-
作者：Denis, DJ; Mihov, VT
作者单位：Purdue University System; Purdue University; Texas Christian University
摘要：Using a sample of 1,560 new debt financings, we examine the choice among bank debt, non-bank private debt, and public debt. The primary determinant of the debt source is the credit quality of the issuer. Firms with the highest credit quality borrow from public sources, firms with medium credit quality borrow from banks, and firms with the lowest credit quality borrow from non-bank private lenders. Non-bank private debt thus plays a unique role in accommodating the financing needs of firms with...
-
作者：Amihud, Y; Hauser, S; Kirsh, A
作者单位：New York University; Tel Aviv University; Ben-Gurion University of the Negev
摘要：We examine theories of IPO underpricing using unique data from Israel where the allocation to subscribers is by equal proration. This enables us to simulate the return earned by uninformed investors. Consistent with Rock's (1986) theory of adverse selection, allocations were negatively related to underpricing. But uninformed investors earned a negative allocalion-weighted initial return, although the average initial return was 12%. They could break even, however, by using publicly available in...
-
作者：Harford, J
作者单位：University of Washington; University of Washington Seattle
摘要：I investigate the nature of the incentives that lead outside directors to serve stockholders' interests. Specifically, I document the effect of a takeover bid on target directors, both in terms of its immediate financial impact and its effect on the number of future board seats held by those target directors. Directors are rarely retained following a completed offer. All target directors hold fewer directorships in the future than a control group, suggesting that the target board seat is diffi...
-
作者：Bharadwaj, A; Shivdasani, A
作者单位：Cornerstone Research; University of North Carolina; University of North Carolina Chapel Hill
摘要：in a sample of 115 cash tender offers between 1990 and 1996, banks extend financing in 70% of the tender offers and finance the entire tender offer in half of these takeovers. Bank financing of tender offers is more likely when internal cash reserves are low. Acquisitions that are entirely financed by banks are associated with large and significantly positive acquirer announcement returns. Announcement returns are also positively related to the fraction of the acquisition value financed by ban...
-
作者：Ongena, S; Smith, DC; Michalsen, D
作者单位：Federal Reserve System - USA; BI Norwegian Business School
摘要：We use the near-collapse of the Norwegian banking system during the period 1988-1991 to measure the impact of bank distress announcements on the stock prices of firms maintaining a relationship with a distressed bank. Although banks experienced large and permanent downward revisions in their equity value during the event period, firms maintaining relationships with these banks faced only small and temporary changes, on average, in stock price. Firms with access to unused liquid bank funds and ...
-
作者：Del Guercio, D; Dann, LY; Partch, MM
作者单位：University of Oregon
摘要：We analyze whether board structure and director independence in closed-end investment companies are related to shareholder interests in ways that are consistent with boards being effective monitors. We report that funds with relatively low expense ratios, one measure of board effectiveness, have smaller boards, a higher proportion of board members who are legally considered independent, relatively low director compensation, and charter provisions that specify remedial action if discounts becom...
-
作者：Chidambaran, NK; Prabhala, NR
作者单位：Rutgers University System; Rutgers University New Brunswick; University System of Maryland; University of Maryland College Park
摘要：We examine firms that reprice their executive stock options and find little evidence that repricing reflects managerial entrenchment or ineffective governance. Repricing grants are economically significant, but there is little else unusual about compensation in repricing firms. Repricers tend to be smaller, younger, rapidly growing firms that experience a deep, sudden shock to growth and profitability. They are also more concentrated in the technology, trade, and service sectors and have small...
-
作者：Campbell, JY; Chan, YL; Viceira, LM
作者单位：Harvard University; Hong Kong University of Science & Technology; Harvard University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We develop an approximate solution method for the optimal consumption and portfolio choice problem of an infinitely long-lived investor with Epstein-Zin utility who faces a set of asset returns described by a vector autoregression in returns and state variables. Empirical estimates in long-run annual and post-war quarterly U.S. data suggest that the predictability of stock returns greatly increases the optimal demand for stocks. The role of nominal bonds in long-term portfolios depends on the ...
-
作者：Aggarwal, R
作者单位：Georgetown University
摘要：There is a general perception that the large trading volume in initial public offerings is mostly due to flippers that are allocated shares in the offering and immediately resell them. On average, however, flipping accounts for only 19% of trading volume and 15% of shares offered during the first two days of trading. Institutions do more flipping than retail customers and hot IPOs are flipped much more than cold IPOs. Institutions do not quickly flip cold IPOs to take advantage of price suppor...
-
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...
