2期

最新文章

• Managerial ownership, the method of payment for acquisitions, and executive job retention AI翻译
  作者：Ghosh, A; Ruland, W
  作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
  摘要：This study investigates how acquiring and target firm managers' preferences for control rights motivate the payment for corporate acquisitions. We expect that managers of target firms who value influence in combined firms will prefer to receive stock. One reason top managers desire influence is to enhance their chances of retaining jobs in the combined firm. Our analysis shows a strong, positive association between managerial ownership of target firms and the likelihood of acquisitions for sto...
• A note on the asymptotic covariance in Fama-MacBeth regression AI翻译
  作者：Jagannathan, R; Wang, ZY
  作者单位：Northwestern University; University of Minnesota System; University of Minnesota Twin Cities; Columbia University
• The impact of options trading on the market quality of the underlying security: An empirical analysis AI翻译
  作者：Kumar, R; Sarin, A; Shastri, K
  作者单位：Virginia Polytechnic Institute & State University; Santa Clara University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
  摘要：We find that option listings are associated with a decrease in the variance of the pricing error, a decrease in the adverse selection component of the spread, and an increase in the relative weight placed by the specialist on public information in revising prices for the underlying stocks. We also find that there is a decrease in the spread and increases in quoted depth, trading volume, trading frequency, and transaction size after option listings. Overall, our results suggest that option list...
• Option volume and stock prices: Evidence on where informed traders trade AI翻译
  作者：Easley, D; O'Hara, M; Srinivas, PS
  作者单位：Cornell University; Cornell University; The World Bank
  摘要：This paper investigates the informational role of transactions volume in options markets. We develop an asymmetric information model in which informed traders may trade in option or equity markets. We show conditions under which informed traders trade options, and we investigate the implications of this for the linkage between markets. Our model predicts an important informational role for the volume of particular types of option trades. We empirically test our model's hypotheses with intraday...
• Block share purchases and corporate performance AI翻译
  作者：Bethel, JE; Liebeskind, JP; Opler, T
  作者单位：Babson College; University of Southern California; University System of Ohio; Ohio State University
  摘要：This paper investigates the causes and consequences of activist flock share purchases in the 1980s. We find that activist investors were most likely to purchase large blocks of shares in highly diversified firms with poor profitability. Activists were not less likely to purchase blocks in firms with shark repellents and employee stock ownership plans. Activist block purchases were followed by increases in asset divestitures, decreases in mergers and acquisitions, and abnormal share price appre...