho and Stoll (1983) or Froot and Stein (1998), or by their ordinary inventories. It finds that ordinary inventories best explain dealer firms' quote placement strategy, which dealer firm executes trades, and the quality of execution offered to the trades. This finding is consistent with decentralized nature of market-making where individual dealers focus on the pos...
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作者：Eckbo, BE; Thorburn, KS
作者单位：Dartmouth College
摘要：Swedish bankruptcy filing automatically terminates the employment of the chief executive officer (CEO) and triggers an auction of the firm. Critics of this system warn of excessive shareholder risk-shifting incentives prior to filing. We argue that private benefits of control induce managerial conservatism that may override shareholder risk-shifting incentives. By investing conservatively, the CEO increases the joint probability that the auction results in a going-concern sale and that the CEO...
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作者：Officer, MS
作者单位：University of Southern California
摘要：The paper provides evidence on the effects of including a target termination fee in a merger contract. I test the implications of the hypothesis that termination fees are used by self-interested target managers to deter competing bids and protect sweetheart deals with white knight bidders, presumably resulting in lower premiums for target shareholders. An alternative hypothesis is that target managers use termination fees to encourage bidder participation by ensuring that the bidder is compens...
