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作者：AGRAWAL, A; JAFFE, JF
作者单位：University of Pennsylvania
摘要：This paper examines empirically whether the short-swing rule (Section 16b of the Securities Exchange Act) deters managers from trading before mergers. Since a merger forces the sale of the target's outstanding equity, insider purchases within six months before the merger cannot escape this rule. We examine the 1941-61 period when no other insider trading laws were enforced. Consistent with 16b's deterrent effect, managers' purchases drop significantly before the announcement. Before completion...
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作者：SHARPE, SA; NGUYEN, HH
摘要：This paper evaluates the influence of financial contracting costs on public corporations' incentives to lease fixed capital. We argue that firms facing high costs of external funds can economize on the cost of funding by leasing. We construct several measures of leasing propensity, plus some a priori indicators of the severity of financial constraints facing firms. We find that the share of total annual fixed capital costs attributable to either capital or operating leases is substantially hig...
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作者：IKENBERRY, D; LAKONISHOK, J; VERMAELEN, T
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Rice University; INSEAD Business School; Maastricht University; Hasselt University
摘要：We examine long-run firm performance following open market share repurchase announcements, 1980-1990. We find that the average abnormal four-year buy-and-hold return measured after the initial announcement is 12.1%. For 'value' stocks, companies more likely to be repurchasing shares because of undervaluation, the average abnormal return is 45.3%. For repurchases announced by 'glamour' stocks, where undervaluation is less likely to be an important motive, no positive drift in abnormal returns i...
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作者：LYS, T; VINCENT, L
作者单位：University of Chicago
摘要：AT&T's $7,5 billion acquisition of NCR decreased the wealth of AT&T shareholders by between $3.9 billion and $6.5 billion and resulted in negative synergies of $1.3 to $3.0 billion, We find that AT&T paid a documented $50 million and possibly as much as $500 million to satisfy pooling accounting, thus boosting EPS by roughly 17% but leaving cash flows unchanged, We conclude that AT&T's decision to acquire NCR in what the market perceived as a value-destroying transaction was related at least i...
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作者：CRAIG, A; DRAVID, A; RICHARDSON, M
作者单位：University of Pennsylvania; New York University
摘要：This paper examines whether information across international markets is rationally incorporated into stock prices, We find that Japanese Nikkei index-based futures traded in the U,S. provide complete information about contemporaneous overnight Japanese returns. Moreover, existing cross-dependence between the U.S, and Japanese stock index returns is subsumed by the information content of the derivative securities. Our findings cast doubt on trading models based on irrational traders who either ...
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作者：YERMACK, D
摘要：This paper analyzes stock option awards to CEOs of 792 U.S. public corporations between 1984 and 1991. Using a Black-Scholes approach, I test whether stock options' performance incentives have significant associations with explanatory variables related to agency cost reduction. Further tests examine whether the mix of compensation between stock options and cash pay can be explained by corporate liquidity, tax status, or earnings management. Results indicate that few agency or financial contrac...
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作者：WARTHER, VA
摘要：In this paper I find that aggregate security returns are highly correlated with concurrent unexpected cash flows into mutual funds, but unrelated to concurrent expected flows. An unexpected inflow equal to 1% of total stock fund assets ($4.75 billion) corresponds to a 5.7% increase in the stock price index. Further, fund flows are correlated with the returns of the securities held by the funds, but not with the returns of other types of securities. I find evidence of a positive relation betwee...
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作者：LYONS, RK
作者单位：National Bureau of Economic Research
摘要：Data in this paper support both the inventory-control and asymmetric-information approaches to microstructure theory. Strong evidence of an inventory-control effect on price is new. The transactions dataset chronicles a trading week of a spot foreign exchange dealer whose daily volume averages over $1 billion. In addition to controlling inventory with his own price, the dealer also lays off inventory at other dealers' prices and through brokers. These results highlight the importance of invent...
