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作者：Goyal, VK; Lehn, K; Racic, S
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Hong Kong University of Science & Technology
摘要：The U.S. defense industry provides a natural experiment for examining how changes in growth opportunities affect the level and structure of corporate debt. The growth opportunities of defense firms, compared with other firms, increased substantially during the Reagan defense buildup of the early 1980s but then declined significantly with the end of the cold war and associated defense budget cuts in the late 1980s and early 1990s. We examine how the level and Structure of corporate debt changed...
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作者：Bacidore, JM; Sofianos, G
摘要：We examine how the intrinsic differences between U.S. and non-U.S. stocks affect market participants and the market quality of non-U.S. stocks relative to U.S. stocks. Using proprietary data on NYSE specialist trading, we find that, all else equal, specialist closing inventory positions for non-U.S. stocks are closer to zero than U.S. stocks. The evidence on specialist participation and stabilization rates is mixed. Non-U.S. stocks from developed markets have higher specialist participation an...
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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：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：Volpin, PF
作者单位：University of London; London Business School
摘要：This paper studies the determinants of executive turnover and firm valuation as a function of ownership and control structure in Italy, a country that features low legal protection for investors, firms with controlling shareholders, and pyramidal groups. The results suggest that there is poor governance, as measured by a low sensitivity of turnover to performance and a low Q ratio, when (i) the controlling shareholders are also top executives, (ii) the control is fully in the hands of one shar...
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作者：Woidtke, T
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：This paper examines the valuation effects associated with the incentive structures of different types of institutional investors using the ownership levels of public and private pension funds in a firm. The results suggest that institutional monitoring is associated with valuation effects when both observable and unobservable aspects of the relationship between institutions and firms are taken into account, Moreover, the valuation effects vary according to the objective functions of institutio...
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作者：Shleifer, A; Wolfenzon, D
作者单位：Harvard University; New York University
摘要：We present a simple model of an entrepreneur going public in an environment with poor legal protection of outside shareholders. The model incorporates elements of Becker's (J. Political Econ. 106 (1968) 172) crime and punishment framework into a corporate finance environment of Jensen and Meckling (J. Financial Econ. 3 (1976) 305). We examine the entrepreneur's decision and the market equilibrium. The model is consistent with a number of empirical regularities concerning the relation between i...
