-
作者：Minton, BA
摘要：This paper examines empirical implications of recently developed models for pricing contracts that swap fixed- for variable-rate interest payment streams. Valuation models based on replicating portfolios of consecutive three-month Eurodollar futures contracts that span the life of the swap perform relatively well, as do pricing models based on replicating portfolios of noncallable corporate par bonds. Neither set of models, however, is completely empirically consistent with the implications of...
-
作者：Kothari, SP; Shanken, J
作者单位：University of Rochester
摘要：We find reliable evidence that both book-to-market (B/M) and dividend yield track time-series variation in expected real stock returns over the period 1926-91 (in which B/M is stronger) and the subperiod 1941-91 (in which dividend yield is stronger). A Bayesian bootstrap procedure implies that an investor with prior belief 0.5 that expected returns on the equal-weighted index are never negative comes away from the full-period B/M evidence with posterior probability 0.08 for the hypothesis (0.1...
-
作者：Docking, DS; Hirschey, M; Jones, E
作者单位：University of Kansas; Northern Illinois University; University Central Missouri
摘要：Consistent with an information-signaling perspective, negative and statistically significant announcement effects are associated with bank loan-loss reserve (LLR) announcements over the 1985-90 period. Announcement effects differ between money-center and regional banks and also according to the nature of contemporaneous earnings and dividend disclosures, Moreover, information transfer or 'contagion' effects are present in that LLR announcements by regional banks decrease the value of both mone...
-
作者：Eckel, C; Eckel, D; Singal, V
作者单位：Virginia Polytechnic Institute & State University
摘要：We analyze the effect of privatization on the performance of British Airways by examining the privatization's impact on airfares and competitors' stock prices. We find that stock prices of U.S. competitors fell a significant 7% upon British Airways' privatization, implying expectation of a more competitive British Airways. Closer rivals of British Airways experienced a greater drop in stock price than more distant rivals. Further, airfares in markets served by British Airways fell significantl...
-
作者：Parrino, R
摘要：This study examines chief executive officer (CEO) turnover. It reports new evidence on factors that affect the likelihoods of voluntary and forced turnover, and for both of these turnover types, whether the new CEO is from inside the firm, from another firm in the industry, or from outside the industry. The evidence is consistent with arguments that poor CEOs are easier to identify and less costly to replace in industries that consist of similar firms than in heterogeneous industries. The like...
-
作者：Parrino, R
摘要：This paper examines changes in bondholder and shareholder wealth resulting from the 1993 Marriott spinoff. It documents a wealth transfer from bondholders to shareholders and a decline in the total value of the firm following the spinoff announcement. Subsequent modifications to the spinoff plan reduced the bondholders' loss, but the value of Marriott's notes and debentures remained $194.6 million below their pre-announcement level on the distribution date. Industry-adjusted shareholder gains ...
-
作者：Cotter, JF; Shivdasani, A; Zenner, M
作者单位：Michigan State University; Michigan State University's Broad College of Business; University of North Carolina; University of North Carolina Chapel Hill
摘要：We examine the role of the target firm's independent outside directors during takeover attempts by tender offer. We find that when the target's board is independent, the initial tender offer premium, the bid premium revision, and :he target shareholder gains over the entire tender offer period are higher, and that the presence of a poison pill and takeover resistance lead to greater premiums and shareholder gains. We conclude that independent outside directors enhance target shareholder gains ...
-
作者：Daley, L; Mehrotra, V; Sivakumar, R
作者单位：University of Alberta
摘要：We test a prediction from the corporate focus literature that cross-industry spinoff distributions, where the continuing and spunoff units belong to different two-digit Standard Industry Classification codes, create more value than own-industry spinoffs. Our results indicate significant value creation around the announcement of cross-industry spinoffs only. We then provide evidence on whether the value creation comes from operating performance improvements, or bonding benefits, or both, where ...
-
作者：Denis, DJ; Denis, DK; Sarin, A
作者单位：Santa Clara University
摘要：We report that ownership structure significantly affects the likelihood of a change in top executive, Controlling for stock price performance, the probability of top executive turnover is negatively related to the ownership stake of officers and directors and positively related to the presence of an outside blockholder. In addition, the likelihood of a change in top executive is significantly less sensitive to stock price performance in firms with higher managerial ownership. Finally, we docum...
-
作者：Houston, J; James, C; Marcus, D
作者单位：State University System of Florida; University of Florida; Cornerstone Research
摘要：The extent to which banking firms face external financing costs when funding new loans has important implications for the role of banks in the corporate capital acquisition process, for the effectiveness of monetary policy and for the impact of capital requirements. We investigate this issue by examining the cash-flow sensitivity of loan growth at bank holding companies, and by examining the extent to which holding companies establish an internal capital market to allocate capital among their ...
