Journal of Financial Economics
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Опубликовано на портале: 26-10-2004Francis Koh, Terry Walter Journal of Financial Economics. 1989. Vol. 23. No. 2. P. 251-272.
Unique data availability and institutional arrangements for new issues in Singapore allow a direct test of the empirical implications of Rock's model of pricing unseasoned new issues. Our empirical results are consistent with the model. Specifically we find that the unseasoned new issues' anomaly disappears when the rationing associated with new issues is incorporated into the analysis. The winner's curse is evident in allocation patterns used in Singapore.
Опубликовано на портале: 02-10-2003Michael J. Barclay, Clifford G. Holderness Journal of Financial Economics. 1989. Vol. 25. No. 2. P. 371-395.
We analyze the pricing of 63 block trades between 1978 and 1982 involving at least 5% of the common stock of NYSE or Amex corporations. These blocks are typically priced at substantial premiums to the post-announcement exchange price. We argue that the premiums, which average 20%, reflect private benefits that accrue exclusively to the blockholder because of his voting power. The premiums paid by both individual and corporate block purchasers increase with firm size, fractional ownership, and firm performance. Individuals pay larger premiums for firms with greater leverage, lower stock-return variance, and large cash holdings.