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作者：Harris, M; Raviv, A
作者单位：University of Chicago; Northwestern University
摘要：As part of our ongoing research into capital budgeting processes as responses to decentralized information and incentive problems, we focus in this paper on when a level of a managerial hierarchy will delegate the allocation of capital across projects and time to the level below it. In our model, delegation is a way to save on costly investigation of proposed projects. Therefore, it is more extensive the larger are the costs of such investigations. This delegation takes advantage of the fact t...
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作者：Mehran, H; Nogler, GE; Schwartz, KB
作者单位：Northwestern University; Boston College
摘要：To investigate CEOs' incentives to liquidate their firms, we examine the effects of insider ownership and compensation in stock options on 30 voluntary liquidation decisions by industrial firms in the period 1975-1986. We find that liquidation decisions are influenced by CEO incentive plans and increase shareholder value. Firms with more outside board members, smaller market-to-book ratios, and attempts by outsiders to gain control are more likely to be liquidated. Although few top executives ...
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作者：Billett, MT; Garfinkel, JA; O'Neal, ES
作者单位：University of Miami; Loyola University Chicago; University System Of New Hampshire; University of New Hampshire
摘要：We present evidence that insured deposit financing shields banks from the full costs of market discipline. Moody's downgrades, indicators of increasing risk, are associated with negative abnormal equity returns that are increasing in the bank's reliance on insured deposits. Moreover, banks raise their use of insured deposits following increases in risk. These findings cast doubt on the ability of capital market participants to effectively discipline bank behavior within the current regulatory ...
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作者：Brennan, MJ; Chordia, T; Subrahmanyam, A
作者单位：University of California System; University of California Los Angeles; Vanderbilt University; University of London; London Business School
摘要：We examine the relation between stock returns, measures of risk, and several non-risk security characteristics, including the book-to-market ratio, firm size, the stock price, the dividend yield, and lagged returns. Our primary objective is to determine whether non-risk characteristics have marginal explanatory power relative to the arbitrage pricing theory benchmark, with factors determined using, in turn, the Conner and Korajczyk (CK; 1988) and the Fama and French (FF; 1993b) approaches. Fam...
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作者：Chaplinsky, S; Niehaus, G; Van de Gucht, L
作者单位：University of Virginia; University of South Carolina System; University of South Carolina Columbia; Universite Catholique Louvain
摘要：This paper investigates the motivations for and consequences of including a broad group of employees in leveraged buyouts by comparing employee buyouts (EBOs) to transactions where only top level managers participate, or management buyouts (MBOs). We examine the implications of including employees in a buyout from a labor contracting, financing, and management control point of view. A major finding is that employee participation helps to finance the buyout. The EBO allows firms to gain access ...
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作者：Jones, CM; Lamont, O; Lumsdaine, RL
作者单位：University of Chicago; Columbia University; Brown University
摘要：We examine the reaction of daily Treasury bond prices to the release of U.S. macroeconomic news. These news releases (of employment and producer price index data) are of interest because they are released on periodic, preannounced dates and because they are associated with substantial bond market volatility. We investigate whether these nonautocorrelated announcements give rise to autocorrelated volatility. We find that announcement-day volatility does not persist at all, consistent with the i...
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作者：Mulherin, JH; Poulsen, AB
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University System of Georgia; University of Georgia
摘要：We study the shareholder wealth effects of 270 proxy contests for board seats in the 1979-1994 period. We find that proxy contests create value, with the bulk of the wealth gains stemming from firms that are acquired. Restricting analysis to firms listed on Compustat imparts a downward bias on estimated wealth effects because such a restriction excludes a sizable fraction of the firms acquired during the proxy contest. For firms that are not acquired, the occurrence of management turnover has ...
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作者：Hanka, G
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：For the last two decades, firms with higher debt have reduced their employment more often, used more part time and seasonal employees, paid lower wages, and funded pension plans less generously. These effects are economically significant and cannot be explained by variation in performance. Thus debt seems to discipline the employment relationship. However, this result reflects a clear historical reversal, during the years 1967-73, of the opposite effect that prevailed in the 1950s. Apparently ...
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作者：Fama, EF
作者单位：University of Chicago
摘要：Market efficiency survives the challenge from the literature on long-term return anomalies. Consistent with the market efficiency hypothesis that the anomalies are chance results, apparent overreaction to information is about as common as underreaction, and post-event continuation of pre-event abnormal returns is about as frequent as post-event reversal. Most important, consistent with the market efficiency prediction that apparent anomalies can be due to methodology, most long-term return ano...
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作者：Griffin, JM; Karolyi, GA
作者单位：University System of Ohio; Ohio State University; Arizona State University; Arizona State University-Tempe
摘要：This paper re-examines the extent to which gains from international diversification are due to differences in industrial structure across countries. Recent papers by Roll (1992), Journal of Finance 47, 3-42 and Heston and Rouwenhorst (1994), Journal of Financial Economics 36, 3-27 investigate this issue and find conflicting evidence. Using a new database, the Dow Jones World Stock Index, with coverage in 25 countries and over 66 industry classifications, we decompose comprehensively both count...
