Georgetown University McDonough School of Business Research Paper Series最新文献_第4页

Do U.S. Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth 美国公司有最好的公司治理吗?公司治理与股东财富关系的跨国考察

Georgetown University McDonough School of Business Research Paper Series Pub Date : 2007-01-01 DOI: 10.2139/ssrn.954169

Reena Aggarwal, Isil Erel, René M. Stulz, Rohan Williamson

{"title":"Do U.S. Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth","authors":"Reena Aggarwal, Isil Erel, René M. Stulz, Rohan Williamson","doi":"10.2139/ssrn.954169","DOIUrl":"https://doi.org/10.2139/ssrn.954169","url":null,"abstract":"We compare the governance of foreign firms to the governance of similar U.S. firms. Using an index of firm governance attributes, we find that, on average, foreign firms have worse governance than matching U.S. firms. Roughly 8% of foreign firms have better governance than comparable U.S. firms. The majority of these firms are either in the U.K. or in Canada. When we define a firm's governance gap as the difference between the quality of its governance and the governance of a comparable U.S. firm, we find that the value of foreign firms increases with the governance gap. This result suggests that firms are rewarded by the markets for having better governance than their U.S. peers. It is therefore not the case that foreign firms are better off simply mimicking the governance of comparable U.S. firms. Among the individual governance attributes considered, we find that firms with board and audit committee independence are valued more. In contrast, other attributes, such as the separation of the chairman of the board and of the CEO functions, do not appear to be associated with higher shareholder wealth.","PeriodicalId":322512,"journal":{"name":"Georgetown University McDonough School of Business Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129693216","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: 96

Corporate and Government Bond Funds: An Analysis of Investment Style, Performance, and Cash Flows 公司和政府债券基金:投资风格、绩效和现金流分析

Georgetown University McDonough School of Business Research Paper Series Pub Date : 2006-09-11 DOI: 10.2139/ssrn.929490

George Comer, Javier Rodríguez

引用次数: 6

Idiosyncratic Volatility and the Cross-Section of Expected Returns 特质波动率与预期收益的横截面

Georgetown University McDonough School of Business Research Paper Series Pub Date : 2005-12-01 DOI: 10.2139/ssrn.886717

Turan G. Bali, Nusret Cakici

引用次数: 0

Do Firms in Countries with Poor Protection of Investor Rights Hold More Cash? 投资者权利保护较差的国家的公司是否持有更多现金?

Georgetown University McDonough School of Business Research Paper Series Pub Date : 2003-11-01 DOI: 10.2139/ssrn.476442

Lee Pinkowitz, Rohan Williamson, René M. Stulz

{"title":"Do Firms in Countries with Poor Protection of Investor Rights Hold More Cash?","authors":"Lee Pinkowitz, Rohan Williamson, René M. Stulz","doi":"10.2139/ssrn.476442","DOIUrl":"https://doi.org/10.2139/ssrn.476442","url":null,"abstract":"Managers make different decisions in countries with poor protection of investor rights and poor financial development. One possible explanation is that shareholder-wealth maximizing managers face different tradeoffs in such countries (the tradeoff theory). Alternatively, firms in such countries are less likely to be managed for the benefit of shareholders because the poor protection of investor rights makes it easier for management and controlling shareholders to appropriate corporate resources for their own benefit (the agency costs theory). Holdings of liquid assets by firms across countries are consistent with Keynes' transaction and precautionary demand for money theories. Firms in countries with greater GDP per capita hold more cash as predicted. Controlling for economic development, firms in countries with more risk and with poor protection of investor rights hold more cash. The tradeoff theory and the agency costs theory can both explain holdings of liquid assets across countries. However, the fact that a dollar of cash is worth less than $0.65 to the minority shareholders of firms in such countries but worth approximately $1 in countries with good protection of investor rights and high financial development is only consistent with the agency costs theory.","PeriodicalId":322512,"journal":{"name":"Georgetown University McDonough School of Business Research Paper Series","volume":"05 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127192613","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: 208

Institutional Allocation in Initial Public Offerings: Empirical Evidence 首次公开发行中的机构配置:经验证据

Georgetown University McDonough School of Business Research Paper Series Pub Date : 2002-02-01 DOI: 10.2139/ssrn.285141

Reena Aggarwal, N. Prabhala, M. Puri

引用次数: 417

The Second Exchange: Managing Customer Information in Marketing Relationships 第二次交流:在营销关系中管理客户信息

Georgetown University McDonough School of Business Research Paper Series Pub Date : 1998-07-27 DOI: 10.2139/SSRN.2621796

M. Culnan, Sandra J. Milberg

引用次数: 32

The Accrual Anomaly and Operating Cash Flows: Evidence from Accrual Components 权责发生制异常与经营性现金流量:来自权责发生制构成部分的证据

Georgetown University McDonough School of Business Research Paper Series Pub Date : 1900-01-01 DOI: 10.2139/ssrn.892250

Zhaoyang Gu, Prem C. Jain

{"title":"The Accrual Anomaly and Operating Cash Flows: Evidence from Accrual Components","authors":"Zhaoyang Gu, Prem C. Jain","doi":"10.2139/ssrn.892250","DOIUrl":"https://doi.org/10.2139/ssrn.892250","url":null,"abstract":"We argue and show that aggregation of accrual components (changes in inventories, changes in accounts payable, changes in accounts receivable and depreciation expense) into total accruals results in a loss of mispricing-related information in individual accrual components. This motivates us to examine whether the recent evidence that operating cash flows subsume the mispricing effect associated with total accruals holds when accruals are disaggregated into accrual components. We find that accrual components are associated with future abnormal returns even after controlling for operating cash flows and growth. The three-day earnings announcement period abnormal returns also support the finding. The evidence with respect to change in accounts payable is especially noteworthy because its inclusion in total accruals reduces the mispricing effects of other components considerably. Overall, the prior evidence that operating cash flows subsume the mispricing effects associated with total accruals is likely caused by the aggregation of accrual components into total accruals. Future research would benefit from focusing on accrual components rather than total accruals.","PeriodicalId":322512,"journal":{"name":"Georgetown University McDonough School of Business Research Paper Series","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131547855","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: 8