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作者：Edelen, RM
作者单位：University of Pennsylvania
摘要：Open-end equity funds provide a diversified equity positions with little direct cost to investors for liquidity. This study documents a statistically significant indirect cost in the form of a negative relation between a fund's abnormal return and investor flows. Controlling for this indirect cost of liquidity changes the average fund's abnormal return (net of expenses) from a statistically significant - 1.6% per year to a statistically insignificant - 0.2% and also fully explains the negative...
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作者：Guenther, DA; Willenborg, M
作者单位：University of Connecticut; University of Colorado System; University of Colorado Boulder
摘要：We examine the issue prices of small initial public offerings around the 1993 tax law change that reduced the capital gains tax on qualified small business stock. We compare the actual issue price of new stock with a benchmark price that is not affected by the change in capital gains tax. We find that, after controlling for IPO underpricing, the issue prices of qualifying small business stock after the tax rate change are significantly higher than the issue prices before the change. A control ...
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作者：Schwert, GW
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作者：Mahoney, PG
作者单位：University of Virginia
摘要：The stated justification for the Securities Exchange Act of 1934 (Exchange Act) was to eliminate manipulation. The primary evidence of manipulation was the existence of 'stock pools,' through which groups of traders jointly traded in a particular stock. The conclusion of Congress that the pools were manipulative is inconsistent with the evidence produced by the Senate's own investigation. The returns on a sample of pool stocks are also inconsistent with manipulation. These findings suggest tha...
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作者：Brickley, JA; Linck, JS; Coles, JL
作者单位：University of Rochester; Arizona State University; Arizona State University-Tempe
摘要：This paper provides evidence on a previously unidentified source of managerial incentives: concerns about post-retirement board service. Both the likelihood that a retired CEO serves on his own board two years after departure, as well as the likelihood of serving as an outside director on other boards, are positively and strongly related to his performance while CEO. Retention on the CEO's own board depends primarily on stock returns, while service on outside boards is better explained by acco...
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作者：Chay, JB; Trzcinka, CA
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; University of Auckland
摘要：This paper finds that discounts and premiums of closed-end funds reflect the market's assessment of anticipated managerial performance. Using single and multiple bench-marks, we present evidence that there is a significant and positive relation between stock fund premiums and future net asset value performance over the following year. The relation is not caused by the anticipation of future expenses. We also find that bond closed-end funds show no such relation between premium and asset value ...
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作者：Demirgüç-Kunt, A; Maksimovic, V
作者单位：University System of Maryland; University of Maryland College Park; The World Bank
摘要：We examine firm debt maturity in 30 countries during the period 1980-1991. In countries with active stock markets, large firms have more long-term debt. Stock market activity is not correlated with debt levels of small firms, By contrast, in countries with a large banking sector, small firms have less short-term debt and their debt is of longer maturity. Variation in the size of the banking sector is uncorrelated with the capital structures of large firms. Government subsidies to industry are ...
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作者：Christie, WG; Schultz, PH
作者单位：Vanderbilt University; University of Notre Dame
摘要：Christie and Schultz (1994), (Journal of Finance, 49, 1813-1840) find that market makers in many active Nasdaq stocks avoid odd-eighth quotes. This paper studies 67 (58) Nasdaq stocks whose market makers initiate (withdraw) odd-eighth quotes. These regime shifts are often completed within the span of a day, and coincide with dramatic changes in dollar, percentage and effective spreads. In most cases, we are unable to identify comparable changes in the costs of making markets. We do identify lo...
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作者：Del Guercio, D; Hawkins, J
作者单位：University of Oregon
摘要：Pension funds have pursued an active role in corporate governance, although some question their effectiveness and motivations. We examine the impact and motivation of pension fund activism by studying the shareholder proposals of the largest, most active funds from 1987 through 1993. We find significant heterogeneity across funds in activism objectives, tactics, and impact on target firms, consistent with differing investment strategies. We find the funds are more successful at monitoring and ...
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作者：Bhattacharyya, S; Singh, R
作者单位：University of Michigan System; University of Michigan; University of Minnesota System; University of Minnesota Twin Cities
摘要：In this paper, we examine the value of the right to choose the method of sale of corporate assets. We show that this right is valuable, and that its value comes from recognizing conflicting incentives of claimants at the time of sale. As with risky projects, senior and junior claimants are shown to have distinct preferences on a set of common auction procedures. They also differ on the issue of allocation of resources towards attracting bidders for the auction. As a consequence, the optimal al...
