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作者：Graham, JR; Lemmon, ML; Schallheim, JS
作者单位：Duke University; Utah System of Higher Education; University of Utah; Arizona State University; Arizona State University-Tempe
摘要：We provide evidence that corporate tax status is endogenous to financing decisions, which induces a spurious relation between measures of financial policy and many commonly used tax proxies. Using a forward-looking estimate of before-financing corporate marginal tax rates, we document a negative relation between operating leases and tax rates, and a positive relation between debt levels and tax rates. This is the first unambiguous evidence supporting the hypothesis that low tax rate firms leas...
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作者：Kahn, C; Winton, A
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Northwestern University
摘要：An institution holding shares in a firm can use information about the firm both for trading (speculation) and for deciding whether to intervene to improve firm performance. Intervention increases the value of the institution's existing shareholdings, but intervention only increases the institution's trading profits if it enhances the precision of the institution's information relative to that of uninformed traders. Thus, the ability to speculate can increase or decrease institutional intervent...
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作者：Pagano, M; Panetta, F; Zingales, L
作者单位：University of Salerno; National Bureau of Economic Research; University of Chicago
摘要：Using a large database of private firms in Italy, we analyze the determinants of initial public offerings (IPOs) by comparing the ex ante and ex post characteristics of IPOs with those of private firms. The likelihood of an IPO is increasing in the company's size and the industry's market-to-book ratio. Companies appear to go public not to finance future investments and growth, but to rebalance their accounts after high investment and growth. IPOs are also followed by lower cost of credit and ...
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作者：Gandar, JM; Dare, WH; Brown, CR; Zuber, RA
作者单位：University of North Carolina; University of North Carolina Charlotte; Massey University; Texas State University System; Texas State University San Marcos
摘要：This paper examines betting line changes from the opening to the closing of the point spread betting market on National Basketball Association games for evidence of informed trader betting. We show that within-betting period line changes significantly improve the accuracy of betting lines as forecasts of game outcomes. We examine individual line change magnitudes and show that these are directly and proportionately related to biases in opening lines. Further, line changes are of sufficient mag...
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作者：Maug, E
作者单位：Duke University
摘要：This paper analyzes the incentives of large shareholders to monitor public corporations. We investigate the hypothesis that a liquid stock market reduces large shareholders' incentives to monitor because it allows them to sell their stocks more easily. Even though this is true, a liquid market also makes it less costly to hold larger stakes and easier to purchase additional shares. We show that this fact is important if monitoring is costly: market liquidity mitigates the problem that small sh...
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作者：Rouwenhorst, KG
作者单位：Yale University
摘要：International equity markets exhibit medium-term return continuation. Between 1980 and 1995 an internationally diversified portfolio of past medium-term Winners outperforms a portfolio of medium-term Losers after correcting for risk by more than 1 percent per month. Return continuation is present in all twelve sample countries and lasts on average for about one year. Return continuation is negatively related to firm size, but is not limited to small firms. The international momentum returns ar...
