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作者：Schwert, GW
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作者：Hasbrouck, J; Seppi, DJ
作者单位：New York University; Carnegie Mellon University
摘要：How important are cross-stock common factors in the price discovery/liquidity provision process in equity markets? We investigate two aspects of this question for the 30 Dow stocks. First. using principal components and canonical correlation analyses we find that both returns acid order Rows are characterized by common factors. Commonality in the order flows explains roughly two-thirds of the commonality in returns. Second, we examine variation and common covariation in various liquidity proxi...
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作者：Yeoman, JC
作者单位：University System of Georgia; North Georgia College & State University; University System of Georgia; Georgia State University
摘要：The paper develops the net proceeds maximization theory explaining how the spread and offering price are determined in all underwritten offerings in the U.S. The theory yields solutions for the optimal spread and offering price for all underwritten securities and it yields comparative statics that explain the cross-sectional variation in actual spreads and initial returns across different types of underwritten securities. The theory also suggests two alternative explanations to the ones offere...
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作者：Morellec, E
作者单位：University of Rochester
摘要：This paper investigates the impact of asset liquidity on the valuation of corporate securities and the firm's financing decisions. I show that asset liquidity increases debt capacity only when bond covenants restrict the disposition of assets. By contrast, I demonstrate that, with unsecured debt, greater liquidity increases credit spreads on corporate debt and reduces optimal leverage. The model also determines the extent to which pledging assets increases firm value and relates the optimal si...
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作者：Schultz, P; Zaman, M
作者单位：University of Notre Dame; University of Northern Iowa
摘要：Two explanations are commonly offered for the large number of recent IPOs by Internet firms. The first argues that Internet firms are trying to grab market share in an industry with large economies of scale. The second argues that Internet firms are rushing to go public when Internet stuck prices are irrationally high. In this paper we examine the actions of those closest to Internet firms - firm managers, underwriters, and venture capitalists - to determine their motives for going public. Num...
