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作者：Schwert, GW
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作者：Buraschi, A; Menini, D
作者单位：University of London; London Business School
摘要：Repo contracts, the most important form of collateralized lending, are widely used by financial institutions and hedge funds to create short-selling positions and manage their leverage profile. Moreover, they have become the primary tool of money management and monetary control of several central banks, including the Bundesbank and the newly born European Central Bank. This paper is an empirical study of this market. More specifically, we study the extent to which the current term structure of...
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作者：Bernardo, AE; Chowdhry, B
作者单位：University of California System; University of California Los Angeles
摘要：The types of investments a firm undertakes will depend in part on what it expects the outcome of those investments to reveal about its skills, capabilities. and assets (i.e., its resources). We predict that a firm will specialize when young, then experiment in a new line of business for some time, and then either expand into a large, multisegment business or focus and scale up its specialized business. We derive several empirical implications for firm valuations and the reaction of stock price...
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作者：Schwert, GW
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作者：Mitton, T
作者单位：Brigham Young University
摘要：In a sample of 398 firms from Indonesia, Korea, Malaysia, the Philippines, and Thailand, firm-level differences in variables related to corporate governance had a strong impact on firm performance during the East Asian financial crisis of 1997-1998. Significantly better stock price performance is associated with firms that had indicators of higher disclosure quality (ADRs and auditors from Big Six accounting firms), with firms that had higher outside ownership concentration, and with firms tha...
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作者：Bae, KH; Kang, JK; Lim, CW
作者单位：Michigan State University; Michigan State University's Broad College of Business; Korea University; Hong Kong University of Science & Technology
摘要：Using a large sample of exogenous events that negatively affected Korean banks during the 1997-98 period, we examine the value of durable bank relationships in Korea. We show that adverse shocks to banks have a negative effect not only on the value of the banks themselves but also on the value of their client firms, and that this adverse effect on firm value is a decreasing function of the financial health of both the banks and their client firms. Our results are concentrated in the second hal...
