3期

最新文章

• Editorial data AI翻译
  作者：Schwert, GW
• The duration of bank relationships AI翻译
  作者：Ongena, S; Smith, DC
  作者单位：Tilburg University; Tilburg University; Federal Reserve System - USA
  摘要：We analyze the duration of bank relationships using a unique panel data set of listed firms and their banks from the bank-dominated Norwegian market. We find that firms are more likely to leave a bank as the relationship matures. Small, profitable, and highly leveraged firms maintain shorter bank relationships, as do firms with multiple bank relationships. These findings are robust to censoring, alternate specifications for the distribution of relationship duration, and other control variables...
• Understanding the determinants of managerial ownership and the link between ownership and performance: comment AI翻译
  作者：Zhou, XM
  作者单位：City University of Hong Kong; University of Sydney
  摘要：Himmelberg et al. (J. Financial Econom. 53 (1999) 353-384) argue that fixed effects estimators should be used in examination of the relationship between managerial ownership and firm performance. I show that managerial ownership, while substantially different across firms, typically changes slowly from year to year within a company. With rational managers maximising long-term utility, small, one-year changes in ownership are not likely to reflect notable changes in incentives that would lead t...
• Bankers on boards: monitoring, conflicts of interest, and lender liability AI翻译
  作者：Kroszner, RS; Strahan, PE
  作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - New York
  摘要：We investigate the trade-off between the benefits from bank monitoring when a banker is represented on a firm's board and the costs from two sources: conflicts Of interests between lenders and shareholders, and U.S. legal doctrines that generate lender liability for bankers on boards of firms in financial distress. Consistent with high costs of active involvement, bankers are on boards of large, stable firms with high proportions of collateralizable assets and low reliance on short-term financ...
• Leverage and internal capital markets: evidence from leveraged recapitalizations AI翻译
  作者：Peyer, UC; Shivdasani, A
  作者单位：University of North Carolina; University of North Carolina Chapel Hill
  摘要：We study the internal allocation of resources for diversified firms that complete a leveraged recapitalization. Before the recapitalization, internal capital markets allocate investment to high q segments. After the recapitalization, segment investment becomes less sensitive to q and more sensitive to segment cash how. We show that firm value is positively related to investment's sensitivity to segment q and negatively related to investments sensitivity to segment cash fl;ow. Our analysis high...
• Exchange rate exposure and competition: evidence from the automotive industry AI翻译
  作者：Williamson, R
  作者单位：Georgetown University
  摘要：This study examines the effect of real exchange rare changes on multinational firms and incorporates the effect of intra-industry competition on the relation between exchange rates and firm value. To test the relation more effectively, tests are conducted using a sample of automotive firms from the United States and Japan. Consistent with theoretical predictions, there is significant exposure to exchange rate shocks. Moreover, there is evidence of time-variation in exchange rate exposure, whic...
• Capital budgeting and compensation with asymmetric information and moral hazard AI翻译
  作者：Bernardo, AE; Cai, HB; Luo, J
  作者单位：University of California System; University of California Los Angeles; University of California System; University of California Los Angeles; Hong Kong University of Science & Technology
  摘要：We consider optimal capital allocation and managerial compensation mechanisms for decentralized firms when division managers have an incentive to misrepresent project quality and to minimize privately costly but value-enhancing effort. We show that in the optimal mechanism firms always underinvest in capital relative to a naive application of the net present value (NPV) rule. We make a number of novel cross-sectional predictions about the severity of the underinvestment problem and the composi...
• The option to withdraw IPOs during the premarket: empirical analysis (vol 60, pg 73, 2001) AI翻译
  作者：Busaba, WY; Benveniste, LM; Guo, RJ
  作者单位：University of Arizona; University of Minnesota System; University of Minnesota Twin Cities; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
• Predictable changes in yields and forward rates AI翻译
  作者：Backus, D; Foresi, S; Mozumdar, A; Wu, LR
  作者单位：New York University; National Bureau of Economic Research; Virginia Polytechnic Institute & State University; Fordham University
  摘要：We make two contributions to the study of interest rates, The first is to characterize their dynamics in a new way. We estimate forecasting relations based on one-period changes in forward rates, which are more easily compared than earlier work on yields to the stationary theory of bond pricing, The second is to approximate these dynamics and other salient features of interest rates with an affine model. We show that models with 'negative factors come closer to accounting for the properties of...
• Does Delaware law improve firm value? AI翻译
  作者：Daines, R
  作者单位：New York University
  摘要：I present evidence consistent with the theory that Delaware corporate law improves firm value and facilitates the sale of public firms. Using Tobin's Q as an estimate of firm value, I find that Delaware firms are worth significantly more than similar firms incorporated elsewhere. The result is robust to controls for firm size, diversification, profitability, investment opportunity, industry, managerial ownership, and unobservable firm heterogeneity. Delaware firms are also significantly more l...