首页 > 图书详情

风险投资与债券风险溢价——基于机构投资者视角 经济管理类;专著;中国;货币银行学

售价:¥66.64 ¥98
0人在读 |
0 评分
丛书名:
关博文   社会科学文献出版社  2020-09 出版
ISBN:978-7-5201-7452-7

*温馨提示:此类商品为数字类产品,不支持退换货,不支持下载打印

图书简介 目录 参考文献 音频 视频
本书以机构投资者为视角,以中国金融风险投资与债券风险溢价为研究对象,通过收集整理国内外学者的相关文献资料和实证研究调研结果,主要探讨了中国债券市场风险识别和机构投资者风险投资的发展现状、问题和相互作用机制,实证检验了机构投资者持股行为动机对债券风险溢价的影响以及其作用机制的传导路径,指出了机构投资者的不同风险投资行为可以被识别并表现在债券风险溢价上,进而提出了金融市场风险管理制度与机构投资者公司治理调控的政策建议。
[展开]
  • 摘要
  • Abstract
  • 第一章 绪论
    1. 第一节 研究背景
    2. 第二节 研究内容与研究框架
    3. 第三节 研究方法
    4. 第四节 创新之处与研究意义
  • 第二章 理论基础及文献综述
    1. 第一节 理论基础
    2. 第二节 文献综述
    3. 本章小结
  • 第三章 债券市场与机构投资者发展制度背景与现状分析
    1. 第一节 债券市场发展制度背景
    2. 第二节 债券市场发展现状分析
    3. 第三节 机构投资者发展制度背景
    4. 第四节 机构投资者发展现状分析
    5. 本章小结
  • 第四章 机构持股对债券风险溢价的影响
    1. 第一节 理论分析与研究假设
    2. 第二节 研究设计
    3. 第三节 实证结果及分析
    4. 本章小结
  • 第五章 公司治理视角下机构持股对债券风险溢价的影响
    1. 第一节 理论分析与研究假设
    2. 第二节 研究设计
    3. 第三节 实证结果及分析
    4. 本章小结
  • 第六章 机构异质性视角下机构持股对债券风险溢价的影响
    1. 第一节 理论分析与研究假设
    2. 第二节 研究设计
    3. 第三节 实证结果及分析
    4. 本章小结
  • 第七章 研究结论与政策建议
    1. 第一节 研究结论
    2. 第二节 政策建议
[1][1]巴曙松、姚飞:《中国债券市场流动性水平测度》,《统计研究》2013年第12期,第95~99页。 [2][2]白云霞、林秉旋、王亚平、吴联生:《所有权、负债与大股东利益侵占——来自中国控制权转移公司的证据》,《会计研究》2013年第4期,第66~72页。 [3][3]曹丰、鲁冰、李争光、徐凯:《机构投资者降低了股价崩盘风险吗?》,《会计研究》2015年第11期,第55~61页。 [4][4]陈灿:《大股东减持与机构投资者交易行为研究》,《金融经济学研究》2016年第4期,第92~100页。 [5][5]陈小林、孔东民:《机构投资者信息搜寻、公开信息透明度与私有信息套利》,《南开管理评论》2012年第1期,第113~122页。 [6][6]戴国强、孙新宝:《我国企业债券信用利差宏观决定因素研究》,《财经研究》2011年第12期,第61~71页。 [7][7]戴子礼、张冰莹:《R&D投入对股东及债权人利益关系的影响——基于我国A股上市公司的实证研究》,《系统工程》2013年第10期,第29~33页。 [8][8]邓可斌、唐小艳:《机构投资者真的有助于降低盈余管理吗?——来自中国上市公司混合与平衡面板数据的证据》,《产业经济研究》2010年第5期,第71~78页。 [9][9]方红星、施继坤、张广宝:《产权性质、信息质量与公司债定价——来自中国资本市场的经验证据》,《金融研究》2013年第4期,第170~182页。 [10][10]傅家骥、周刚、雷家肃:《大股东治理与国有企业改革》,《数量经济技术经济研究》2001年第2期,第5~8页。 [11][11]韩亮亮:《异质机构投资者、实际控制人性质与银行高管货币薪酬》,《商业经济与管理》2016年第10期,第69~77页。 [12][12]韩晴、王华:《独立董事责任险、机构投资者与公司治理》,《南开管理评论》2014年第5期,第54~62页。 [13][13]孔东民、孔高文、刘莎莎:《机构投资者、流动性与信息效率》,《管理科学学报》2015年第3期,第1~15页。 [14][14]李斌、郭剑桥:《高管薪酬与公司绩效关系的实证研究》,《财经问题研究》2013年第11期,第115~121页。 [15][15]李青原、刘惠、王红建:《机构投资者持股、异质性与股价延迟度研究》,《证券市场导报》2013年第10期,第24~32页。 [16][16]李争光、赵西卜、曹丰、卢晓璇:《机构投资者异质性与企业绩效——来自中国上市公司的经验证据》,《审计与经济研究》2014年第5期,第77~87页。 [17][17]李志辉、杨思静、孟焰:《独立董事兼任:声誉抑或忙碌——基于债券市场的经验证据》,《审计研究》2017年第5期,第96~103页。 [18][18]梁朝晖、王宗胜、曹刚:《非信用风险因素对公司债信用利差的影响》,《北京理工大学学报》(社会科学版)2015年第6期,第90~98页。 [19][19]林晚发、李国平、王海妹等:《分析师预测与企业债券信用利差——基于2008—2012年中国企业债券数据》,《会计研究》2013年第8期,第69~75页。 [20][20]刘京军、徐浩萍:《机构投资者:长期投资者还是短期机会主义者?》,《金融研究》2012年第9期,第141~154页。 [21][21]刘涛、毛道维、宋海燕:《机构投资者:选择治理还是介入治理——基于薪酬—绩效敏感度的内生性研究》,《山西财经大学学报》2013年第11期,第95~105页。 [22][22]刘妍、王利、张荣霞、周睿:《股权分置改革对上市公司现金股利行为影响的实证检验》,《统计与决策》2014年第18期,第154~157页。 [23][23]路军伟、韩菲、石昕:《高管薪酬激励、管理层持股与盈余管理偏好——基于对盈余管理方式的全景式考察》,《山西财经大学学报》2015年第11期,第89~103页。 [24][24]马超:《机构投资者独立性与股票流动性——基于深圳主板A股市场上市公司的实证研究》,《金融经济学研究》2015第4期,第65~74页。 [25][25]闵晓平、桂荷发、严武:《基于主成分分析的公司债券市场流动性衡量研究》,《证券市场导报》2011年第7期,第70~77页。 [26][26]牛建波、吴超、李胜楠:《机构投资者类型、股权特征和自愿性信息披露》,《管理评论》2013年第3期,第48~59页。 [27][27]欧阳励励、陈辉发、张川:《终极控股股东类型、两权分离度与公司债券融资成本》,《山西财经大学学报》2014年第9期,第92~103页。 [28][28]潘越、戴亦一、魏诗琪:《机构投资者与上市公司“合谋”了吗:基于高管非自愿变更与继任选择事件的分析》,《南开管理评论》2011年第2期,第69~81页。 [29][29]彭利达:《大股东与上市公司现金分红:异质机构投资者的调节作用》,《金融经济学研究》2016年第3期,第98~106页。 [30][30]齐鲁光、韩传模:《机构投资者持股、高管权力与现金分红研究》,《中央财经大学学报》2015年第4期,第52~57页。 [31][31]屈文洲、谢雅璐、叶玉妹:《信息不对称、融资约束与投资—现金流敏感性——基于市场微观结构理论的实证研究》,《经济研究》2011年第6期,第105~117页。 [32][32]史永东、王谨乐:《中国机构投资者真的稳定市场了吗?》,《经济研究》2014年第12期,第100~112页。 [33][33]孙红梅、黄虹、刘媛:《机构投资、高管薪酬与公司业绩研究》,《技术经济与管理研究》2015年第1期,第50~55页。 [34][34]孙克:《企业债信用价差动态过程的影响因素研究》,《证券市场导报》2010年第7期,第24~31页。 [35][35]陶瑜、彭龙、刘寅:《机构投资者行为对信息效率的影响研究》,《北京工商大学学报》(社会科学版)2016年第5期,第87~97页。 [36][36]田利辉、叶瑶、张伟:《两权分离与上市公司长期回报:利益侵占还是简政释权》,《世界经济》2016年第7期,第49~72页。 [37][37]王安兴、杜琨:《债务违约风险与期权定价研究》,《管理科学学报》2016年第1期,第117~126页。 [38][38]王俊飚、刘明、王志诚:《机构投资者持股对新股增发折价影响的实证研究》,《管理世界》2012年第10期,第172~173页。 [39][39]王琨、肖星:《机构投资者持股与关联方占用的实证研究》,《南开管理评论》2005年第2期,第27~33页。 [40][40]王雄元、张春强、何捷:《宏观经济波动性与短期融资券风险溢价》,《金融研究》2015年第1期,第68~83页。 [41][41]王亚平、刘慧龙、吴联生:《信息透明度、机构投资者与股价同步性》,《金融研究》2009年第12期,第162~174页。 [42][42]王咏梅、王亚平:《机构投资者如何影响市场的信息效率——来自中国的经验证据》,《金融研究》2011年第10期,第112~126页。 [43][43]魏明海、黄琼宇、程敏英:《家族企业关联大股东的治理角色——基于关联交易的视角》,《管理世界》2013年第3期,第133~147页。 [44][44]吴先聪、张健、胡志颖:《机构投资者特征、终极控制人性质与大股东掏空——基于关联交易视角的研究》,《外国经济与管理》2016年第6期,第3~20页。 [45][45]吴晓晖、姜彦福:《机构投资者影响下独立董事治理效率变化研究》,《中国工业经济》2006年第5期,第105~111页。 [46][46]夏立军、方轶强:《政府控制、治理环境与公司价值》,《经济研究》2005年第5期,第40~51页。 [47][47]谢德仁、黄亮华:《代理成本、机构投资者监督与独立董事津贴》,《财经研究》2013年第2期,第92~102页。 [48][48]徐光伟、刘星:《公司治理环境、资产配置偏好与利益侵占》,《管理工程学报》2012年第4期,第32~38页。 [49][49]徐向艺、王俊韡:《控制权转移、股权结构与目标公司绩效——来自深、沪上市公司2001—2009的经验数据》,《中国工业经济》2011年第8期,第89~98页。 [50][50]许年行、于上尧、伊志宏:《机构投资者羊群行为与股价崩盘风险》,《管理世界》2013年第7期,第31~43页。 [51][51]杨大楷、王鹏:《盈余管理与公司债券定价——来自中国债券市场的经验证据》,《国际金融研究》2014年第4期,第86~96页。 [52][52]杨丰来、黄永航:《企业治理结构、信息不对称与中小企业融资》,《金融研究》2006年第5期,第159~166页。 [53][53]杨海燕、孙健、韦德洪:《机构投资者独立性对代理成本的影响》,《证券市场导报》2012年第1期,第25~30页。 [54][54]叶松勤、徐经长:《大股东控制与机构投资者的治理效应——基于投资效率视角的实证分析》,《证券市场导报》2013年第5期,第35~42页。 [55][55]于静霞、周林:《货币政策、宏观经济对企业债券信用利差的影响研究》,《财政研究》2015年第5期,第49~57页。 [56][56]张娆:《机构投资者、大股东行为与企业绩效》,《宏观经济研究》2014年第12期,第122~133页。 [57][57]赵静、方兆本:《中国公司债信用利差决定因素——基于结构化理论的实证研究》,《经济管理》2011年第11期,第138~148页。 [58][58]赵涛、郑祖玄:《信息不对称与机构操纵——中国股市机构与散户的博弈分析》,《经济研究》2002年第7期,第41~48页。 [59][59]赵晓琴、万迪昉:《上市公司债券票面利差形成影响因素研究》,《证券市场导报》2011年第8期,第46~50页。 [60][60]甄红线、王谨乐:《机构投资者能够缓解融资约束吗?——基于现金价值的视角》,《会计研究》2016年第12期,第51~57页。 [61][61]郑国坚、林东杰、张飞达:《大股东财务困境、掏空与公司治理的有效性——来自大股东财务数据的证据》,《管理世界》2013年第5期,第157~168页。 [62][62]周宏、林晚发、李国平、王海妹:《信息不对称与企业债券信用风险估价——基于2008~2011年中国企业债券数据》,《会计研究》2012年第12期,第36~42页。 [63][63]周宏、林晚发、李国平:《信息不确定、信息不对称与债券信用利差》,《统计研究》2014年第5期,第66~72页。 [64][64]周宏、徐兆铭、彭丽华、杨萌萌:《宏观经济不确定性对中国企业债券信用风险的影响——基于2007~2009年月度面板数据》,《会计研究》2011年第12期,第41~45页。 [65][65]祝继高、叶康涛、陆正飞:《谁是更积极的监督者:非控股股东董事还是独立董事?》,《经济研究》2015年第9期,第170~184页。 [66][66]Ackerloff,G.,“The Market for Lemons:Quality Uncertainty and The Market Mechanism”,Quarterly Journal of Economics,1970,84(3):488-500. [67][67]Admati,A.R.,Pfleiderer,P.,Zechner,J.,“Large Shareholder Activism,Risk Sharing,and Financial Market Equilibrium”,Journal of Political Economy,1994,102(6):1097-1130. [68][68]Agrawal,A.,Mandelker,G.N.,“Managerial Incentives and Corporate Investment and Financing Decisions”,Journal of Finance,1987,42(4):823-837. [69][69]Ajinkya,B.,Bhojraj,S.,Sengupta,P.,“The Association between Outside Directors,Institutional Investors and the Properties of Management Earnings Forecasts”,Journal of Accounting Research,2005,43(3):343-376. [70][70]Ajinkya,B.,Bhojraj,S.,Sengupta,P.,“The Effect of Corporate Governance on Disclosure”,University of Florida,Working paper,1999:16-29. [71][71]Akerlof,G.,Spence,M.,Stiglitz,J.,“Markets with Asymmetric Information”,Committee,Nobel Prize,2001. [72][72]Almazan,A.,Hartzell,J.C.,Starks,L.T.,“Active Institutional Shareholders and Costs of Monitoring:Evidence from Executive Compensation”,Financial Management,2005,34(4):5-34. [73][73]Amihud,Y.,Lev,B.,“Risk Reduction as A Managerial Motive for Conglomerate Mergers”,Bell Journal of Economics,1981(6):605-617. [74][74]Amihud,Y.,Mendelson,H.,“Asset Pricing and the Bid-ask Spread”,Journal of Financial Economics,1986,17(2):223-249. [75][75]Anderson,R.C.,Mansi,S.A.,Reeb,D.M.,“Founding Family Ownership and the Agency Cost of Debt”,Journal of Financial Economics,2003,68(2):263-285. [76][76]Anderson,R.W.,Sundaresan,S.,“Design and Valuation of Debt Contracts”,Review of Financial Studies,1996,9(1):37-68. [77][77]Arrow,K.J.,“The Theory of Risk Aversion”,Essays in the Theory of Risk-bearing,1971:90-120. [78][78]Avramov,D.,Chordia,T.,Jostova,G. et al.,“Momentum and Credit Rating”,Journal of Finance,2007,62(5):2503-2520. [79][79]Aydemir,A.C.,Gallmeyer,M.F.,“Financial Leverage Does Not Cause the Leverage Effect”,AFA 2007 Chicago Meetings Paper,Available at SSRN(2006). [80][80]Bae,K.H.,Kang,J.K.,Kim,J.M.,“Tunneling or Value Added?Evidence from Mergers by Korean Business Groups”,Journal of Finance,2002,57(6):2695-2740. [81][81]Baik,B.,Kang,J.K.,Kim,J.M.,“Local Institutional Investors,Information Asymmetries,and Equity Returns”,Journal of Financial Economics,2010,97(1):81-106. [82][82]Barber,B.M.,Odean,T.,Zhu,N.,“Do Retail Trades Move Markets?”,Review of Financial Studies,2008,22(1):151-186. [83][83]Barber,B.,“Monitoring the Monitor:Evaluating CalPERS’ Shareholder Activism”,Journal of Investing,2007,16(4):66-68. [84][84]Baron,R.M.,Kenny,D.A.,“The Moderator-mediator Variable Distinction in Social Psychological Research:Conceptual,Strategic,and Statistical Considerations”,Journal of Personality and Social Psychology,1986,51(6):1173-1182. [85][85]Bauman,M.P.,“Proportionate Consolidation Versus the Equity Method:Additional Evidence on the Association with Bond Ratings”,International Review of Financial Analysis,2007,16(5):496-507. [86][86]Beatty,R.E.,Zajac,E.J.,“Managerial Incentives,Monitoring,and Risk Bearing:A Study of Executive Compensation,Ownership,and Board Structure in Initial Public Offerings”,Administrative Science Quarterly,1994,39:313-335. [87][87]Bebchuk,L.A.,Cohen,A.,“The Costs of Entrenched Boards”,Journal of Financial Economics,2005,78(2):409-433. [88][88]Bebchuk,L.A.,Cremers,K.J.M.,Peyer,U.C.,“The CEO Pay Slice”,Journal of Financial Economics,2011,102(1):199-221. [89][89]Beckworth,D.,Moon,K.P.,Toles,J.H.,“Monetary Policy and Corporate Bond Yield Spreads”,Applied Economics Letters,2010,17(12):1139-1144. [90][90]Bertrand,M.,Mehta,P.,Mullainathan,S.,“Ferreting out Tunneling:An Application to Indian Business Groups”,Quarterly Journal of Economics,2002,117(1):121-148. [91][91]Bhojraj,S.,Sengupta,P.,“Effect of Corporate Governance on Bond Ratings and Yields:The Role of Institutional Investors and Outside Directors”,Journal of Business,2003,76(3):455-475. [92][92]Bhattacharya,U.,Daouk,H.,Welker,M.,“The World Price of Earnings Opacity”,Accounting Review,2003,78(3):641-678. [93][93]Black,B.S.,“Shareholder Passivity Reexamined”,Michigan Law Review,1990,89(3):520-608. [94][94]Black,F.,Scholes,M.,“The Pricing of Options and Corporate Liabilities”,Journal of Political Economy,1973,81(3):637-654. [95][95]Black,S.,Kirkwood,J.,Williams,T. et al.,“A History of Australian Corporate Bonds”,Australian Economic History Review,2013,53(3):292-317. [96][96]BliegeBird,R.,Smith,E.A.,Alvard,M. et al.,“Signaling Theory,Strategic Interaction,and Symbolic Capital”,Current Anthropology,2005,46(2):221-248. [97][97]Bohren,O.,Priestley,R.,Odegaard,B.A.,“The Duration of Equity Ownership”,Working Paper,2005. [98][98]Borochin,P.,Yang,J.,“The Effects of Institutional Investor Objectives on Firm Valuation and Governance”,Journal of Financial Economics,2017,126(1):171-199. [99][99]Boudoukh,J.,Richardson,M.,“Stock Returns and Inflation:A Long-horizon Perspective”,American Economic Review,1993,83(5):1346-1355. [100][100]Bozec,Y.,Bozec,R.,“Ownership Concentration and Corporate Governance Practices:Substitution or Expropriation Effects?”,Canadian Journal of Administrative Sciences,2007,24(3):182-195. [101][101]Brickley,J.A.,Lease,R.C.,Smith,C.W.,“Ownership Structure and Voting on Antitakeover Amendments”,Journal of Financial Economics,1988,20:267-291. [102][102]Burns,N.,Kedia,S.,Lipson,M.,“Institutional Ownership and Monitoring:Evidence from Financial Misreporting”,Journal of Corporate Finance,2010,16(4):443-455. [103][103]Bushee,B.J.,“The Influence of Institutional Investors on Myopic R&D Investment Behavior”,Journal of Accounting Review,1998,73(3):305-333. [104][104]Bushee,B.J.,“Do Institutional Investors Prefer Near-term Earnings over Long-run Value?”,Contemporary Accounting Research,2001,18(2):207-246. [105][105]Campbell,J.Y.,Ramadorai,T.,Schwartz,A.,“Caught on Tape:Institutional Trading,Stock Returns,and Earnings Announcements”,Journal of Financial Economics,2009,92(1):66-91. [106][106]Campbell,J.Y.,Taksler,G.B.,“Equity Volatility and Corporate Bond Yields”,Journal of Finance,2003,58(6):2321-2350. [107][107]Carleton,W.T.,Nelson,J.M.,Weisbach,M.S.,“The Influence of Institutions on Corporate Governance Through Private Negotiations:Evidence from TIAA-CREF”,Journal of Finance,1998,53(4):1335-1362. [108][108]Carney,M.,Gedajlovic,E.,“Corporate Governance and Firm Capabilities:A Comparison of Managerial,Alliance,and Personal Capitalisms”,Asia Pacific Journal of Management,2001,18(3):335-354. [109][109]Cenesizoglu,T.,Essid,B.,“The Effect of Monetary Policy on Credit Spreads”,Journal of Financial Research,2012,35(4):581-613. [110][110]Certo,S.T.,Lester,R.H.,Dalton,C.M. et al.,“Top Management Teams,Strategy and Financial Performance:A Meta-analytic Examination”,Journal of Management Studies,2006,43(4):813-839. [111][111]Chakravarty,S.,Sarkar,A.,“Trading Costs in Three US Bond Markets”,Journal of Fixed Income,2003,13(1):39-48. [112][112]Chang,Y.B.,Gurbaxani,V.,“Information Technology Outsourcing,Knowledge Transfer,and Firm Productivity:An Empirical Analysis”,MIS Quarterly,2012:1043-1063. [113][113]Chen,L.,Lesmond,D.A.,Wei,J.,“Corporate Yield Spreads and Bond Liquidity”,Journal of Finance,2007,62(1):119-149. [114][114]Chen,X.,Harford,J.,Li,K.,“Monitoring:Which Institutions Matter?”,Journal of Financial Economics,2007,86(2):279-305. [115][115]Chen,Z.,Cheung,Y.L.,Stouraitis,A. et al.,“Ownership Concentration,Firm Performance,and Dividend Policy in Hong Kong”,Pacific-Basin Finance Journal,2005,13(4):431-449. [116][116]Cheng,X.,Degryse,H.,“The Impact of Bank and Non-bank Financial Institutions on Local Economic Growth in China”,Journal of Financial Services Research,2010,37(2):179-199. [117][117]Cheung,Y.L.,Qi,Y.,Rau,P.R. et al.,“Buy High,Sell Low:How Listed Firms Price Asset Transfers in Related Party Transactions”,Journal of Banking & Finance,2009,33(5):914-924. [118][118]Claessens,S.,Djankov,S.,Lang,L.H.P.,“The Separation of Ownership and Control in East Asian Corporations”,Journal of Financial Economics,2000,58(1):81-112. [119][119]Claessens,S.,Fan,J.P.H.,“Corporate Governance in Asia:A Survey”,International Review of Finance,2002,3(2):71-103. [120][120]Coffee,J.C.,“Liquidity Versus Control:The Institutional Investor as Corporate Monitor”,Columbia Law Review,1991,91(6):1277-1368. [121][121]Cohen,A.,“Yield on New Underwritten Corporate Bonds”,Journal of Finance,1962,42:585-605. [122][122]Cohen,B.D.,Dean,T.J.,“Information Asymmetry and Investor Valuation of IPOs:Top Management Team Legitimacy as A Capital Market Signal”,Strategic Management Journal,2005,26(7):683-690. [123][123]Collin-Dufresne,P.,Goldstein,R.S.,“Do Credit Spreads Reflect Stationary Leverage Ratios?”,Journal of Finance,2001,56(5):1929-1957. [124][124]Core,J.E.,Holthausen,R.W.,Larcker,D.F.,“Corporate Governance,Chief Executive Officer Compensation,and Firm Performance”,Journal of Financial Economics,1999,51(3):371-406. [125][125]Cornett,M.M.,Marcus,A.J.,Saunders,A. et al.,“The Impact of Institutional Ownership on Corporate Operating Performance”,Journal of Banking and Finance,2007,31(6):1771-1794. [126][126]Cremers,M.,Romano,R.,“Institutional Investors and Proxy Voting:The Impact of the 2003 Mutual Fund Voting Disclosure Regulation”,Working paper,2007. [127][127]Dahiya,S.,Yermack,D.,“Litigation Exposure,Capital Structure and Shareholder Value:the Case of Brooke Group”,Journal of Corporate Finance,2003,9(3):271-294. [128][128]Dann,L.Y.,DeAngelo,H.,“Standstill Agreements,Privately Negotiated Stock Repurchases,and the Market for Corporate Control”,Journal of Financial Economics,1983,11(1-4):275-300. [129][129]David,P.,Hitt,M.A.,Liang,T.W.,“The Benefits and Costs of Large Block Ownership before and During the East-Asian Crisis”,Working paper,2007. [130][130]Miguel,A.D.,Pindado,J.,“Determinants of Capital Structure:New Evidence from Spanish Panel Data”,Journal of Corporate Finance,2001,7(1):77-99. [131][131]DeAngelo,H.,Rice,E.M.,“Antitakeover Charter Amendments and Stockholder Wealth”,Journal of Financial Economics,1983,11(1-4):329-359. [132][132]Dechow,P.M.,Sloan,R.G.,Sweeney,A.P.,“Causes and Consequences of Earnings Manipulation:An Analysis of Firms Subject to Enforcement Actions by the SEC”,Contemporary Accounting Research,1996,13(1):1-36. [133][133]Dechow,P.M.,Sloan,R.G.,“Executive Incentives and the Horizon Problem:An Empirical Investigation”,Journal of Accounting and Economics,1991,14(1):51-89. [134][134]Del Guercio,D.,Hawkins,J.,“The Motivation and Impact of Pension Fund Activism”,Journal of Financial Economics,1999,52(3):293-340. [135][135]Denis,D.K.,McConnell,J.J.,“International Corporate Governance”,Journal of Financial and Quantitative Analysis,2003,38(1):1-36. [136][136]Derrien,F.,Kecskés,A.,Thesmar,D.,“Investor Horizons and Corporate Policies”,Journal of Financial and Quantitative Analysis,2013,48(6):1755-1780. [137][137]Dechow,P.M.,Sloan,R.G.,Sweeney,A.P.,“Detecting Earnings Management”,Accounting Review,1995:193-225. [138][138]Dharwadkar,R.,Goranova,M.,Brandes,P. et al.,“Institutional Ownership and Monitoring Effectiveness:It’s not just How Much but What Else You Own”,Organization Science,2008,19(3):419-440. [139][139]Dotsey,M.,“The Predictive Content of the Interest Rate Term Spread for Future Economic Growth”,Economic Quarterly-Federal Reserve Bank of Richmond,2000,84:19-26. [140][140]Driessen,J.,“Is Default Event Risk Priced in Corporate Bonds?”,Review of Financial Studies,2004,18(1):165-195. [141][141]Duffie,D.,Lando,D.,“Term Structures of Credit Spreads with Incomplete Accounting Information”,Econometrica,2001,69(3):633-664. [142][142]Duffie,D.,Singleton,K.J.,“Modeling Term Structures of Defaultable Bonds”,Review of Financial Studies,1999,12(4):687-720. [143][143]Edmans,A.,“Blockholder Trading,Market Efficiency,and Managerial Myopia”,Journal of Finance,2009,64(6):2481-2513. [144][144]Eisenhardt,K.M.,“Agency Theory:An Assessment and Review”,Academy of Management Review,1989,14(1):57-74. [145][145]Elton,E.J.,Gruber,M.J.,Agrawal,D. et al.,“Explaining the Rate Spread on Corporate Bonds”,Journal of Finance,2001,56(1):247-277. [146][146]Elyasiani,E.,Jia,J.J.,Mao,C.X.,“Institutional Ownership Stability and the Cost of Debt”,Journal of Financial Markets,2010,13(4):475-500. [147][147]Ertimur,Y.,Ferri,F.,Stubben,S.R.,“Board of Directors’ Responsiveness to Shareholders:Evidence from Shareholder Proposals”,Journal of Corporate Finance,2010,16(1):53-72. [148][148]Fama,E.F.,“Agency Problems and the Theory of the Firm”,Journal of Political Economy,1980,88(2):288-307. [149][149]Fama,E.F.,Jensen,M.C.,“Separation of Ownership and Control”,Journal of Law and Economics,1983,26(2):301-325. [150][150]Fehle,F.,“Bid-ask Spreads and Institutional Ownership”,Review of Quantitative Finance and Accounting,2004,22(4):275-292. [151][151]Ferreira,M.A.,Matos,P.,“The Colors of Investors’ Money:The Role of Institutional Investors Around the World”,Journal of Financial Economics,2008,88(3):499-533. [152][152]Fong,K.Y.L.,Holden,C.W.,Trzcinka,C.A.,“What Are the Best Liquidity Proxies for Global Research?”,Review of Finance,2017,21(4):1355-1401. [153][153]Friedman,E.,Johnson,S.,Mitton,T.,“Propping and Tunneling”,Journal of Comparative Economics,2003,31(4):732-750. [154][154]Gallais-Hamonno,G.,Oosterlinck,K.,“Informational Efficiency of the Clandestine and Official Gold Markets in Paris”,Economics Letters,2015,126:28-30. [155][155]Gao,L.,Kling,G.,“Corporate Governance and Tunneling:Empirical Evidence from China”,Pacific-Basin Finance Journal,2008,16(5):591-605. [156][156]Garmaise,M.J.,Natividad,G.,“Information,the Cost of Credit,and Operational Efficiency:An Empirical Study of Microfinance”,Review of Financial Studies,2010,23(6):2560-2590. [157][157]Gaspar,J.M.,Massa,M.,Matos,P. et al.,“Payout Policy Choices and Shareholder Investment Horizons”,Review of Finance,2012,17(1):261-320. [158][158]Gaspar,J.M.,Massa,M.,Matos,P.,“Shareholder Investment Horizons and the Market for Corporate Control”,Journal of Financial Economics,2005,76(1):135-165. [159][159]Gedajlovic,E.,Shapiro,D.M.,“Ownership Structure and Firm Profitability in Japan”,Academy of Management Journal,2002,45(3):565-575. [160][160]Goldreich,D.,Hanke,B.,Nath,P.,“The Price of Future Liquidity:Time-varying Liquidity in the US Treasury Market”,Review of Finance,2005,9(1):1-32. [161][161]Gopalan,R.,Song,F.,Yerramilli,V.,“Debt Maturity Structure and Credit Quality”,Journal of Financial and Quantitative Analysis,2014,49(4):817-842. [162][162]Goyenko,R.Y.,Holden,C.W.,Trzcinka,C.A.,“Do Liquidity Measures Measure Liquidity?”,Journal of Financial Economics,2009,92(2):153-181. [163][163]Green,T.C.,“Economic News and the Impact of Trading on Bond Prices”,Journal of Finance,2004,59(3):1201-1234. [164][164]Grossman,S.J.,Hart,O.D.,“Takeover Bids,the Free-rider Problem,and the Theory of the Corporation”,Bell Journal of Economics,1980:42-64. [165][165]Guercio,D.D.,Seery,L.,Woidtke,T.,“Do Boards Pay Attention When Institutional Investor Activists ‘just vote no’?”,Journal of Financial Economics,2008,90(1):84-103. [166][166]Guha,D.,Hiris,L.,“The Aggregate Credit Spread and the Business Cycle”,International Review of Financial Analysis,2002,11(2):219-227. [167][167]Hartzell,J.C.,Starks,L.T.,“Institutional Investors and Executive Compensation”,Journal of Finance,2003,58(6):2351-2374. [168][168]Hasbrouck,J.,“Trading Costs and Returns for US Equities:Estimating Effective Costs from Daily Data”,Journal of Finance,2009,64(3):1445-1477. [169][169]Healy,P.M.,Hutton,A.P.,Palepu,K.G.,“Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure”,Contemporary Accounting Research,1999,16(3):485-520. [170][170]Holderness,C.G.,“The Myth of Diffuse Ownership in the United States”,The Review of Financial Studies,2007,22(4):1377-1408. [171][171]Huang,J.,Kong,W.,“Explaining Credit Spread Changes:Some New Evidence from Option-adjusted Spreads of Bond Indices”,Working paper,2003. [172][172]Huang,K.,Petkevich,A.,“Corporate Bond Pricing and Ownership Heterogeneity”,Journal of Corporate Finance,2016,36:54-74. [173][173]Huddart,S.,“The Effect of a Large Shareholder on Corporate Value”,Management Science,1993,39(11):1407-1421. [174][174]Hutton,A.P.,Marcus,A.J.,Tehranian,H.,“Opaque Financial Reports,R2,and Crash Risk”,Journal of Financial Economics,2009,94(1):67-86. [175][175]Imhoff,E.A.,“Accounting Quality,Auditing,and Corporate Governance”,Accounting Horizons,2003,17:117-128. [176][176]Jarrow,R.A.,Turnbull,S.M.,“Pricing Derivatives on Financial Securities Subject to Credit Risk”,Journal of Finance,1995,50(1):53-85. [177][177]Janakiraman,S.,Radhakrishnan,S.,Tsang,A.,“Institutional Investors,Managerial Ownership,and Executive Compensation”,Journal of Accounting,Auditing & Finance,2010,25(4):673-707. [178][178]Jensen,M.C.,Meckling,W.H.,“Theory of the Firm:Managerial Behavior,Agency Costs and Ownership Structure”,Journal of Financial Economics,1976,3(4):305-360. [179][179]Jensen,M.C.,“Agency Costs of Free Cash Flow,Corporate Finance,and Takeovers”,American Economic Review,1986,76(2):323-329. [180][180]Jensen,M.C.,“The Modern Industrial Revolution,Exit,and the Failure of Internal Control Systems”,Journal of Finance,1993,48(3):831-880. [181][181]Johnstone,R.A.,Grafen,A.,“Dishonesty and the Handicap Principle”,Animal Behaviour,1993,46(4):759-764. [182][182]Jones,E.P.,Mason,S.P.,Rosenfeld,E.,“Contingent Claims Analysis of Corporate Capital Structures:An Empirical Investigation”,Journal of Finance,1984,39(3):611-625. [183][183]Kahn,C.,Winton,A.,“Ownership Structure,Speculation,and Shareholder Intervention”,Journal of Finance,1998,53(1):99-129. [184][184]Kaniel,R.,Saar,G.,Titman,S.,“Individual Investor Trading and Stock Returns”,Journal of Finance,2008,63(1):273-310. [185][185]Kaplan,R.S.,Urwitz,G.,“Statistical Models of Bond Ratings:A Methodological Inquiry”,Journal of Business,1979:231-261. [186][186]Klein,A.,Zur,E.,“The Impact of Hedge Fund Activism on the Target Firm’s Existing Bondholders”,Review of Financial Studies,2011,24(5):1735-1771. [187][187]Kubo,K.,“Executive Compensation Policy and Company Performance in Japan”,Corporate Governance:An International Review,2005,13(3):429-436. [188][188]Kyle,A.S.,“Continuous Auctions and Insider Trading”,Econometrica:Journal of the Econometric Society,1985:1315-1335. [189][189]La Porta,R.,Lopez-de-Silanes,F.,Shleifer,A. et al.,“Investor Protection and Corporate Governance”,Journal of Financial Economics,2000,58(1):3-27. [190][190]Leland,H.E.,Toft,K.B.,“Optimal Capital Structure,Endogenous Bankruptcy,and the Term Structure of Credit Spreads”,Journal of Finance,1996,51(3):987-1019. [191][191]Lemmon,M.L.,Lins,K.V.,“Ownership Structure,Corporate Governance,and Firm Value:Evidence from the East Asian Financial Crisis”,Journal of Finance,2003,58(4):1445-1468. [192][192]Liao,H.H.,Chen,T.K.,Lu,C.W.,“Bank Credit Risk and Structural Credit Models:Agency and Information Asymmetry Perspectives”,Journal of Banking & Finance,2009,33(8):1520-1530. [193][193]Lin,L.,Manowan,P.,“Institutional Ownership Composition and Earnings Management”,Review of Pacific Basin Financial Markets and Policies,2012,15(04):125-147. [194][194]Lindsey,M.D.,Pavur,R.J.,“As the PMI Turns:A Tool for Supply Chain Managers”,Journal of Supply Chain Management,2005,41(1):30-39. [195][195]Liu,Y.,Jiraporn,P.,“The Effect of CEO Power on Bond Ratings and Yields”,Journal of Empirical Finance,2010,17(4):744-762. [196][196]Lo,A.W.,Mamaysky,H.,Wang,J.,“Asset Prices and Trading Volume Under Fixed Transactions Costs”,Journal of Political Economy,2004,112(5):1054-1090. [197][197]Lo,A.W.,“Risk Management for Hedge Funds:Introduction and Overview”,Financial Analysts Journal,2001,57(6):16-33. [198][198]Longstaff,F.A.,Mithal,S.,Neis,E.,“Corporate Yield Spreads:Default Risk or Liquidity?New Evidence from the Credit Default Swap Market”,Journal of Finance,2005,60(5):2213-2253. [199][199]Longstaff,F.A.,Schwartz,E.S.,“A Simple Approach to Valuing Risky Fixed and Floating Rate Debt”,Journal of Finance,1995,50(3):789-819. [200][200]Lynall,M.D.,Golden,B.R.,Hillman,A.J.,“Board Composition from Adolescence to Maturity:A Multitheoretic View”,Academy of Management Review,2003,28(3):416-431. [201][201]Mansi,S.A.,Maxwell,W.F.,Miller,D.P.,“Does Auditor Quality and Tenure Matter to Investors?Evidence from the Bond Market”,Journal of Accounting Research,2004,42(4):755-793. [202][202]Marais,L.,Schipper,K.,Smith,A.,“Wealth Effects of Going Private for Senior Securities”,Journal of Financial Economics,1989,23(1):155-191. [203][203]Merton,R.C.,“On the Pricing of Corporate Debt:The Risk Structure of Interest Rates”,Journal of Finance,1974,29(2):449-470. [204][204]Miller,T.,Triana,M.D.C.,“Demographic Diversity in the Boardroom:Mediators of the Board Diversity-firm Performance Relationship”,Journal of Management Studies,2009,46(5):755-786. [205][205]Murphy,K.J.,Zimmerman,J.L.,“Financial Performance Surrounding CEO Turnover”,Journal of Accounting and Economics,1993,16(1-3):273-315. [206][206]Murphy,K.J.,“Corporate Performance and Managerial Remuneration:An Empirical Analysis”,Journal of Accounting and Economics,1985,7(1-3):11-42. [207][207]Myers,S.C.,“Determinants of Corporate Borrowing”,Journal of Financial Economics,1977,5(2):147-175. [208][208]Pagès,H.,“Can Liquidity Risk Be Subsumed In Credit Risk?A Case Study from Brady Bond Prices”. Working paper,2001. [209][209]Parks,J.M.L.,Conlon,E.J.,“Compensation Contracts:Do Agency Theory Assumptions Predict Negotiated Agreements?”,Academy of Management Journal,1995,38(3):821-838. [210][210]Parrino,R.,Sias,R.W.,Starks,L.T.,“Voting with Their Feet:Institutional Ownership Changes Around Forced CEO Turnover”,Journal of Financial Economics,2003,68(1):3-46. [211][211]Parrino,R.,“CEO Turnover and Outside Succession A Cross-sectional Analysis”,Journal of Financial Economics,1997,46(2):165-197. [212][212]Pástor,L.,Stambaugh,R.F.,“Liquidity Risk and Expected Stock Returns”,Journal of Political Economy,2003,111(3):642-685. [213][213]Porter,M.E.,“Capital Choices:Changing the Way America Invests in Industry”,Journal of Applied Corporate Finance,1992,5(2):4-16. [214][214]Ratings,F.,“Credit Policy Special Report:Evaluating Corporate Governance:The Bondholders’ Perspective”,Working paper,2004. [215][215]Roll,R.,“A Simple Implicit Measure of the Effective Bid-ask Spread in An Efficient Market”,Journal of Finance,1984,39(4):1127-1139. [216][216]Ross,S.A.,“The Economic Theory of Agency:The Principal’s Problem”,American Economic Review,1973,63(2):134-139. [217][217]Sanders,W.M.,Boivie,S.,“Sorting Things Out:Valuation of New Firms in Uncertain Markets”,Strategic Management Journal,2004,25(2):167-186. [218][218]Schestag,R.,Schuster,P.,Uhrig-Homburg,M.,“Measuring Liquidity in Bond Markets”,Review of Financial Studies,2016,29(5):1170-1219. [219][219]Sengupta,P.,“Corporate Disclosure Quality and the Cost of Debt”,Accounting Review,1998:459-474. [220][220]Shleifer,A.,Vishny,R.W.,“Large Shareholders and Corporate Control”,Journal of Political Economy,1986,94(3,Part 1):461-488. [221][221]Smith,M.P.,“Shareholder Activism by Institutional Investors:Evidence from CalPERS”,Journal of Finance,1996,51(1):227-252. [222][222]Sobel,M.E.,“Asymptotic Confidence Intervals for Indirect Effects in Structural Equation Models”,Sociological Methodology,1982,13:290-312. [223][223]Spence,A.M.,“Market Signaling:Informational Transfer in Hiring and Related Screening Processes”. Harvard Univercity,1974. [224][224]Stiglitz,J.E.,“Capital Market Liberalization,Economic Growth,and Instability”,World Development,2000,28(6):1075-1086. [225][225]Stiglitz,J.E.,“Information and the Change in the Paradigm in Economics”,American Economic Review,2002,92(3):460-501. [226][226]Switzer,L.N.,Wang,J.,“Institutional Investment Horizon,the Information Environment,and Firm Credit Risk”,Journal of Financial Stability,2017,29:57-71. [227][227]Vayanos,D.,“Transaction Costs and Asset Prices:A Dynamic Equilibrium Model”,Review of Financial Studies,1998,11(1):1-58. [228][228]Wahal,S.,McConnell,J.J.,“Do Institutional Investors Exacerbate Managerial Myopia?”,Journal of Corporate Finance,2000,6(3):307-329. [229][229]Weidenbaum,M.L.,Hughes,S.,“The Bamboo Network:How Expatriate Chinese Entrepreneurs Are Creating A New Economic Superpower in Asia”,Simon and Schuster,1996. [230][230]Weinstein,M.,“The Systematic Risk of Corporate Bonds”,Journal of Financial and Quantitative Analysis,1981,16(3):257-278. [231][231]West,R.R.,“An Alternative Approach to Predicting Corporate Bond Ratings”,Journal of Accounting Research,1970:118-125. [232][232]Wilson,R.,“The Theory of Syndicates”,Econometrica:Journal of the Econometric Society,1968:119-132. [233][233]Woidtke,T.,“Agents Watching Agents?:Evidence From Pension Fund Ownership and Firm Value”,Journal of Financial Economics,2002,63(1):99-131. [234][234]Yan,X.,Zhang,Z.,“Institutional Investors and Equity Returns:Are Short-term Institutions Better Informed?”,Review of Financial Studies,2007,22(2):893-924. [235][235]Yeo,G.H.H.,Tan,P.,Ho,K.W. et al.,“Corporate Ownership Structure and the Informativeness of Earnings”,Journal of Business Finance & Accounting,2002,29(7-8):1023-1046. [236][236]Yu,F.,“Accounting Transparency and the Term Structure of Credit Spreads”,Journal of Financial Economics,2005,75(1):53-84. [237][237]Zhang,X.,“Information Uncertainty and Stock Returns”,Journal of Finance,2006,61(1):105-137. [238][238]Zhang,Y.,Wiersema,M.F.,“Stock Market Reaction to CEO Certification:The Signaling Role of CEO Background”,Strategic Management Journal,2009,30(7):693-710. [239][239]Zhou,C.,“The Term Structure of Credit Spreads with Jump Risk”,Journal of Banking & Finance,2001,25(11):2015-2040.
[展开]

相关推荐

发表评论

同步转发到先晓茶馆

发表评论

手机可扫码阅读