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作者：Harris, JH; Schultz, PH
作者单位：University of Notre Dame; University System of Ohio; Ohio State University
摘要：SOES bandits are individual investors who use Nasdaq's Small Order Execution System (SOES) for day trading. Their average profit per trade is small, but they trade dozens or hundreds of times per week. Bandits usually establish a position before most market-makers have updated their quotes, and lay off the position at favorable prices through Instinet or SelectNet. It is noteworthy that they trade profitably with market-makers despite having less information. Bandits keep the profits and bear ...
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作者：Barclay, MJ; Pearson, ND; Weisbach, MS
作者单位：University of Rochester; University of Illinois System; University of Illinois Urbana-Champaign; University of Arizona
摘要：Despite the fact that taxable investors would prefer to defer the realization of capital gains indefinitely, most open-end mutual funds regularly realize and distribute a large portion of their gains. We present a model in which unrealized gains in the fund's portfolio increase expected future taxable distributions, and thus increase the present value of a new investor's tax liability. In equilibrium, managers interested in attracting new investors pass through taxable capital gains to reduce ...
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作者：Mello, AS; Parsons, JE
作者单位：University of Wisconsin System; University of Wisconsin Madison; Centre for Economic Policy Research - UK
摘要：Going public is a complex process with distinct markets for dispersed shares and controlling blocks. It is important to design the sale of new shares with the final ownership structure in mind. An optimal strategy for going public starts with the IPO, which is particularly suited for the sale of dispersed holdings to small and passive investors. The marketing of potentially controlling blocks to active investors should occur subsequently. We develop a framework for evaluating alternative metho...
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作者：Eisenberg, T; Sundgren, S; Wells, MT
作者单位：Cornell University
摘要：Several studies hypothesize a relation between board size and financial performance. Empirical tests of the relation exist in only a few studies of large U.S. firms. We find a significant negative correlation between board size and profitability in a sample of small and midsize Finnish firms. Finding a board-size effect for a new and different class of firms affects the range of explanations for the board-size effect. (C) 1998 Elsevier Science S.A. All rights reserved.
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作者：DeAngelo, H; DeAngelo, L
作者单位：University of Southern California
摘要：Pacific Lumber was acquired in 1986 by MAXXAM, whose decision to double PL's harvest of old-growth redwoods precipitated 11 years of environmental protests. Intense media coverage blames the Drexel-financed takeover for threatening Headwaters Forest, the largest privately owned ancient redwood forest. This 'Wall Street greed' portrayal aroused such public outrage that the Clinton administration agreed to pay $380 million for Headwaters weeks before the 1996 election. We establish that the thre...
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作者：Maquieira, CP; Megginson, WL; Nail, L
作者单位：University System of Georgia; University of Georgia; Universidad de Chile; University of Alabama System; University of Alabama Birmingham
摘要：We examine wealth changes for all 1283 publicly traded debt and equity securities of firms involved in 260 pure stock-for-stock mergers from 1963 to 1996. We find no evidence that conglomerate stock-for-stock mergers create financial synergies or benefit bondholders at stockholders' expense. Instead, we document significant net synergistic gains in nonconglomerate mergers and generally insignificant net gains in conglomerate mergers. Conglomerate bidding-firm stockholders lose; all other secur...
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作者：Rangan, S
作者单位：University of California System; University of California Davis
摘要：Recent studies document that firms conducting seasoned equity offerings experience poor stock price and earnings performance in the post-offering period. I investigate whether earnings management around the time of the offering can explain a portion of the poor performance. Consistent with this explanation, I show that earnings management during the year around the offering predicts both earnings changes and market-adjusted stock returns in the following year. These findings suggest that the s...
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作者：Holthausen, RW; Larcker, DF
作者单位：University of Pennsylvania
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作者：Teoh, SH; Welch, I; Wong, TJ
作者单位：University of Michigan System; University of Michigan; University of California System; University of California Los Angeles; Hong Kong University of Science & Technology
摘要：Seasoned equity issuers can raise reported earnings by altering discretionary accounting accruals. We find that issuers who adjust discretionary current accruals to report higher net income prior to the offering have lower post-issue long-run abnormal stock returns and net income. Interestingly, the relation between discretionary current accruals and future returns (adjusted for firm size and book-to-market ratio) is stronger and more persistent for seasoned equity issuers than for non-issuers...
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作者：Allen, JW
作者单位：Southern Methodist University
摘要：This paper examines the innovative corporate structure of Thermo Electron Corporation which holds controlling interests in 11 units taken public in equity carve-outs. Carve-outs subject units of the company to the scrutiny of the capital markets, allow the compensation contracts of unit managers to be based on market performance, and shift capital acquisition and investment decisions from centralized control to unit managers. Thermo carve-outs substantially increase capital and R&D expenditure...
