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作者：CHANG, SY; MAYERS, D
作者单位：University System of Ohio; Ohio State University
摘要：We examine employee stock ownership plan (ESOP) announcements to study the effects of an increase in managerial voting rights without a proportional increase in the ownership of cash flow claims. Our finding that when managers initially control few votes firm value increases with the fraction of shares contributed to the ESOP supports the view that managerial vote control serves shareholder interests. Conversely, the decrease in firm value with larger contributions to the ESOP when managers in...
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作者：HAUSMAN, JA; LO, AW; MACKINLAY, AC
作者单位：University of Pennsylvania
摘要：We estimate the conditional distribution of trade-to-trade price changes using ordered probit, a statistical model for discrete random variables. This approach recognizes that transaction price changes occur in discrete increments, typically eighths of a dollar, and occur at irregularly-spaced time intervals. Unlike existing models of discrete transactions prices, ordered probit can quantify the effects of other economic variables like volume, past price changes, and the time between trades on...
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作者：COWAN, AR; NAYAR, N; SINGH, AK
作者单位：University of Oklahoma System; University of Oklahoma - Norman
摘要：Average common stock price responses to convertible preferred stock calls are significantly negative only when firms employ underwriters to assure conversion. Previous work reports similar results for convertible bond calls; we find that the stock price reaction does not depend upon the type of convertible security being called. The results support the idea that managers are more likely to have calls underwritten the more unfavorable their private information about firm value.
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作者：BALBIRER, SD; JUD, GD; LINDAHL, FW
作者单位：Duke University
摘要：This study investigates the returns to acquiring-firm stockholders in federally assisted mergers in the savings and loan industry. It is unique in that (a) these mergers are arranged and subsidized by government regulators and (b) they occur in a single industry, one plagued by well-publicized financial difficulties. The contribution of resources by the federal government creates the possibility of wealth transfers from the government to owners of the acquiring firms. We find, consistent with ...
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作者：CHAN, KC; KAROLYI, GA; STULZ, RM
作者单位：University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：There is a significant foreign influence on the risk premium for U.S. assets. Using a bivariate GARCH-in-mean process, we find that the conditional expected excess return on U.S. stocks is positively related to the conditional covariance of the return of these stocks with the return on a foreign index but is not related to its own conditional variance. Further, we are unable to reject the international version of the CAPM. We present evidence for different model specifications, multiple-day re...
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作者：HEALY, PM; PALEPU, KG; RUBACK, RS
作者单位：Harvard University
摘要：We examine post-acquisition performance for the 50 largest U.S. mergers between 1979 and mid-1984. Merged firms show significant improvements in asset productivity relative to their industries, leading to higher operating cash flow returns. This performance improvement is particularly strong for firms with highly overlapping businesses. Mergers do not lead to cuts in long-term capital and R & D investments. There is a strong positive relation between postmerger increases in operating cash flow...
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作者：SZEWCZYK, SH; TSETSEKOS, GP
摘要：This study investigates the impact of Pennsylvania Senate Bill 1310 on the share prices of Pennsylvania corporations. Considered the most severe of the second-generation antitakeover laws, the statute limits the ability of shareholders to challenge management through the proxy process and eliminates the traditional fiduciary obligation of directors to promote shareholders' interests. We find that PA SB1310 significantly decreased share values, and estimate the loss to shareholders of Pennsylva...
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作者：ECKBO, BE; MASULIS, RW
作者单位：Vanderbilt University
摘要：We develop an analytical framework to explain firm's choice of equity flotation method and the near disappearance of rights offers by U.S. exchange-listed firms. The choice between uninsured rights, rights with standby underwriting, and firm-commitment underwriting depends on information asymmetries, shareholder characteristics, and direct flotation costs. Underwriter certification and current-shareholder takeup are viewed as substitute mechanisms for minimizing wealth transfers between shareh...
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作者：MCLAUGHLIN, RM
摘要：The role of fee contracts in the agency relation between investment bankers and client firms in tender offers is investigated using a sample of offers between 1978 and 1986. Different fees have different payoff functions which can be used by firms to create incentives and by bankers to signal differences in abilities. The effectiveness of fee contracts in resolving agency problems is tested, with mixed results. The evidence suggests that fee contracts are used as a tool by both firms and banke...
