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作者：Emby, Craig
作者单位：Simon Fraser University
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作者：Sridhar, Sri S.; Magee, Robert P.
作者单位：Northwestern University
摘要：This paper examines the effects of disclosure and recognition requirements on investment decisions when shareholders have limited liability. Firms' investment projects have either high initial pollution prevention costs or high subsequent clean-up costs, and their liability for clean-up costs may be either individual or joint and several. Even with individual liability for clean-up costs, shareholders' limited liability creates an incentive to select the latter project type and to impose costs...
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作者：Bishop, Marguerite L.; Lys, Thomas Z.
作者单位：University of Pennsylvania; Northwestern University
摘要：This study examines the impact of regulatory capital and several of its determinants (i.e., earnings, loan loss provisions, charge-offs and growth) on bank managers' financing decisions and investors' interpretations of those decisions. The analysis is related to two streams of research. We add to the corporate finance literature that seeks to explain the market's reaction to security issuances by developing and testing a refined set of predictions of the demand for debt and equity capital usi...
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作者：Hand, John R. M.
作者单位：University of North Carolina; University of North Carolina Chapel Hill
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作者：Richardson, Gordon D.
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作者：Bushee, Brian J.
作者单位：University of Pennsylvania
摘要：This paper examines whether institutional investors exhibit preferences for near-term earnings over long-run value and whether such preferences have implications for firms' stock prices. First, I find that the level of ownership by institutions with short investment horizons (e.g., transient institutions) and by institutions held to stringent fiduciary standards (e.g., banks) is positively (negatively) associated with the amount of firm value in expected near-term (long-term) earnings. This ev...
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作者：Emby, Craig
作者单位：Simon Fraser University
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作者：Sridhar, Sri S.; Magee, Robert P.
作者单位：Northwestern University
摘要：This paper examines the effects of disclosure and recognition requirements on investment decisions when shareholders have limited liability. Firms' investment projects have either high initial pollution prevention costs or high subsequent clean-up costs, and their liability for clean-up costs may be either individual or joint and several. Even with individual liability for clean-up costs, shareholders' limited liability creates an incentive to select the latter project type and to impose costs...
