Статьи
Всего статей в данном разделе : 16
Опубликовано на портале: 16-06-2006
Congsheng Wu
Journal of Business & Economic Studies.
2005.
Vol. 11.
No. 1.
P. 19-33.
This study examines the relation between the offer price adjustment, initial return,
and subsequent short-run performance for a sample of initial public offerings (IPO's)
made by US industrial companies from 1986 to 1996. The IPO's are divided into three
categories (cold, cool, and hot issues) based on the offer price relative to the
suggested price range revealed in the preliminary prospectus. It is found that the
offer price adjustment not only predicts the first-day return, but also predicts
subsequent short-run performance in the same direction up to three months after issuance.
Moreover, different types of IPO's demonstrate distinct cross-sectional behavior
in multivariate regressions of initial returns. Our results suggest that cold IPO's
are quite unique and deserve more attention in future studies.
Опубликовано на портале: 14-06-2006
Mihir A. Desai, C. Fritz Foley, James R. Hines
Journal of Finance.
2004.
Vol. 59.
No. 6.
P. 2451-2487.
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/asset ratios, with internal borrowing being particularly sensitive
to taxes. Multinational affiliates are financed with less external debt in countries
with underdeveloped capital markets or weak creditor rights, reflecting significantly
higher local borrowing costs. Instrumental variable analysis indicates that greater
borrowing from parent companies substitutes for three-quarters of reduced external
borrowing induced by capital market conditions. Multinational firms appear to employ
internal capital markets opportunistically to overcome imperfections in external
capital markets.
Опубликовано на портале: 16-06-2006
Robert Goldstein, Nengju Ju, Hayne E. Leland
Journal of Business.
2001.
Vol. 74.
No. 4.
P. 483-513.
A model of dynamic capital structure is proposed. Even though the optimal strategy
is implemented over an arbitrarily large number of restructuring-periods, a scaling
feature inherent in the framework permits simple closed-form expressions to be obtained
for equity and debt prices. When a firm has the option to increase future debt levels,
tax advantages to debt increase significantly, and both the optimal leverage ratio
range and predicted credit spreads are more in line with what is observed in practice.
Опубликовано на портале: 14-06-2006
Hyun-Han Shin, Rene M. Stulz
Quarterly Journal of Economics.
1998.
Vol. 113.
No. 2.
P. 531-552.
Using segment information from Compustat, we find that the investment by a segment
of a diversified firm depends on the cash flow of the firm's other segments, but
significantly less than it depends on its own cash flow. The investment by segments
of highly diversified firms is less sensitive to their cash flow than the investment
of comparable single-segment firms. The sensitivity of a segment's investment to
the cash flow of other segments does not depend on whether its investment opportunities
are better than those of the firm's other segments.
Опубликовано на портале: 16-06-2006
Kee H. Chung, Mingsheng Li, Linda Yu
Financial Management.
2005.
Vol. 34.
No. 3.
P. 65-88.
We consider a simple model positing that initial public offering price is equal to
the present value of an entity's assets in place and growth opportunities. The model
predicts that initial return is positively related to both the size and risk of growth
opportunities. Consistent with this prediction, we find initial return to be positively
related to both the fraction of the offer price that is accounted for by the present
value of growth opportunities and various proxies of issue uncertainty. We also find
that IPO investors equate one dollar of growth opportunities to approximately three
quarters of tangible assets.
Опубликовано на портале: 14-06-2006
J. R. Franks, J. J. Pringle
Journal of Finance.
1982.
Vol. 37.
No. 3.
P. 751-763.
In this paper we consider the role of financial intermediaries in the valuation of
firms and projects. We show that security prices should reflect both used and unused
debt capacity if some corporations can act as financial intermediaries and can capture
the tax benefits of debt capacity unused by the operating firm. We also provide some
reasons why the value of the firm might be increased if the financing and operating
risks of the firm are separated and financial intermediaries issue debt rather than
the unit operating the asset.
Опубликовано на портале: 14-06-2006
Shenghui Tong, Ning Yixi
Journal of Investing.
2004.
Vol. 13.
No. 4.
P. 53-66.
The article studies the affect of capital structure on institutional investor choices.
Institutional investors play a critical role in supervising the management of the
companies. Most of the S&P 500 firms tend to have large institutional holdings. The
finding of the study suggests that the capital structure influences stock picking
choices of institutional investors. There is a negative relation between dividend
yield and institutional ownership. There is limited evidence that institutional investors
prefer firms with low debt ratios, high ratios of capital expenditures to assets,
and high ratios of cash flow to sales.
Опубликовано на портале: 14-06-2006
Maretno Harjoto, John Garen
Journal of Corporate Finance.
2005.
Vol. 11.
No. 4.
P. 661-679.
This study examines the firm's equity ownership by insiders and blockholders starting
right after the firm goes public, its decline thereafter, and what alters the decline.
Previous literature has shown the incentive of insiders to let their ownership fall
after their initial public offering (IPO). After the IPO, management attains only
a fraction of the benefits of good governance, so has an incentive to let inside
ownership erode. We verify this, but examine the effect that re-entry into capital
market via a seasoned equity offering (SEO) has on insider ownership. The incentive
of management to hold stock is restored by a desire to raise additional capital because
it implicitly raises management's stake. We show empirically that it raises insider
stockholding relative to what it otherwise would have been, thus providing an avenue
by which this aspect of corporate governance is improved. This, and other results,
is shown with a sample of IPO firms during 1996 and 1997. Our findings indicate that,
in expectation, the increased holdings due to re-entry into the capital market almost
exactly offsets 1 year's downward trend in management shareholdings. Also, we find
an interesting interplay between types of blockholders in that CEOs tend to hold
less stock after the IPO if external blockholders initially hold more.
Internal Capital Markets, Bank Borrowing, and Financing Constraints: Evidence from
Belgian Firms [статья]
Опубликовано на портале: 14-06-2006
Marc Deloof
Journal of Business Finance & Accounting.
1998.
Vol. 25.
No. 7/8.
P. 945-968.
Presents information on the interpretation regarding the Belgian firms belonging
to a corporate group, where investment is incompletely financed on an internal capital
market of the group. How many firms are indirectly controlled; Important role the
holding companies and corporate groups play in the financing of Belgian firms; Reference
to the tracing of origins of these networks.
Опубликовано на портале: 14-06-2006
Julia Porter Liebeskind
Organization Science.
2000.
Vol. 11.
No. 1.
P. 58-77.
Diversification not only internalizes transactions of goods and services, but it
also internalizes transactions of capital. Hence, the value of diversification will
depend, inter alia, on whether internal capital markets are relatively efficient
or inefficient. This essay reviews and discusses the possible benefits and costs
of internal capital markets by conducting a careful comparative institutional analysis.
The essay concludes that internal capital markets can add value to lines of business
only under a limited number of circumstances. Some recent developments in the organization
of internal capital markets in diversified firms can be understood as attempts to
increase their efficiency.
Опубликовано на портале: 16-06-2006
François Derrien
Journal of Business Finance & Accounting.
2005.
Vol. 32.
No. 1/2.
P. 325-350.
This paper explores the impact of investor sentiment on IPO pricing. Using a model
in which the aftermarket price of IPO shares depends on the information about the
intrinsic value of the company and investor sentiment, I show that IPOs can be overpriced
and still exhibit positive initial return. A sample of recent French offerings with
a fraction of the shares reserved for individual investors supports the predictions
of the model. Individual investors' demand is positively related to market conditions.
Moreover, large individual investors' demand leads to high IPO prices, large initial
returns, and poor long-run performance.
Pyramidal Groups and Debt [статья]
Опубликовано на портале: 16-06-2006
Magda Bianco, Giovanna Nicodano
European Economic Review.
2006.
Vol. 50.
No. 4.
P. 937-961.
This paper suggests that debt should be raised by subsidiaries in order to exploit
the limited liability of the holding company. However, when this behavior increases
the cost of funds, the holding might prefer to raise debt to a point where it would
also default when subsidiaries are insolvent.
After accounting for standard controls, we find that holding companies in Italian
pyramids have higher leverage than subsidiaries and that the cash-flow share of the
entrepreneur in the subsidiary does not play a significant role. These findings are
consistent with the implications of our model of group capital structure.
Опубликовано на портале: 14-06-2006
Mark G. Brown
Euromoney.
2005.
Vol. 36.
No. 433.
P. 29-29.
This article focuses on the leveraged buyout (LBO) market in Europe. Two contrasting
European leveraged buyouts have shown how the leveraged finance market is developing
in 2005. While ideas like Cablecom's refinancing and Greece's first ever LBO are
being funded largely in the bond markets, the secondary buyout of German motorway
service station chain Tank & Rast backed the trend and used senior debt. Allianz
Capital Partners, Lufthansa and funds advised by Apax Partners agreed to sell their
shares in Tank & Rast to British private-equity house Terra Firma Capital Partners
in November 2004. Terra had been looking at the acquisition for more than a year.
Meanwhile,JP Morgan and Deutsche Bank are acting as arrangers and bookrunners on
the LBO of 80.87% in Telecom Italia's Greek mobile operator Tim Hellas Communications.
Опубликовано на портале: 16-06-2006
Susana Álvarez, Víctor M. González
Journal of Business Finance & Accounting.
2005.
Vol. 32.
No. 1/2.
P. 325-350.
Academic research into firms that have gone public has focused on the study of two
anomalies: initial underpricing and long-run underperformance. We analyse Spanish
Initial Public Offerings to provide additional evidence on the long-run performance
of IPOs and its relationship with initial underpricing. Results reveal the existence
of negative long-run abnormal stock returns, in line with the international literature.
Long-run performance presents a positive relationship with underpricing and the volume
of funds obtained in seasoned offerings, in consonance with the predictions of,and.
Опубликовано на портале: 14-06-2006
Sheridan 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.
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