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作者：Johnson, S; Mitton, T
作者单位：Massachusetts Institute of Technology (MIT); Brigham Young University
摘要：The onset of the Asian financial crisis in Malaysia reduced the expected value of government subsidies to politically connected firms, accounting for roughly 9% of the estimated $60 billion loss in their market value from July 1997 to August 1998. Firing the Deputy Prime Minister and imposing capital controls in September 1998 primarily benefited firms with strong ties to Prime Minister Mahathir, accounting for roughly 32% of these firms' estimated $5 billion gain in market value during Septem...
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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：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：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：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：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...
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作者：Joh, SW
作者单位：Korea Development Institute (KDI); Korea University
摘要：This study examines how ownership structure and conflicts of interest among shareholders under a poor corporate governance system affected firm performance before the crisis. Using 5,829 Korean firms subject to outside auditing during 1993-1997, the paper finds that firms with low ownership concentration show low firm profitability, controlling for firm and industry characteristics. Controlling shareholders expropriated firm resources even when their ownership concentration was small. Firms wi...
