◆ The Choice of Payment Method in European Mergers and Acquisitions(Mara Faccio an

收藏

We study merger and acquisition (M&A) payment choices of European bidders for publicly and privately held targets in the 1997-2000 period. Europe is an ideal venue for studying the importance of corp...

421KB

0

2004-08-09

◆ Can Managers Forecast Aggregate Market Returns?(Alexander W. Butler)

收藏

Previous studies have found that the proportion of equity in total new debt and equity issues is negatively correlated with future equity market returns. Researchers have interpreted this finding as e...

268KB

0

2004-08-09

◆ To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation(Art

收藏

Data on corporate vernance and disclosure practices reveal wide within-country variation that decreases with the strength of investors’ legal protection. A simple model identifies three firm attribu...

730KB

0

2004-08-09

◆ Partial Privatization and Firm Performance(Nandini Gupta)

收藏

Most privatization programs begin with a period of partial privatization in which only noncontrolling shares of firms are sold on the stock market. Since management control is not transferred to priva...

429KB

0

2004-08-09

◆ Liquidity Shortages and Banking Crises (Douglas W. Diamond & Raghuram G. Rajan )

收藏

We show in this paper that bank failures can be contagious. Unlike earlier work where contagion stems from depositor panics or contractual links between banks, we argue that bank failures can shrink t...

505KB

0

2004-08-09

◆ Housing Collateral, Consumption Insurance and Risk Premia: an Empirical Perspect

收藏

In a model with housing collateral, the ratio of housing wealth to human wealth shifts the conditional distribution of asset prices and consumption growth. A decrease in house prices reduces the colla...

525KB

0

2004-08-06

◆ Judging Fund Managers by the Company They Keep(Randolph Cohen&Joshua Coval)

收藏

We develop a performance evaluation approach in which a fund managers skill is judged by the extent to which the managers investment decisions resemble the decisions of managers with distinguished per...

401KB

0

2004-08-06

◆ Are Firms Underleveraged? Examination of the Effect of Leverage on Default Proba

收藏

Are Firms Underleveraged? Examination of the Effect of Leverage on Default Probabilities. By Carlos A. Molina...

194KB

0

2004-08-06

◆ Debt Dynamics(Christopher A. Hennessy & Toni M. Whited )

收藏

We develop a dynamic trade-off model with endogenous choice of leverage, distributions,and real investment in the presence of a graduated corporate income tax,individual taxes on interest and co...

433KB

0

2004-08-06

◆ Rational IPO Waves(Lubos Pastor& Pietro Veronesi )

收藏

We argue that the number of rms ing public changes over time in response to time variation in market conditions. We develop a model of optimal IPO timing in which IPO waves are caused by declines in...

549KB

0

2004-08-06

◆ Is Debt Relief Efficient(Serkan Arslanalp )

收藏

When developing countries announce debt relief agreements under the Brady Plan, their stock markets appreciate by an average of 60% in real dollar terms—a $42 billion increase in shareholder value....

1075KB

0

2004-08-06

◆ The Choice of Private versus Public Capital Markets: Evidence from Privatization

收藏

We examine the impact of political, institutional, and economic factors on the choice between selling a state-owned enterprise in the public capital market through a share issue privatization (SIP) an...

130KB

0

2004-08-04

◆ Systemic Risk and International Portfolio Choice(Sanjiv Ranjan Das&Raman Uppal)

收藏

Returns on international equities are characterized by jumps; moreover, these jumps tend to occur at the same time across countries leading to systemic risk. We capture these stylized facts using a mu...

263KB

0

2004-08-04

◆ Financial Development and Intersectoral Allocation: A New Approach(Raymond Fisma

收藏

This paper uses a new methodology based on industry comovement to examine the role of financial market development in intersectoral allocation. Based on the assumption that there exist common global...

199KB

0

2004-08-04

◆ How to Discount Cashflows with Time-Varying Expected Returns(Andrew Ang& Jun Liu

收藏

While many studies document that the market risk premium is predictable and that betas are not constant, the dividend discount model ignores time-varying risk premiums and betas.We develop a model to...

261KB

0

2004-08-04