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Terrill R. Keasler 《Journal of Economics and Finance》1992,16(3):113-120
Previous studies document a significant positive price reaction at the proposal of a buyout offer. In this study the author
examines the influence of investment banking relationships on target firms associated with buyout offers. The results support
the hypothesis that knowledge of an impending buyout manifests itself before a buyout’s public announcement. The evidence
supports the hypothesis that investment bankers use different strategies before a buyout. 相似文献
2.
Terrill R. Keasler 《The Financial Review》2001,36(2):1-20
The lock‐up agreement between an underwriter and an issuing firm's principals prohibits sale of securities for a period of time following the offering date. Investment banks must support the stock following an offering. The lock‐up assures investors that the restricted shares will not enter the market, at least for a period of time. Negative abnormal returns prior to the lock‐up release show that unrestricted investors liquidate positions prior to the scheduled lock‐up release. Negative abnormal returns are more robust for firms that are not influenced by SEC Rule 144 than for firms that are. 相似文献
3.
Robin T. Byerly Bruce T. Lamont Terrill Keasler 《Managerial and Decision Economics》2003,24(8):535-548
This study examined firm performance in market reaction to two types of business portfolio restructuring announcements: refocusing and repositioning. We predicted that market performance effects for these two types of strategic restructurers would be moderated by prior diversification posture. The theory behind these expectations was built on a general premise that restructuring strategy would be more favorably viewed by the market as performance enhancing when it offered greater potential for organizational transformation. Results showed strong support for our conclusion that prior diversification posture poses a significant contingency factor in restructuring firms' strategic choices. Further, the market tended to respond more favorably with this sample to repositioning restructuring choices. Copyright © 2003 John Wiley & Sons, Ltd. 相似文献
4.
We examine the stock recommendations of Jim Cramer televised on CNBC’s Mad Money, and document significant market reactions (i.e., announcement returns and volume) to Cramer’s recommendations, particularly
for small capitalization stocks. The following findings indicate that the announcement returns are primarily due to price
pressure from uninformed trading as opposed to the recommendations providing new value related information: announcement returns
reverse following buy recommendations; bid-ask spreads temporarily decline; and there is no evidence of positive longer-term
abnormal returns. One implication, when considered in combination with other works, is that investors should be cautious in
following stock recommendations announced in the mass-media. 相似文献
5.
Robert Breunig Deborah A. Cobb-Clark Yvonne Dunlop Marion Terrill 《The Economic record》2003,79(244):84-102
Welfare reform in Australia centres on both economic and social participation. The policy concern is that people who fail to participate in economic and social life may become entrenched in disadvantage. In 2000–2001, a randomised trial was conducted by the Department of Family and Community Services to assess whether an intensive interview with follow-ups would result in increased participation for long-term recipients of income support. Participation in the trial led to a reduction in average hours worked, but increased hours spent in study or training. We find evidence of increased social integration associated with participation in the trial. 相似文献
6.
We examine 1,234 buy recommendations from Jim Cramer's Mad Money television show. Consistent with prior research, we report positive abnormal returns immediately after buy recommendations, followed by a reversal, indicative of an overpricing event. We also find a marked increase in short selling. Our results show a positive association between shorting and the buy recommendations even after controlling for factors shown in the literature to influence shorting. We do not find similar effects after sell recommendations. These results suggest that short sellers act to exploit short‐term overpricing arising from behavioral biases of some investors. 相似文献
7.
We investigate the information content of equity analysts' recommendation changes subsequent to the passage of Regulation Fair Disclosure. We find that analyst upgrades (downgrades) are associated with positive (negative) abnormal returns. Overall, stock prices tend to react significantly more strongly to recommendation changes accompanied by news events than to those that are not. Even so, returns around recommendation changes not accompanied by news are significantly different from zero. This result holds after controlling for firm‐specific variables and the incidence of multiple simultaneous recommendation changes. We conclude that analyst recommendation changes, in and of themselves, are informative. 相似文献
8.
Terrill R. Keasler 《Journal of Economics and Finance》2001,25(2):214-228
A lock-up agreement is an arrangement between the underwriter and certain pre-IPO shareholders. This paper examines the influence
of an underwriter’s early lock-up release on shareholder wealth. The study found significant negative abnormal returns associated
with the early lock-up release annoucement. Negative abnormal returns are more pronounced for venture capital backed firms
than for firms not venture capital backed. In addition, scheduled lock-up release day abnormal returns, found in previous
studies to be significantly negative, are reduced for firms announcing the early lock-up release.(JEL G24, G30) 相似文献
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