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1. |
THE SHAREHOLDER WEALTH EFFECTS OF CORPORATE GREENMAIL |
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Journal of Financial Research,
Volume 11,
Issue 4,
1988,
Page 265-280
James S. Ang,
Alan L. Tucker,
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摘要:
AbstractIn this study, the abnormal return dynamics of firms undertaking premium targeted block share repurchases are examined empirically. The positive returns accruing to nonparticipating shareholders for the period encompassing the buy‐in and repurchase announcements are attributable to the expectation of subsequent acquisition activity. Firms that are not acquired realize, on average, a zero abnormal return. The probability of subsequent acquisition is not related to the targeted repurchase. Managers who engage in targeted block share repurchases frequently are expelled from corporate ranks. Firms that are acquired exhibit abnormal returns only similar to those of other merger and tender offer target
ISSN:0270-2592
DOI:10.1111/j.1475-6803.1988.tb00088.x
年代:1988
数据来源: WILEY
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2. |
AN ANALYSIS OF SHAREHOLDER REACTION TO DIVIDEND CUTS AND OMISSIONS |
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Journal of Financial Research,
Volume 11,
Issue 4,
1988,
Page 281-294
Chinmoy Ghosh,
J. Randall Woolridge,
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摘要:
AbstractIn this paper the proposition is tested that stock market reaction to a dividend change is a function of its information content. A multiple regression model is formulated to identify the factors that contribute significantly to the capital loss suffered by shareholders when firms decide to cut/omit dividends. Results indicate that, in conformity with the information content hypothesis, the announcement period capital loss induced by a dividend deduction significantly depends on the percentage change in dividends, the size and risk of the firm, and the price performance of the firm's stock in the immediately preceding period. The results further reveal that (1) simultaneous announcements of poor earnings cause larger capital losses; (2) prior announcements of loss/lower earnings, strikes, etc. attenuate the negative impact of dividend cuts; (3) managerial reassurances that the dividend reduction is growth‐motivated produces a weakly favorable effect, and (4) institution of stock dividends concurrently with the dividend cut significantly reduces the negative valuation effect. It is concluded from the evidence that stock market reaction to managerial signals is a function of the perceived costs associated with these signal
ISSN:0270-2592
DOI:10.1111/j.1475-6803.1988.tb00089.x
年代:1988
数据来源: WILEY
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3. |
FIRM SIZE AND DIVIDEND ANNOUNCEMENTS |
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Journal of Financial Research,
Volume 11,
Issue 4,
1988,
Page 295-302
Albert Eddy,
Bruce Seifert,
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摘要:
AbstractThis study documents an association between firm size and abnormal returns from the announcement of large dividend increases. Dividend announcements are examined only where there are no contemporaneous earnings announcements. The methodology controls for both the payout ratio of firms and the size of the dividend increase. Using means tests and analysis of variance, the findings indicate that the abnormal stock price reaction to a dividend increase is greater for small firms.
ISSN:0270-2592
DOI:10.1111/j.1475-6803.1988.tb00090.x
年代:1988
数据来源: WILEY
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4. |
MANAGEMENT EARNINGS FORECASTS: THEIR USEFULNESS AS A SOURCE OF FIRM‐SPECIFIC INFORMATION TO SECURITY ANALYSTS |
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Journal of Financial Research,
Volume 11,
Issue 4,
1988,
Page 303-319
John M. Hassell,
Robert H. Jennings,
Dennis J. Lasser,
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摘要:
AbstractAlthough managers frequently release earnings forecasts, little is known about how this information affects investor beliefs. This study compares changes in analyst earnings forecasts following the release of management forecasts: (1) to changes in analyst forecasts of a control sample of nonforecasting firms; and (2) between management forecasts with differing degrees of accuracy. The forecasting error of analyst estimates for firms releasing management forecasts decreases more rapidly than the errors associated with the control firms, which implies that management forecasts are useful. Analysts apparently are capable of determining which management forecasts are most accurate and responding appropriately.
ISSN:0270-2592
DOI:10.1111/j.1475-6803.1988.tb00091.x
年代:1988
数据来源: WILEY
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5. |
SOME EMPIRICAL EVIDENCE ON THE USE OF FINANCIAL LEASES |
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Journal of Financial Research,
Volume 11,
Issue 4,
1988,
Page 321-333
Thomas J. Finucane,
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摘要:
AbstractIn this paper, the impact of certain firm‐specific factors on the level of financial leases used by corporations is examined. An industry analysis indicates that firms in certain industries tend to lease more than other firms. A Tobit analysis of the degree to which approximately 600 firms lease assets indicates that certain factors—including the debt ratio, presence of mortgage debt, level of subordinated debt, presence of restrictions on leasing, number of bonds in a firm's capital structure, and the firm's debt rating—are significantly related to the degree of leasing. Other factors, including the firm's tax rate, were not found to be significant, contrary to popular expecta
ISSN:0270-2592
DOI:10.1111/j.1475-6803.1988.tb00092.x
年代:1988
数据来源: WILEY
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6. |
THE SEASONALITY IN CONVERTIBLE BOND MARKETS: A STOCK EFFECT OR BOND EFFECT? |
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Journal of Financial Research,
Volume 11,
Issue 4,
1988,
Page 335-347
Christopher K. Ma,
Ramesh P. Rao,
Herbert J. Weinraub,
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摘要:
AbstractThere is a strong January effect in convertible bond returns that has been partially attributed to seasonality in the underlying stock. January returns for convertible bonds are positively influenced by the degree to which the bond reflects the underlying equity, which suggests that the anomaly in one asset market may carry over to its derivative asset market. Significant evidence presented here indicates that the January effect also is attributable to unique tax‐loss selling in the convertible bond market. A peripheral contribution of this study is that, similar to findings in the stock market, the risk‐return trade‐off appears to hold only in January for convertible
ISSN:0270-2592
DOI:10.1111/j.1475-6803.1988.tb00093.x
年代:1988
数据来源: WILEY
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7. |
AUTHOR INDEX OF VOLUME XI, 1988 |
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Journal of Financial Research,
Volume 11,
Issue 4,
1988,
Page 349-352
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ISSN:0270-2592
DOI:10.1111/j.1475-6803.1988.tb00094.x
年代:1988
数据来源: WILEY
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8. |
EDITORIAL POLICY |
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Journal of Financial Research,
Volume 11,
Issue 4,
1988,
Page -
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ISSN:0270-2592
DOI:10.1111/j.1475-6803.1988.tb00087.x
年代:1988
数据来源: WILEY
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