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作者：Bettis, JC; Coles, JL; Lemmon, ML
作者单位：Arizona State University; Arizona State University-Tempe
摘要：This paper examines policies and procedures put in place by corporations to regulate trading in the stock by the firm's own insiders. Over 92% of our sample companies have their own policies restricting trading by insiders, and 78% have explicit blackout periods during which the company prohibits trading by its insiders. Our data indicate that blackout periods successfully suppress trading, both purchases and sales, by insiders, and that the blackout period is associated with a bid-ask spread ...
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作者：Slovin, MB; Sushka, ME; Lai, KWL
作者单位：Arizona State University; Arizona State University-Tempe; Louisiana State University System; Louisiana State University; Hautes Etudes Commerciales (HEC) Paris; Lingnan University
摘要：We examine valuation effects of announcements of seasoned equity issuance and assess the impact of the choice of flotation method in the U.K. Rights offerings are predominant, but in 1986, British firms gained the flexibility to conduct placings, which are comparable to U.S, firm commitment offerings. A placing is a fixed-price bought deal that increases ownership dispersion. Placings generate significantly positive share price effects, whereas rights offerings have large negative valuation ef...
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作者：Grinblatt, M; Keloharju, M
作者单位：University of California System; University of California Los Angeles; Aalto University
摘要：Using data from Finland, this study analyzes the extent to which past returns determine the propensity to buy and sell. It also analyzes whether these differences in past-return-based behavior and differences in investor sophistication drive the performance of various investor types. We find that foreign investors tend to be momentum investors, buying past winning stocks and selling past losers. Domestic investors, particularly households, tend to be contrarians. The distinctions in behavior a...
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作者：Eckbo, BE; Masulis, RW; Norli, O
作者单位：Dartmouth College; Vanderbilt University; University of Toronto
摘要：The 'new issues puzzle' is that stocks of common stock issuers subsequently underperform nonissuers matched on size and book-to-market ratio. With 7000 + seasoned equity and debt issues, we document that issuer underperformance reflects lower systematic risk exposure for issuing firms relative to the matches. A consistent explanation is that, as equity issuers lower leverage, their exposures to unexpected inflation and default risks decrease, thus decreasing their stocks' expected returns rela...
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作者：Loughran, T; Ritter, JR
作者单位：State University System of Florida; University of Florida; University of Notre Dame
摘要：Defenders of market efficiency argue that anomalies involving long-term abnormal returns are not robust to alternative methodologies. We argue that because various methodologies use different weighting schemes, the magnitude of abnormal returns should differ, and in a predictable manner. Three problems are identified that cause low power in value-weighted three-factor time series regressions when abnormal returns following managerial actions are being estimated. We illustrate the sensitivities...
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作者：Bennedsen, M; Wolfenzon, D
作者单位：University of Michigan System; University of Michigan; University of Copenhagen
摘要：We analyze a closely held corporation characterized by the absence of a resale market for its shares. We show that the founder of the firm can optimally choose an ownership structure with several large shareholders to force them to form coalitions to obtain control. By grouping member cash flows, a coalition internalizes to a larger extent the consequences of its actions and hence takes more efficient actions than would any of its individual members. The model has implications for the optimal ...
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作者：Guay, W; Harford, J
作者单位：University of Oregon; University of Pennsylvania
摘要：We hypothesize that firms choose dividend increases to distribute relatively permanent cash-flow shocks and repurchases to distribute more transient shocks. As predicted, we find that post-shock cash flows of dividend increasing firms exhibit less reversion to pre-shock levels compared with repurchasing firms. We also examine whether the stock market uses the announcement of the payout method to update its beliefs about the permanence of cash-flow shocks. Controlling for payout size and the ma...
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作者：Acharya, VV; John, K; Sundaram, RK
作者单位：New York University
摘要：The practice of resetting strike prices on underwater executive stock options has drawn criticism for weakening managerial incentives. Our model shows that although the anticipation of resetting can negatively affect initial incentives, resetting can still be an important, value-enhancing aspect of compensation contracts, even from an ex-ante standpoint. In fact, we find that some resetting is almost always optimal. The relative advantages of resetting diminish with greater ability of managers...
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作者：Chance, DM; Kumar, R; Todd, RB
作者单位：Virginia Polytechnic Institute & State University; Boston University
摘要：We examine a sample of firms that reset the exercise prices on their executive options. These repricings follow a period of about one year of poor firm-specific performance in which the average firm loses one-fourth of its value. No other offsetting changes to option terms or compensation are made, and many firms reprice more than once. Without repricing, a majority of the options would have been at-the-money within two years. We find that when faced with circumstances in which repricing might...
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作者：Johnson, SA; Tian, YS
作者单位：Louisiana State University System; Louisiana State University; York University - Canada; University System of Ohio; University of Cincinnati
摘要：We examine the value and incentive effects of six nontraditional executive stock options: premium options, performance-vested options, repriceable options, purchased options, reload options, and indexed options. With reasonable parameter values, four options have lower value than a traditional option when granted, and large differences in value are evident across the types. Holding option value constant, five options create stronger incentives than traditional options to increase stock price, ...
