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作者：Rau, PR
作者单位：Purdue University System; Purdue University
摘要：This paper investigates the determinants of the market share of investment banks acting as advisors in mergers and tender offers. In both mergers and tender offers, bank market share is positively related to the contingent fee payments charged by the bank and to the percentage of deals completed in the past by the bank. It is unrelated to the performance of the acquirers advised by the bank in the past. In tender offers, the post-acquisition performance of the acquirer is negatively related to...
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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：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：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...
