REINTERPRETATION OF THE SHAREHOLDER GAINS IN SELLOFF TRANSACTIONS

This paper examines the overall wealth effects of selloffs. When sellers and buyers are examined separately, abnormal returns are found around the announcement days. However, a combination of matched-pair buyers and sellers in value-weighted portfolios wipes out these gains. In a sample of 182 selloff portfolios, 93 of them experience positive returns while the remaining 89 cases face negative price reactions. These results cast doubt on the conclusion that selloff activity is generally synergistic. In addition, a large size difference is found between buyers and sellers. Large buyers win more often than small buyers. Small sellers win more often than large sellers. Our results show that when examining selloffs for synergy equally-weighted results can be biased.     

SHAREHOLDER RETURNS TO USA ACQUIRED FIRMS IN FOREIGN AND DOMESTIC ACQUISITIONS

This research employs the residual methodology to examine whether gains to shareholders exist through international diversification. Under the assump tion that bid premiums (abnormal returns) are a proxy for expected gains in a merger, the magnitude of abnormal returns to acquired f m s in foreign and domestic mergers is determined using the market model. Any significant difference is imputed to expected gains from international diversification. Results indicate that although differences appear to exist, these differences are insignificant when method of payment and merger type are considered.     

我国实行住房抵押贷款证券化的思考

资产证券化是近30年来国际金融领域最重要的金融创新之一,已广泛应用于银行信贷领域,其不仅有利于银行提高资产的流动性,而且在防范金融风险、化解不良资产方面有突出功效.住房抵押贷款是银行资产证券化的一个切入点,目前国内金融理论界及实务工作者对开展住房抵押贷款证券化已有一些论述,但现在要讨论的已经不是"要不要或可不可以证券化"的问题,而是"如何证券化、采取何种方式、如何操作、分几步走"的问题.笔者认为,当务之急是为住房抵押贷款证券化创造各种市场条件和制度条件,然后在局部地区进行试点,待条件成熟后再逐步推行,本文对此问题进行了深入的探讨.     

推动海峡两岸 金融企业交流与合作——中国华融资产管理公司总裁赖小民在博鳌论坛上发言摘要

如果说两岸过往的经济合作是一种面向国际市场的＂外向型＂经济合作,那么ECFA的签署则开启了两岸市场的＂内向型＂经济合作的新篇章;如果说两岸均处在转变经济发展方式的关键时期,那么ECFA的签署将促使两岸经济合作呈现出“同一个市场,同一个机遇”的新境界;如果说两岸企业的合作之前还存在距离界限的话,那么ECFA将使两岸政策、...     

THE EFFECTS OF OVERPAYMENT AND FORM OF FINANCING ON BIDDER RETURNS IN MERGERS AND TENDER OFFERS

In this paper I examine the effects of overpayment and form of financing on bidding firms' stock returns and the determinants of the form of financing in mergers and tender offers. First, I find that in the 1980s potential overpayments to target shareholders and the form of financing are important for explaining cross-sectional differences in bidding firms' returns upon the announcement of mergers or tender offers. Second, I find that in the 1980s cash offers were likely to be chosen by cash-rich firms relative to their industry, and stock exchange offers were likely to be chosen by normal cash-generating firms relative to their industry. The latter finding is consistent with the pecking order hypothesis and casts doubt on recent signaling explanations of the form of financing.     

CHANGES IN THE STOCK PRICE REACTION OF SMALL FIRMS TO COMMON INFORMATION

We hypothesize that changes in the technological and regulatory environment result in a more rapid response to marketwide information by small firms. We find that the correlations between small-firm returns and lagged large-firm returns decline over time, which suggests an increase in the efficiency of capital markets. Similar lead-lag patterns are found in the returns of portfolios sorted by dollar trading volume. The price response of low-volume stocks improves over time in much the same way as that of small-capitalization stocks.