◆ Collars and Renetiation in Mergers and Acquisitions(Micah S. Officer)

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I examine the motivation for, and effect of, including a collar in a merger agreement. The most important cross-sectional determinants of the bid structure (cash versus stock, and whether to include a...

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2004-08-04

◆ Market Valuation and Merger Waves(Matthew Rhodes-Kropf&S. Viswanathan )

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Does valuation aect mergers? Data suggest that periods of stock merger activity are correlated with high market valuations. The na¨ıve explanation that overvalued bidders wish to use stock is i...

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2004-08-04

◆ Near-sighted Justice(Dan Bernhard&Ed Nosal )

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Chapter 11 structures complex netiations between creditors and debtors that are overseen by a bankruptcy court. We identify conditions where the court should sometimes err in determining which Þ...

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2004-08-04

◆ Price Discovery in the U.S. Treasury Market: The Impact of Orderflow and Liquidi

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We examine the role of price discovery in the U.S. Treasury market through the empirical relationship between orderflow, liquidity, and the yield curve. We find that orderflow imbalances (excess buy...

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2004-08-04

◆ Does Stock Return Momentum Explain the "Smart Money" Effect(Travis Sapp & Ashish

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Does the “smart money” effect documented by Gruber (1996) and Zheng (1999) reflect fund selection ability of mutual fund investors? We examine the finding that investors are able to predict mutual...

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2004-08-04

◆ Corporate Investment and Asset Price Dynamics: Implications for the Cross-sectio

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We show that corporate investment decisions can explain conditional dynamics in expected asset returns. Our approach is similar in spirit to Berk, Green, and Naik (1999), but we introduce to the inv...

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2004-08-04

◆ Moral Hazard and Optimal Subsidiary Structure for Financial Institutions(Charles

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Banks and related financial institutions often have two separate subsidiaries that make loans of similar type but differing risk: e.g., a bank and a finance company, or a “od bank/bad bank” struct...

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2004-08-04

◆ A Multinational Perspective on Capital Structure Choice and Internal Capital Mar

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This paper analyzes the capital structures of foreign affiliates and internal capital markets of multinational corporations. Ten percent higher local tax rates are associated with 2.8% higher debt/ass...

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2004-08-04

◆ Subjective Discounting in an Exchange Economy(Thomas Mariotti)

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Erzo G.J. Luttmer(University of Minnesota and CEPR) Thomas Mariotti(London School of Economics,GREMAQ, Université de Toulouse 1, and CEPR) This paper describes the equilibrium of a discrete-time...

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2004-07-31

◆ Behavioral Economics(Sendhil Mullainathan & Richard H.Thaler)

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Sendhil Mullainathan and Richard H.Thaler Behavioral Economics is the combination of psychology and economics that investigates what happens in markets in which some of the agents display human li...

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2004-07-31

◆ Competition and Coalition among Underwriters: The Decision to Join a Syndicate(W

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Competition and Coalition among Underwriters: The Decision to Join a Syndicate Wei-Ling Song...

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2004-07-30

◆ Monitoring as a Motivation for IPO Underpricing(Onur Arugaslan)

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Brennan and Franks (1997) and Stoughton and Zechner (1998) provide contrasting arguments for why monitoring considerations create incentives for managers to underprice their firms’ IPOs. Like Smar...

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2004-07-30

◆ Risk-Neutral Parameter Shifts and Derivatives Pricing in Discrete Time(Mark Schr

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We obtain a large class of discrete-time risk-neutral valuation relationships, or “preference-free” derivatives pricing models, by imposing a simple restriction on the state-price density process....

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2004-07-30

◆ The Development of Secondary Market Liquidity for NYSE-listed IPOs(Shane A. Corw

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For NYSE-listed IPOs, limit order submissions and depth relative to volume are unusually low on the first trading day. Initial buy-side liquidity is higher for IPOs with high quality underwriters, lar...

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2004-07-30

◆ Bids and Allocations in European IPO Bookbuilding(Tim Jenkinson& Howard Jones)

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This paper uses evidence from a dataset of 27 European IPOs to analyse how investors bid and the factors that influence their allocations. We also make use of a unique ranking of investor quality, a...

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2004-07-30