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作者：Puri, M
摘要：When commercial banks make loans to firms and also underwrite securities, does this hamper or enhance their role as certifiers of firm value? This paper examines empirically the pricing of bank-underwritten securities as compared to investment-house-underwritten securities over a unique period in the U.S. (pre-Glass-Steagall) when both banks and investment houses were allowed to underwrite securities. The evidence shows that investors were willing to pay higher prices for securities underwritt...
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作者：Godek, PE
摘要：Recent studies argue that implicit collusion explains the tendency of Nasdaq market makers to avoid odd-eighth price quotes. This paper focuses on the role that preference trading plays in determining quoted spreads, Under the postulated effects of preference trading, an analysis of the relation between spreads and price fractions explains the paucity of odd-eighth quotes on Nasdaq. Empirical results from a comprehensive data set show that exogenous economic characteristics explain the distrib...
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作者：DeAngelo, H; DeAngelo, L; Skinner, DJ
作者单位：University of Michigan System; University of Michigan
摘要：We study the signaling content of managers' dividend decisions for 145 NYSE firms whose annual earnings decline after nine or more consecutive years of growth. Using a variety of model specifications and definitions of favorable dividend signals, we find virtually no support for the notion that dividend decisions help identify firms with superior future earnings. Dividends tend not to be reliable signals because (i) a behavioral bias (overoptimism) leads managers to overestimate future earning...
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作者：Holthausen, RW; Larcker, DF
摘要：We examine the accounting and market performance of reverse leveraged buyouts (i.e., firms making their first public offering after previously completing a leveraged buyout). On average, the accounting performance of these firms is significantly better than their industries at the time of the initial public offering(IPO) and for at least the following four years, though there is some evidence of a decline in performance. Cross-sectional variation in accounting performance subsequent to the IPO...
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作者：Jensen, MC; Long, JB; Mikkelson, WH; Ruback, RS; Schwert, GW; Smith, CW; Warner, JB
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作者：DeAngelo, H; DeAngelo, L; Gilson, SC
作者单位：Harvard University
摘要：In May 1991, one month after seizing Executive Life, California regulators seized First Capital Life (FCLIC). Both insurers were Drexel clients with large junk bond holdings, and both had experienced 'bank runs'. FCLIC's run followed regulators' televised comments that its poor condition necessitated a substantial cash infusion. Yet FCLIC's statutory capital - with junk bonds, real estate, and mortgages marked to market - was far from lowest among major insurers with California policyholders. ...
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作者：Huang, RD; Stoll, HR
作者单位：Vanderbilt University
摘要：Execution costs, as measured by the quoted spread, the effective spread (which accounts for trades inside the quotes), the realized spread (which measures revenues of suppliers of immediacy), the Roll(1984) implied spread, and the post-trade variability, are twice as large for a sample of NASDAQ stocks as they are for a matched sample of NYSE stocks. The difference is not due to differences in adverse information, in market depth, or in the frequency of even-eighth quotes. Partial explanations...
