排序方式: 共有42条查询结果,搜索用时 15 毫秒
1.
An Analysis of the Determinants and Shareholder Wealth Effects of Mutual Fund Mergers 总被引:2,自引:0,他引:2
This study examines the determinants of mutual fund mergers and their subsequent wealth impact on shareholders of target and acquiring funds. Results indicate significant improvements in postmerger performance and a reduction in expense ratios for target fund shareholders. In contrast, acquiring fund shareholders experience a significant deterioration in postmerger performance. The net asset flows continue to remain negative for the combined fund in the year following the merger. The likelihood of a fund merger is inversely related to fund size for both within- and across-family mutual fund mergers. However, poor past performance is a significant determinant for only within-family mergers. 相似文献
2.
In this paper we propose semiclosed-form solutions, subject to an inversion of the Fourier transform, for the price of VIX options and target volatility options under affine GARCH models based on Gaussian and Inverse Gaussian distributions. We illustrate the advantage of the proposed analytic expressions by comparing them with those obtained from benchmark Monte–Carlo simulations. The empirical performance of the two affine GARCH models is tested using different calibration exercises based on historical returns and market quotes on VIX and SPX options. 相似文献
3.
Governments and international development agencies have intensifiedefforts to promote small-scale enterprises as an engine of propoorgrowth. In Brazil, however, small-scale industries may alsobe responsible for the bulk of air pollution emissions. Althoughemployees of polluting small-scale industries in Brazil arenot disproportionately poor, simulations suggest that stringentenvironmental regulation resulting in widespread closures ofpollution-intensive small-scale industries would result in anonnegligible increase in poverty among employees of these firms.The results suggest that the enthusiasm for small-scale enterprisesneeds to be tempered by awareness of the potential environmentalcosts imposed by this sector. 相似文献
4.
The Impact of School Lunches on Primary School Enrollment: Evidence from India's Midday Meal Scheme
下载免费PDF全文
![点击此处可从《The Scandinavian journal of economics》网站下载免费的PDF全文](/ch/ext_images/free.gif)
At the end of 2001, the Indian Supreme Court issued a directive ordering states to institute school lunches – known locally as “midday meals” – in government primary schools. In this paper we provide a large‐scale assessment of the enrollment effects of India's midday meal scheme, which offers warm lunches, free of cost, to 120 million primary school children across India, and is the largest school feeding program in the world. To isolate the causal effect of the policy, we make use of its staggered implementation across Indian states in government but not private schools. Using a panel dataset of more than 420,000 schools observed annually from 2002 to 2004, we find that midday meals result in substantial increases in primary school enrollment, driven by early primary school responses to the program. Our results are robust to a wide range of specification tests. 相似文献
5.
This paper asks whether firms respond to cost shocks by introducing process innovations and increasing the use of managerial incentives. Using a large panel data set of workplaces in Canada, our identification strategy relies on exogenous variation in costs arising from increased border security along the 49th parallel following 9/11. Our longitudinal difference‐in‐differences estimates indicate that firms responded to the cost shock by introducing new or improved processes, but did not change their use of managerial incentives. These results suggest that the threat of bankruptcy may provide impetus for improving efficiency. 相似文献
6.
This paper provides empirical evidence on the level of trading activity in the stock options market prior to the announcement of a merger or an acquisition. Our analysis shows that there is a significant increase in the trading activity of call and put options for companies involved in a takeover prior to the rumor of an acquisition or merger. This result is robust to both the volume of option contracts traded and the open interest. The increased trading suggests that there is a significant level of informed trading in the options market prior to the announcement of a corporate event. In addition, abnormal trading activity in the options market appears to lead abnormal trading volume in the equity market. This finding supports the hypothesis that the options market plays an important role in price discovery. 相似文献
7.
This study conducts experimental asset markets to examine the effects of circuit breaker rules on market behavior when agents are uncertain about the presence of private information. Our results unequivocally indicate that circuit breakers fail to temper unwarranted price movements in periods without private information. Agents appear to mistakenly infer that others possess private information, causing price to move away from fundamental value. Allocative efficiencies in our markets are high across all regimes. Circuit breakers perform no useful function in our experimental asset markets. 相似文献
8.
Using a system of equations approach, this paper empirically tests the impact of credit quality, asset maturity, and other issuer and issue characteristics on the maturity of municipal bonds. We find that under conditions of lower information asymmetry that prevails in the municipal sector, higher‐rated bonds have longer maturities than low‐rated bonds. This result differs from that observed in the corporate sector. Overall, our results support the asset maturity hypothesis. In addition, our analysis finds that fundamentals matter. Issue features that provide additional protection or convenience to the investor tend to increase debt maturity. 相似文献
9.
This study tests for the international presence of dividend catering across a sample of twenty-three countries. We find evidence of catering among firms incorporated in common law countries but not for those in civil law nations. Catering persists even after controlling for the effect of the firm’s lifecycle. We conclude that when the legal regime and its accompanying set of investor protections permit, investors force dividends from managers, but they also attempt to extract such payouts indirectly by placing a high value on dividend paying firms. The relative failure of civil law firms to cater might be explained by idiosyncratic behaviors in the consumption of the private benefits of control or a lack of interest in responding to temporary market misevaluations of their equity. 相似文献
10.
Yadong Luo Stephanie Lu Wang Vaidyanathan Jayaraman Qinqin Zheng 《Journal of World Business》2013,48(3):407-419
This article examines an important yet understudied issue—the governance mode for business process offshoring (BPO). By applying transaction cost economics and organizational control perspective in the global BPO context, we suggest that BPO's governance mode (foreign captive, joint venture, and independent vendor) is determined by task features, such as knowledge specialization, information security, and process codifiability, and by needed process integration, horizontally between departments and units within the provider and vertically between the provider and its global client and its local subcontractor. Findings from our analysis of 308 global BPO units in India and China confirm our hypotheses. 相似文献