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Insider Trading, Outside Search, and Resource Allocation: Why Firms and Society May Disagree on Insider Trading Restrictions.

Khanna, Naveen; Slezak, Steve L; Bradley, Michael - In: Review of Financial Studies 7 (1994) 3, pp. 575-608

We show that entrepreneurs may prefer to allow insider trading even when it is not socially optimal. We examine a model in which an insider/manager allocates resources on the basis of his private information and outside information conveyed through the secondary-market price of the firm's...

Persistent link: https://www.econbiz.de/10005577993

Doing battle with short sellers: The conflicted role of blockholders in bear raids

Khanna, Naveen; Mathews, Richmond D. - In: Journal of Financial Economics 106 (2012) 2, pp. 229-246

If short sellers can destroy firm value by manipulating prices down, an informed blockholder has a powerful natural incentive to protect the value of his stake by trading against them. However, he also has a potentially conflicting incentive to use his information to generate trading profits. We...

Persistent link: https://www.econbiz.de/10010593825

Can herding improve investment decisions?

Khanna, Naveen; Mathews, Richmond D. - In: RAND Journal of Economics 42 (2011) 1, pp. 150-174

Persistent link: https://www.econbiz.de/10010626556

Bear Raids and Short Sale Bans: Is Government Intervention Justifiable?

Mathews, Richmond; Khanna, Naveen - Society for Economic Dynamics - SED - 2010

incur signiﬁcant trading losses in the process. We ﬁnd that for a large enough existing stake, the value of ensuring the right decision oﬀsets these trading losses. However, when his existing stake is inadequate, short sellers succeed in destroying value. Whether this justiﬁes...

Persistent link: https://www.econbiz.de/10011080725

Strategic Responses of Incumbents to New Entry: The Effect of Ownership Structure, Capital Structure, and Focus.

Khanna, Naveen; Tice, Sheri - In: Review of Financial Studies 13 (2000) 3, pp. 749-79

We examine how certain firm- and market-specific characteristics affect incumbent firms' responses to new entry into their local markets. Data comes from the discount department store industry where Wal-Mart entered a large number of markets in a short period of time. Consistent with existing...

Persistent link: https://www.econbiz.de/10005564014

A Theory of Acquisition Markets: Mergers versus Tender Offers, and Golden Parachutes.

Berkovitch, Elazar; Khanna, Naveen - In: Review of Financial Studies 4 (1991) 1, pp. 149-74

We develop a model of the acquisition market in which the acquirer has a choice between two takeover mechanisms: mergers and tender offers. A merger is modeled as a bargaining game between the acquiring and target firms; whereas a tender offer is modeled as an auction in which bidders arrive...

Persistent link: https://www.econbiz.de/10005564217

Good IPOs Draw in Bad: Inelastic Banking Capacity and Hot Markets

Khanna, Naveen; Noe, Thomas H.; Sonti, Ramana - In: The review of financial studies 21 (2008) 5, pp. 1873-1906

Persistent link: https://www.econbiz.de/10008103855

Internal Control Mechanisms and Forced CEO Turnover: An Empirical Investigation

Jagannathan, Murali - 1996

The dissertation empiricallyexamines the efficacy of internalcontrol mechanisms by analyzing 94forced turnovers of chief executiveofficers (CEOs). It seeks to answertwo primary questions: One, dogovernance-related characteristicsinfluence the promptness with whichpoorly-performing CEOs...

Persistent link: https://www.econbiz.de/10009434130

OPTIMAL BOND REFUNDING: EVIDENCE FROM THE MUNICIPAL BOND MARKET

Priyadarshi, Samaresh - 1997

<HTML><HEAD><META HTTP-EQUIV="Content-Type" CONTENT="text/html; charset=windows-1252"></HEAD><BODY><FONT FACE="Book Antiqua"><P ALIGN="JUSTIFY">This dissertation empirically examines refunding decisions employed by issuers of tax-exempt bonds. Callable bonds contain embedded call options by virtue of provisions in bond indentures that permit the issuing firm to buy back the bond at a predetermined strike price. Such an embedded American...</p></font></body></head></html>

Persistent link: https://www.econbiz.de/10009434140

An Examination of Seasoned Equity Offer Placement Effort

ALTINKILIC, Oya - 2001

AltinkiliÃ§ and Hansen (2000) show that underwriter spreads in seasoned equity offerings (SEOs) overwhelmingly reflect variable costs. This research attempts to begin filling the gap created by this result, as to what are the important constituents of the variable costs. In particular, I...

Persistent link: https://www.econbiz.de/10009433796