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STEPHEN A. ROSS 《The Journal of Finance》1985,40(3):637-657
With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory. 相似文献
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来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制. 相似文献
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This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials. 相似文献
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Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings. 相似文献
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A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions. 相似文献
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This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance. 相似文献
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Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions. 相似文献
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R. G. Coyle 《Futures》1984,16(6):594-609
The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations. 相似文献
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Joseph G. San Miguel 《Accounting, Organizations and Society》1977,2(2):177-186
This article reviews behavioral research on the individual, small groups and organizations and the implications of this research for management accounting. Also, opportunities for accounting research are identified and, where appropriate, extant accounting research is discussed. The conclusion is that studies of individual and group behavior are inseparable from studies of complex organizations and vice versa. Furthermore, fundamental research into personal, oragnizational, and environmental variables and their impact on effective management planning and control systems is urgently needed. 相似文献
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旅游企业与社区居民利益冲突及协调博弈研究 总被引:3,自引:0,他引:3
随着旅游业发展的深入,旅游企业与社区居民的利益冲突及协调问题成为影响旅游业发展的重点问题。从旅游企业和社区居民的单次博弈入手建立模型,并通过重复博弈模型分析,探索实现利益协调的路径。提出完善社区居民旅游开发参与机制和构建收益均衡分配机制,解决旅游企业与社区居民的利益协调问题。 相似文献
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An asset is liquid if it can be traded at the prevailing market price quickly and at low cost. We show that in addition to
risk, liquidity affects asset prices and returns. Theories of asset pricing suggest that the expected return of an asset is
increasing in its risk, because risk-averse investors require compensation for bearing more risk. Because investors are also
averse to the costs of illiquidity and want to be compensated for bearing them, asset returns are increasing in illiquidity. Thus, asset prices should depend on two asset characteristics: risk and liquidity. This paper surveys research on the effects
of liquidity on asset prices and returns, showing that liquidity is an important factor in capital asset pricing. 相似文献
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《Futures》1987,19(5):608-619
The course of human evolution on our planet is far more mysterious than the smooth flow of the history books suggests. At that moment in the last century when populations first began to increase rapidly, the railway and the steamship appeared—ideal transport for large numbers. As I.F. Clarke shows in these reviews, the first half of the 19th century was also the time when the first statisticians and sociologists learnt how to devise methods for the analysis and interpretation of the growing numbers that lived in the expanding cities of the new industrial nations. 相似文献
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Han N. Ozsoylev 《Annals of Finance》2008,4(2):157-181
We often observe disproportionate reactions to tangible information in large stock price movements. Moreover these movements
feature an asymmetry: the number of crashes is more than that of frenzies in the S&P 500 index. This paper offers an explanation
for these two characteristics of large movements in which hedging (portfolio insurance) causes amplified price reactions to
news and liquidity shocks as well as an asymmetry biased towards crashes. Risk aversion of traders is shown to be essential
for the asymmetry of price movements. Also, we show that differential information can enhance both amplification and asymmetry
delivered by hedging.
This paper is based on part of my Ph.D. thesis submitted to the University of Minnesota. I am grateful to Andy McLennan and
Jan Werner for their valuable advice and unwavering support. Also, I would like thank Mehmet Barlo, Michele Boldrin, Partha
Chatterjee, Mehmet Ozhabes, Dimitrios Tsomocos and seminar participants at the University of Minnesota, the MEA and the MFA
Meetings in St Louis for helpful comments. Comments on a previous draft by an anonymous referee greatly improved the presentation
of this paper. Financial support from William W. Stout Fellowship is gratefully acknowledged. 相似文献