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作者：Dittmar, A; Shivdasani, A
作者单位：University of Michigan System; University of Michigan; University of North Carolina; University of North Carolina Chapel Hill
摘要：We study a sample of diversified firms that alter their organizational structure by divesting a business segment. These firms experience a reduction in the diversification discount after the divestiture. We show that the efficiency of segment investment increases substantially following the divestiture and that this improvement is associated with a decrease in the diversification discount. Our results support the corporate focus and financing hypotheses for corporate divestitures. We demonstra...
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作者：Gompers, PA; Lerner, J
作者单位：University of Hartford; National Bureau of Economic Research
摘要：Financial economists have intensely debated the performance of IPOs using data after the formation of Nasdaq. This paper sheds light on this controversy by undertaking a large, out-of-sample study: We examine the performance for five years after listing of 3,661 U.S. IPOs from 1935 to 1972. The sample displays some underperformance when event-time buy-and-hold abnormal returns are used. The underperformance disappears, however, when cumulative abnormal returns are utilized. A calendar-time ana...
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作者：Ferson, WE; Sarkissian, S; Simin, TT
作者单位：Boston University; National Bureau of Economic Research; McGill University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Even though stock returns are not highly autocorrelated, there is a spurious regression bias in predictive regressions for stock returns related to the classic studies of Yule (1926) and Granger and Newbold (1974). Data mining for predictor variables interacts with spurious regression bias. The two effects reinforce each other, because more highly persistent series are more likely to be found significant in the search for predictor variables. Our simulations suggest that many of the regression...
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作者：Burkart, M; Panunzi, F; Shleifer, A
作者单位：Stockholm School of Economics; University of Bologna; Harvard University
摘要：We present a model of succession in a firm owned and managed by its founder. The founder decides between hiring a professional manager or leaving management to his heir, as well as on what fraction of the company to float on the stock exchange. We assume that a professional is a better manager than the heir, and describe how the founder's decision is shaped by the legal environment. This theory of separation of ownership from management includes the Anglo-Saxon and the Continental European pat...
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作者：Maxwell, WF; Rao, RP
作者单位：University of Arizona; Oklahoma State University System; Oklahoma State University - Stillwater
摘要：A wealth transfer from bondholders to stockholders is one of several hypotheses used to explain stockholder gains on the announcement of a spin-off. However, previous empirical research has not found systematic evidence supporting the wealth expropriation hypothesis. Using a larger sample with comprehensive bond data, we find evidence consistent with wealth expropriation. Bondholders, on average, suffer a significant negative abnormal return during the month of the spin-off announcement. Howev...
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作者：Coles, JL; Hoi, CK
作者单位：Arizona State University; Arizona State University-Tempe; Rochester Institute of Technology
摘要：We examine the relation between a boards decision to reject antitakeover provisions of Pennsylvania Senate Bill 1310 and subsequent labor market opportunities of those same board members. Compared to directors retaining all provisions, directors rejecting all protective provisions of SB1310 are three times as likely to gain additional external directorships and are 30 percent more likely to retain their internal slot on the board of that same Pennsylvania company. For external board seats, the...
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作者：Bailey, W; Li, HT; Mao, CX; Zhong, R
作者单位：Cornell University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Fordham University
摘要：With the adoption of Regulation Fair Disclosure (Reg FD), market behavior around earnings releases displays no significant change in return volatility (after controlling for decimalization of stock trading) but significant increases in trading volume due to difference in opinion. Analyst forecast dispersion increases, and increases in other measures of disagreement and difference of opinion suggest greater difficulty in forming forecasts beyond the current quarter. Corporations increase the qu...
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作者：Connolly, R; Stivers, C
作者单位：University System of Georgia; University of Georgia; University of North Carolina; University of North Carolina Chapel Hill
摘要：We document new patterns in the dynamics between stock returns and trading volume. Specifically, we find substantial momentum (reversals) in consecutive weekly returns when the latter week has unexpectedly high (low) turnover. This pattern is evident in equity indices, index futures, and individual stocks. Similarly, we also find that the autocorrelation in equity-index returns is increasing with the unexpected dispersion across the latter week's firm-level returns. Weeks with extreme turnover...
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作者：Lemmon, ML; Lins, KV
作者单位：Utah System of Higher Education; University of Utah
摘要：We use a sample of 800 firms in eight East Asian countries to study the effect of ownership structure on value during the regions financial crisis. The crisis negatively impacted firms' investment opportunities, raising the incentives of controlling shareholders to expropriate minority investors. Crisis period stock returns of firms in which managers have high levels of control rights, but have separated their control and cash flow ownership, are 10-20 percentage points lower than those of oth...
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作者：Milevsky, MA
作者单位：York University - Canada
