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作者：Dick, Astrid A.; Lehnert, Andreas
摘要：We document a link between U.S. credit supply and rising personal bankruptcy rates. We exploit the exogenous variation in market contestability brought on by banking deregulation-the relaxation of entry restrictions in the 1980s and 1990s-at the state level. We find deregulation explains at least 10% of the rise in bankruptcy rates. We also find that deregulation leads to increased lending, lower loss rates on loans, and higher lending productivity. Our findings indicate that increased competi...
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作者：Hertzberg, Andrew; Liberti, Jose Maria; Paravisini, Daniel
作者单位：Columbia University; DePaul University
摘要：We present evidence that reassigning tasks among agents can alleviate moral hazard in communication. A rotation policy that routinely reassigns loan officers to borrowers of a commercial bank affects the officers' reporting behavior. When an officer anticipates rotation, reports are more accurate and contain more bad news about the borrower's repayment prospects. As a result, the rotation policy makes bank lending decisions more sensitive to officer reports. The threat of rotation improves com...
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作者：Lowry, Michelle; Officer, Micah S.; Schwert, G. William
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Loyola Marymount University; University of Rochester; National Bureau of Economic Research
摘要：The monthly volatility of IPO initial returns is substantial, fluctuates dramatically over time, and is considerably larger during hot IPO markets. Consistent with IPO theory, the volatility of initial returns is higher for firms that are more difficult to value because of higher information asymmetry. Our findings highlight underwriters' difficulty in valuing companies characterized by high uncertainty, and raise serious questions about the efficacy of the traditional firm-commitment IPO proc...
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作者：Chui, Andy C. W.; Titman, Sheridan; Wei, K. C. John
作者单位：Hong Kong Polytechnic University; University of Texas System; University of Texas Austin; National Bureau of Economic Research; Hong Kong University of Science & Technology
摘要：This paper examines how cultural differences influence the returns of momentum strategies. Cross-country cultural differences are measured with an individualism index developed by Hofstede (2001), which is related to overconfidence and self-attribution bias. We find that individualism is positively associated with trading volume and volatility, as well as to the magnitude of momentum profits. Momentum profits are also positively related to analyst forecast dispersion, transaction costs, and th...
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作者：Beck, Thorsten; Levine, Ross; Levkov, Alexey
作者单位：Tilburg University; Tilburg University; Brown University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：We assess the impact of bank deregulation on the distribution of income in the United States. From the 1970s through the 1990s, most states removed restrictions on intrastate branching, which intensified bank competition and improved bank performance. Exploiting the cross-state, cross-time variation in the timing of branch deregulation, we find that deregulation materially tightened the distribution of income by boosting incomes in the lower part of the income distribution while having little ...
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作者：Hameed, Allaudeen; Kang, Wenjin; Viswanathan, S.
作者单位：National University of Singapore; Duke University
摘要：Consistent with recent theoretical models where binding capital constraints lead to sudden liquidity dry-ups, we find that negative market returns decrease stock liquidity, especially during times of tightness in the funding market. The asymmetric effect of changes in aggregate asset values on liquidity and commonality in liquidity cannot be fully explained by changes in demand for liquidity or volatility effects. We document interindustry spillover effects in liquidity, which are likely to ar...
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作者：Brockman, Paul; Martin, Xiumin; Unlu, Emre
作者单位：Lehigh University; Washington University (WUSTL); University of Nebraska System; University of Nebraska Lincoln
摘要：Executive compensation influences managerial risk preferences through executives' portfolio sensitivities to changes in stock prices (delta) and stock return volatility (vega). Large deltas discourage managerial risk-taking, while large vegas encourage risk-taking. Theory suggests that short-maturity debt mitigates agency costs of debt by constraining managerial risk preferences. We posit and find evidence of a negative (positive) relation between CEO portfolio deltas (vegas) and short-maturit...
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作者：van Binsbergen, Jules H.; Koijen, Ralph S. J.
作者单位：Stanford University; University of Chicago
摘要：We propose a latent variables approach within a present-value model to estimate the expected returns and expected dividend growth rates of the aggregate stock market. This approach aggregates information contained in the history of price-dividend ratios and dividend growth rates to predict future returns and dividend growth rates. We find that returns and dividend growth rates are predictable with R-2 values ranging from 8.2% to 8.9% for returns and 13.9% to 31.6% for dividend growth rates. Bo...
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作者：Almazan, Andres; De Motta, Adolfo; Titman, Sheridan; Uysal, Vahap
作者单位：McGill University; National Bureau of Economic Research; University of Oklahoma System; University of Oklahoma - Norman
摘要：This paper investigates the relation between firms' locations and their corporate finance decisions. We develop a model where being located within an industry cluster increases opportunities to make acquisitions, and to facilitate those acquisitions, firms within clusters maintain more financial slack. Consistent with our model we find that firms located within industry clusters make more acquisitions, and have lower debt ratios and larger cash balances than their industry peers located outsid...
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作者：Cooper, Michael J.; Gulen, Huseyin; Ovtchinnikov, Alexei V.
作者单位：Utah System of Higher Education; University of Utah; Purdue University System; Purdue University; Vanderbilt University
摘要：We develop a new and comprehensive database of firm-level contributions to U.S. political campaigns from 1979 to 2004. We construct variables that measure the extent of firm support for candidates. We find that these measures are positively and significantly correlated with the cross-section of future returns. The effect is strongest for firms that support a greater number of candidates that hold office in the same state that the firm is based. In addition, there are stronger effects for firms...
