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作者：Graham, JR
摘要：This paper focuses on how best to measure the corporate marginal tax rate, which is an important input into financial analysis of the cost of capital, financing policy, corporate hedging, and corporate reorganizations. The results indicate that the simulated tax rate used by Shevlin (1990) and Graham (1996), although difficult to calculate, is the best available proxy for the 'true' marginal tax rate. If the simulated rate is unavailable, an easy-to-calculate trichotomous variable or the statu...
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作者：Yermack, D
摘要：I present evidence consistent with theories that small boards of directors are more effective. Using Tobin's Q as an approximation of market valuation, I find an inverse association between board size and firm value in a sample of 452 large U.S. industrial corporations between 1984 and 1991. The result is robust to numerous controls for company size, industry membership, inside stock ownership, growth opportunities, and alternative corporate governance structures. Companies with small boards a...
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作者：Jung, KY; Kim, YC; Stulz, RM
作者单位：University System of Ohio; Ohio State University; Texas Christian University; Clemson University; National Bureau of Economic Research
摘要：This paper investigates the ability of the pecking-order model, the agency model, and the timing model to explain arms' decisions whether to issue debt or equity, the stock price reaction to their decisions, and their actions afterward. We find strong support for the agency model. Firms often depart from the pecking order because of agency considerations. We fail to find support for the timing model.
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作者：Kang, JK; Lee, YW
作者单位：University of Rhode Island; University of California System; University of California Riverside
摘要：We present the first empirical evidence on the pricing of convertible debt offerings. Using a sample of 91 convertible debt offerings from the period 1988-1992, we show a significant mean initial excess return of 1.11%. Our underpricing result is invariant to zero/nonzero coupons, maturity, issue size, or bond ratings. Further analysis reveals that various types of risk inherent in the new convertible issues are useful in explaining the cross-sectional variation in the initial excess returns. ...
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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：Denis, DJ; Serrano, JM
作者单位：Stephen F Austin State University
摘要：We report that 34% of targets of unsuccessful control contents between 1983 and 1989 experience a change in top manager within two years following the contest. Management turnover is concentrated among poorly performing firms in which outside blockholders acquire an ownership stake. These blockholders appear to facilitate post-contest asset restructurings that increase the value of the target and improve operating performance. In the absence of an outsider blockholder, managers typically retai...
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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：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：Jensen, MC; Long, JB; Mikkelson, WH; Ruback, RS; Schwert, GW; Smith, CW; Warner, JB
作者单位：University of Rochester; University of Oregon
