内容提要: 投资—现金流敏感性研究是当前投资理论研究的主流方向之一. 当前针对这一问题的
研究还存在着诸多争议, 其中公司融资约束程度的度量问题是争论的焦点 …

Using a comprehensive sample of trades from Schedule 13D filings by activist investors, we
study how measures of adverse selection respond to informed trading. We find that on days …

Using recent data, we reject the hypothesis that the buyback anomalies first reported by
Lakonishok and Vermaelen (, Journal of Finance 45: 455–77) and Ikenberry, Lakonishok …

We investigate the timing of open market share repurchases and the resultant impact on firm
liquidity. Using the Stock Exchange of Hong Kong's unique disclosure environment, we …

Companies often announce their intention to reacquire shares via open market transactions.
However, these programs are not firm commitments. By design, they provide managers the …

The performance of five adverse selection models are examined by comparing their
component estimates to other measures of information asymmetry and informed trading. The …

Little is known about the timing and execution of open market repurchases. US firms are
under no obligation to disclose when they are trading, and generally report only quarterly …

We provide a synthesis of the empirical evidence on market liquidity. The liquidity
measurement literature has established standard measures of liquidity that apply to broad …

Research on the impact of open market share repurchases has been hindered by the lack of
data available on actual share repurchases in many countries, including the US. Using a …

I find that proportionate bid ask spreads increase after rights offerings of common stock, but
decrease after public underwritten offerings. These changes are correlated with changes in …