Quarterly Journal of Finance and Accounting最新文献

{"title":"Worth Waiting For-Evidence of Late-Mover Benefits in Cross-Border Mergers and Acquisitions","authors":"Tanja Steigner, Ninon K. Sutton","doi":"10.2139/ssrn.2154664","DOIUrl":"https://doi.org/10.2139/ssrn.2154664","url":null,"abstract":"INTRODUCTION In cross-border acquisitions, do good things come to those who wait, or do early acquirers seize the best investment opportunities? While previous research has analyzed the advantages and disadvantages of either strategy in domestic takeovers, the value implications of cross-border MA Markides and Ittner 1994; Morck and Yeung 1992; Pantzalis, Park and Sutton 2008; Steigner and Sutton 2011). Although previous studies have identified certain factors that influence bidders' wealth gains in cross-border mergers, the strategic implications of early-mover versus late-mover acquisitions have not been specifically explored in a global context. …","PeriodicalId":165017,"journal":{"name":"Quarterly Journal of Finance and Accounting","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126333908","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}

{"title":"Benefits from Lending Relationships in Public Debt Markets: Empirical Evidence from the Commercial Paper Market","authors":"David W. Blackwell, Vladimir Kotomin, Drew B. Winters","doi":"10.2139/ssrn.2138514","DOIUrl":"https://doi.org/10.2139/ssrn.2138514","url":null,"abstract":"Introduction The global financial crisis has brought attention to the money markets with specific discussions related to their primary characteristics: low credit risk and high liquidity. As the first signs of the crisis were felt in the money markets in the summer of 2007, front-page articles in the Wall Street Journal discussed how investors have fled commercial paper for the safety of Treasury bills as the Federal Reserve pumped billions of dollars of additional liquidity in the market. Countrywide Financial Corporation (a large nationwide mortgage lender) was a prime example of the impact of the crisis on the commercial paper market as it drew on its bank lines of credit when it was unable to raise the necessary funds in the commercial paper market. These articles raise the question of how borrowers in the commercial paper market maintain access to credit during liquidity squeezes. Diamond (1989) argues that borrowers develop reputation through repeated successful debt transactions with a bank, which allows them to reduce their loan rate over time. Diamond (1989) spawned a body of empirical literature on the value of lending relationships, with the following being representative examples. Petersen and Rajan (1994) find that an ongoing relationship with a lender increases the amount of debt available to the borrower. Berger and Udell (1995) find that lending relationships reduce the rate charged to the borrower on a line of credit and reduce the need for collateral to support the line. Blackwell and Winters (1997) also find that lending relationships reduce the rate charged on lines of credit and reduce the monitoring efforts of the lender. Lending relationships may benefit lenders, too. Yasuda (2005) finds that bank relationships have positive and significant effects on a firm's underwriter choice, and Bharath et al. (2007) find that relationship lenders' informational advantage allows them to sell more information-sensitive products to its borrowers. Financial intermediaries such as banks do not suffer from lack of motivation to monitor their borrowers (as public debt market participants may) and thus are considered superior information producers and monitors. Diamond (1991) extends Diamond (1989) and argues that borrowers who develop sufficient reputation through successful transactions with a bank can leave the intermediated market and borrow directly in the public debt markets. Diamond (1991) does not discuss whether firms that borrow in the public debt markets can benefit from developing relationships with lenders in these markets. That is, can a borrower in a public debt market increase its access to debt and/or decrease its interest rate on debt by developing direct relationships with lenders? We examine this question by testing for the benefits from direct borrower-lender relationships in the public debt market for commercial paper (CP). We take advantage of a well-defined year-end preferred habitat for liquidity (liquidity squeeze) (","PeriodicalId":165017,"journal":{"name":"Quarterly Journal of Finance and Accounting","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131178220","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}

{"title":"The Determinants of Corporate Debt Mix","authors":"T. D. King, K. Khang, H. Nguyen","doi":"10.2139/SSRN.1934538","DOIUrl":"https://doi.org/10.2139/SSRN.1934538","url":null,"abstract":"We examine the drivers of the choice among non-bank private (144A) debt, bank loans, and public debt made by 988 non-financial firms during 1993-2007. We document new evidence that, besides firm-level variables, macroeconomic factors are important determinants of changes in corporate debt mix. Our findings highlight the importance of macroeconomic variables on firms’ borrowing decisions as predicted by Diamond (1991). Most importantly, we find that the majority of the drivers of changes in corporate debt mix vary over time and across economic conditions, which would address the concern of Denis and Mihov (2003) about their sample’s inability to examine the pattern of debt mix over time. We also find strong evidence that private debt and public debt are substitutes as widely hypothesized, which is inconsistent with Rauh and Sufi (2010).","PeriodicalId":165017,"journal":{"name":"Quarterly Journal of Finance and Accounting","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128293445","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}

{"title":"Does Disclosure of Non-Financial Statement Information Reduce Firms’ Propensity to Under-Invest?","authors":"Hung-Yuan Lu","doi":"10.2139/SSRN.1465096","DOIUrl":"https://doi.org/10.2139/SSRN.1465096","url":null,"abstract":"In the presence of information asymmetry, Myers and Majluf (1984) and Greenwald, Stiglitz, and Weiss (1984) demonstrate that a firm may pass up positive net present value (NPV) projects due to adverse selection in the equity market. The same model can be applied analogously in the debt market (Myers and Majluf, 1984). This study presents an empirical examination of whether disclosure of non-financial statement (NFS) information mitigates the under-investment problem, presumably by reducing information asymmetry between managers and potential stakeholders. I present three findings. First, I document that managers who provide more NFS information are less likely to under-invest. Second, by classifying NFS disclosures into those that are more relevant to equity holders and those more relevant to debt holders, I find that both types of disclosures are negatively associated with the degree of under-investment. Last, I provide evidence that both equity- and debt-related NFS disclosures are positively associated with the level of subsequent equity financing. These results hold after I use a two-stage least squares (2SLS) specification to control for the endogeneity between investment and disclosure and that between equity financing and disclosure.","PeriodicalId":165017,"journal":{"name":"Quarterly Journal of Finance and Accounting","volume":"98 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115223225","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}