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作者：Longstaff, FA
作者单位：University of California System; University of California Los Angeles
摘要：Empirical researchers have frequently rejected the expectations hypothesis. The expectations hypothesis, however, has seldom, if ever, been tested at the extreme short end of the term structure where maturities are measured in days or weeks. Using overnight, weekly, and monthly ripe rates, I find that term rates are almost unbiased estimates of the average overnight rate. This evidence provides new support for the expectations hypothesis. (C) 2000 Elsevier Science S.A. All rights reserved. JEL...
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作者：Henry, PB
作者单位：Stanford University
摘要：Stock market liberalizations lead private investment booms. In a sample of Il developing countries that liberalized their stock markets, 9 experience growth rates of private investment above their non-liberalization median in the first year after liberalizing. In the second and third years after liberalization, this number is 10 of 11 and 8 of 11, respectively. The mean growth rate of private investment in the three years immediately following stock market liberalization exceeds the sample mea...
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作者：Jagannathan, M; Stephens, CP; Weisbach, MS
作者单位：University of Missouri System; University of Missouri Columbia; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper measures the growth in open market stock repurchases and the manner in which stock repurchases and dividends are used by U.S. corporations. Stock repurchases and dividends are used at different times from one another, by different kinds of firms. Stock repurchases are very pro-cyclical, while dividends increase steadily over time. Dividends are paid by firms with higher permanent operating cash flows, while repurchases are used by firms with higher temporary, non-operating cash hows...
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作者：DeAngelo, H; DeAngelo, L
作者单位：University of Southern California
摘要：The Times Mirror Company, a NYSE-listed Fortune 500 firm controlled for 100 years by the Chandler family, hired an industry outsider as CEO in 1995 following an extended period of poor operating and stock price performance under non-family management. This change was apparently an unintended consequence of actions taken by old management to fund its capital expansion plans while satisfying the family's desire for dividends. Specifically, in 1994 old management agreed to (1) sell TM's cable bus...
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作者：Gorton, G; Schmid, FA
作者单位：University of Pennsylvania; National Bureau of Economic Research; Federal Reserve System - USA
摘要：We empirically investigate the influence of German universal banks on the performance of German firms. We take into account banks' control rights from equity ownership, banks' proxy-voting rights, and the concentration of control rights from equity ownership (which includes complex forms such as pyramids, cross-shareholdings, and stocks with multiple votes). We also account for voting restrictions and the German codetermination system (under which employees of large firms have control rights t...
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作者：Chordia, T; Roll, R; Subrahmanyam, A
作者单位：University of California System; University of California Los Angeles; Vanderbilt University
摘要：Traditionally and understandably, the microscope of market microstructure has focused on attributes of single assets. Little theoretical attention and virtually no empirical work has been devoted to common determinants of liquidity nor to their empirical manifestation, correlated movements in liquidity. But a wider-angle lens exposes an imposing image of commonality. Quoted spreads, quoted depth, and effective spreads co-move with market- and industry-wide liquidity. After controlling for well...
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作者：Bittlingmayer, G; Hazlett, TW
作者单位：University of California System; University of California Davis
摘要：Antitrust enforcement that efficiently constrains Microsoft's behavior benefits firms supplying complements to and/or substitutes for Microsoft's operating system and applications software. However, from 1991 through 1997, 29 reports of federal antitrust enforcement action against Microsoft were accompanied by declines in the value of an index of 159 computer industry firms (excluding Microsoft). The mean loss to those firms exceeded $1 billion per event, Eight retreats or setbacks in enforcem...
