共查询到20条相似文献,搜索用时 43 毫秒
1.
Hong Zou Chuanhou Yang Mulong Wang Minglai Zhu 《Review of Quantitative Finance and Accounting》2009,33(2):113-139
This article examines the effect of organizational forms on corporate dividend decisions by exploring the differences in dividend
payout ratios between mutual and stock property–liability (P–L) insurers in the US. Our large sample evidence suggests: (1)
mutual insurers tend to have a lower dividend payout ratio than stock insurers and the observed difference is about 4% points,
holding other factors constant; (2) mutual insurers tend to adjust dividend payout ratios toward their long-run target levels
more slowly than stock firms. These results are consistent with the capital constraints and/or greater agency costs of equity
in mutual insurers.
相似文献
Minglai ZhuEmail: |
2.
In a framework where no uncertainty arises, Arnott (J Publ Econ Theor 7:27–50, 2005) investigates a neutral property taxation policy that will not affect a landowner’s choices of capital intensity and timing
of development. We investigate the same issue, but allow rents on structures to be stochastic over time. We assume that a
regulator implements taxation on capital, vacant land, and post-development property so as to expropriate a certain ratio
of pre-tax site value as well as to achieve neutrality. We find that the optimal taxation policy is to tax capital and subsidize
properties before and after development. We also investigate how this optimal policy changes in response to changes in several
exogenous forces related to demand and supply conditions of the real estate market.
相似文献
Tan Lee (Corresponding author)Email: |
3.
Zhilan Feng Chinmoy Ghosh C. F. Sirmans 《The Journal of Real Estate Finance and Economics》2007,35(4):385-410
This paper examines the relationship between CEO entrenchment and dividend policy of real estate investment trusts (REITs).
We develop an index for CEO entrenchment using CEO tenure and duality and find that this index has significant impact on dividend
policy. We further separate our sample into two sub-groups: REITs with and without nomination committees. Our analyses show
a strong positive relationship between CEO entrenchment level and dividend payout for REITs without a nomination committee.
In REITs with nomination committees, CEO entrenchment has less influence on dividend policy. We conclude that dividend policy
serves as a substitution for other governance mechanisms. Further, our results are consistent with the evidence for other
US firms—CEO that are more entrenched pay higher dividends to avoid shareholder sanctions and the threat of takeover.
相似文献
Zhilan FengEmail: |
4.
Louis T. W. Cheng Hung-Gay Fung Tak Yan Leung 《Review of Quantitative Finance and Accounting》2007,28(1):23-54
The literature has suggested that earnings and earnings forecasts provide stronger signals than dividends about future performance
of a firm. We test the information effects of simultaneous announcement of earnings and dividends in the Hong Kong market,
distinguished by three interesting features (concentrated family-shareholdings, low corporate transparency, and no tax on
dividends). Our results show significant share price reactions to unexpected earnings and dividend changes, but dividends
appear to play a dominant role over earnings in pricing, a result contrary to findings in the literature. The signaling hypothesis
works primarily for firms with earning increases, while the maturity hypothesis works mainly for firms with earnings declines.
相似文献
Tak Yan LeungEmail: |
5.
Motivated by agency theory, we explore the potential impact of managerial entrenchment through staggered boards on dividend
policy. The evidence suggests that firms with staggered boards are more likely to pay dividends. Among firms that pay dividends,
those with staggered boards pay larger dividends. We also show that the impact of staggered boards on dividend payouts is
substantially stronger (as much as two to three times larger) than the effect of all other corporate governance provisions
combined. Overall, the evidence is consistent with the notion that dividends help alleviate agency conflicts. Thus, firms
more vulnerable to managerial entrenchment, i.e., firms with staggered boards, rely more on dividends to mitigate agency costs.
Aware of potential endogeneity, we demonstrate that staggered boards likely bring about, and are not merely associated with,
larger dividend payouts. Our results are important, as they show that certain governance provisions have considerably more
influence than others on critical corporate activities such as dividend payout decisions.
相似文献
Pandej Chintrakarn (Corresponding author)Email: |
6.
Shinhua Liu 《Journal of Financial Services Research》2007,32(3):161-176
This study examines the effect of transaction costs on the time series behavior of stock returns over a period surrounding
the April 1989 changes in tax rates on securities transactions and capital gains in Japan. We find significant decreases in
estimates of the first-order autocorrelation in returns for Japanese stocks listed in Japan, but no changes for Japanese stocks
dually listed in the United States as American Depository Receipts (ADRs), which were not subject to the tax law change. We
also find lower price basis between the ADRs and their underlying Japanese stocks. These results are consistent with the hypothesis
that a reduction in transaction costs improves the efficiency of the price discovery process.
相似文献
Shinhua LiuEmail: |
7.
The long-run performance of initial public offerings and its determinants: the case of China 总被引:1,自引:1,他引:0
Xiaoqiong Cai Guy S. Liu Bryan Mase 《Review of Quantitative Finance and Accounting》2008,30(4):419-432
Existing research finds poor long-run performance of Initial Public Offerings (IPOs), particularly in the US. Using company
IPO data from China’s Shanghai Stock Exchange, we find comparable levels of underperformance. In line with US results, initial
overoptimism and the size of the offer are important explanatory factors for this underperformance. Additional variables include
the earnings per share prior to listing, the decision to switch investment banks at the time of issue and whether the firm
issues shares that can be purchased by foreign investors. These factors suggest that firms in China are able to manipulate
the issue process. In the context of Chinese economic reforms, of particular note is the positive performance impact of the
government shareholding after issue, which supports a signal argument in relation to continuing government support. As a result,
we provide an interesting insight into the influence of the regulatory environment and economic transition on the long-run
performance of IPOs in China.
相似文献
Bryan MaseEmail: |
8.
Taxation on Land Value and Development When There Are Negative Externalities from Development 总被引:2,自引:1,他引:1
This article employs a real options framework to investigate the design of taxation on both land value and development in
a competitive real estate market. We assume that developed properties reduce open space, and thereby harm urban residents.
However, ignoring this negative externality, landowners will develop properties sooner than is socially optimal. A regulator
can correct this tendency by imposing a positive tax on development or a negative tax on land value. Alternatively, the regulator
can implement both instruments simultaneously, in which case an increase in the tax rate on development will be accompanied
by an increase in the tax rate on land value, and vice versa.
相似文献
Tan Lee (Corresponding author)Email: |
9.
Armin Schwienbacher 《Financial Markets and Portfolio Management》2008,22(3):195-217
This article focuses on the investment practices and contract behavior of venture capitalists in relation to their portfolio
companies. Using a unique self-collected data set, we provide new evidence on the venture capital industry in Europe and the
United States. Important differences are identified between the two, particularly with respect to the use of convertible securities,
replacement of former management, stage financing, deal syndication, and duration of exit stage. The most striking difference
involves the use of convertible securities, which are used far less often in Europe than in the United States. These differences
suggest that European venture capitalists engage in less monitoring and thus adopt a more hands-off approach to their portfolio
companies as compared to US venture capitalists.
相似文献
Armin SchwienbacherEmail: Email: |
10.
We examine the motives for takeovers in New Zealand surrounding the 1987 stock market crash and compare with the US findings
of Gondhalekar and Bhagwat (2003). There are a number of structural differences between the New Zealand and US markets that could impact on merger motives.
Compared with the US, New Zealand is a small capital market; with weak takeover regulation and a prolonged aftermath of the
1987 stock market crash. Consistent with US research, we find evidence of synergy and hubris motivations in New Zealand takeovers
although we find the synergy motivation is stronger. Contrary to expectations we find no evidence of agency motivated takeovers.
相似文献
Hamish D. AndersonEmail: |
11.
Peter F. Colwell Carolyn A. Dehring Geoffrey K. Turnbull 《The Journal of Real Estate Finance and Economics》2008,37(1):1-20
Changing demographics, growing real incomes, and friendly tax laws underlie the continuing growth in demand for recreational
real estate in the US. The market for recreational property has undergone a major transformation over the past decades, with
the refinement and deepening of markets for partial property ownership vehicles. This paper represents the first to analyze
the factors underlying the demand for partial ownership interests. It develops a theory of partial ownership demand that focuses
on the roles of familiarity and location-specific human capital in mediating the consumption uncertainty associated with particular
recreation locations. Using private data from a survey of partial ownership participants, the empirical analysis yields results
consistent with the theory: factors associated with greater site-specific recreation price, like distance between the primary
residence and the recreation site and frequency of visits per week, reduce the share of ownership demanded, while factors
associated with lower consumption risk tend to increase the share of ownership demanded.
相似文献
Carolyn A. DehringEmail: |
12.
Szu-Yin Kathy Hung John L. Glascock 《The Journal of Real Estate Finance and Economics》2008,37(1):51-69
This study investigates Real Estate Investment Trusts’ momentum returns in different market states, and explains the momentum
phenomenon with a risk-based dividend growth theory of Johnson (Journal of Finance 57:585–608, 2002). Our results show that
momentum returns of REITs are higher during up markets. This study finds that winners’ dividend/price ratios are higher than
those of losers, and momentum returns are positively correlated with the difference between winners’ and losers’ dividend/price
ratios. We also find that momentum returns are higher after the legislation change of REITs in 1992, and that dividend/price
ratios of REITs are also higher after 1992, suggesting that a persistent shock to REIT’s dividend/price ratios in 1992 partly
explains REITs’ higher momentum returns after 1992. In sum, results of this study suggest that momentum returns of REITs can
be jointly explained by a time-varying factor (market state) and a cross-sectional variance in dividend yields.
相似文献
John L. GlascockEmail: |
13.
Apostolos Dasilas 《Financial Markets and Portfolio Management》2009,23(1):59-91
This paper examines the ex-dividend stock price and trading volume behavior in the Greek stock market for the period 2000–2004.
We use both standard event-study methodology and cross-sectional regression analysis in assessing the ex-dividend stock price
anomaly. We find that stock prices drop less than the dividend amount. By examining abnormal returns as well as abnormal trading
volume around the ex-dividend day, we find strong evidence of short-term trading, which is consistent with the presence of
dividend-capturing activities around the ex-dividend day. The results from the cross-sectional regression analysis confirm
that the short-term trading hypothesis explains the ex-dividend day stock price anomaly in Greece.
相似文献
Apostolos DasilasEmail: |
14.
Pricing futures on geometric indexes: A discrete time approach 总被引:1,自引:0,他引:1
Arie Harel Giora Harpaz Jack Clark Francis 《Review of Quantitative Finance and Accounting》2007,28(3):227-240
Several futures contracts are written against an underlying asset that is a geometric, rather than arithmetic, index. These
contracts include: the US Dollar Index futures, the CRB-17 futures, and the Value Line geometric index futures. Due to the
geometric averaging, the standard cost-of-carry futures pricing formula is improper for pricing these futures contracts. We
assume that asset prices are lognormally distributed, and capital markets are complete. Using the concepts of equivalent martingale
measure and the risk-neutral valuation relationships in conjunction with discrete time methodology, we derive closed-form
pricing formulas for these contracts. Our pricing formulas are consistent with the ones obtained via a continuous time paradigm.
相似文献
Jack Clark FrancisEmail: |
15.
Do firms understate stock option-based compensation expense disclosed under SFAS 123? 总被引:1,自引:0,他引:1
Focusing on the four key option pricing model inputs—expected option life, expected stock price volatility, expected dividend yield, and the risk-free interest rate for the expected life of the option—this study finds that firms understate option value estimates and, thus, stock-based compensation expense disclosed under SFAS 123. As predicted based on incentives and opportunities for management to understate SFAS 123 expense, the understatement of option value estimates is increasing in proxies for the magnitude of the expense, is greater for firms with weaker corporate governance, and, to a lesser extent, is increasing in the excessiveness of executive pay. The findings are strongest for the expected option life and expected stock price volatility input assumptions, consistent with firms’ greater latitude in determining these inputs. We find weaker evidence of understatement associated with the expected dividend yield assumption, and none for the interest rate assumption, consistent with these inputs being less amenable to discretion. Taken together, our findings raise some concern that the exercise of management discretion adversely affects the overall reliability of SFAS 123 expense.
相似文献
Ron KasznikEmail: |
16.
Using the representative agent approach as in Kaplow (Am Econ Rev 82:1013–1017, 1992b), this paper shows that providing tax
deductions for the individual’s net losses is socially optimal when the insurer faces the risk of insolvency. We further show
that the government should adopt a higher tax deduction rate for net losses when the insurer is insolvent than when the insurer
is solvent. Thus, tax deductions for net losses could be used to provide an insurance for individuals against the insurer’s
risk of insolvency. These findings could also be used to explain why a government provides supplementary public insurance
or government relief. Finally, we discuss that, if the individuals are heterogeneous in terms of loss severity, loss probability,
or income level, providing a tax deduction for the individual’s net losses may not always achieve a Pareto improvement, and
cross subsidization should be taken into consideration.
相似文献
Larry Y. TzengEmail: |
17.
18.
Bank Competition,Risk, and Subordinated Debt 总被引:2,自引:2,他引:0
Jijun Niu 《Journal of Financial Services Research》2008,33(1):37-56
This paper studies a dynamic model of banking in which banks compete for insured deposits, issue subordinated debt, and invest
in either a prudent or a gambling asset. The model allows banks to choose their level of risk after the interest rate on subordinated
debt is contracted. We show that requiring banks to issue a small amount of subordinated debt can reduce their gambling incentives.
Moreover, when equity capital is more expensive than subordinated debt, adding a subordinated debt requirement to a policy
regime that only uses equity capital requirements is Pareto improving.
相似文献
Jijun NiuEmail: |
19.
We examine the causal relation between corporate social responsibility (CSR) and financial performance. Consistent with past
studies, we find that the two variables appear to be related when we use traditional statistical techniques. However, using
a time series fixed effects approach, we find that the relation between CSR and financial performance is much weaker than
previously thought. We also find little evidence of causality between financial performance and narrower measures of social
performance that focus on stakeholder management. Our results suggest that strong stock market performance leads to greater
firm investment in aspects of CSR devoted to employee relations, but that CSR activities do not affect financial performance.
We conclude that CSR is driven more by unobservable firm characteristics than by financial performance.
相似文献
Edward NellingEmail: |
20.
U.S. banking regulators have proposed a bifurcated system of capital regulation where the largest, internationally active
banking organizations would be subject to significantly more risk sensitive regulatory capital requirements than are currently
in place, while most others would remain subject to the current rules. The proposed new capital regime has the potential to
affect the competitive landscape among banking institutions, particularly in the area of residential mortgage lending. We
analyze the potential competitive effects of the proposed, bifurcated regulatory capital system on competition in the residential
mortgage market from the perspective of the theory of regulatory capital arbitrage. We then apply the theory and available
evidence to perform some benchmark calculations that suggest a significant, potential shift of market share and income to
the largest banking institutions in the mortgage market.
相似文献
James R. Follain (Corresponding author)Email: |