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作者：Berger, AN; Saunders, A; Scalise, JM; Udell, GF
作者单位：Federal Reserve System - USA; University of Pennsylvania; New York University; University of Pennsylvania; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We examine the effects of bank M&As on small business lending using data on over 6000 recent U,S. bank M&As. We are the first to decompose the impact of M&As into the static effects from simply melding the antecedent institutions and the dynamic effects associated with post-M&A refocusing of the consolidated institution. We are also the first to estimate the dynamic reactions of other local banks. We find that the static effects of consolidation reduce small business lending, but are mostly of...
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作者：Beatty, RP; Bunsis, H; Hand, JRM
作者单位：Southern Methodist University; University of North Carolina; University of North Carolina Chapel Hill
摘要：We document that an SEC investigation of an underwriter imposes indirect penalties on the underwriter and its past clients, particularly IPO clients. Targeted underwriters experience large declines in IPO market share and increased regulatory scrutiny and client risk after an SEC investigation is announced. Stock prices of clients decline significantly. We attribute these effects to a sudden deterioration in the value of the underwriter's reputation capital, suggesting that the general assumpt...
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作者：Frank, M; Jagannathan, R
作者单位：University of British Columbia; Northwestern University; University of Minnesota System; University of Minnesota Twin Cities
摘要：It is well documented that stock prices on ex-dividend days drop by less than the value of the dividend, on average. This has commonly been attributed to the effect of tax clienteles. We examine data from the Hong Kong stock marker, where neither dividends nor capital gains are taxed. As in the U.S., the average stock price drop is less than the value of the dividend. specifically, the average dividend for the period 1980-1993 is HK $0.12 and the average price drop is HK $0.06. We are able to ...
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作者：Bali, R; Hite, GL
作者单位：Columbia University; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：Since prices are constrained to discrete tick multiples while dividends are essentially continuous, ex day price changes will not equal dividends. We argue that the expected price drop is strictly less than the dividend but within one tick of the dividend. The price-drop-to-dividend ratio will(i) be less than one, (ii) increase with dividends generally, and (iii) decline between tick multiples, giving a sawtooth pattern in the data, Since dividends and dividend yields are highly correlated, di...
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作者：Chalmers, JMR; Kadlec, GB
作者单位：Virginia Polytechnic Institute & State University; University of Oregon
摘要：Theories of asset pricing suggest that the amortized cost of the spread is relevant to investors' required returns. The amortized spread measures the spread's cost over investors' holding periods and is approximately equal to the spread times share turnover. We examine amortized spreads for Amex and NYSE stocks over the period 1983-1992. We find that stocks with similar spreads can have vastly different share turnover, and thus, a stock's amortized spread cannot be predicted reliably by its sp...
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作者：Esty, BC
作者单位：Harvard University
摘要：From 1863-1935, regulators imposed contingent liability on bank shareholders to discourage risk taking. Using data from 1900 to 1915, I find that banks subject to stricter liability rules have lower equity and asset volatility, hold a lower proportion of risky assets, and are less likely to increase their investment in risky assets when their net worth declines, consistent with the hypothesis that stricter liability discourages commercial bank risk taking. These findings provide lessons for cu...
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作者：Slovin, MB; Sushka, ME
作者单位：Louisiana State University System; Louisiana State University; Arizona State University; Arizona State University-Tempe
摘要：We examine parent-subsidiary mergers, transactions that do not entail arm's length bargaining or a change in control. These mergers are typically followed by considerable restructuring of subsidiaries. Minority and parent returns are not significantly different from returns at third party buyouts of parent-controlled subsidiaries, transactions that entail arm's length negotiations and a change in control. Buyer returns an negative, consistent with overbidding. We conclude that parent-subsidiar...
