国际前沿丨Financial Management 2018第一期目录及摘要

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Corporate Governance:

1.Mandatory Worker Representation on the Board and Its Effect on Shareholder Wealth

Stefan Petry( University of Manchester  )

2.The Shareholder Base Hypothesis of Stock Return Volatility: Empirical Evidence

Håkan Jankensgård  (Lund University)

Anders Vilhelmsson(Lund University)

3.The Propensity to Split and CEO Compensation

Erik Devos (University of Texas–El Paso)

William B( John Carroll University)

Richard S. Warr( North Carolina State University)

Financial Managemen:

1.Corporate Cash Holdings and Acquisitions

Erik Lie(University of Iowa)

Yixin Liu(University of  New Hampshire)

ABSTRACT

Mandatory Worker Representation on the Board and Its Effect on Shareholder WealthStefan PetryAbstract: Several countries legally mandate representation of workers on boards of directors. The evidence on the shareholder wealth effects of such a corporate governance design is mixed. I examine abnormal announcement returns around major milestones leading to the passing of the German Codetermination Act in 1976. I find that news about the act causes an average decline in the equity value of firms that are certain to have been affected by the new law of up to 1.5% relative to the control firms. Firms close to the regulatory threshold of 2,000 employees remain unaffected implying an expectation of avoiding compliance.
The Shareholder Base Hypothesis of Stock Return Volatility: Empirical EvidenceHåkan Jankensgård ,Anders VilhelmssonAbstract: We use Swedish ownership data to explore whether a large and diversified shareholder base leads to lower volatility by improving the information content of stock prices. We find that volatility increases in the number of shareholders with respect to both the number of relatively large shareholders and the fraction of shares held by investors with stakes below 0.1%. Volatility is also positively related to the number of institutional owners but negatively related to the number of large and underdiversified institutional owners. Foreign investors have no impact. Our results suggest that a large shareholder base does not lower volatility.
The Propensity to Split and CEO CompensationErik Devos ,William B,Richard S. WarrAbstract: We analyze the relation between the delta and vega of a chief executive officer's (CEO) compensation and the propensity of the firm to engage in a split. Controlling for other well‐known factors, we find that CEOs with compensation that has higher levels of delta are more likely to split their shares. Furthermore, the choice of split factor is inversely related to delta. Our results are economically significant: for the average (median) firm in our sample, a stock split results in a CEO wealth gain of $4.9 million ($84,000).Keywords: Stock Splits, Executive Compensation, Managerial Incentives
Corporate Cash Holdings and AcquisitionsErik Lie,Yixin LiuAbstract: We find that acquirers’ announcement returns decline with their cash holdings, but only when at least part of the payment is in the form of stock. We further find evidence that acquirers that use stock payment are overvalued, especially when they have excess cash that they could have used instead. Collectively, our results suggest that investors interpret announcements of stock acquisitions as a signal that the acquirers’ equity is overvalued and that high cash holdings intensify this signal. However, our results are inconsistent with the common belief that cash holdings induce value‐destroying acquisitions.

本期编审人员

资料整理 | 厦门大学 在读会计硕士 钟依倩

执行编辑丨 西安工业大学 在读会计本科生  贾   琼

审核编辑 | 青岛科技大学 在读会计硕士生  王宏斌

终审 | 西北师范大学大学 在读会计硕士生  杨   阳

主编｜北京交通大学会计系博士生  水皮（李高波）

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