Zobrazeno 1 - 10
of 65
pro vyhledávání: '"Michael L. Lemmon"'
Autor:
Jaime F. Zender, Michael L. Lemmon
Publikováno v:
Journal of Financial and Quantitative Analysis. 54:31-59
Capital structure choice based on costs associated with asymmetric information is examined in order to present a new perspective on the standard pecking order and trade-off theories. In the model, both the face value of debt and the restrictiveness o
Publikováno v:
Journal of Financial and Quantitative Analysis. 51:1955-1990
We document that suppliers to purely financially distressed companies that are highly likely to reorganize in bankruptcy incur little or no spillover costs. In contrast, suppliers to economically distressed firms experience large losses in market val
Autor:
Michael L. Lemmon, Ronald N. Kahn
Publikováno v:
Financial Analysts Journal. 72:15-20
Smart beta products are a disruptive financial innovation with the potential to significantly affect the business of traditional active management. They provide an important component of active management via simple, transparent, rules-based portfoli
Autor:
Thanh Nguyen, Michael L. Lemmon
Publikováno v:
Managerial Finance. 41:164-181
Purpose– The positive relationship between dividend yield and risk-adjusted return, which is called the dividend yield effect, is well documented in the US market. Yet, the drivers of the yield effect are unclear. Some argue this evidence is consis
Autor:
Ronald N. Kahn, Michael L. Lemmon
Publikováno v:
The Journal of Portfolio Management. 41:76-83
Smart-beta products have captured the interest of investors. But where do they fit in their portfolios? The typical investor, who currently owns active and index products, should own active, index, and smart-beta products. This article introduces a f
Publikováno v:
Journal of Corporate Finance. 29:158-178
We investigate whether voluntary corporate restrictions on insider trading effectively prevent insiders from exploiting their private information. Our results show that insiders of firms with seeming restrictions on insider trading continue to take a
Autor:
Sophie Xiaoyan Ni, Michael L. Lemmon
Publikováno v:
Management Science. 60:1985-2001
We find that the demand for stock options that increases exposure to the underlying is positively related to the individual investor sentiments and past market returns, whereas the demand for index options is invariant to these factors. These differe
Publikováno v:
The Journal of Finance. 69:1787-1825
Contrary to recent accounts of off-balance-sheet securitization by financial firms, we show that asset securitization by nonfinancial firms provides a valuable form of financing for shareholders without harming debtholders. Using data from firms� S
Publikováno v:
Journal of Financial Economics. 105:174-190
We provide new evidence on the relation between option-based compensation and risk-taking behavior by exploiting the change in the accounting treatment of stock options following the adoption of FAS 123R in 2005. The implementation of FAS 123R repres
Publikováno v:
Journal of Financial Economics. 100:538-555
Companies can potentially use compensation peer groups to inflate pay by choosing peers that are larger, choosing a high target pay percentile, or choosing peer firms with high pay. Although peers are largely selected based on characteristics that re