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作者：Ben-Nasr, Hamdi; Boubakri, Narjess; Cosset, Jean-Claude
作者单位：King Saud University; American University of Sharjah; Universite de Montreal; HEC Montreal
摘要：In this paper, we investigate the political determinants of the cost of equity using a unique data set of 236 firms privatized between 1987 and 2006 in 38 countries. We find robust evidence that the cost of equity is increasing in government ownership. We also show that the cost of equity is significantly related to political orientation and the extent of government expropriation. Furthermore, we report a less pronounced effect of state ownership on the cost of equity in more populist governme...
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作者：Ryngaert, Michael; Thomas, Shawn
作者单位：State University System of Florida; University of Florida; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Related party transactions (RPTs) are potential means for insiders to expropriate outside shareholders via self-dealing. There are, however, possible benefits to these arrangements for outside shareholders. We find that the overall volume of disclosed RPTs is generally not significantly associated with shareholder wealth as measured by operating profitability or Tobin's Q. However, the results for total RPT volume obscure that ex ante RPTs, transactions that predate a counterparty becoming a r...
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作者：Bhojraj, Sanjeev; Cho, Young Jun; Yehuda, Nir
作者单位：Cornell University; Singapore Management University; Northwestern University
摘要：We examine whether the previously documented positive association between fund family size and fund performance is affected by significant regulatory changes (i.e., Regulation Fair Disclosure (Reg FD), the Global Settlement (GS), and increased scrutiny as a result of trading scandals) that have occurred in the last decade. Using Reg FD as a beginning point for these structural changes, we find that, while fund family size was positively associated with fund performance in the period prior to t...
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作者：Rego, Sonja Olhoft; Wilson, Ryan
作者单位：Indiana University System; Indiana University Bloomington; University of Iowa
摘要：This study examines equity risk incentives as one determinant of corporate tax aggressiveness. Prior research finds that equity risk incentives motivate managers to make risky investment and financing decisions, since risky activities increase stock return volatility and the value of stock option portfolios. Aggressive tax strategies involve significant uncertainty and can impose costs on both firms and managers. As a result, managers must be incentivized to engage in risky tax avoidance that ...
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作者：Lang, Mark; Lins, Karl V.; Maffett, Mark
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Utah System of Higher Education; University of Utah
摘要：We examine the relation between firm-level transparency, stock market liquidity, and valuation across countries, focusing on whether the relation varies with a firm's characteristics and economic environment. We document lower transaction costs and greater liquidity (as measured by lower bid-ask spreads and fewer zero-return days) for firms with greater transparency (as measured by less evidence of earnings management, better accounting standards, higher quality auditors, more analyst followin...
