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作者：LANG, L; POULSEN, A; STULZ, R
作者单位：University System of Ohio; Ohio State University; Chinese University of Hong Kong; University System of Georgia; University of Georgia
摘要：We argue that management sells assets when doing so provides the cheapest funds to pursue its objectives rather than for operating efficiency reasons alone. This hypothesis suggests that (1) firms selling assets have high leverage and/or poor performance, (2) a successful asset sale is good news, and (3) the stock market discounts asset sale proceeds retained by the selling firm. In support of this hypothesis, we find that the typical firm in our sample performs poorly before the sale and that...
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作者：BALL, R; KOTHARI, SP; SHANKEN, J
作者单位：University of Rochester
摘要：We document problems in measuring raw and abnormal five-year contrarian portfolio returns. 'Loser' stocks are low-priced and exhibit skewed return distributions. Their 163% mean return is due largely to their lowest-price quartile position. A $1/8th price increase reduces the mean by 25%, highlighting their sensitivity to microstructure/liquidity effects. Long positions in low-priced loser stocks occur disproportionately after bear markets and thus induce expected-return effects. A contrarian ...
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作者：SLOVIN, MB; SUSHKA, ME; FERRARO, SR
作者单位：Arizona State University; Arizona State University-Tempe; Louisiana State University System; Louisiana State University; Pepperdine University
摘要：We examine valuation effects on firms in the same industry as entities that are the subject of carve-outs (initial public offerings of subsidiary equity), spin-offs, and asset sell-offs. Share price reactions for rivals are negative in response to equity carve-outs. In comparison, rival stock returns are positive for spin-offs and normal for asset sell-offs, restructuring actions that do not entail a public offering of equity. Our results suggest managers conduct equity carve-outs when outside...
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作者：MCCONNELL, JJ; SERVAES, H
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：We empirically investigate the relation between corporate value, leverage, and equity ownership. For 'high-growth' firms corporate value is negatively correlated with leverage, whereas for 'low-growth' firms corporate value is positively correlated with leverage. The results also hint that the allocation of equity ownership among insiders, institutions, blockholders, and atomistic outside shareholders is of marginally greater significance in low-growth than in high-growth firms. The overall in...
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作者：KANG, JK; SHIVDASANI, A
作者单位：Michigan State University; Michigan State University's Broad College of Business; University of Rhode Island
摘要：We examine the role of corporate governance mechanisms during top executive turnover in Japanese corporations. Consistent with evidence from U.S. data, the likelihood of nonroutine turnover is significantly related to industry-adjusted return on assets, excess stock returns, and negative operating income, but is not related to industry performance. The sensitivity of nonroutine turnover to earnings performance is higher for firms with ties to a main bank than for firms without such ties. Outsi...
