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作者：Pulvino, TC
作者单位：Northwestern University
摘要：This paper uses commercial aircraft transactions to determine whether prices obtained from asset sales are greater under Chapter 11 reorganization than under Chapter 7 liquidation. Results indicate that prices obtained under both bankruptcy regimes are substantially lower than prices obtained by non-distressed airlines. Furthermore, there is no evidence that prices obtained by firms reorganizing under Chapter 11 are greater than those obtained by firms liquidating under Chapter 7. An analysis ...
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作者：Denis, DJ; Sarin, A
作者单位：Purdue University System; Purdue University; Santa Clara University
摘要：We examine the equity ownership structure and board composition of a sample of 583 firms over the ten-year period 1983-1992. Our evidence suggests that a substantial fraction of firms exhibit large changes in ownership and board structure in any given year. These changes are correlated with one another and are not reversed in subsequent years. Ownership and board changes are strongly related to top executive turnover, prior stock price performance, and corporate control threats, but only weakl...
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作者：Aggarwal, R; Angel, JJ
作者单位：Georgetown University; U.S. Securities & Exchange Commission (SEC)
摘要：In 1992, the Amex launched the Emerging Company Marketplace (ECM) to trade the stocks of small but growing companies. Bid-ask spreads decreased dramatically for listing firms, and news coverage increased. Executives of listing firms were quite satisfied. Yet few firms chose to list on the ECM, and it closed in 1995. What went wrong? Most Amex stakeholders had little to gain from the success of the ECM, and a series of scandals damaged the reputation of the exchange. Similar small-firm markets ...
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作者：Keim, DB
作者单位：University of Pennsylvania
摘要：In 1982, Dimensional Fund Advisors launched a mutual fund intended to capture the returns of small-cap stocks. The '9-10 Fund' is based on the CRSP 9-10 Index, an index of small-cap stocks constituting the ninth and tenth deciles of NYSE market capitalization, although the 9-10 Fund incorporates investment rules and a trading strategy that are aimed at minimizing the potentially excessive trade costs associated with such illiquid stocks, As a result, the 9-10 Fund provided a 2.2% annual premiu...
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作者：Froot, KA; Dabora, EM
作者单位：Harvard University; National Bureau of Economic Research; Morgan Stanley
摘要：We examine pairs of large, 'Siamese twin' companies whose stocks are traded around the world but have different trading and ownership habitats. Twins pool their cash flows, so, with integrated markets, twin stocks should move together. However, the difference between the prices of twin stocks appears to be correlated with the markets on which they are traded most, i.e., a twin's relative price rises when the market on which it is traded relatively intensively rises. We examine several explanat...
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作者：Chung, KH; Van Ness, BF; Van Ness, RA
作者单位：University of Memphis; Kansas State University
摘要：We examine the role of limit-order traders and specialists in the market-making process. We find that a large portion of posted bid-ask quotes originates from the limit-order book without direct participation by specialists, and that competition between traders and specialists has a significant impact on the bid-ask spread. Specialists' spreads are widest at the open, narrow until late morning, and then level off. The U-shaped intraday pattern of spreads largely reflects the intraday variation...
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作者：Puri, M
作者单位：Stanford University
摘要：Commercial bank entry into securities underwriting can affect underwriter behavior because, unlike investment houses, banks also lend to firms. This raises several issues. Are banks better certifiers of firms' securities than investment houses? If banks hold equity in firms rather than debt, does this make certification more credible? Would one type of underwriter drive out the other? This paper provides a model for analyzing such issues, and derives several interesting results. First? banks, ...
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作者：Shyam-Sunder, L; Myers, SC
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper tests traditional capital structure models against the alternative of a pecking order model of corporate financing. The basic pecking order model, which predicts external debt financing driven by the internal financial deficit, has much greater time-series explanatory power than a static tradeoff model, which predicts that each firm adjusts gradually toward an optimal debt ratio. We show that our tests have the power to reject the pecking order against alternative tradeoff hypothese...
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作者：Choe, H; Kho, BC; Stulz, RM
作者单位：University System of Ohio; Ohio State University; Seoul National University (SNU); National Bureau of Economic Research
摘要：This paper examines the impact of foreign investors on stock returns in Korea from November 30, 1996 to the end of 1997 using order and trade data. We find strong evidence of positive feedback trading and herding by foreign investors before the period of Korea's economic crisis. During the crisis period, herding falls, and positive feedback trading by foreign investors mostly disappears. We find no evidence that trades by foreign investors had a destabilizing effect on Korea's stock market ove...
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作者：Vijh, AM
作者单位：University of Iowa
摘要：Using a sample of 628 carveouts during 1981-1995, this paper finds that the newly issued subsidiary stocks do not underperform appropriate benchmarks over a three-year period following the carveout. This result is in striking contrast with the documented poor performance of initial public offerings and seasoned equity offerings. I conjecture that the superior performance of subsidiary stocks arises because the subsidiary and parent firms can focus on fewer business segments after carveout, and...
