-
作者：YOUNG, PJ; MILLAR, JA; GLEZEN, GW
作者单位：University of Arkansas System; University of Arkansas Fayetteville; Missouri State University
摘要：In an investigation of possible relationships between shareholder voting turnout, trading volume after the record date, and the intervals between the record and meeting dates, we find that higher trading volume and more trading days between the record date and the receipt of proxy materials both reduce voting turnout. A longer interval between the receipt of proxy materials and the meeting increases turnout, as does greater solicitation expense. Our tests show that management mails proxies fur...
-
作者：VANNUYS, K
摘要：This paper analyzes a proxy solicitation and subsequent restructuring at Honeywell Inc. in 1989. The solicitation was financed and led by noninstitutional investors and co-sponsored by two public pension funds. The solicitation and restructuring both appear to increase firm value, though the effects of the restructuring are much larger. The voting records of Honeywell's 72 largest institutional shareholders reveal that banks and insurance companies are significantly more supportive of two mana...
-
作者：JONES, SL
摘要：This paper reconciles the relative pricing controversy between DeBondt and Thaler (1985, 1987), Chan (1988), and Ball and Kothari (1989). The negative autocorrelation in long-horizon index returns, along with the selection criterion of the contrarian strategy, can explain the positive covariance between time-varying betas and risk premiums. However, test-period beta estimates reflect the reversal of earnings expectations associated with underlying factors. The controversy thus reduces to the d...
-
作者：BROWN, DT; JAMES, CM; MOORADIAN, RM
作者单位：State University System of Florida; University of Florida
摘要：This paper examines debt restructurings by financially distressed firms. We develop a model which predicts that, in public debt exchange offers, firms with unfavorable private information will offer equity claims to convince bondholders that the firms prospects are poor. In contrast, offering equity to well-informed private lenders conveys favorable private information to outsiders. Consistent with our analysis, we find positive average abnormal returns around restructurings that offer equity ...
-
作者：FAMA, EF; FRENCH, KR
摘要：This paper identifies five common risk factors in the returns on stocks and bonds. There are three stock-market factors: an overall market factor and factors related to firm size and book-to-market equity. There are two bond-market factors, related to maturity and default risks. Stock returns have shared variation due to the stock-market factors, and they are linked to bond returns through shared variation in the bond-market factors. Except for low-grade corporates, the bond-market factors cap...
-
作者：PINDYCK, RS
摘要：This paper examines irreversible investment decisions when projects take time to complete and are subject to two types of cost uncertainty. The first is technical uncertainty, i.e., uncertainty over the physical difficulty of completing a project, which is only resolved as the investment proceeds. The second is input cost uncertainty, i.e., uncertainty over the prices of construction inputs or over government regulations affecting construction costs, which is external to the firm. These two ty...
-
作者：OFEK, E
摘要：This paper tests the relation between capital structure and a firm's response to short-term financial distress. In a sample of 358 firms that perform poorly for a year, higher predistress leverage increases the probability of operational actions, particularly asset restructuring and employee layoffs. Higher predistress leverage also increases the probability of financial actions such as dividend cuts. These results are consistent with Jensen's (1989) argument that higher predistress leverage i...
-
作者：BHIDE, A
摘要：The seemingly unrelated problems of stock market liquidity and manager-stockholder contracting are closely intertwined. Active stockholders who reduce agency costs by providing internal monitoring also reduce stock liquidity by creating information asymmetry problems. Conversely, stock liquidity discourages internal monitoring by reducing the costs of 'exit' of unhappy stockholders. The U.S. has exceptionally many actively-traded firms with widely-diffused stockholding because public policy ha...
-
作者：SUN, T; SUNDARESAN, S; WANG, C
作者单位：Columbia University
摘要：Using quotations from two interest rate swap dealers with different credit ratings (AAA and A), we examine the effect of dealers' credit reputations on swap quotations and bid-offer spreads. The AAA offer rates are significantly higher than the A offer rates, and the AAA bid rates are significantly lower than the A bid rates. We also document the relation between swap rates and par bond yields estimated from London interbank offered rate (LIBOR) and bid rate (LIBID) data. We identify some of t...
-
作者：CAMPBELL, CJ; WASLEY, CE
作者单位：Washington University (WUSTL); University of Massachusetts System; University of Massachusetts Amherst
摘要：We evaluate the performance of alternative test statistics in event studies which include NASDAQ daily security returns. We document varying degrees of test statistic misspecification in NASDAQ samples. In particular, we find that the commonly used standardized test statistic is misspecified in most settings. Although less pervasive, misspecification is also evident in the portfolio test statistic estimated using the time series of portfolio mean abnormal returns. The nonparametric rank statis...
