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作者：Chidambaran, NK; Fernando, CS; Spindt, PA
作者单位：Tulane University
摘要：In 1993 and 1994, Freeport McMoRan Copper and Gold issued two series of gold-denominated depositary shares to finance the expansion of its mining capacity in Indonesia. The pricing of these securities reflected their enhanced credit quality, which arose from the positive correlation between the value of the firm and the value of the securities. This feature of the securities effectively bundles a gold hedge with financing. A bundled hedge avoids wealth transfers to senior bondholders, since ju...
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作者：Graham, JR; Harvey, CR
作者单位：Duke University; National Bureau of Economic Research
摘要：We survey 392 CFOs about the cost of capital, capital budgeting, and capital structure. Large firms rely heavily on present value techniques and the capital asset pricing model, while small firms are relatively likely to use the payback criterion. A surprising number of firms use firm risk rather than project risk in evaluating new investments. Firms are concerned about financial flexibility and credit ratings when issuing debt, and earnings per share dilution and recent stock price appreciati...
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作者：Tufano, P
作者单位：Harvard University
摘要：The purpose of the Harvard Business School-Journal of Financial Economics conference was to reexamine the role of clinical work in our profession. Clinical research-empirical work that examines a relatively small number of events intensively-accounts for a very small fraction of published work in the field. The pieces in this conference volume are case studies of different clinical research techniques that are used to develop, test, apply and communicate theory. (C) 2001 Elsevier Science S.A. ...
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作者：Brown, GW
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：This study investigates the foreign exchange risk management program of HDG Inc. (pseudonym), a US-based manufacturer of durable equipment. Precise examination of factors affecting why and how the firm manages its foreign exchange exposure are explored through the use of internal firm documents, discussions with managers, and data on 3,110 foreign-exchange derivative transactions. Informational asymmetries, facilitation of internal contracting, and competitive pricing concerns appear to motiva...
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作者：Chacko, G; Tufano, P; Verter, G
作者单位：Harvard University
摘要：Cephalon Inc., a biotech firm, bought call options on its own stock to meet its conditional cash flow needs. We analyze this decision by using the cash flow hedging concepts of Froot et al., (1993. Journal of Finance 5, 1629-1658). We identify the managerial analyses necessary to apply this theory and discuss managerial considerations absent from the theory. We find that managers consider deadweight costs of risk management, which theory tends to ignore. Theory provides little guidance in how ...
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作者：Esty, BC
作者单位：Harvard University
摘要：CalFed Bancorp is one of 126 S&Ls suing the U.S. government for breach of contract related to supervisory goodwill, a form of goodwill created by the acquisition of insolvent thrifts during the early 1980s. Before a determination of damages in its lawsuit, CalFed announced and issued a litigation participation security giving shareholders a proportional claim on recovered damages, if any. This announcement generated a positive excess return in part because it made CalFed a more likely acquisit...
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作者：Froot, KA
作者单位：Harvard University; National Bureau of Economic Research
摘要：This paper examines the market for catastrophe event risk - i.e., financial claims that are linked to losses associated with natural hazards, such as hurricanes and earthquakes. Risk management theory suggests protection by insurers and other corporations against the largest cat events is most valuable. However, most insurers purchase relatively little cat reinsurance against large events, and premiums are high relative to expected losses. To understand why the theory fails, we examine transac...
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作者：Brown, GW; Hartzell, JC
作者单位：University of North Carolina; University of North Carolina Chapel Hill; New York University
摘要：The publicly traded Boston Celtics Limited Partnership shares provide a unique means of studying the impact of information on equity prices. The results of the Celtics' basketball games significantly affect partnership share returns, trading volume, and volatility. Controlling for the expected value of the signal using betting-market point spreads has little effect on these relations. Investors respond asymmetrically to wins and losses, and playoff games have a larger impact on returns than re...
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作者：Krigman, L; Shaw, WH; Womack, KL
作者单位：Dartmouth College; University of Arizona; Southern Methodist University
摘要：In the mid-1990s, 30% of firms completing an SEO within three years of their IPO switched lead underwriter, This article provides evidence on why they switched. Contrary to predictions of prior research, there is little evidence that firms switch due to dissatisfaction with underwriter performance at the time of the IPO. A surprising result is that switchers' IPOs were significantly less underpriced than non-switchers' IPOs. However, switchers raised fewer proceeds than expected, compared to t...
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作者：Dhillon, US; Noe, TH; Ramírez, GG
作者单位：Tulane University; State University of New York (SUNY) System; Binghamton University, SUNY; Virginia Commonwealth University
摘要：This paper is an exploration of the ability of game theory to explain real-world corporate maneuvering. We explore this issue by investigating bond tender offers accompanied by a threat to call nontendered bonds, so called Simultaneous Tender and Call (STAC) offers. We argue that STACs engender a transparent game played by bondholders and shareholders. We model this game and use this model to predict the outcome of STACs. Finally, we investigate the issue of whether this theoretical model expl...
