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作者：KHANNA, N; POULSEN, AB
作者单位：University System of Georgia; University of Georgia
摘要：In this article, we provide evidence concerning the extent to which managers are to blame when their firms become bankrupt. We study a sample of firms that file for Chapter 11 and determine the actions taken by the firms' managers during the three-year period before the filing. We compare the sample with a control sample of firms that performed better. We suggest that the comparison provides evidence on the way managers act as their firms sink into financial trouble and whether financial distr...
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作者：LEE, BS
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作者：RAMIREZ, CD
摘要：This article presents evidence suggesting that the relationship that existed between the partnership of J. P. Morgan and its client firms partially resolved the latter's external financing problems by diminishing the principal-agent and asymmetric information problems. I estimate and compare investment regression equations for a sample of Morgan-affiliated companies and a control group of nonaffiliated companies. The econometric results seem to indicate that companies not affiliated to the Hou...
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作者：RAJAN, R; WINTON, A
作者单位：Northwestern University
摘要：Although monitoring borrowers is thought to be a major function of financial institutions, the presence of other claimants reduces an institutional lender's incentives to do this. Thus loan contracts must be structured to enhance the lender's incentives to monitor. Covenants make a loan's effective maturity, and the ability to collateralize makes a loan's effective priority, contingent on monitoring by the lender. Thus both covenants and collateral can be motivated as contractual devices that ...
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作者：GORTON, G; ROSEN, R
作者单位：National Bureau of Economic Research; Indiana University System; Indiana University Bloomington
摘要：In the 1980s, U.S. banks became systematically less profitable and riskier as non-bank competition eroded the profitability of banks' traditional activities. Bank failures rose exponentially during this decade. The leading explanation for the persistence of these trends centers on fixed-rate deposit insurance: the insurance gives bank equity holders an incentive to take on risk when the value of bank charters falls. We propose and test an alternative explanation based on corporate control cons...
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作者：BROWN, SJ; GOETZMANN, WN; ROSS, SA
作者单位：New York University
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作者：BROWN, SJ; GOETZMANN, WN
作者单位：Yale University
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作者：NOE, TH; RAMAMURTIE, BS
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：The relationship between asset demand and information quality in rational expectations economies is analyzed. First we derive a number of new summary descriptive statistics that measure four basic characteristics of investment style: asset selection, market timing, aggressiveness, and specialization. Then we relate these statistics to the divergence between a given investor's information structure and the market average information structure. Finally, we demonstrate that informational differen...
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作者：BESSEMBINDER, H; COUGHENOUR, JF; SEGUIN, PJ; SMOLLER, MM
作者单位：University of Massachusetts System; University of Massachusetts Boston; University of Michigan System; University of Michigan; Wayne State University
摘要：We use the term structure of futures prices to test whether investors anticipate mean reversion in spot asset prices. The empirical results indicate mean reversion in each market we examine. For agricultural commodities and crude oil the magnitude of the estimated mean reversion is large; for example, point estimates indicate that 44 percent of a typical spot oil price shock is expected to be reversed over the subsequent eight months. For metals, the degree of mean reversion is substantially l...
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作者：BROWN, SJ; GOETZMANN, WN; ROSS, SA
作者单位：Yale University
摘要：Empirical analysis of rates of return in finance implicitly condition on the security surviving into the sample. We investigate the implications of such conditioning on the time series of rates of return. In general this conditioning induces a spurious relationship between observed return and total risk for those securities that survive to be included in the sample. This result has immediate implications for the equity premium puzzle. We show how these results apply to other outstanding proble...
