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作者：Altinkilic, O; Hansen, RS
作者单位：Tulane University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Expected discounting in seasoned equity offers is a cost of uncertainty about firm value, marketing new shares, and acquiring information that raises the offer price. Stockholders incorporate predictable discounting in stock prices when equity offers are first announced. The surprise component of discounting, reflecting the lead bank's final adjustment to the offer price, releases information that often causes economically large price swings on the offer day. Disparities between the issuer's c...
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作者：Rajan, RG; Zingales, L
作者单位：University of Chicago
摘要：The state of development of the financial sector does not change monotonically over time. In particular, by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels. To explain these changes, we propose an interest group theory of financial development where incumbents oppose financial development because it breeds competition. The theory predicts that incumbents' opposition will be weaker when an economy allows both ...
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作者：Schwert, GW; Eckbo, BE
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作者：Ogden, JP
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：This paper documents, for 1947-2000, seasonalities in economic activity, stock and bond returns, and relationships among them. Evidence is consistent with an annual cycle view of economic activity and risk conditions. The power of lagged stock returns to forecast economic activity is greater for quarters ending in December and March. Mean excess returns on NYSE stocks in October through March account for 78-107% of their annual means and reflect a seasonal asymmetric return reversal tendency, ...
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作者：Campello, M
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper provides firm- and industry-level evidence of the effects of capital structure on product market outcomes for a large cross-section of industries over a number of years. The analysis uses shocks to aggregate demand as surrogates for exogenous changes in the product market environment. I find that debt financing has a negative impact on firm (relative-to-industry) sales growth in industries in which rivals are relatively unlevered during recessions, but not during booms. In contrast,...
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作者：Barron, JM; Waddell, GR
作者单位：University of Oregon; Purdue University System; Purdue University
摘要：This paper extends the literature on executive compensation by developing and testing a principal-agent model in the context of project selection. The model's focus on executive project selection decisions highlights the multidimensional nature of executive choices that affect the value of the firm. An executive not only makes an effort choice that determines the quality of information on which to base a decision but also sets the decision criteria for selecting projects. A project selection f...
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作者：Smart, SB; Zutter, CJ
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We find that dual-class firms experience less underpricing than single-class firms and explore several hypotheses which explain this phenomenon. Compared to single-class firms, dual-class companies have slightly higher post-IPO institutional ownership and experience fewer control events. Although dual-class firms achieve a lower underpricing cost, they trade at lower prices relative to earnings and sales than single-class IPOs. This pricing differential, combined with evidence that dual-class ...
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作者：Brockman, P; Turtle, HJ
作者单位：Hong Kong Polytechnic University; Washington State University
摘要：This paper proposes a framework for corporate security valuation based on path-dependent, barrier option models instead of the commonly used path-independent approach. We argue that path dependency is an intrinsic and fundamental characteristic of corporate securities because equity can be knocked out whenever a legally binding barrier is breached. A direct implication of this framework is that equity will be priced as a down-and-out call option. We provide empirical validation of the barrier ...
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作者：Barberis, N; Shleifer, A
作者单位：University of Chicago; Harvard University
摘要：We study asset prices in an economy where some investors categorize risky assets into different styles and move funds among these styles depending on their relative performance. In our economy, assets in the same style comove too much, assets in different styles comove too little, and reclassifying an asset into a new style raises its correlation with that style. We also predict that style returns exhibit a rich pattern of own- and cross-autocorrelations and that while asset-level momentum and...
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作者：Chakravarty, S; Li, K
作者单位：Purdue University System; Purdue University; University of British Columbia
摘要：Using proprietary audit trail transaction data compiled by the Commodity Futures Trading Commission, we investigate at the individual trader level (1) the timing and (2) the determinants of dual traders' personal trades. Our analysis reveals an absence of any trade timing by dual traders in relation to the execution of their customers' orders. Further examination employing correlation statistics and time series regressions provides strong support for the proposition that dual traders supply li...
