2期

最新文章

• AFTERMARKET SUPPORT AND UNDERPRICING OF INITIAL PUBLIC OFFERINGS AI翻译
  作者：SCHULTZ, PH; ZAMAN, MA
  作者单位：University of Northern Iowa
  摘要：We study the aftermarket for 72 initial public offerings (IPOs) using comprehensive trade and quote-change data from every market maker for the first three days of trading. Underwriters quote higher bid prices than other market makers for issues that commence trading at or below the offer price. Underwriters repurchase large quantities of stock in the aftermarket without risk by overselling the issue by the amount of the overallotment option. If the IPO is hot, the overallotment option is exer...
• VOUCHER PRIVATIZATION AI翻译
  作者：BOYCKO, M; SHLEIFER, A; VISHNY, RW
  作者单位：Harvard University; University of Chicago
  摘要：Several Eastern European countries have initiated mass privatization programs to transfer state-owned assets to the general population. We show that the decision to pursue mass privatization and even the specific design of the programs are largely dictated by politics. Nonetheless, politically feasible programs can also be made attractive from an economic standpoint in terms of maximizing value, fostering free and efficient markets, and promoting corporate governance. In general, the design of...
• THE COSTS OF INEFFICIENT BARGAINING AND FINANCIAL DISTRESS - EVIDENCE FROM CORPORATE LAWSUITS AI翻译
  作者：BHAGAT, S; BRICKLEY, JA; COLES, JL
  作者单位：University of Rochester; University of Colorado System; University of Colorado Boulder; Utah System of Higher Education; University of Utah
  摘要：This study provides the first large-sample analysis of the stock-market reactions to interfirm litigation. When a suit is filed, the common stock of the typical defendant declines by about 1%, while the plaintiff experiences no significant gains. For the average pair of firms, the combined drop in value upon filing is $21 million. Much of the loss is regained if the suit is settled. The findings suggest that bargaining among firm claimants sometimes leads to very inefficient outcomes. Part of ...
• THE GOVERNANCE STRUCTURE OF THE JAPANESE FINANCIAL KEIRETSU AI翻译
  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...
• ORGANIZATIONAL FORM AND THE CONSEQUENCES OF HIGHLY LEVERAGED TRANSACTIONS KROGERS RECAPITALIZATION AND SAFEWAYS LBO AI翻译
  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...
• APPOINTMENTS OF OUTSIDERS TO JAPANESE BOARDS DETERMINANTS AND IMPLICATIONS FOR MANAGERS AI翻译
  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...
• IMPLIED VOLATILITY FUNCTIONS IN ARBITRAGE-FREE TERM STRUCTURE MODELS AI翻译
  作者：AMIN, KI; MORTON, AJ
  作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
  摘要：We test six term structure models in the Heath, Jarrow, and Morton (1992) class using Eurodollar futures and options data from 1987-1992. We study the time series of implied interest rate volatilities from these models. Using one-day lagged implied volatilities, our one- and two-parameter models simultaneously price an average of 18.5 options each day with an average absolute error of one-and-a-half to two basis points. Although the models fit well, we document systematic strike-price and time...
• ANNOUNCEMENTS OF ASSET-QUALITY PROBLEMS AND CONTAGION EFFECTS IN THE LIFE-INSURANCE INDUSTRY AI翻译
  作者：FENN, GW; COLE, RA
  摘要：We investigate contagion effects in the stock returns of life insurance companies at the time of announcements by First Executive and Travelers of significant problems in their investment portfolios. We first demonstrate that investments in junk bonds or commercial mortgages are important for the shareholder wealth effects of other life insurance companies. We then directly link the shareholder wealth effects to characteristics of firms' customers. Our evidence shows that effects on shareholde...
• FINANCIAL POLICY, INTERNAL CONTROL, AND PERFORMANCE SEALED-AIR-CORPORATIONS LEVERAGED SPECIAL DIVIDEND AI翻译
  作者：WRUCK, KH
  摘要：This paper examines the role of financial policy as a catalyst for organizational change. The subject is Sealed Air Corporation, a company with substantial free cash flow that undertakes a leveraged special dividend. While the stock price response to announcement is typical, Sealed Air exhibits dramatic, sustained, post-dividend performance improvement. Evidence indicates this performance results from managers' conscious and successful use of financial leverage as a tool to disrupt the status ...