Всего статей в данном разделе : 80
Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms [статья]
Опубликовано на портале: 03-10-2003Michael Bradley, Anand Desai, E.Han Kim Journal of Financial Economics. 1988. Vol. 21. No. 1. P. 3-40.
This paper documents that a successful tender offer increases the combined value of the target and acquiring firms by an average of 7.4%. We also provide a theoretical analysis of the process of competition for control of the target and empirical evidence that competition among bidding firms increases the returns to targets and decreases the returns to acquirers, that the supply of target shares is positively sloped, and that changes in the legal/institutional environment of tender offers have had no impact on the total (percentage) synergistic gains created but have significantly affected their division between the stockholders of the target and acquiring firms.
Опубликовано на портале: 05-06-2006Naveen Khanna, Sheri Tice Journal of Finance. 2001. Vol. 56. No. 4.
We examine capital expenditure decisions of discount firms in response to Wal-Mart's entry into their markets. Before Wal-Mart's entry, focused incumbents and discount divisions of diversified incumbents are similar in size, geographic dispersion, and firm debt levels. However, discount divisions of diversified firms are significantly more productive. After Wal-Mart's entry, diversified firms are quicker to either “exit” the discount business or “stay and fight.” Also, their capital expenditures are more sensitive to the productivity of their discount business. Internal capital markets function well, as transfers are away from the worsening discount divisions. It appears diversified firms make better investment decisions.
Опубликовано на портале: 16-06-2006Kevin J. Stiroh, Adrienne Rumble Journal of Banking & Finance. 2005.
Potential diversification benefits are one reason why US financial holding companies are offering a growing range of financial services. This paper examines whether the observed shift toward activities that generate fees, trading revenue, and other non-interest income has improved the performance of US financial holding companies (FHCs) from 1997 to 2002. We find evidence that diversification benefits exist between FHCs, but these gains are offset by the increased exposure to non-interest activities, which are much more volatile but not necessarily more profitable than interest-generating activities. Within FHCs, however, marginal increases in revenue diversification are not associated with better performance, while marginal increases in non-interest income are still associated with lower risk-adjusted profits. The key finding that diversification gains are more than offset by the costs of increased exposure to volatile activities represents the dark side of the search for diversification benefits and has implications for supervisors, managers, investors, and borrowers.
The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient Investment. [статья]
Опубликовано на портале: 05-06-2006David S. Scharfstein, Jeremy C. Stein Journal of Finance. 2000. Vol. 55. No. 6. P. 2537-2565.
We develop a two-tiered agency model that shows how rent-seeking behavior on the part of division managers can subvert the workings of an internal capital market. By rent-seeking, division managers can raise their bargaining power and extract greater overall compensation from the CEO. And because the CEO is herself an agent of outside investors, this extra compensation may take the form not of cash wages, but rather of preferential capital budgeting allocations. One interesting feature of our model is that it implies a kind of "socialism" in internal capital allocation, whereby weaker divisions get subsidized by stronger ones.
The Economic Costs of the Iraq War: An Appraisal Three Years After the Beginning of the Conflict [статья]
Опубликовано на портале: 28-10-2007Joseph E. Stiglitz, Linda Bilmes NBER Working Papers. 2006. No. 12054.
This paper attempts to provide a more complete reckoning of the costs of the Iraq War, using standard economic and accounting/ budgetary frameworks. As of December 30, 2005, total spending for combat and support operations in Iraq is $251bn, and the CBO's estimates put the projected total direct costs at around $500bn. These figures, however, greatly underestimate the War's true costs. The authors estimate a range of present and future costs, by including expenditures not in the $500bn CBO projection, such as lifetime healthcare and disability payments to returning veterans, replenishment of military hardware, and increased recruitment costs. They then make adjustments to reflect the social costs of the resources deployed, (e.g. reserve pay is less than the opportunity wage and disability pay is less than forgone earnings). Finally, they estimate the effects of the war on the overall performance of the economy. Even taking a conservative approach and assuming all US troops return by 2010, the authors believe the true costs exceed a trillion dollars. Using the CBO's projection of maintaining troops in Iraq through 2015, the true costs may exceed $2 trillion. In either case, the cost is much larger than the administration's original estimate of $50-$60bn. The costs estimated do not include those borne by other countries, either directly (military expenditures) or indirectly (the increased price of oil). Most importantly, they have not included the costs to Iraq, either in terms of destruction of infrastructure or the loss of lives. These would all clearly raise the costs significantly.
The Effect of Forward Markets on the Debt-Equity Mix of Investor Portfolios and the Optimal Capital Structure of Firms. [статья]
Опубликовано на портале: 14-06-2006Sheridan Titman Journal of Financial and Quantitative Analysis. 1985. Vol. 20. No. 1. P. 19-28.
This paper demonstrates that the various market imperfections that have been suggested to explain observed portfolio choices and capital structures can be circumvented if securities (e.g., options) can be traded that simulate forward contracts on stock. It is shown that if the risk-adjusted returns to bondholders exceed the returns to stockholders (to reflect personal tax differences) tax-exempt investors will prefer a combination of these synthetic forward purchases and corporate bonds to purchasing stock directly. They will not, as has been suggested, include stock in their portfolios for diversification purposes when they can alternatively purchase securities that simulate forward contracts. It is also shown that firms that can sell synthetic forward positions on their own stock can essentially guarantee that sufficient funds will be available to meet their bond obligations. This gives firms the opportunity to increase their debt levels without increasing the possibility of bankruptcy and the corresponding administrative and agency costs.
Опубликовано на портале: 14-06-2006Phillippe Desbrières, Alain Schatt Journal of Business Finance & Accounting. 2002. Vol. 29. No. 5/6. P. 695-730.
This paper investigates the financial characteristics and changes in performance of French companies involved in a leveraged buyout. The empirical study covers a sample of 161 MBOs in France from 1988 to 1994. The acquired firms outperform their counterparts in the same sector of activity before and after the buyout. However, unlike findings concerning LBOs in the USA and the UK, the performance of French firms falls after the operation is completed. This downturn in performance seems to be less detrimental to former subsidiaries of groups than to former family businesses.
The International Evidence on Performance and Equity Ownership by Insiders, Blockholders, and Institutions [статья]
Опубликовано на портале: 14-06-2006Bruce Seifert, Halit Gonenc, Jim Wright Journal of Multinational Financial Management. 2005. Vol. 15. No. 2. P. 171-191.
This paper examines the effects of equity ownership by insiders and equity ownership by blockholders and institutions on performance using samples of firms from four countries (United States, United Kingdom, Germany, and Japan). While there are no consistent relationships between insider ownership or blockholder/institutional ownership on performance across the four countries, there are nevertheless significant associations between ownership of these groups and performance within the four countries. Our results may indicate that the effects of insider ownership and/or blockholders/institutions depend very much on local laws or the local business environment. In contrast, the effects of the control factors on performance are much more consistent. Leverage, for example, tends to have a negative effect while capital expenditures and sales growth both generally have a positive effect.
The Law and Large Block Trades [статья]
Опубликовано на портале: 02-10-2003Michael J. Barclay, Clifford G. Holderness Journal of Law and Economics. 1992. Vol. 35. P. 265-294.
Although these issues have been analyzed by legal scholars since Andrew Berle and Gardiner Means in 1932, no systematic empirical evidence has been collected. We investigate the validity of this belief, as well as broader implications of the law on large-block trades, by analyzing 106 trades of at least 5% of common stock of exchange-listed firms between 1978 and 1982. We find that, when block sellers receive premium, stock prices typically increase but not to the price per share received by the blockholders. We argue that this tension is resolved by assigning a different set of rights and obligations to large-block shareholders when they act as managers.
Опубликовано на портале: 16-06-2006Saurabh Ghosh Applied Economics Letters. 2005. Vol. 12. No. 2. P. 89-94.
In the literature, the underperformance of IPOs is a well-documented empirical anomaly. This study concentrates on IPOs from the banking sector of an emerging economy, India. In a developing country, the role of the banking sector for economic development is undisputed. In view of its importance in economic resource allocation and its distinction from other industries in general, this paper analyses the post offering performance of banking sector IPOs in detail. The performance evaluation on the basis of stock returns did not find significant evidences of underperformance for the IPOs from the banking sector. Moreover, the study, based on key accounting parameters, found improvement in the performance of the banks in the post-listing period. There were no significant differences across ownership groups (public sector banks vis-à-vis their private counterpart) in the IPO performance.
Опубликовано на портале: 16-06-2006Robert Charles Clark Harvard Law Review. 1979. Vol. 92. No. 4.
Discusses laws that regulate financial intermediaries and financial holding companies in the U.S. Information on laws that regulate the acquisition activities of intermediaries and holding companies; Consequences of financial holding companies; Criteria of definitional decisions.
The Relationship between Ownership Structure and Corporate Dividend Policy - Evidence from the Athens Stock Exchange [статья]
Опубликовано на портале: 16-06-2006George Karathanassis, Evangelia Chrysanthopoulou Working Paper Series (SSRN). 2005.
Over the past decades extensive research has been carried out regarding the relative importance of the factors determining corporate dividend policy. The large amount of net earnings distributed to shareholders in the form of dividends trouble researchers since in free and competitive markets dividends should, affect fundamentally market values. Moreover, if one takes into account the fact that in many countries dividends are taxed more heavily than retained earnings decisions to adopt liberal dividend policies appears to be a puzzle. The dividend puzzle has been attributed to the existence of capital market imperfections such as the presence of information asymmetries between managers and shareholders. There is ample evidence that corporate dividend policy is used by management for informational reasons and is functioning effectively as a signal for the firm's future prospects. The paper examines the explanatory power of three alternative models of dividend policy, the full adjustment and partial adjustment models and the earnings trend model modified in order to incorporate factors representing ownership by institutional investors and managers. The sample considered of 55 Greek firms the shares of which were quoted on the Athens Stock Exchange which were observed for a number of years. A number of assumptions were made regarding the properties of time-series and cross-section unobservable effects and using appropriate estimating techniques. The empirical finding appear to be in accordance with the efficient monitoring hypothesis but reject the hypothesis of strategic alignments.
Опубликовано на портале: 14-06-2006Bruce Burton, Christine Helliar, David Power Corporate Governance: An International Review. 2004. Vol. 12. No. 3. P. 353-360.
Corporate governance as a coherent notion and independent topic of academic and practitioner interest has developed rapidly in the last ten years. In particular, most countries have seen the publication of vast numbers of regulatory reports outlining best practice in handling the issues that arise from the increased prominence of the governance concept. Although a vast literature exists on the implications of an Initial Public Offering (IPO) for financial performance and ownership structure, few investigations have communicated directly with issuing firms and analysed the practical difficulties encountered on a day-to-day basis when a company decides to float. In particular, very few studies have sought to examine what corporate governance changes, if any, are made in the process. This note reports the findings of a questionnaire survey and a series of interviews with practitioners about the changes that are made before and after a sample of IPOs in the UK.
Опубликовано на портале: 14-06-2006Robert Bruner, Susan Chaplinsky, Latha Ramchand Financial Management. 2004. Vol. 33. No. 3. P. 39-60.
We examine 245 international firms making initial public offerings (IPOs) in the United States between 1991 and 1999, and compare their underwriting fees and indirect costs of underpricing to the IPOs of domestic US issuers. Our results indicate that foreign IPOs experience approximately the same costs on average as domestic IPOs. The risk of foreign IPOs arising from asymmetric information and high country risk is offset by characteristics that reduce their risk relative to domestic US IPOs. Foreign US IPO issuers are larger firms with tangible assets that originate from countries sharing a common border and language with the United States. These issues occur following periods of strong home market equity performance and stable currency conditions, which help to alleviate country risk.
Опубликовано на портале: 31-12-2010Анна Владимировна Солодухина, Дмитрий Владимирович Репин Корпоративные финансы. 2009. № 1 (9). С. 41-69.
И деловое, и академическое сообщества сходятся в том, что объявляемые компанией новости влияют на ее рыночную стоимость. Эмпирические данные показывают, что корпоративные новости, попадая на рынок, зачастую вызывают достаточно предсказуемую реакцию инвесторов. Эта реакция зависит от множества факторов: тип новости (хорошая/плохая), тип события, о котором сообщается в новости, аналитическое покрытие компании, предшествующие прогнозы и рекомендации аналитиков, состояние рынка (спад, подъем), тип акций компании и еще более десятка других обстоятельств. В данной статье мы предприняли попытку объединить разрозненные эмпирические данные, выявить значимые факторы и установить характер их влияния на реакцию рынка — и в итоге представить цельную картину. Это позволило нам разработать концептуальную модель, которая описывает, какого типа новость и при каких условиях будет влиять тем или иным образом на рыночную стоимость компании. Также мы предлагаем качественную методику анализа влияния новости на рыночную стоимость компании. Представленные в работе модель и методика призваны помочь компаниям заранее определять реакцию рынка на объявление того или иного события, корректировать возможные негативные последствия и в конечном итоге более эффективно управлять своей рыночной стоимость. Ключевые слова: управление стоимостью компании, поведенческие финансы, корпоративные новости, объявление новостей, отношения с инвесторами.