共查询到20条相似文献,搜索用时 15 毫秒
1.
MARTIN HOLZHACKER STEPHAN KRAMER MICHAL MAT
JKA NICK HOFFMEISTER 《Journal of Accounting Research》2019,57(1):211-239
A large stream of work on relative performance evaluation highlights the benefits of using information about peer performance in contracting. In contrast, the potential costs of discouraging cooperation among peers have received much less attention. The purpose of our study is to examine how the importance of cooperation affects the use of information about peer performance in target setting, also known as relative target setting. Specifically, we use data from an industrial services company where business unit managers need to share specialized equipment and staff with their peers to manage bottlenecks in their capacity. We construct several empirical proxies for the costs and benefits of information about peer performance and examine their effects on target setting. We find robust evidence that the sensitivity of target revisions to past peer performance is higher when peer group performance has greater capacity to filter out noise but lower when the importance of cooperation among peers is greater. 相似文献
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3.
Kevin C. H. Chiang Ming-Long Lee 《The Journal of Real Estate Finance and Economics》2010,41(3):320-338
This study investigates the role of correlated trading by individuals in setting equity real estate investment trust (REIT)
prices. Consistent with existing literature, this study finds that there is a common element in correlated trades that drives
both traditional closed-end fund prices and REIT prices. Perhaps more important, we find evidence suggesting that (1) the
effects of correlated trading on REIT prices are stronger for those REITs that are hypothesized to be preferred by individual
investors, and (2) this linkage is stronger when the REIT market is hot and exuberant; i.e., when the average share turnover
in the REIT market is high. 相似文献
4.
The Journal of Real Estate Finance and Economics - Target termination fee provisions are widely used in merger agreements and require the target firm to pay the bidder a fixed cash fee in the event... 相似文献
5.
The Front Men of Wall Street: The Role of CDO Collateral Managers in the CDO Boom and Bust
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SERGEY CHERNENKO 《The Journal of Finance》2017,72(5):1893-1936
I study the incentives of the collateral managers who selected securities for ABS CDOs—securitizations that figured prominently in the financial crisis. Specialized managers without other businesses that could suffer negative reputational consequences invested in low‐quality securities underwritten by the CDO's arranger. These securities performed significantly worse than observationally similar securities. Managers investing in these securities were rewarded with additional collateral management assignments. Diversified managers who did assemble CDOs suffered negative reputational consequences during the crisis: institutional investors withdrew from their mutual funds. Overall, the results are consistent with a quid pro quo between collateral managers and CDO underwriters. 相似文献
6.
George G. Pennacchi 《Journal of Financial Services Research》1999,16(2-3):153-180
A common feature of many insurance systems is that they are backed by an insurance fund and insurance premiums are adjusted to target this fund's reserves. This study analyzes the fund targeting policy of the Federal Deposit Insurance Corporation (FDIC). It examines the distortions to banks' cost of deposit financing that result from setting premiums in this manner. The study's framework is a multiperiod, multibank contingent claims model where the stochastic rates of return on individual banks' assets are assumed to be correlated and match the actual empirical distribution of a sample of U.S. banks. The model identifies factors that are likely to exacerbate distortions due to insurance mispricing. The relative merits of a targeting policy and a flat-rate insurance policy are discussed, and the real effects of insurance mispricing are estimated. A method for valuing a government subsidy under a reserve targeting policy is also presented. 相似文献
7.
商业银行零售管理及目标客户流失概率预测研究 总被引:1,自引:0,他引:1
随着金融脱媒趋势逐渐凸显,商业银行以批发业务为主的盈利模式受到了极大的挑战.零售业务逐渐成为未来商业银行利润空间的主要组成部分.同时,商业银行越来越重视零售客户关系的管理与维护,并且逐渐意识到对目标客户行为数据进行分析的重要性.分析商业银行零售客户的流失因素及流失概率是客户行为分析的重要方面.研究表明,影响商业银行零售目标客户流失的因素较多,在诸多影响因素中,经COX模型的筛选,客户年龄、观察期内客户使用的产品数等因素对目标客户流失的解释作用是十分显著的.这些因素或正向或负向地作用于目标客户流失概率. 相似文献
8.
范美蓉 《内蒙古财经学院学报(综合版)》2011,9(6):148-152
经济效益审计在国外已经实行多年,而我国尚处在起步阶段。多年来,我国的审计工作一直停留在合法性、合理性层面上,开展经济效益审计,既是审计工作发展的必然趋势,也是与国际惯例接轨的需要。本文从经济效益审计的目标选择与实现等方面入手,对经济效益审计目标的选择与实现做了重点阐述,并结合现状对未来的经济效益审计工作提出了几点可行性的意见与建议。 相似文献
9.
Carlos Ocaña J. Ignacio Peña & Doloros Robles 《Journal of Business Finance & Accounting》1997,24(1):145-153
This paper measures the share price returns to Spanish takeover targets over the period 1990 to 1994. Using several estimation and testing methods, we show that target shareholders gain significant abnormal returns in the announcement period. In the first part of the year before the announcement period, firms that become targets do not show significant abnormal returns, though there is some significant upturn in the two months before the bid. 相似文献
10.
我国货币政策的中介目标与宏观经济波动的关联性 总被引:7,自引:1,他引:7
我们使用结构向量自回归模型对货币中介目标中的结构性扰动进行分离和识别。我们分别描述和检验了1993年1月至1997年12月的信贷规模中介目标和1998年1月至2007年12月的货币供给中介目标。通过具体检验发现,我国货币政策的中介目标与宏观经济周期波动具有显著的关联性,货币政策冲击的作用机制和货币政策效应依赖经济周期的具体阶段,货币政策中介目标的转变是宏观经济调控和经济运行的内在要求。 相似文献
11.
Abstract: This paper introduces a model capturing managers' disclosure policies in settings in which disclosure is rewarded by the financial market because disclosure implies that managers are endowed with information and endowment of information may potentially improve the firm's productive efficiency. It provides sufficient condition for a threshold disclosure equilibrium to obtain and compares disclosure policies in a setting in which endowment of information improves the firm's productive efficiency with disclosure policies in a setting in which endowment of information has no impact on the firm's productive efficiency. Managers' disclosure policies are shown to depend crucially on whether the endowment of information is exogenous or endogenous. When the endowment of information is exogenous, an increase in the usefulness of information in improving the firm's productive efficiency leads to a decrease in the disclosure threshold and hence an increase in the amount of information disclosed. In contrast, when the endowment of information is endogenous, an increase in the usefulness of information in improving the firm's productive efficiency has no effect on the disclosure threshold but leads to a decrease in the probability with which information is acquired and hence a decrease in the amount of information disclosed. As, in the threshold disclosure equilibrium, the net present value of information acquisition arising from any increase in production efficiency is negative, an increase in the usefulness of information in improving the firm's productive efficiency thus reduces the inefficiency caused by information acquisition. 相似文献
12.
非营利组织财务管理目标的确定一直是非营利组织财务管理的难点,本文从非营利组织财务管理活动及其对财务管理的要求出发分析非营利组织财务管理的最终任务,提出将社会贡献最大化作为非营利组织财务管理的目标,并给出年社会贡献的计算公式及实现财务管理目标的具体要求。 相似文献
13.
杜朝运 《广东金融学院学报》2009,24(3):48-55
信贷配给理论研究不对称信息条件下自由竞争信贷市场运行机制,为货币政策变动影响实际经济的可能途径提供了比传统理论更为丰富的论证。信贷配给的客观存在限制了利率作为中介目标发挥的传导作用。中国经历着从非均衡信贷配给到均衡信贷配给的过程,信贷对货币政策的有效性会产生重要影响。因此,中国应采取组合的方式选择货币政策中介目标,以更有效地传导货币政策意图,更好地实现货币政策最终目标。 相似文献
14.
SUMIT AGARWAL BRENT W. AMBROSE SOUPHALA CHOMSISENGPHET CHUNLIN LIU 《Journal of Money, Credit and Banking》2011,43(4):633-655
Credit underwriting is a dynamic process involving multiple interactions between borrower and lender. During this process, lenders have the opportunity to obtain hard and soft information from the borrower. We analyze more than 108,000 home equity loans and lines‐of‐credit applications to study the role of soft and hard information during underwriting. Our data set allows us to distinguish lender actions that are based strictly on hard information from decisions that involve the collection of soft information. Our analysis confirms the importance of soft information and suggests that its use can be effective in reducing overall portfolio credit losses ex post. 相似文献
15.
Wallace N. Davidson III & Louis T.W. Cheng 《Journal of Business Finance & Accounting》1997,24(3):465-479
Research indicates that at the time of a takeover announcement, target firm shareholders receiving cash earn larger abnormal returns than those receiving stock. Our work confirms that cash targets receive larger direct payments from bidders and that the size of target firm abnormal returns is related to the relative size of this direct payment. Once we control for the size of the payment, however, we find the target firm abnormal returns to be unrelated to the payment method. Thus the relationship between payment method and target firm abnormal returns is indirect. This finding is important because it casts doubt on the signaling (asymmetric information) hypothesis. That is, cash offers do not seem to be valued by the market as a means of reducing this uncertainty. Something else, such as the tax implication differences between cash and stock offers, drives cash target firms to demand larger payments from bidding firms. 相似文献
16.
我国货币政策传导机制及盯住目标选择 总被引:13,自引:0,他引:13
本文通过建立结构向量自回归模型,分析了货币政策不同盯住目标与最终目标之间的作用关系和扰动响应,对货币政策数量、价格两种传导机制的有效性进行了比较。从实证结果看,中央银行选择盯住货币供应量具有相对合理性。中央银行应继续完善货币政策体系,疏通货币政策传导渠道,更好地实施以货币供应量为盯住目标的数量调控。 相似文献
17.
Alpa Dhanani† 《Journal of Business Finance & Accounting》2005,32(7-8):1625-1672
Abstract: Using a survey approach, this paper examines the importance and relevance of the various theories of dividend policy for UK companies. Further, it evaluates the extent to which corporate characteristics such as size and industry influence managerial responses to the survey. In general, the results support dividend hypotheses relating to signalling and ownership structure, in preference to those about capital structure and investment decisions and agency issues. At a more detailed level, the cross sectional analysis reveals important differences between managers' responses, based on company size, industry sector, growth opportunities, ownership structure and information asymmetry. 相似文献
18.
Joseph T. L. Ooi Seow-Eng Ong Lin Li 《The Journal of Real Estate Finance and Economics》2010,40(2):130-160
This paper examines the role of capital market conditions and target leverage on the marginal financing decisions of Real
Estate Investment Trusts (REITs), which include both capital raising and capital reduction activities. We investigate the
relevance of a hybrid hypothesis whereby REITs have target leverage, but they also choose and time their marginal financing
decisions according to the capital market conditions. The empirical results suggest that target leverage behavior plays a
secondary role to market timing behavior in the financing decisions of REITs. In particular, we find strong and consistent
evidence that REITs exhibit market timing behavior in terms of when and what type of capital to issue or reduce. Such market
timing practices, motivated by attempts to take advantage of capital market conditions, may shift the firms away from their
target leverage. However, we observe that in the long run, most REITs do move their capital structure towards the target debt
level. 相似文献
19.
我国上市公司内部财务监控机制若干问题探讨 总被引:4,自引:0,他引:4
王砚书 《中央财经大学学报》2004,(5):70-75
财务监控机制是现代公司治理结构的重要组成部分.目前,虽然从监控结构上看我国上市公司的内部财务监控已经比较完善,但是上市公司依然发生各种财务失控事件.结合对相关案例的分析,本文认为,我国上市公司财务监控的关键问题在于对不同监控主体如独立董事、监事会等的整合利用,在于如何实现和保证公司内部财务监控机制的有效运行,为此,本文提出了一些完善我国上市公司的内部财务监控机制的建议. 相似文献
20.
《新兴市场金融与贸易》2013,49(5):184-196
This paper assesses the sensitivity of consolidated corporate performance to two aspects of foreign direct investment (FDI): international involvement and target market selection. Empirical evidence from China-bound FDI by Taiwan's listed companies between 2000 and 2010 is summarized as follows. First, under the internalization of FDI, performance tends to rise with intensity of FDI activity. Second, profitability appears higher as FDI targets the export market outside China. Third, synergetic performance is created mainly through improved efficiency in resource management rather than increased sales, which indicates effective cost control is crucial for successful FDI in emerging markets such as China. 相似文献