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作者：Kahn, C; Pennacchi, G; Sopranzetti, B
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Rutgers University System; Rutgers University New Brunswick
摘要：Like security prices, retail deposit interest rates cluster around integers and even fractions. However, explanations for security price clustering are incompatible with deposit rate clustering. A theory based on the limited recall of retail depositors is proposed. It predicts that banks tend to set rates at integers and that rates are sticky at these levels. The propensity for integer rates increases with the level of wholesale interest rates and deposit market concentration. When banks set n...
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作者：Biais, B; Casamatta, C
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole
摘要：We analyze the optimal financing of investment projects when managers must exert unobservable effort and can also switch to less profitable riskier ventures. Optimal financial contracts can be implemented by a combination of debt and equity when the risk-shifting problem is the most severe while stock options are also needed when the effort problem is the most severe. Worsening of the moral hazard problems leads to decreases in investment and output at the macroeconomic level. Moreover, aggreg...
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作者：Garvey, GT; Hanka, G
作者单位：University of British Columbia; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We find that firms protected by second generation state antitakeover laws substantially reduce their use of debt, and that unprotected firms do the reverse. This result supports recent models in which the threat of hostile takeover motivates managers to take on debt they would otherwise avoid. An implication is that legal barriers to takeovers may increase corporate slack.
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作者：Habib, MA; Johnsen, DB
作者单位：University of London; London Business School; George Mason University
摘要：We model the role various forms of nonrecourse secured debt play in efficiently redeploying assets whose value is state-specific. Ex ante, an entrepreneur and an asset redeployer make noncontractible state-specific investments in the primary and next-best uses of an asset, respectively. The redeployer provides a secured nonrecourse loan equal to the value of the asset in the critical state that separates the good and bad states. In the event of a bad state, this contract averts ex post bargain...
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作者：Kan, R; Zhang, C
作者单位：University of Toronto; Hong Kong University of Science & Technology; University of Alberta
摘要：In this paper we investigate the properties of the standard two-pass methodology of testing beta pricing models with misspecified factors. In a setting where a factor is useless, defined as being independent of all the asset returns, we provide theoretical results and simulation evidence that the second-pass cross-sectional regression tends to find the beta risk of the useless factor priced more often than it should. More surprisingly, this misspecification bias exacerbates when the number of ...
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作者：Safieddine, A; Titman, S
作者单位：Michigan State University; Michigan State University's Broad College of Business; University of Texas System; University of Texas Austin
摘要：This paper finds that, on average, targets that terminate takeover offers significantly increase their leverage ratios. Targets that increase their leverage ratios the most reduce capital expenditures, sell assets, reduce employment, increase focus, and realize cash flows and share prices that outperform their benchmarks in the five years following the failed takeover. Our evidence suggests that leverage-increasing targets act in the interests of shareholders when they terminate takeover offer...
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作者：Corwin, SA
作者单位：University System of Georgia; University of Georgia
摘要：Using a sample of NYSE-listed equities from 1992, this study examines whether market maker performance differs across specialist firms. We find that spreads and depth differ across specialist firms, but the competitiveness of NYSE quotes relative to other exchanges does not appear to be affected by these differences. Differences are also evident in measures of transitory volatility and in the frequency and duration of order-imbalance trading halts. The results suggest that specialists have a s...
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作者：La Porta, R; Lopez-de-Silanes, F; Shleifer, A
作者单位：Harvard University
摘要：We use data on ownership structures of large corporations in 27 wealthy economies to identify the ultimate controlling shareholders of these firms. We find that, except in economies with very good shareholder protection, relatively few of these firms are widely held, in contrast to Berle and Means's image of ownership of the modern corporation. Rather, these firms are typically controlled by families or the State. Equity control by financial institutions is far less common. The controlling sha...
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作者：Daigler, RT; Wiley, MK
作者单位：State University System of Florida; Florida International University; State University System of Florida; Florida Atlantic University
摘要：We examine the volatility-volume relation in futures markets using volume data categorized by type of trader. We find that the positive volatility-volume relation is driven by the general public, a group of traders who are distant from the trading floor and therefore without precise information on order flow. Clearing members and floor traders who observe order flow often decrease volatility. Our findings are consistent with Shalen's (1993) hypothesis that uninformed traders who cannot differe...
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作者：Easterwood, JC; Nutt, SR
作者单位：Virginia Polytechnic Institute & State University; Virginia Polytechnic Institute & State University
摘要：A rational analysis of analyst behavior predicts that analysts immediately and without bias incorporate information into their forecasts. Several studies document analysts' tendency to systematically underreact to information. Underreaction is inconsistent with rationality. Other studies indicate that analysts systematically overreact to new information or that they are systematically optimistic. This study discriminates between these three hypotheses by examining the interaction between the n...
