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作者：Faccio, Mara; Masulis, Ronald W.; McConnell, John J.
作者单位：Vanderbilt University; Purdue University System; Purdue University
摘要：We analyze the likelihood of government bailouts of 450 politically connected firms from 35 countries during 1997-2002. Politically connected firms are significantly more likely to be bailed out than similar nonconnected firms. Additionally, politically connected firms are disproportionately more likely to be bailed out when the International Monetary Fund or the World Bank provides financial assistance to the firm's home government. Further, among bailed-out firms, those that are politically ...
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作者：Fidrmuc, Jana P.; Goergen, Marc; Renneboog, Luc
作者单位：University of Warwick; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Sheffield; Tilburg University
摘要：This paper investigates the market's reaction to U.K. insider transactions and analyzes whether the reaction depends on the firm's ownership. We present three major findings. First, differences in regulation between the U.K. and United States, in particular the speedier reporting of trades in the U.K., may explain the observed larger abnormal returns in the U.K. Second, ownership by directors and outside shareholders has an impact on the abnormal returns. Third, it is important to adjust for n...
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作者：Almeida, Heitor V.; Wolfenzon, Daniel
作者单位：New York University; National Bureau of Economic Research
摘要：We provide a new rationale for pyramidal ownership in family business groups. A pyramid allows a family to access all retained earnings of a firm it already controls to set up a new firm, and to share the new firm's nondiverted payoff with shareholders of the original firm. Our model is consistent with recent evidence of a small separation between ownership and control in some pyramids, and can differentiate between pyramids and dual-class shares, even when either method can achieve the same d...
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作者：Kosowski, Robert; Timmermann, Allan; Wermers, Russ; White, Hal
作者单位：Imperial College London; University of California System; University of California San Diego; University System of Maryland; University of Maryland College Park
摘要：We apply a new bootstrap statistical technique to examine the performance of the US. open-end, domestic equity mutual fund industry over the 1975 to 2002 period. A bootstrap approach is necessary because the cross section of mutual fund alphas has a complex nonnormal distribution due to heterogeneous risk-taking by funds as well as nonnormalities in individual fund alpha distributions. Our bootstrap approach uncovers findings that differ from many past studies. Specifically, we find that a siz...
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作者：Chang, Xin; Dasgupta, Sudipto; Hilary, Gilles
作者单位：University of Melbourne; Hong Kong University of Science & Technology; Hong Kong University of Science & Technology
摘要：We provide evidence that analyst coverage affects security issuance. First, firms covered by fewer analysts are less likely to issue equity as opposed to debt. They issue equity less frequently, but when they do so, it is in larger amounts. Moreover, these firms depend more on favorable market conditions for their equity issuance decisions. Finally, debt ratios of less covered firms are more affected by Baker and Wurgler's (2002) external finance-weighted average market-to-book ratio. These re...
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作者：Li, Donghui; Moshirian, Fariborz; Pham, Peter Kien; Zein, Jason
作者单位：University of New South Wales Sydney
摘要：While financial institutions' aggregate investments have grown substantially worldwide, the size of their individual shareholdings, and ultimately their incentive to monitor, may be limited by the free-rider problem, regulations, and a preference for diversification and liquidity. We compare institutions' shareholding patterns across countries and find vast differences in the extent to which they are large shareholders. These variations are largely determined by macro corporate governance fact...
