Stealing from thy Neighbour: Leveraged Recapitalizations and Wealth Redistribution

Leverage-increasing transactions such as recapitalizations and leveraged buy-outs are known to create shareholder wealth. It has been argued that the only sources of this value are efficiency improvements and tax benefits brought about by the higher debt load. This paper shows empirically that contrary to popular belief a portion of this wealth comes at the expense of current bondholders. It is estimated that between 20 per cent and SO per cent of the value created during a leveraged recapitalization can be attributed to wealth transfers from bondholders to shareholders.     

The Information Content of Common Stock Repurchases: An Empirical Study1

Share repurchase announcements are known to be associated with significant positive abnormal stock returns. Past studies have argued that the main explanation of this value creation is that share repurchases signal new (and favourable) information about the repurchasing firms' future cash flows. This paper examines this hypothesis and provides evidence on the nature of the information revealed by share repurchases. Using a sample of 41 repurchase announcements from the USA, we show that the new information signalled to the stock market through share repurchasing is not only about changes in the level of future cash flows but also about changes in the riskiness of these cash flows.     

族群、社会流动与公共政策:美英比较

编辑书籍就是把不同思维的观点编纂在一起。同时,在多数情况下,选择那些不同的思维都是为了一定的目的。我们这本书的目的可以从题目直接感觉到:“族群、社会流动与公共政策:美英比较”。编者把这么多的学者组合到一起的基本设想主要有两个:社会流动是一个     

Religious Involvement and Physical Functioning among Older Mexican Americans

BACKGROUND AND PURPOSE: Examine the association between attendance at religious services and incidence of ADL disability over a period of seven years among older Mexican Americans 65 years and older. METHODS: Using data from the Hispanic Established Population for the Epidemiological Study of the Elderly (H-EPESE), logistic generalized estimation equation (GEE) models were used to analyze the contribution of attendance at religious services to the differences in incidence of ADL disability over seven years, controlling for demographics, medical conditions, and physical mobility. RESULTS: Frequent attendees at religious services had 30% lower odds of developing ADL disability over seven years compared to the non-regular attendance group. The odds were reduced to 23%, but remained significant when physical and mental health were controlled. CONCLUSIONS: In this older Mexican American population, regular attendees at religious services were less likely to develop ADL disability over a period of seven years compared to those who attended services less often.     

The Economic Characteristics of De-diversifying Firms

During the 1980s, many diversified firms reduced their diversification by refocusing on their core businesses. This research note tries to identify the characteristics that distinguished the companies that refocused from those that did not. It is found that relative to their industry counterparts, the refocusing firms were characterized by high diversification and poor performance. In addition, a firm was more likely to refocus if its core industry was ‘attractive’.     

我国粮食主产区粮食生产技术效率进步与效率损失测度——基于随机前沿生产函数与省际数据分析

本文利用2000～2007年样本数据,基于超越对数函数形式的随机前沿生产函数模型,对我国13个粮食主产区粮食生产技术效率进步和技术损失进行了全面测度。实证分析结论如下：我国粮食主产区粮食生产平均技术效率为0.675,技术效率损失平均为32.5%,要素生产弹性小,灌溉率、受灾率、家庭居民人均纯收入和时间变量对技术损失产生反向影响,而粮食作物种植结构和地区变量对技术损失产生正向影响,影响效果显著。