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The 'Real' Value of Conflicted Analyst Coverage 冲突分析师报道的“真实”价值
SMU Cox School of Business Research Paper Series Pub Date : 2013-01-02 DOI: 10.2139/ssrn.1571418
Stacey Jacobsen, I. Stefanescu, Xiaoyun Yu
{"title":"The 'Real' Value of Conflicted Analyst Coverage","authors":"Stacey Jacobsen, I. Stefanescu, Xiaoyun Yu","doi":"10.2139/ssrn.1571418","DOIUrl":"https://doi.org/10.2139/ssrn.1571418","url":null,"abstract":"This paper examines whether conflicted analyst research affects the firms under coverage. We develop a novel approach to identify a sample of firms whose coverage is mostly driven by analysts’ private incentives to generate investment banking revenue. We find that conflicted analyst coverage is recognized by investors and its loss has little adverse effect on information efficiency, capital investment, cost of capital, and equity issuance. Our results suggest that firms attain little benefit when offering investment banking business in exchange for analyst coverage.","PeriodicalId":254025,"journal":{"name":"SMU Cox School of Business Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128049626","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: 0
Modelling the Relationship between Market Share and Product Availability 市场份额与产品可用性之间的关系建模
SMU Cox School of Business Research Paper Series Pub Date : 2009-07-14 DOI: 10.2139/ssrn.1435220
M. Dash, Arun Bose
{"title":"Modelling the Relationship between Market Share and Product Availability","authors":"M. Dash, Arun Bose","doi":"10.2139/ssrn.1435220","DOIUrl":"https://doi.org/10.2139/ssrn.1435220","url":null,"abstract":"The inter-relationships between distribution network and market share has been the subject of extensive investigation, especially for fast-moving consumer goods. The studies of Farris et al (1989), Verbeke et al (1994), Cadeaux and Tan (2004), and Wilbur and Farris (2007) have provided several insights into the distribution-market share relationship for several different product classes. The objective of the present study is to model the relationship between the distribution network and market share of a class of cardio-vascular pharmaceutical drugs. The model proposed is an extension of that of Farris et al (1989), expressing distribution as a function of market share, as the products in question are largely subject to a “pull” effect. The model empirically assesses the “pull” and “push” effects for the given class of products, and allows distribution planning for the same.","PeriodicalId":254025,"journal":{"name":"SMU Cox School of Business Research Paper Series","volume":"247 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121675893","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: 0
The Moderating Influence of Firm Market Power on the Transaction Cost Economics Model: An Empirical Test in a Forward Channel Integration Context 企业市场支配力对交易成本经济学模型的调节作用:前瞻性渠道整合背景下的实证检验
SMU Cox School of Business Research Paper Series Pub Date : 2006-07-01 DOI: 10.2139/ssrn.920080
Tasadduq A. Shervani, Gary L. Frazier, Goutam N. Challagalla
{"title":"The Moderating Influence of Firm Market Power on the Transaction Cost Economics Model: An Empirical Test in a Forward Channel Integration Context","authors":"Tasadduq A. Shervani, Gary L. Frazier, Goutam N. Challagalla","doi":"10.2139/ssrn.920080","DOIUrl":"https://doi.org/10.2139/ssrn.920080","url":null,"abstract":"Transaction Cost Economics (TCE) has guided a variety of research on governance in the strategic management literature. An important question arises, however, as to whether the TCE framework is equally appropriate for all types of firms in all business settings. In this paper, we argue that TCE is not and suggest that firms with high market power may be able to lower transaction costs under high asset specificity and uncertainty in non-integrated distribution channels, avoiding the need to utilize highly integrated channels as a result. We test our hypotheses with data collected from 40 manufacturers of electronic and telecommunications products in 109 product-markets in the U.S. The results support our hypothesis that transaction cost factors are better at explaining forward channel integration for firms with low market power than for firms with high market power. Our results indicate that the basic TCE framework must be supplemented by the market power construct to adequately explain forward channel integration decisions.","PeriodicalId":254025,"journal":{"name":"SMU Cox School of Business Research Paper Series","volume":"285 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123099120","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: 185
Does Auditor Quality and Tenure Matter to Investors? Evidence from the Bond Market 审计师的质量和任期对投资者重要吗?来自债券市场的证据
SMU Cox School of Business Research Paper Series Pub Date : 2004-09-01 DOI: 10.2139/ssrn.384594
S. Mansi, W. Maxwell, Darius P. Miller
{"title":"Does Auditor Quality and Tenure Matter to Investors? Evidence from the Bond Market","authors":"S. Mansi, W. Maxwell, Darius P. Miller","doi":"10.2139/ssrn.384594","DOIUrl":"https://doi.org/10.2139/ssrn.384594","url":null,"abstract":"We examine the relation between auditor characteristics (quality and tenure) and the cost of debt financing. Consistent with the hypothesis that audit characteristics are important to the capital markets, we find that (1) auditor quality and tenure are negatively and significantly related to the cost of debt financing, (2) the relation between auditor characteristics and the cost of debt is most pronounced in firms with debt that is noninvestment grade, and (3) both the insurance and information role of audits are economically significant to the cost of debt. Overall, our results suggest that, through their dual roles of providing information and insurance, auditor quality and tenure matter to capital market participants.","PeriodicalId":254025,"journal":{"name":"SMU Cox School of Business Research Paper Series","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116250404","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: 757
News Spillovers in the Sovereign Debt Market 主权债务市场的新闻溢出效应
SMU Cox School of Business Research Paper Series Pub Date : 2003-08-01 DOI: 10.2139/ssrn.341921
Amar Gande, David Parsley
{"title":"News Spillovers in the Sovereign Debt Market","authors":"Amar Gande, David Parsley","doi":"10.2139/ssrn.341921","DOIUrl":"https://doi.org/10.2139/ssrn.341921","url":null,"abstract":"We study the effect of a sovereign credit rating change of one country on the sovereign credit spreads of other countries from 1991 to 2000. We find evidence of spillover effects, that is, a ratings change in one country has a significant effect on sovereign credit spreads of other countries. This effect is asymmetric: positive ratings events abroad have no discernable impact on sovereign spreads, whereas negative ratings events are associated with an increase in spreads. On average, a one-notch downgrade of a sovereign bond is associated with a 12 basis point increase in spreads of sovereign bonds of other countries. Interestingly, the magnitude of the spillover effect following a negative ratings change is amplified by recent ratings changes in other countries. We distinguish between common information and differential components of spillovers. While common information spillovers imply that sovereign spreads move in tandem, differential spillovers are expected to result in opposite effects of ratings events across countries. Despite the predominance of common information spillovers, we also find evidence of differential spillovers among countries with highly negatively correlated capital flows or trade flows vis-a-vis the United States. That is, spreads in these countries generally fall in response to a downgrade of a country with highly negatively correlated capital or trade flows. Variables proxying for cultural or institutional linkages (e.g., common language, formal trade blocs, common-law legal systems), physical proximity, or rule of law traditions across countries do not seem to affect estimated spillover effects.","PeriodicalId":254025,"journal":{"name":"SMU Cox School of Business Research Paper Series","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129264716","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: 400
Distinguishable Patterns of Competition, Collusion, and Parallel Action 竞争、共谋与平行行为的可区分模式
SMU Cox School of Business Research Paper Series Pub Date : 2003-05-16 DOI: 10.2139/ssrn.410321
James L. Smith
{"title":"Distinguishable Patterns of Competition, Collusion, and Parallel Action","authors":"James L. Smith","doi":"10.2139/ssrn.410321","DOIUrl":"https://doi.org/10.2139/ssrn.410321","url":null,"abstract":"Alternative market structures are distinguishable by the degree of parallel action exhibited by producers. We show that the correlation between output levels varies systematically with the degree of interdependence among firms, and establish an ordering among alternative behavioral hypotheses (Cournot, Stackelberg, Edgeworth/Bertrand, collusion, and perfect competition). Because the ordering is invariant to the values of background parameters, statistical tests of market conduct may be possible even when the slopes of the demand curve and marginal cost curves are unknown. An application to the world oil market finds strong evidence of collusive behavior among OPEC members, but not elsewhere.","PeriodicalId":254025,"journal":{"name":"SMU Cox School of Business Research Paper Series","volume":"110 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116857732","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: 5
Value-Maximizing Managers, Value-Increasing Mergers and Overbidding 价值最大化的管理者、价值增加的并购与出价过高
SMU Cox School of Business Research Paper Series Pub Date : 2003-02-21 DOI: 10.2139/ssrn.382344
Evrim Akdoğu
{"title":"Value-Maximizing Managers, Value-Increasing Mergers and Overbidding","authors":"Evrim Akdoğu","doi":"10.2139/ssrn.382344","DOIUrl":"https://doi.org/10.2139/ssrn.382344","url":null,"abstract":"Some acquisitions can be viewed as a means for procuring proprietary technology. For such acquisitions, it may be just as important to block competitors from getting the technology as it is to obtain the technology. If a firm will be adversely affected by a competitor's acquisition, then it can rationally \"overpay\" for the target to avoid this outcome within a value-maximizing framework. We study the behavior of two bidders that enter a bidding contest for the target where the contest is modelled as a second-price auction with costly losing. In contrast to most of the existing literature, the model supports various outcomes that are consistent with empirical evidence within a rational and value-maximizing framework. The model reconciles two empirical regularities: Mergers increase value through synergies, and acquirors earn zero or negative returns on average. It also is consistent with the recent empirical evidence suggesting that mergers come in response to an economic change, and tend to cluster within industries.","PeriodicalId":254025,"journal":{"name":"SMU Cox School of Business Research Paper Series","volume":"161 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124506667","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: 5
An Investigation of the Informational Role of Short Interest in the Nasdsaq Market 纳斯达克市场空头信息作用研究
SMU Cox School of Business Research Paper Series Pub Date : 2000-06-01 DOI: 10.2139/ssrn.232908
Hemang Desai, S. Thiagarajan, K. Ramesh, B. Balachandran
{"title":"An Investigation of the Informational Role of Short Interest in the Nasdsaq Market","authors":"Hemang Desai, S. Thiagarajan, K. Ramesh, B. Balachandran","doi":"10.2139/ssrn.232908","DOIUrl":"https://doi.org/10.2139/ssrn.232908","url":null,"abstract":"This paper examines the informational role of short interest in the Nasdaq market. Using the population of monthly short interest data over the period of June 1988 through December 1994 we find that firms with high short interest experience significant negative abnormal returns ranging from -0.76% to -1.13% per month during the period over which they are heavily shorted. In contrast to results in Aitken et al. (1998) that show that information in short interest is incorporated quickly into prices for Australian stocks, we find that information in short interest is incorporated gradually into prices for Nasdaq stocks. The negative excess returns are increasing in the level of short interest indicating that a higher level of short interest is a stronger signal. Consistent with short interest being a bearish signal, we find that the heavily shorted firms get delisted with a higher frequency relative to their size and industry matched control firms.","PeriodicalId":254025,"journal":{"name":"SMU Cox School of Business Research Paper Series","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121954499","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: 2
Diversification and the Value of Internal Capital Markets: The Case of Tracking Stock 多元化与内部资本市场价值:以跟踪股票为例
SMU Cox School of Business Research Paper Series Pub Date : 1998-10-01 DOI: 10.2139/ssrn.138008
Matthew T. Billett, D. Mauer
{"title":"Diversification and the Value of Internal Capital Markets: The Case of Tracking Stock","authors":"Matthew T. Billett, D. Mauer","doi":"10.2139/ssrn.138008","DOIUrl":"https://doi.org/10.2139/ssrn.138008","url":null,"abstract":"Numerous studies document that diversified firms sell at a discount relative to comparable portfolios of stand-alone firms. One explanation is that these firms suboptimally invest by subsidizing poor performing business segments with resources from profitable business segments. On average, firms may indeed have internal capital markets that diminish firm value; however, it is also possible that internal capital markets add to firm value by relieving liquidity constraints. We examine the link between firm value and the value of internal capital markets using a relatively new form of corporate restructuring called tracking stock. We present a model that illustrates that the announcement effect of a tracking stock equity restructuring conveys information about the market's assessment of the value of a firm's internal capital market. We develop a direct measure of the profitability of the internal capital market, and we find a strong positive relation between it and tracking stock announcement effects, a finding consistent with our model.","PeriodicalId":254025,"journal":{"name":"SMU Cox School of Business Research Paper Series","volume":"244 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1998-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126827475","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: 94
A Stochastic Convergence Model for Portfolio Selection 投资组合选择的随机收敛模型
SMU Cox School of Business Research Paper Series Pub Date : 1998-09-01 DOI: 10.2139/ssrn.141356
Amy V. Puelz
{"title":"A Stochastic Convergence Model for Portfolio Selection","authors":"Amy V. Puelz","doi":"10.2139/ssrn.141356","DOIUrl":"https://doi.org/10.2139/ssrn.141356","url":null,"abstract":"Portfolio selection techniques must provide decision makers with a dynamic model framework that incorporates realistic assumptions regarding financial markets, risk preferences, and required portfolio characteristics. Unfortunately, multistage stochastic programming (SP) models for portfolio selection very quickly become intractable as assumptions are relaxed and uncertainty is introduced. In this paper, I present an alternative model framework for portfolio selection, stochastic convergence (SC), that systematically incorporates uncertainty under a realistic assumption set. The optimal portfolio is derived through an iterative procedure, where portfolio plans are evaluated under many possible future scenarios then revised until the model converges to the optimal plan. This approach allows for scenario analysis over all stochastic components, requires no limitation on the structural form of the objective or constraints, and permits evaluation over any length planning horizon while maintaining model tractability by aggregating the scenario tree at each stage in the solution process. Through focused aggregation schemes, the SC approach allows for the implementation of a lower partial variance riskmetric, which is preferred in investment selection. In simulated tests, the SC model, with scenario aggregation, generated portfolios exhibiting performance similar to those generated using the SP model form with no aggregation. Empirical tests using historical fund returns show that a multiperiod SC decision strategy outperforms various benchmarkstrate gies over a long-term test horizon under both asset-liability matching and return maximization frameworks.","PeriodicalId":254025,"journal":{"name":"SMU Cox School of Business Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1998-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116201497","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: 19
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