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作者：Pulvino, TC
作者单位：Northwestern University
摘要：This paper uses commercial aircraft transactions to determine whether capital constraints cause firms to liquidate assets at discounts to fundamental values. Results indicate that financially constrained airlines receive lower prices than their unconstrained rivals when selling used narrow-body aircraft. Capital constrained airlines are also more likely to sell used aircraft to industry outsiders, especially during market downturns. Further evidence that capital constraints affect liquidation ...
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作者：Brauer, GA
作者单位：Institut Polytechnique de Paris; Ecole des Ponts ParisTech
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作者：Carey, M; Post, M; Sharpe, SA
摘要：This paper establishes empirically the existence of specialization in private-market corporate lending, adding a new dimension to the public versus private debt distinctions now common in the literature. Comparing corporate loans made by banks and by finance companies, we find that the two types of intermediaries are equally likely to finance information-problematic firms. However, finance companies tend to serve observably riskier borrowers, particularly more leveraged borrowers. Evidence sup...
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作者：Boubakri, N; Cosset, JC
作者单位：Laval University
摘要：This paper examines the change in the financial and operating performance of 79 companies from 21 developing countries that experienced full or partial privatization during the period from 1980 to 1992. We use accounting performance measures adjusted for market effects in addition to unadjusted accounting performance measures. Both unadjusted and market-adjusted results show significant increases in profitability, operating efficiency, capital investment spending, output, employment level, and...
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作者：Dewenter, KL; Warther, VA
作者单位：University of Washington; University of Washington Seattle; University of Michigan System; University of Michigan; University of Chicago
摘要：We compare dividend policies of U.S. and Japanese firms, partitioning the Japanese data into keiretsu, independent, and hybrid firms. We examine the correlation between dividend changes and stock returns, and the reluctance to change dividends. Results are consistent with the joint hypotheses that Japanese firms, particularly keiretsu-member firms, face less information asymmetry and fewer agency conflicts than U.S. firms, and that information asymmetries and/or agency conflicts affect dividen...
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作者：Schrand, C; Unal, H
作者单位：University of Pennsylvania; University System of Maryland; University of Maryland College Park
摘要：We provide an explanation for hedging as a means of allocating rather than reducing risk. We argue that when increases in total risk are costly, firms optimally allocate risk by reducing (increasing) exposure to risks that provide zero (positive) economic rents. Our evidence shows that mutual thrifts that convert to stock institutions increase total risk, following conversion, consistent with their increased abilities and incentives for risk taking. They achieve this increase by hedging intere...
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作者：Taggart, RA
作者单位：Boston College
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作者：Dawkins, MC; Bamber, LS
作者单位：University System of Georgia; University of Georgia
摘要：Drawing on a comprehensive sample of 330 bankruptcy petition filings from 1980 to 1993, we find that most of the market reaction does not occur on the bankruptcy petition filing date when the information becomes publicly available. Rather, most of the reaction occurs when news of the bankruptcy filing is more widely disseminated via the Broadtape. This Broadtape announcement effect persists after controlling for firm size, exchange listing, and predisclosure information. These are primarily ti...
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作者：Fishe, RPH
作者单位：University of Miami
摘要：Based on a sample of 126 recently promoted faculty, different standards for full professor are observed between top 20 finance departments and lower ranked departments. Full professors affiliated with a top 20 department place an average of 1 out of 3 articles in either Journal of Finance, Review of Financial Studies, or Journal of Financial Economics compared to 1 out of 6 articles for professors at lower-ranked schools. Total citations and cites per year are also significantly different betw...
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作者：Tufano, P
作者单位：Harvard University
摘要：This paper studies the exposure of North American gold mining firms to changes in the price of gold. The average mining stock moves 2 percent for each 1 percent change in gold prices, but exposures vary considerably over time and across firms. As predicted by valuation models, gold firm exposures are significantly negatively related to the firm's hedging and diversification activities and to gold prices and gold return volatility, and are positively related to firm leverage. Simple discounted ...
