The Journal of Finance

Long‐Run Performance following Private Placements of Equity

Published: 12/2002,  Volume: 57,  Issue: 6  |  DOI: 10.1111/1540-6261.00507  |  Cited by: 282

Michael Hertzel, Michael Lemmon, James S. Linck, Lynn Rees

Public firms that place equity privately experience positive announcements effects, with negative post‐announcement stock‐price performance. This finding is inconsistent with the underreaction hypothesis. Instead, it suggests that investors are overoptimistic about the prospects of firms issuing equity, regardless of the method of issuance. Further, in contrast to public offerings, private issues follow periods of relatively poor operating performance. Thus, investor overoptimism at the time of private issues is not due to the behavioral tendency to overweight recent experience at the expense of long‐term averages.

IS THE “NEUTRALIZED MONEY STOCK” UNBIASED?*: COMMENT

Published: 12/1976,  Volume: 31,  Issue: 5  |  DOI: 10.1111/j.1540-6261.1976.tb03231.x  |  Cited by: 0

James R. Barth, James T. Bennett

The Effect of Voluntary Spin‐off Announcements on Shareholder Wealth

Published: 12/1983,  Volume: 38,  Issue: 5  |  DOI: 10.1111/j.1540-6261.1983.tb03843.x  |  Cited by: 173

JAMES A. MILES, JAMES D. ROSENFELD

This paper presents estimates of the effect of a voluntary spin‐off announcement on shareholder wealth. The results show that spin‐off announcements have a positive influence on stock prices and that the relative increase in share price is greater for large spin‐offs than for small ones.

DOMESTIC POLICY OBJECTIVES AND THE BALANCE OF PAYMENTS

Published: 5/1966,  Volume: 21,  Issue: 2  |  DOI: 10.1111/j.1540-6261.1966.tb00234.x  |  Cited by: 3

James Duesenberry

BOOKS RECEIVED

Published: 3/1963,  Volume: 18,  Issue: 1  |  DOI: 10.1111/j.1540-6261.1963.tb01633.x  |  Cited by: 0

James Gillies

BOOKS RECEIVED

Published: 12/1961,  Volume: 16,  Issue: 4  |  DOI: 10.1111/j.1540-6261.1961.tb04243.x  |  Cited by: 0

James Gillies

BOOKS RECEIVED

Published: 12/1963,  Volume: 18,  Issue: 4  |  DOI: 10.1111/j.1540-6261.1963.tb01647.x  |  Cited by: 0

James Gillies

BOOKS RECEIVED

Published: 9/1962,  Volume: 17,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1962.tb04331.x  |  Cited by: 0

James Gillies

BOOKS RECEIVED

Published: 3/1962,  Volume: 17,  Issue: 1  |  DOI: 10.1111/j.1540-6261.1962.tb04263.x  |  Cited by: 0

James Gillies

REPLY

Published: 9/1966,  Volume: 21,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1966.tb00257.x  |  Cited by: 0

James Tobin

The Effect of Common‐Stock Dividend Reductions on the Returns of Nonconvertible Preferred Stocks: A Note

Published: 6/1983,  Volume: 38,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1983.tb02517.x  |  Cited by: 2

JAMES ROSENFELD

An Analysis of Bank Loan Rate Indexation

Published: 6/1982,  Volume: 37,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1982.tb02225.x  |  Cited by: 13

CHRISTOPHER JAMES

This paper examines the economic rationale for the use of bank loan commitments and the effect on the allocation of bank credit of indexing the loan rate offered through the commitment to the prime. A simple model of the loan market is constructed and used to examine the effect changes in loan demand and the cost of bank funds have on the allocation of bank credit under indexation. It is shown that indexing implies changes in the relative cost of borrowing for certain groups of bank customers. For nonprime customers, an increase in the cost of bank funds results in a decline in the relative cost of borrowing under commitments. The pattern of commitment use is found to be consistent with the predictions of the model.

THE BURDEN OF THE PUBLIC DEBT: A REVIEW ARTICLE

Published: 12/1965,  Volume: 20,  Issue: 4  |  DOI: 10.1111/j.1540-6261.1965.tb02936.x  |  Cited by: 15

James Tobin

Relationship‐Specific Assets and the Pricing of Underwriter Services

Published: 12/1992,  Volume: 47,  Issue: 5  |  DOI: 10.1111/j.1540-6261.1992.tb04686.x  |  Cited by: 96

CHRISTOPHER JAMES

This paper investigates the effect of setup costs on the pricing of investment banking services. The existence of setup costs is predicted to result in lower underwriter spreads in IPOs for firms that are expected to issue again. Consistent with this prediction, I find significantly lower spreads for firms that make subsequent issues. I also find that a firm's likelihood of changing underwriters in a subsequent offer is related to the time between offerings and the underwriter's pricing performance in the IPO. These results suggest that the deviations from optimal IPO pricing carry a penalty for the underwriter.

Bank Debt Restructurings and the Composition of Exchange Offers in Financial Distress

Published: 6/1996,  Volume: 51,  Issue: 2  |  DOI: 10.1111/j.1540-6261.1996.tb02700.x  |  Cited by: 67

CHRISTOPHER JAMES

This article examines the relation between bank debt forgiveness and the structure of public debt exchange offers in financial distress. I find that the structure of exchange offers and the likelihood of an offer's success are significantly related to whether the bank participates in the restructuring transaction. Exchange offers made in conjunction with bank concessions are characterized by significantly greater reductions in public debt outstanding and significantly less senior debt offered to bondholders. Overall, the results suggest that the structure of a firm's public and private claims significantly affects the firm's ability to modify its capital structure in financial distress.

The Losses Realized in Bank Failures

Published: 9/1991,  Volume: 46,  Issue: 4  |  DOI: 10.1111/j.1540-6261.1991.tb04616.x  |  Cited by: 294

CHRISTOPHER JAMES

This paper examines the losses realized in bank failures. Losses are measured as the difference between the book value of assets and the recovery value net of the direct expenses associated with the failure. I find the loss on assets is substantial, averaging 30 percent of the failed bank's assets. Direct expenses associated with bank closures average 10 percent of assets. An empirical analysis of the determinants of these losses reveals a significant difference in the value of assets retained by the FDIC and similar assets assumed by acquiring banks.

SOME FINANCIAL ASPECTS OF THE CANADIAN GOVERNMENT HOUSING PROGRAM: HISTORY AND PROSPECTIVE DEVELOPMENTS*

Published: 3/1953,  Volume: 8,  Issue: 1  |  DOI: 10.1111/j.1540-6261.1953.tb01133.x  |  Cited by: 0

James Gillies

Agency Costs and Ownership Structure

Published: 2/2000,  Volume: 55,  Issue: 1  |  DOI: 10.1111/0022-1082.00201  |  Cited by: 1788

James S. Ang, Rebel A. Cole, James Wuh Lin

We provide measures of absolute and relative equity agency costs for corporations under different ownership and management structures. Our base case is Jensen and Meckling's (1976) zero agency‐cost firm, where the manager is the firm's sole shareholder. We utilize a sample of 1,708 small corporations from the FRB/NSSBF database and find that agency costs (i) are significantly higher when an outsider rather than an insider manages the firm; (ii) are inversely related to the manager's ownership share; (iii) increase with the number of nonmanager shareholders, and (iv) to a lesser extent, are lower with greater monitoring by banks.

THE SUPPLY OF MONEY AND COMMON STOCK PRICES: FURTHER OBSERVATIONS ON THE ECONOMETRIC EVIDENCE

Published: 6/1974,  Volume: 29,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1974.tb01490.x  |  Cited by: 22

James E. Pesando

THE EQUALIZING EFFECTS OF FEDERAL GRANTS

Published: 5/1954,  Volume: 9,  Issue: 2  |  DOI: 10.1111/j.1540-6261.1954.tb01224.x  |  Cited by: 2

James A. Maxwell

A MODEL OF STATE AND LOCAL GOVERNMENT PORTFOLIO AND REAL‐EXPENDITURE BEHAVIOR: 1952–1965*

Published: 6/1970,  Volume: 25,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1970.tb00538.x  |  Cited by: 0

James A. Chalmers

A NOTE ON THE INCLUSION OF EARNINGS RISK IN MEASURES OF RETURN: A COMMENT

Published: 9/1977,  Volume: 32,  Issue: 4  |  DOI: 10.1111/j.1540-6261.1977.tb03338.x  |  Cited by: 0

James L. Pappas

THE STIMULATORY EFFECT OF GRANTS‐IN‐AID*

Published: 12/1969,  Volume: 24,  Issue: 5  |  DOI: 10.1111/j.1540-6261.1969.tb01715.x  |  Cited by: 0

James A. Wilde

MARKETPLACE ORGANIZATION AND MARKETABILITY: NASDAQ, THE STOCK EXCHANGE, AND THE NATIONAL MARKET SYSTEM

Published: 5/1978,  Volume: 33,  Issue: 2  |  DOI: 10.1111/j.1540-6261.1978.tb04863.x  |  Cited by: 67

James L. Hamilton

THE DEVELOPMENT OF A GENERAL QUASI‐REORGANIZATION CONCEPT*

Published: 9/1956,  Volume: 11,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1956.tb00113.x  |  Cited by: 0

James S. Schindler

THE ORGANIZATION STRUCTURE OF COMMERCIAL BANKS*

Published: 9/1959,  Volume: 14,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1959.tb00130.x  |  Cited by: 0

James B. Boulden

TAX INCENTIVES AND INVESTMENT BEHAVIOR IN MANUFACTURING 1954–1968*

Published: 6/1972,  Volume: 27,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1972.tb01005.x  |  Cited by: 0

James Lee Starkey

DISCUSSION

Published: 5/1976,  Volume: 31,  Issue: 2  |  DOI: 10.1111/j.1540-6261.1976.tb01884.x  |  Cited by: 0

James L. Bicksler

DISCUSSION

Published: 7/1984,  Volume: 39,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1984.tb03664.x  |  Cited by: 0

JAMES L. BICKSLER

AMBIGUITIES IN THE CROSS‐SECTION ANALYSIS OF PER SHARE FINANCIAL DATA: COMMENT

Published: 6/1977,  Volume: 32,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1977.tb02003.x  |  Cited by: 0

James H. Scott

Marketplace Fragmentation, Competition, and the Efficiency of the Stock Exchange

Published: 3/1979,  Volume: 34,  Issue: 1  |  DOI: 10.1111/j.1540-6261.1979.tb02078.x  |  Cited by: 52

JAMES L. HAMILTON

A Reply

Published: 3/1955,  Volume: 10,  Issue: 1  |  DOI: 10.1111/j.1540-6261.1955.tb01565.x  |  Cited by: 1

James A. Maxwell

FEDERAL REGULATION OF BANK HOLDING COMPANIES*

Published: 12/1964,  Volume: 19,  Issue: 4  |  DOI: 10.1111/j.1540-6261.1964.tb02900.x  |  Cited by: 0

James H. Hugon

INDIVIDUAL PURCHASES OF TAX‐EXEMPT BONDS IN THE 1946–56 DECADE*

Published: 3/1961,  Volume: 16,  Issue: 1  |  DOI: 10.1111/j.1540-6261.1961.tb02805.x  |  Cited by: 0

James M. Heidell

THE OUTLOOK FOR THE BOND MARKET

Published: 5/1963,  Volume: 18,  Issue: 2  |  DOI: 10.1111/j.1540-6261.1963.tb00734.x  |  Cited by: 0

James J. O'Leary

ASPECTS OF INSTRUMENT/TARGET LINKS IN CANADIAN MONETARY POLICY*

Published: 3/1974,  Volume: 29,  Issue: 1  |  DOI: 10.1111/j.1540-6261.1974.tb00047.x  |  Cited by: 0

James W. Dean

BOOKS RECEIVED

Published: 9/1963,  Volume: 18,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1963.tb02863.x  |  Cited by: 0

James M. Gillies

THE EFFECTS OF RECENT CREDIT AND DEBT MANAGEMENT POLICIES UPON LIFE INSURANCE COMPANY INVESTMENTS

Published: 5/1952,  Volume: 7,  Issue: 2  |  DOI: 10.1111/j.1540-6261.1952.tb01538.x  |  Cited by: 0

James J. O'Leary

REGIONAL DIFFERENCES IN MORTGAGE FINANCING COSTS: A REEXAMINATION

Published: 12/1977,  Volume: 32,  Issue: 5  |  DOI: 10.1111/j.1540-6261.1977.tb03372.x  |  Cited by: 13

James R. Ostas

THE EFFECTS OF ALTERNATIVE CRITERIA FUNCTIONS ON THE OPTIMUM MANAGEMENT PLANS FOR SOUTHERN PINE PLANTATIONS*

Published: 12/1969,  Volume: 24,  Issue: 5  |  DOI: 10.1111/j.1540-6261.1969.tb01709.x  |  Cited by: 0

James Camp Fortson

DISCUSSION

Published: 5/1968,  Volume: 23,  Issue: 2  |  DOI: 10.1111/j.1540-6261.1968.tb00810.x  |  Cited by: 0

James A. Attwood

DIVIDEND POLICY: ITS INFLUENCE ON THE VALUE OF THE ENTERPRISE

Published: 5/1963,  Volume: 18,  Issue: 2  |  DOI: 10.1111/j.1540-6261.1963.tb00724.x  |  Cited by: 81

James E. Walter

Competition on the Nasdaq and the Impact of Recent Market Reforms

Published: 12/2000,  Volume: 55,  Issue: 6  |  DOI: 10.1111/0022-1082.00300  |  Cited by: 118

James P. Weston

This paper examines the effect of recent market reforms on the competitive structure of the Nasdaq. Our results show that changes in inventory and information costs cannot explain the post‐reform decrease in bid‐ask spreads. We interpret this as evidence that the reforms have reduced Nasdaq dealers' rents. Additionally, we find that the difference between NYSE and Nasdaq spreads have been greatly diminished with the new rules. Further, the reforms have resulted in an exit, ceteris paribus , from the industry for market making. Overall, our results provide strong evidence that the reforms have improved competition on the Nasdaq.

A SPECTRAL ANALYSIS OF CYCLICAL FLUCTUATIONS IN MONEY AND BUSINESS*

Published: 9/1971,  Volume: 26,  Issue: 4  |  DOI: 10.1111/j.1540-6261.1971.tb00938.x  |  Cited by: 0

James T. Bennett

THE CHANGING ROLE OF BANKS IN THE MARKET FOR EQUITIES

Published: 5/1965,  Volume: 20,  Issue: 2  |  DOI: 10.1111/j.1540-6261.1965.tb00216.x  |  Cited by: 1

A. James Meigs

EFFECTS OF USURY CEILINGS IN THE MORTGAGE MARKET

Published: 6/1976,  Volume: 31,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1976.tb01925.x  |  Cited by: 18

James R. Ostas

PRICE‐EXPECTATIONS EFFECTS ON INTEREST RATES: COMMENT*

Published: 6/1973,  Volume: 28,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1973.tb01395.x  |  Cited by: 1

James F. McCollum

OUTLOOK FOR THE LONG‐TERM CAPITAL MARKET

Published: 5/1956,  Volume: 11,  Issue: 2  |  DOI: 10.1111/j.1540-6261.1956.tb00704.x  |  Cited by: 0

James J. O'Leary

A NOTE ON THE ALGEBRAIC EQUIVALENCE OF THE HOLT AND MALKIEL MODELS OF SHARE VALUATION

Published: 6/1974,  Volume: 29,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1974.tb01499.x  |  Cited by: 0

James M. Warren

Towards Indices of Real Estate Value and Return

Published: 5/1980,  Volume: 35,  Issue: 2  |  DOI: 10.1111/j.1540-6261.1980.tb02189.x  |  Cited by: 80

JAMES W. HOAG