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作者：Reese, WA; Weisbach, MS
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Tulane University; National Bureau of Economic Research
摘要：This paper examines the hypothesis that non-US firms cross-list in the United States to increase protection of their minority shareholders. Cross-listing on the NYSE or Nasdaq subjects a non-US firm to a number of provisions of US securities law, and requires the firm to conform to US GAAP. It therefore increases the expected cost to managers of extracting private benefits, and commits the firm to protect minority shareholders' interests. The expected relation between the quantity of cross-lis...
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作者：Sherman, AE; Titman, S
作者单位：University of Notre Dame; University of Texas System; University of Texas Austin
摘要：We examine the book-building method for marketing IPOs. In our model, the underwriter selects a group of investors along with a pricing and allocation mechanism to maximize (at minimum cost) the information generated during the process of going public. We also address the moral hazard problem faced by investors when evaluation is costly. When there is little need for accurate pricing, the expected gain from underpricing exactly offsets the investors' costs of acquiring information. When pricin...
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作者：Aggarwal, RK; Krigman, L; Womack, KL
作者单位：Dartmouth College; Babson College
摘要：Managers usually do not sell any of their own shares in an initial public offering but instead wait until the end of the lockup period. We develop a model in which managers strategically underprice IPOs to maximize personal wealth from selling shares at lockup expiration. First-day underpricing generates information momentum by attracting attention to the stock and thereby shifting the demand curve for the stock outwards. This allows managers to sell shares at the lockup expiration at prices h...
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作者：Core, JE; Larcker, DF
作者单位：University of Pennsylvania
摘要：We examine a sample of firms that adopt target ownership plans, under which managers are required to own a minimum amount of stock. We find that prior to plan adoption, such firms exhibit low managerial equity ownership and low stock price performance. Managerial equity ownership increases significantly in the two years following plan adoption. We also observe that excess accounting returns and stock returns are higher after the plan is adopted. Thus, for our sample of firms, the required incr...
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作者：Schlingemann, FP; Stulz, RM; Walkling, RA
作者单位：University System of Ohio; Ohio State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; National Bureau of Economic Research
摘要：The liquidity of the market for corporate assets plays an important role in explaining whether a firm divests a business segment, which segment the firm divests, and whether it divests a core segment or an unrelated segment. Firms are more likely to divest segments from industries with a more liquid market for corporate assets, unrelated segments, poorly performing segments, and small segments. Strikingly, the segment with the least liquid market is less likely to be divested than the best-per...
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作者：Deli, DN; Varma, R
作者单位：University of Delaware; Arizona State University; Arizona State University-Tempe
摘要：We investigate the option to invest in derivative securities using a large sample of mutual funds. We find that those funds with the greatest transaction-cost benefit tend to permit investment in derivatives, and that funds tend to permit investment only in those derivatives that offer transaction-cost benefits. Our results indicate that a fund's decision to permit investment in derivatives is driven by increased efficiency rather than advisor opportunism. (C) 2002 Published by Elsevier Scienc...
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作者：Krishnamurthy, A
作者单位：Northwestern University
摘要：I document the profits on a trade that is long the old 30-year Treasury bond and short the new 30-year Treasury bond, and is rolled over every auction cycle from June 1995 to November 1999. Despite the systematic convergence of the spread over the auction cycle, the average profits are close to zero. The difference in repo-market financing rates between the two bonds is a significant cost of carry in this trade. I show that variation in the bond/old-bond spread is driven by the Treasury supply...
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作者：Hellmann, T
作者单位：Stanford University
摘要：Some venture capital investors seek purely financial gains while others, such as corporations, also pursue strategic objectives. The paper examines a model where a strategic investor can achieve synergies, but can also face a conflict of interest with the entrepreneur. If the start-up is a complement to the strategic partner, it is optimal to obtain funding front the strategic investor. If the start-up is a mild substitute, the entrepreneur prefers an independent venture capitalist. With a str...
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作者：Dai, Q; Singleton, KJ
作者单位：Stanford University; New York University; National Bureau of Economic Research
摘要：Linear projections of returns on the slope of the yield curve have contradicted the implications of the traditional 'expectations theory. This paper shows that these findings are not puzzling relative to a large class of richer dynamic term structure models. Specifically, we match all the key empirical findings reported by Fama and Bliss ((1987) American Economic Review 77 (4), 680 692) and Campbell and Shiller ((1991) Review of Economic Studies 58, 495-514), among others, within large subclas...
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作者：Faccio, M; Lang, LHP
作者单位：University of Notre Dame; Chinese University of Hong Kong
摘要：We analyze the ultimate ownership and control of 5,232 corporations in 13 Western European countries. Typically firms are widely held (36.93%) or family controlled (44.29%). Widely held firms are more important in the UK and Ireland, family controlled firms in continental Europe. Financial and large firms are more likely widely held, while non-financial and small firms are more likely family controlled. State control is important for larger firms in certain countries. Dual class shares and pyr...
