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Strategic News Releases in Equity Vesting Months
Edmans, Alex; Goncalves-Pinto, Luis; Wang, Yanbo; Xu, Moqi - National Bureau of Economic Research (NBER) - 2014
We show that CEOs strategically time corporate news releases to coincide with months in which their equity vests. These vesting months are determined by equity grants made several years prior, and thus unlikely driven by the current information environment. CEOs reallocate news into vesting...
Persistent link: https://www.econbiz.de/10010950794
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No News is News: Do Markets Underreact to Nothing?
Giglio, Stefano; Shue, Kelly - National Bureau of Economic Research (NBER) - 2013
As illustrated in the tale of "the dog that did not bark," the absence of news and the passage of time often contain information. We test whether markets fully incorporate this information using the empirical context of mergers. During the year after merger announcement, the passage of time is...
Persistent link: https://www.econbiz.de/10010951131
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Target Revaluation after Failed Takeover Attempts – Cash versus Stock
Malmendier, Ulrike; Opp, Marcus Matthias; Saidi, Farzad - National Bureau of Economic Research (NBER) - 2012
Cash- and stock-financed takeover bids induce strikingly different target revaluations. We exploit detailed data on … unsuccessful takeover bids between 1980 and 2008, and show that targets of cash offers are revalued on average by +15% after deal … longer horizons. We find no evidence that future takeover activities or operational changes explain these differences. While …
Persistent link: https://www.econbiz.de/10011264934
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Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge
Becker, Bo; Bergstresser, Daniel Baird; Subramanian, Guhan - National Bureau of Economic Research (NBER) - 2012
We use the Business Roundtable's challenge to the SEC's 2010 proxy access rule as a natural experiment to measure the value of shareholder proxy access. We find that firms that would have been most vulnerable to proxy access, as measured by institutional ownership and activist institutional...
Persistent link: https://www.econbiz.de/10009652845
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The Real Effects of Financial Markets
Bond, Philip; Edmans, Alex; Goldstein, Itay - National Bureau of Economic Research (NBER) - 2011
A large amount of activity in the financial sector occurs in secondary financial markets, where securities are traded among investors without capital flowing to firms. The stock market is the archetypal example, which in most developed economies captures a lot of attention and resources. Is the...
Persistent link: https://www.econbiz.de/10009403420
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Winning by Losing: Evidence on the Long-Run Effects of Mergers
Malmendier, Ulrike; moretti, enrico; Peters, Florian S. - National Bureau of Economic Research (NBER) - 2012
Do acquirors profit from acquisitions, or do acquiring CEOs overbid and destroy shareholder value? We present a novel approach to estimating the long-run abnormal returns to mergers exploiting detailed data on merger contests. In the sample of close bidding contests, we use the loser's...
Persistent link: https://www.econbiz.de/10011227917
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How much do firms pay as bribes and what benefits do they get? Evidence from corruption cases worldwide
Cheung, Yan Leung; Rau, P. Raghavendra; Stouraitis, Aris - National Bureau of Economic Research (NBER) - 2012
We analyze a hand-collected sample of 166 prominent bribery cases, involving 107 publicly listed firms from 20 stock markets that have been reported to have bribed government officials in 52 countries worldwide during 1971-2007. We focus on the initial date of award of the contract for which the...
Persistent link: https://www.econbiz.de/10011227954
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Feedback Effects and the Limits to Arbitrage
Jiang, Wei; Edmans, Alex; Goldstein, Itay - National Bureau of Economic Research (NBER) - 2011
This paper identifies a limit to arbitrage that arises from the fact that a firm's fundamental value is endogenous to the act of exploiting the arbitrage. Trading on private information reveals this information to managers and helps them improve their real decisions, in turn enhancing...
Persistent link: https://www.econbiz.de/10009371805
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Understanding the Accrual Anomaly
Zhang, Lu; Wu, Jin Ginger; Zhang, X. Frank - National Bureau of Economic Research (NBER) - 2007
Interpreting accruals as working capital investment, we hypothesize that firms rationally adjust their investment to respond to discount rate changes. Consistent with the optimal investment hypothesis, we document that (i) the predictive power of accruals for future stock returns increases with...
Persistent link: https://www.econbiz.de/10005828684
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Investor Sentiment and Corporate Finance: Micro and Macro
Stein, Jeremy; Lamont, Owen A. - National Bureau of Economic Research (NBER) - 2005
We document that net equity issuance is considerably more sensitive to aggregate stock returns and Q's than to firm-level stock returns and Q's. Very similar patterns also emerge when we look at merger activity. In light of earlier work (Campbell 1991, Vuolteenaho 2002) which finds that...
Persistent link: https://www.econbiz.de/10005829785