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作者：Claessens, S; Djankov, S; Fan, JPH; Lang, LHP
作者单位：University of Amsterdam; The World Bank; Hong Kong University of Science & Technology; Chinese University of Hong Kong
摘要：This article disentangles the incentive and entrenchment effects of large ownership. Using data for 1,301 publicly traded corporations in eight East Asian economies, we find that firm value increases with the cash-flow ownership of the largest shareholder, consistent with a positive incentive effect. But firm value falls when the control rights of the largest shareholder exceed its cash-flow ownership, consistent with an entrenchment effect. Given that concentrated corporate ownership is predo...
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作者：Petersen, MA; Rajan, RG
作者单位：Northwestern University; University of Chicago; Massachusetts Institute of Technology (MIT)
摘要：The distance between small firms and their lenders is increasing, and they are communicating in more impersonal ways. After documenting these systematic changes, we demonstrate they do not arise from small firms locating differently, consolidation in the banking industry, or biases in the sample. Instead, improvements in lender productivity appear to explain our findings. We also find distant firms no longer have to be the highest quality credits, indicating they have greater access to credit....
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作者：Cassano, MA
作者单位：University of Calgary
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作者：Black, SE; Strahan, PE
作者单位：University of California System; University of California Los Angeles; Boston College
摘要：The literature is divided on the expected effects of increased competition and consolidation in the financial sector on the supply of credit to relationship borrowers. This paper tests whether policy changes fostering competition and consolidation in U.S. banking helped or harmed entrepreneurs. We find that the rate of new incorporations increases following deregulation of branching restrictions, and that deregulation reduces the negative effect of concentration on new incorporations. We also ...
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作者：Pagano, M; Röell, AA; Zechner, J
作者单位：University of Salerno; Centre for Economic Policy Research - UK; Princeton University; University of Vienna
摘要：This paper documents aggregate trends in the foreign listings of companies, and analyzes their distinctive prelisting characteristics and postlisting performance. In 1986-1997, many European companies listed abroad, mainly on U.S. exchanges, while the number of U.S. companies listed in Europe decreased. European companies that cross-list tend to be large and recently privatized firms, and expand their foreign sales after listing abroad. They differ sharply depending on where they cross-list: T...
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作者：Novaes, W
作者单位：Pontificia Universidade Catolica do Rio de Janeiro
摘要：How do shareholders perceive managers who lever up under a takeover threat? Increasing leverage conveys good news if it reflects management's ability to enhance value. It conveys bad news, though, if inefficient managers are more pressured to lever up than the efficient ones. This paper demonstrates that negative updating may prevail. Managers who lever up to end a takeover threat may thus commit to enhance value and yet increase their chances of being replaced by their shareholders. The model...
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作者：Gemmill, G; Thomas, DC
作者单位：City St Georges, University of London
摘要：If arbitrage is costly and noise traders are active, asset prices may deviate from fundamental values for long periods of time. We use a sample of 158 closed-end funds to show that noise-trader sentiment, as proxied by retail-investor flows, leads to fluctuations in the discount. Nevertheless, we reject the hypothesis that noise-trader risk is the cause of the long-run discount. Instead we find that funds which are more difficult to arbitrage have larger discounts, due to: (1) the censoring of...
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作者：Hertzel, M; Lemmon, M; Linck, JS; Rees, L
作者单位：Arizona State University; Arizona State University-Tempe; Utah System of Higher Education; University of Utah; University System of Georgia; University of Georgia; Texas A&M University System; Texas A&M University College Station
摘要：Public firms that place equity privately experience positive announcements effects, with negative post-announcement stock-price performance. This finding is inconsistent with the underreaction hypothesis. Instead, it suggests that investors are overoptimistic about the prospects of firms issuing equity, regardless of the method of issuance. Further, in contrast to public offerings, private issues follow periods of relatively poor operating performance. Thus, investor overoptimism at the time o...
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作者：Schoar, A
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Using plant-level observations from the Longitudinal Research Database I show that conglomerates are more productive than stand-alone firms at a given point in time. Dynamically, however, firms that diversify experience a net reduction in productivity. While the acquired plants increase productivity, incumbent plants suffer. Moreover, stock prices track firm productivity and this tracking is equally strong for diversified and stand-alone firms. Therefore, lower transparency of conglomerates is...
