-
作者：BROWN, RH; SCHAEFER, SM
作者单位：University of London; London Business School
摘要：This paper estimates real term structures from cross-sections of British government index-linked ('real') bond prices. The Cox, Ingersoll, and Ross (1985) model is then fitted to the same data; the model closely approximates the shapes of the directly-estimated term structures. In contrast to similar studies of the nominal term structure, the long-term zero-coupon yield is quite stable, as the CIR model predicts, and in common with previous studies, the level of implied short rate volatility c...
-
作者：BERGLOF, E; PEROTTI, E
作者单位：Boston University; University of Amsterdam
摘要：We rationalize the cross-holdings of debt and equity within the Japanese keiretsu as a contingent governance mechanism through which internal discipline is sustained over time. The reciprocal allocation of control rights supports cooperation and mutual monitoring among managers through a coalition-enforced threat of removal from control. In financial distress this threat is less effective, and the governance mode shifts to hierarchical enforcement under main bank leadership. The model is consi...
-
作者：HESTON, SL; ROUWENHORST, KG
作者单位：Yale University
摘要：We examine the influence of industrial structure on the cross-sectional volatility and correlation structure of country index returns for 12 European countries between 1978 and 1992. We find that industrial structure explains very little of the cross-sectional difference in country return volatility, and that the low correlation between country indices is almost completely due to country-specific sources of return variation. Diversification across countries within an industry is a much more ef...
-
作者：CORNETT, MM; TEHRANIAN, H
作者单位：Boston College; Southern Illinois University System; Southern Illinois University
摘要：This paper examines differences in stock price reactions following voluntary capital injections by commercial banks and involuntary capital injections required to meet regulatory capital requirements. Empirical tests document that stock price declines associated with voluntary common stock issues are significantly greater than those associated with involuntary common stock injections, consistent with Ross (1977). Empirical tests also confirm that for both voluntary and involuntary stock issuan...
-
作者：DENIS, DJ
摘要：This paper compares the leveraged recapitalization of Kroger Co. with the leveraged buyout of Safeway Stores. While both transactions dramatically increased leverage, Safeway's also altered managerial ownership, board composition, and executive compensation, while Kroger's did not. My analysis suggests that these differences in organizational form lead to large differences in post-HLT restructuring actions and value creation. I conclude that the improved incentive structure and increased monit...
-
作者：JENSEN, MC; LONG, JB; MIKKELSON, WH; RUBACK, RS; SCHWERT, GW; SMITH, CW; WARNER, JB
-
作者：BRICKLEY, JA; COLES, JL; TERRY, RL
作者单位：Utah System of Higher Education; University of Utah; University of Rochester; Arizona State University; Arizona State University-Tempe; Oklahoma State University System; Oklahoma State University - Stillwater
摘要：We find that the average stock-market reaction to announcements of poison pills is positive when the board has a majority of outside directors and negative when it does not. The probability that a subsequent control contest is associated with an auction is also positively related to the fraction of outsiders on the board. These results are largely driven by directors who are retired executives from other companies. The evidence suggests that outside directors serve the interests of shareholders.
-
作者：DEANGELO, H; DEANGELO, L; GILSON, SC
作者单位：Harvard University
摘要：In April 1991, regulators seized the major subsidiaries of First Executive Corporation (FE), an insurer that invested heavily in junk bonds. During the junk bond market turmoil of 1989-1990, adverse publicity fueled a bank run at FE, forcing a $4 billion portfolio liquidation before the market rose 50-60% in 1991-1992. More traditional insurers did not receive commensurate press coverage, despite their substantial exposure to real estate declines, which were roughly 2.5 times the junk bond dec...
-
作者：KAPLAN, SN; MINTON, BA
作者单位：University System of Ohio; Ohio State University
摘要：This paper investigates the determinants of appointments of outsiders - directors previously employed by banks (bank directors) or by other nonfinancial firms (corporate directors) - to the boards of large nonfinancial Japanese corporations. Such appointments increase with poor stock performance; those of bank directors also increase with earnings losses. Turnover of incumbent top executives increases substantially in the year of both types of outside appointments. We perform a similar analysi...
-
作者：COTTER, JF; ZENNER, M
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Iowa
摘要：We present empirical evidence on the relation between changes in managerial wealth and tender offer characteristics. Changes in managerial wealth resulting from a tender offer are negatively related to the likelihood of managerial resistance to a tender offer and positively related to the likelihood of tender offer success. We also document that the abnormal returns to tender offers are lower for hostile than for friendly offers if we control for the tender offer premium. Finally, we find that...
