Narrow search
Showing 1 - 10 of 29
Cover Image
Equity-Holding Institutional Lenders: Do They Receive Better Terms?
Lim, Jongha; Minton, Bernadette A.; Weisbach, Michael S. - Charles A. Dice Center for Research in Financial … - 2012
The past decade has seen significant changes in the structure of the corporate lending market, with non-commercial bank institutional investors playing larger roles than they historically have played. In addition, non-commercial bank institutional lenders are often equity holders in their...
Persistent link: https://www.econbiz.de/10009652522
Cover Image
Financing-Motivated Acquisitions
Erel, Isil; Jang, Yeejin; Weisbach, Michael S. - Charles A. Dice Center for Research in Financial … - 2012
Managers often claim that an important source of value in acquisitions is the acquiring firm's ability to finance investments for the target firm. This claim implies that targets are financially constrained prior to being acquired and that these constraints are eased following the acquisition....
Persistent link: https://www.econbiz.de/10009652523
Cover Image
Globalization, Country Governance, and Corporate Investment Decisions: An Analysis of Cross-Border Acquisitions
Ellis, Jesse A.; Moeller, Sara B.; Schlingemann, Frederik P. - Charles A. Dice Center for Research in Financial … - 2012
Using a sample of control cross-border acquisitions from 56 countries from 1990 to 2007, we find that acquirers from better governed countries gain more from such acquisitions and their gains are higher when targets are from worse governed countries. Other acquirer country characteristics,...
Persistent link: https://www.econbiz.de/10009646257
Cover Image
The Quiet Run of 2011: Money Market Funds and the European Debt Crisis
Chernenko, Sergey; Sunderam, Adi - Charles A. Dice Center for Research in Financial … - 2012
We show that money market funds transmitted distress across firm during the European sovereign debt crisis. Using a …
Persistent link: https://www.econbiz.de/10009646258
Cover Image
Multinationals and the High Cash Holdings Puzzle
Pinkowitz, Lee; Stulz, Rene M.; Williamson, Rohan - Charles A. Dice Center for Research in Financial … - 2012
find that the abnormal cash holdings of U.S. firms after the crisis represent on average 1.86% of assets. While U.S. firms … domestic firms after the crisis. Further, U.S. multinationals increased their cash holdings since the late 1990s relative to …, regulation, or poor governance can explain the abnormal cash holdings of U.S. firms after the crisis. …
Persistent link: https://www.econbiz.de/10010838904
Cover Image
Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences
Aggarwal, Reena; Erel, Isil; Stulz, Rene M.; … - Charles A. Dice Center for Research in Financial … - 2007
We construct a firm-level governance index that increases with minority shareholder protection. Compared to U.S. matching firms, only 12.68% of foreign firms have a higher index. The value of foreign firms falls as their index decreases relative to the index of matching U.S. firms. Our results...
Persistent link: https://www.econbiz.de/10005002361
Cover Image
The Impact of the Structure of Debt on Target Gains
Jandik, Tomas; Makhija, Anil K. - Charles A. Dice Center for Research in Financial … - 2005
Consistent with prior literature, we find that increases in target leverage have a positive impact on returns to target shareholders irrespective of the source of debt. Even so, financing with bank debt has a remarkably different impact. If a target firm’s debt is primarily sourced from banks,...
Persistent link: https://www.econbiz.de/10005002362
Cover Image
Why High Leverage Is Optimal for Banks
DeAngelo, Harry; Stulz, Rene M. - Charles A. Dice Center for Research in Financial … - 2013
Liquidity production is a central role of banks. When there is a market premium for the production of (socially valuable) liquid financial claims and no other departures from the Modigliani and Miller (1958, MM) assumptions, we show that high leverage is optimal for banks. In this model, high...
Persistent link: https://www.econbiz.de/10010665133
Cover Image
Learning about CEO Ability and Stock Return Volatility
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - Charles A. Dice Center for Research in Financial … - 2013
When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's profitability for two reasons: Updates occur because of the direct effect of the news, and also because the news can cause an updated assessment of the CEO's...
Persistent link: https://www.econbiz.de/10010665134
Cover Image
Do Acquisitions Relieve Target Firms' Financial Constraints?
Erel, Isil; Jang, Yeejin; Weisbach, Michael S. - Charles A. Dice Center for Research in Financial … - 2013
Managers often claim that an important source of value in acquisitions is the acquiring firm's ability to finance investments for the target firm. This claim implies that targets are financially constrained prior to being acquired and that these constraints are eased following the acquisition....
Persistent link: https://www.econbiz.de/10010665137