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作者：Stulz, RM; Williamson, R
作者单位：University System of Ohio; Ohio State University; Georgetown University
摘要：Differences in culture, proxied by differences in religion and language, cannot be ignored when examining why investor protection differs across countries. We show that a country's principal religion predicts the cross-sectional variation in creditor rights better than a country's natural openness to international trade, its language, its income per capita, or the origin of its legal system. Catholic countries protect the rights of creditors less well than Protestant countries. A country's nat...
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作者：Bates, TW; Lemmon, ML
作者单位：University of Delaware; Utah System of Higher Education; University of Utah
摘要：We examine the provision of termination fee clauses in merger agreements between 1989 and 1998. Target-payable fees are observed more frequently when bidding is costly and the potential for information expropriation by third parties is significant. Fee provisions appear to benefit target shareholders through higher deal completion rates and greater negotiated takeover premiums. We conclude that target-payable fees serve as an efficient contracting device, rather than a means by which to deter ...
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作者：Andricopoulos, AD; Widdicks, M; Duck, PW; Newton, DP
作者单位：University of Manchester; University of Manchester
摘要：This paper proposes and develops a novel, simple, widely applicable numerical approach for option pricing based on quadrature methods. Though in some ways similar to lattice or finite-difference schemes, it possesses exceptional accuracy and speed. Discretely monitored options are valued with only one timestep between observations, and nodes can be perfectly placed in relation to discontinuities. Convergence is improved greatly; in the extrapolated scheme, a doubling of points can reduce error...
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作者：Parlour, CA; Rajan, U
作者单位：Carnegie Mellon University
摘要：We develop a dynamic model of price competition in broker and dealer markets. With no payment for order flow, a zero-profit equilibrium exists. With payment for order flow, spreads widen to more than compensate for this payment; hence, there is no equilibrium in which market makers earn zero profits. While brokerage commissions for market orders can fall, the total transactions cost to submitting a market order remains positive. Consumer and social welfare are both lower in any equilibrium wit...
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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：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：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...
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作者：Bessembinder, H
作者单位：Utah System of Higher Education; University of Utah
摘要：This study examines quotations, order routing, and trade execution costs for seven markets that compete for orders in large-capitalization NYSE-listed stocks. The competitiveness of quote updates from each market varies with measures of the profitability of attracting additional order and with volatility and inventory measures. The probability of a trade executing on each market increases when the market posts competitive quotes. Execution costs for non-NYSE trades when the local market posts ...
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作者：Leuz, C; Nanda, D; Wysocki, PD
作者单位：University of Pennsylvania; Duke University; Massachusetts Institute of Technology (MIT)
摘要：This paper examines systematic differences in earnings management across 31 countries. We propose an explanation for these differences based on the notion that insiders, in an attempt to protect their private control benefits, use earnings management to conceal firm performance from outsiders. Thus, earnings management is expected to decrease in investor protection because strong protection limits insiders' ability to acquire private control benefits, which reduces their incentives to mask fir...
