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Essays in Finance.

Light, Nathaniel.

Essays in Finance.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays in Finance.
作者:	Light, Nathaniel.
面頁冊數:	114 p.
附註:	Source: Dissertation Abstracts International, Volume: 76-02(E), Section: A.
附註:	Adviser: Lalitha Naveen.
Contained By:	Dissertation Abstracts International76-02A(E).
標題:	Finance.
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3637444
ISBN:	9781321202359

Essays in Finance.
Light, Nathaniel.

Essays in Finance. - 114 p.

Source: Dissertation Abstracts International, Volume: 76-02(E), Section: A.

Thesis (Ph.D.)--Temple University, 2014.

This item must not be sold to any third party vendors.

Chapter 1 investigates whether acquirer firms structure unpopular M&A transactions so as to avoid a vote by their shareholders. This question touches directly on the broader issue of M&A and agency conflicts, and the paper may partially explain how so many deals get done despite the evidence of limited long-term benefits to acquiring firm shareholders. More specifically, we examine how firms respond to the 20% issuance rule of the major American stock exchanges (NYSE, Nasdaq, and Amex), which requires a bidder shareholder vote on any merger-related issuance that exceeds 20% of the bidder's shares. We observe a large clustering of share issuance just below this 20% threshold, a pattern that suggests that many bidders prefer to avoid a vote. Among deals for non-public targets, the primary concern seems to be timesaving. Instances in which bidders circumvent a vote in order to intentionally thwart opposition constitute only a small number of cases, although firms also avoid a vote as a precautionary measure when they have high institutional ownership. Finally, we investigate financial and legal mechanisms that companies employ in order to avoid the vote.

ISBN: 9781321202359Subjects--Topical Terms:

183252
Finance.

Essays in Finance.
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520 $a Chapter 1 investigates whether acquirer firms structure unpopular M&A transactions so as to avoid a vote by their shareholders. This question touches directly on the broader issue of M&A and agency conflicts, and the paper may partially explain how so many deals get done despite the evidence of limited long-term benefits to acquiring firm shareholders. More specifically, we examine how firms respond to the 20% issuance rule of the major American stock exchanges (NYSE, Nasdaq, and Amex), which requires a bidder shareholder vote on any merger-related issuance that exceeds 20% of the bidder's shares. We observe a large clustering of share issuance just below this 20% threshold, a pattern that suggests that many bidders prefer to avoid a vote. Among deals for non-public targets, the primary concern seems to be timesaving. Instances in which bidders circumvent a vote in order to intentionally thwart opposition constitute only a small number of cases, although firms also avoid a vote as a precautionary measure when they have high institutional ownership. Finally, we investigate financial and legal mechanisms that companies employ in order to avoid the vote.
520 $a Chapter 2 proposes a new approach for estimating expected returns on individual stocks from a large number of firm characteristics. We treat expected returns and betas as latent variables and develop a procedure that filters them out using the characteristics as signals and imposing restrictions implied by an underlying asset pricing model. The procedure is more efficient than alternatives and robust to data mining. The estimates of expected ii returns obtained by applying our method to thirteen asset pricing anomalies generate a wide cross-sectional dispersion of realized returns. Our results provide evidence of strong commonality in asset pricing anomalies. The use of portfolios based on the estimated expected returns as test assets increases the power of asset pricing tests.
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