发布求助
文献互助 智能选刊 最新文献

FA1: Fund Management最新文献

筛选
英文 中文
Competition and Bias 竞争与偏见
FA1: Fund Management Pub Date : 2008-03-01 DOI: 10.2139/ssrn.1101626
Marcin T. Kacperczyk, Harrison G. Hong
{"title":"Competition and Bias","authors":"Marcin T. Kacperczyk, Harrison G. Hong","doi":"10.2139/ssrn.1101626","DOIUrl":"https://doi.org/10.2139/ssrn.1101626","url":null,"abstract":"We attempt to measure the effect of competition on bias in the context of analyst earnings forecasts, which are known to be excessively optimistic because of conflicts of interest. Our natural experiment for competition is mergers of brokerage houses, which result in the firing of analysts because of redundancy (e.g., one of the two oil stock analysts is let go) and other reasons such as culture clash. We use this decrease in analyst coverage for stocks covered by both merging houses before the merger (the treatment sample) to measure the causal effect of competition on bias. We find that the treatment sample simultaneously experiences a decrease in analyst coverage and an increase in optimism bias the year after the merger relative to a control group of stocks, consistent with competition reducing bias. The implied economic effect from our natural experiment is significantly larger than estimates from OLS regressions that do not correct for the endogeneity of coverage. This effect is much more significant for stocks with little initial analyst coverage or competition.","PeriodicalId":176411,"journal":{"name":"FA1: Fund Management","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114856997","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 426
Capital Gains Taxes, Agency Costs, and Closed-End Fund Discounts 资本利得税，代理成本和封闭式基金折扣
FA1: Fund Management Pub Date : 2007-10-01 DOI: 10.2139/ssrn.1020210
M. Brennan, R. Jain
{"title":"Capital Gains Taxes, Agency Costs, and Closed-End Fund Discounts","authors":"M. Brennan, R. Jain","doi":"10.2139/ssrn.1020210","DOIUrl":"https://doi.org/10.2139/ssrn.1020210","url":null,"abstract":"We test two hypotheses about the determinants of closed-end fund premia and discounts using a comprehensive sample of non-taxable and taxable funds for the period 1988 to 2002. We test whether fund premia reflect agency costs, and the potential tax liability associated with unrealized capital gains by examining changes in fund premia around the declaration day of large dividend and capital gain distributions. We provide further evidence on the effect of the tax liability from unrealized capital gains by examining changes in the premium around the ex-day of capital gain distributions. Our results lend support to both agency cost and the capital gains tax explanations for fund premia and discounts. We also find that the market prices of municipal bond funds (which pay tax-free dividends) are more sensitive to capital gains tax liabilities than are the prices of taxable funds, which is consistent with the existence of tax clienteles among closed-end fund investors.","PeriodicalId":176411,"journal":{"name":"FA1: Fund Management","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129655585","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信