2-3期

最新文章

• Financing acquisitions with earnouts AI翻译
  作者：Bates, Thomas W.; Neyland, Jordan B.; Wang, Yolanda Yulong
  作者单位：Arizona State University; Arizona State University-Tempe; George Mason University; University of Melbourne
  摘要：We present evidence that earnout agreements in acquisition contracts provide a substantial source of financing for acquirers. Acquirers in transactions with earnouts are significantly more likely to be financially constrained, face tighter credit market conditions, and use less debt and equity to fund acquisitions. Financially constrained acquirers also book lower fair values for the contingent claim. Earnout use is more likely in transactions that involve liquid sellers, and earnout bids garn...
• Discussion of analyst stock ownership and stock recommendations AI翻译
  作者：Bradley, Daniel
  作者单位：State University System of Florida; University of South Florida
  摘要：Chan et al. (2018) provide the first large scale study of sell-side analysts owning firms for which they also provide research coverage. Consistent with signaling credibility, they find analysts with ownership positions allocate more effort to these firms and the informativeness of their recommendations are enhanced. However, consistent with analyst conflicts, they find analysts that own the stock issue more optimistic target prices and frequently trade against their outstanding recommendation...
• US worldwide taxation and domestic mergers and acquisitions AI翻译
  作者：Harris, Jeremiah; O'Brien, William
  作者单位：University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
  摘要：This study shows that domestic mergers and acquisitions (M&A) were inhibited by the U.S.'s worldwide tax policy on foreign-earned income. Double Irish structures, a complex web of subsidiaries that reduce foreign tax rates and therefore increase potential repatriation tax rates, are associated with lower levels of domestic M&A by U.S. firms. These results do not reflect a continuation of prior trends or declines in worldwide acquisitiveness and are robust to several econometric approaches. We ...
• The consequences to analyst involvement in the IPO process: Evidence surrounding the JOBS Act AI翻译
  作者：Dambra, Michael; Field, Laura Casares; Gustafson, Matthew T.; Pisciotta, Kevin
  作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; University of Delaware; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Kansas
  摘要：The JOBS Act allows certain analysts to be more involved in the IPO process, but does not relax restrictions on analyst compensation structure. We find that these analysts initiate coverage that is more optimistically biased, less accurate, and generates smaller stock market reactions. Investors purchasing shares following these initiations lose over 3% of their investment by the firm's subsequent earnings release. By contrast, issuers, analysts, and investment banks appear to benefit from thi...
• Uncertainty about managers' reporting objectives and investors' response to earnings reports: Evidence from the 2006 executive compensation disclosures AI翻译
  作者：Ferri, Fabrizio; Zheng, Ronghuo; Zou, Yuan
  作者单位：University of Miami; University of Texas System; University of Texas Austin; Columbia University
  摘要：We examine whether the information content of the earnings report, as captured by the earnings response coefficient (ERC), increases when investors' uncertainty about the manager's reporting objectives decreases, as predicted in Fischer and Verrecchia (2000). We use the 2006 mandatory compensation disclosures as an instrument to capture a decrease in investors' uncertainty about managers' incentives and reporting objectives. Employing a difference-in-differences design and exploiting the stagg...
• Discussion of Managing reputation: Evidence from biographies of corporate directors AI翻译
  作者：Miller, Darius
  作者单位：Southern Methodist University
  摘要：Gow et al. (2018) (henceforth GWY) examine how directors' reputation concerns influence the proxy statement disclosure of their business experience. They find that reputation concerns combine with lax disclosure requirements to cause directors' employment at troubled firms to be omitted from proxy filings. Further, the evidence suggests that these misrepresentations succeed in misleading both the labor and capital markets. In this discussion, I review the literature to highlight the importance...
• Theory, research design assumptions, and causal inferences AI翻译
  作者：Armstrong, Christopher S.; Kepler, John D.
  作者单位：University of Pennsylvania
  摘要：Ferri, Zheng, and Zou test Fischer and Verrecchia's (2000) prediction that a reduction in investors' uncertainty about managers' financial reporting objectives leads to an increase in the valuation-relevance of earnings reports. They use mandatory CD&A disclosures as an arguably exogenous shock that provided investors with more precise information about managers' contractual incentives and find that these enhanced disclosures increased the relation between firms' unexpected earnings and stock ...
• Corporate jets and private meetings with investors AI翻译
  作者：Bushee, Brian J.; Gerakos, Joseph; Lee, Lian Fen
  作者单位：University of Pennsylvania; Dartmouth College; Boston College
  摘要：We use corporate jet flight patterns to identify private meetings with investors that are ex ante unobservable to non-participants. Using approximately 400,000 flights, we proxy for private meetings with roadshows, defined as three-day windows that include flights to money centers and to non-money centers in which the firm has high institutional ownership. Roadshows exhibit greater abnormal stock reactions, analyst forecast activity, and absolute changes in local institutional ownership than o...
• Social networks in the global banking sector AI翻译
  作者：Houston, Joel F.; Lee, Jongsub; Suntheim, Felix
  作者单位：State University System of Florida; University of Florida
  摘要：We show that banks with shared social connections partner more often in the global syndicated loan market and that central banks in the network play dominant roles in various interbank transactions, indicating that social connections facilitate business connections. However, more centralized banks in the network also contribute significantly to the global systemic risk. Moreover, we find the soft information generated by social networks is particularly valuable when potential partners operate ...
• Analysts' stock ownership and stock recommendations AI翻译
  作者：Chan, Jesse; Lin, Steve; Yu, Yong; Zhao, Wuyang
  作者单位：University of Texas System; University of Texas Austin; State University System of Florida; Florida International University
  摘要：Using hand-collected information, we find that analysts who own stock in a company they follow make more informative recommendations and exert more effort in covering the company. However, we also find that analysts with stock ownership issue more optimistic target price forecasts. These findings suggest that analysts' stock ownership enhances the credibility of their recommendations by conveying their superior information, but also induces analysts to bias upwards their target price forecasts...