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作者：Helwege, J; Liang, N
作者单位：Federal Reserve System - USA
摘要：We test the pecking order model of capital structure by examining the financing of firms that went public in 1983, We estimate a legit to predict external financing, and a multinomial legit to predict the type of financing using data on the IPO firms' security offerings during 1984-1992. Our results indicate that the probability of obtaining external funds is unrelated to the shortfall in internally generated funds, although firms with cash surpluses avoid external financing. Firms that access...
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作者：Peck, SW
摘要：In a sample of 111 MBO offers between 1984 and 1987, almost 30% attract new blockholders. These blockholders are primarily professional investors who act to facilitate a takeover by a higher bidder, thus increasing returns to both themselves and other public shareholders. In contrast, I find little evidence that pre-existing blockholders, particularly institutional holders, affect either the offer outcome or actively participate in the buyout contest once it begins. The overall pattern of resu...
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作者：Dare, WH; MacDonald, SS
作者单位：Texas Tech University System; Texas Tech University; State University System of Florida; Florida Atlantic University
摘要：Most sports teams play as either the favorite or the underdog and either at home or away. The failure to recognize the symmetric and interdependent relations between these characteristics has led previous researchers to use potentially biased methods to test for rationality and efficiency in football betting markets and thus to reach inappropriate conclusions. We develop a more general specification, which also incorporates 'pick-em' games and games played on neutral sites, and find little or ...
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作者：Karpoff, JM; Malatesta, PH; Walkling, RA
作者单位：University of Washington; University of Washington Seattle; University System of Ohio; Ohio State University
摘要：Shareholder-initiated proxy proposals on corporate governance issues became popular in the late 1980s as corporate takeover activity declined. We find firms attracting governance proposals have poor prior performance, as measured by the market-to-book ratio, operating return, and sales growth. There is little evidence that operating returns improve after proposals. The proposals also have negligible effects on company share values and top management turnover. Even proposals that receive a majo...
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作者：DelGuercio, D
摘要：I examine the effect of prudent-man laws on the behavior of institutional investors. Variation in exposure to legal liability across types of investment managers allows me to disentangle the effect of the prudent-man laws from other potential influences on manager behavior. Bank managers significantly tilt the composition of their portfolios toward stocks that are viewed by the courts as prudent, while mutual fund managers do not. I show that differences in the direction that bank and mutual f...
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作者：Mitchell, ML; Mulherin, JH
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study industry-level patterns in takeover and restructuring activity during the 1982-1989 period. Across 51 industries, we find significant differences in both the rate and time-series clustering of these activities, The interindustry patterns in the rate of takeovers and restructurings are directly related to the economic shocks borne by the sample industries. These results support the argument that much of the takeover activity during the 1980s was driven by broad fundamental factors and ...
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作者：Khorana, A
摘要：This paper examines the relation between the replacement of mutual fund managers and their prior performance. Using the growth rate in a fund's asset base and its portfolio returns as two separate measures of performance, I document an inverse relation between the probability of managerial replacement and fund performance. The sample of departing fund managers exhibits higher portfolio turnover rates and higher expenses relative to an objective-matched sample of nonreplaced fund managers. The ...
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作者：Jensen, MC; Long, JB; Mikkelson, WH; Ruback, RS; Schwert, GW; Smith, CW; Warner, JB
作者单位：University of Rochester; University of Oregon
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作者：Haugen, RA; Baker, NL
摘要：We find that the determinants of the cross-section of expected stock returns are stable in their identity and influence from period to period and from country to country. Out-of-sample predictions of expected return are strongly and consistently accurate. Two findings distinguish this paper from others in the contemporary literature: First, stocks with higher expected and realized rates of return are unambiguously lower in risk than stocks with lower returns. Second, the important determinants...
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作者：Booth, JR; Chua, L
作者单位：University of Hawaii System
摘要：We develop an explanation for IPO underpricing in which the issuer's demand for ownership dispersion creates an incentive to underprice. Promoting oversubscription allows broad initial ownership, which in turn increases secondary-market liquidity. Increased liquidity reduces the required return to investors. Broad initial ownership, however, requires an increase in investor-borne information costs. These information costs are offset through initial underpricing. Empirical results are consisten...
