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Recursos bibliográficos en papel y digitales -
- libros, artículos de revistas,
ponencias de eventos, etc. -
» Resultado:
6 registros
| Registro 1 de 6 |
| Autor: |
Safieddine, Assem - Titman, Sheridan - |
| Título: |
Leverage and Corporate Performance: Evidence from Unsuccessful Takeovers |
| Fuente: |
Journal of Finance. v.54, n.2. American Finance Association |
| Páginas: |
pp. 547-80 |
| Año: |
Apr. 1999 |
| Resumen: |
This paper finds that, on average, targets that terminate takeover offers significantly increase their leverage ratios. Targets that increase their leverage ratios the most reduce capital expenditures, sell assets, reduce employment, increase focus, and realize cash flows and share prices that outperform their benchmarks in the five years following the failed takeover. The authors’ evidence suggests that leverage-increasing targets act in the interests of shareholders when they terminate takeover offers and that higher leverage helps firms remain independent not because it entrenches managers but because it commits managers to making the improvements that would be made by potential raiders. |
| Solicitar por: |
HEMEROTECA J + datos de Fuente |
| Registro 2 de 6 |
| Autor: |
Daniel, Kent - Titman, Sheridan - |
| Título: |
Evidence on the Characteristics of Cross Sectional Variation in Stock Returns |
| Fuente: |
Journal of Finance. v.52, n.1. American Finance Association |
| Páginas: |
pp. 1-33 |
| Año: |
Mar. 1997 |
| Resumen: |
Firm sizes and book-to-market ratios are both highly correlated with the average returns of common stocks. Eugene F. Fama and Kenneth R. French (1993) argue that the association between these characteristics and returns arise because the characteristics are proxies for nondiversifiable factor risk. In contrast, the evidence in this article indicates that the return premia on small capitalization and high book-to-market stocks does not arise because of the comovements of these stocks with pervasive factors. It is the characteristics rather than the covariance structure of returns that appear to explain the cross-sectional variation in stock returns. |
| Solicitar por: |
HEMEROTECA J + datos de Fuente |
| Registro 3 de 6 |
| Autor: |
Grinblatt, Mark - Titman, Sheridan - Wermers, Russ - |
| Título: |
Momentum Investment Strategies, Portfolio Performance, and Herding: A Study of Mutual Fund Behavior |
| Fuente: |
American Economic Review. v.85, n.5. American Economic Association |
| Páginas: |
pp. 1088-1105 |
| Año: |
Dec. 1995 |
| Resumen: |
This study analyzes the extent to which mutual funds purchase stocks based on their past returns as well as their tendency to exhibit ’herding’ behavior (i.e., buying and selling the same stocks at the same time). The authors find that 77 percent of the mutual funds were ’momentum investors,’ buying stocks that were past winners; however, most did not systematically sell past losers. On average, funds that invested on momentum realized significantly better performance than other funds. The authors also find relatively weak evidence that funds tended to buy and sell the same stocks at the same time. |
| Solicitar por: |
HEMEROTECA A + datos de Fuente |
| Registro 4 de 6 |
| Autor: |
Hirshleifer, David - Subrahmanyam, Avanidhar - Titman, Sheridan - |
| Título: |
Security Analysis and Trading Patterns When Some Investors Receive Information before Others |
| Fuente: |
Journal of Finance. v.49, n.5. American Finance Association |
| Páginas: |
pp. 1665-98 |
| Año: |
Dec. 1994 |
| Resumen: |
In existing models of information acquisition, all informed investors receive their information at the same time. This article analyzes trading behavior and equilibrium information acquisition when some investors receive common private information before others. The model implies that, under some conditions, investors will focus only on a subset of securities (’herding’), while neglecting other securities with identical exogenous characteristics. In addition, the model is consistent with empirical correlations that are suggestive of oft-cited trading strategies such as profit taking (short-term position reversal) and following the leader (mimicking earlier trades). |
| Solicitar por: |
HEMEROTECA J + datos de Fuente |
| Registro 5 de 6 |
| Autor: |
Opler, Tim-C - Titman, Sheridan - |
| Título: |
Financial Distress and Corporate Performance |
| Fuente: |
Journal of Finance. v.49, n.3. American Finance Association |
| Páginas: |
pp. 1015-40 |
| Año: |
July 1994 |
| Resumen: |
This study finds that highly leveraged firms lose substantial market share to their more conservatively financed competitors in industry downturns. Specifically, firms in the top leverage decile in industries that experience output contractions see their sales decline by 26 percent more than do firms in the bottom leverage decile. A similar decline takes place in the market value of equity. These findings are consistent with the view that the indirect costs of financial distress are significant and positive. Consistent with the theory that firms with specialized products are especially vulnerable to financial distress, we find that highly leveraged firms that engage in research and development suffer the most in economically distressed periods. We also find that the adverse consequences of leverage are more pronounced in concentrated industries. |
| Solicitar por: |
HEMEROTECA J + datos de Fuente |
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