-
作者：Mian, Atif; Sufi, Amir; Trebbi, Francesco
作者单位：Princeton University; National Bureau of Economic Research; University of Chicago; University of British Columbia; Canadian Institute for Advanced Research (CIFAR)
摘要：From 2007 to 2009, states without a judicial requirement for foreclosures were twice as likely to foreclose on delinquent homeowners. Analysis of borders of states with differing foreclosure laws reveals a discrete jump in foreclosure propensity as one enters nonjudicial states. Using state judicial requirement as an instrument for foreclosures, we show that foreclosures led to a large decline in house prices, residential investment, and consumer demand from 2007 to 2009. As foreclosures subsi...
-
作者：Malinova, Katya; Park, Andreas
作者单位：University of Toronto; Copenhagen Business School
摘要：Facing increased competition over the last decade, many stock exchanges changed their trading fees to maker-taker pricing, an incentive scheme that rewards liquidity suppliers and charges liquidity demanders. Using a change in trading fees on the Toronto Stock Exchange, we study whether and why the breakdown of trading fees between liquidity demanders and suppliers matters. Posted quotes adjust after the change in fee composition, but the transaction costs for liquidity demanders remain unaffe...
-
作者：Jenter, Dirk; Lewellen, Katharina
作者单位：University of London; London School Economics & Political Science; Stanford University; National Bureau of Economic Research
摘要：This paper explores the impact of target CEOs' retirement preferences on takeovers. Using retirement age as a proxy for CEOs' private merger costs, we find strong evidence that target CEOs' preferences affect merger activity. The likelihood of receiving a successful takeover bid is sharply higher when target CEOs are close to age 65. Takeover premiums and target announcement returns are similar for retirement-age and younger CEOs, implying that retirement-age CEOs increase firm sales without s...
-
作者：Becker, Bo; Ivashina, Victoria
作者单位：Stockholm School of Economics; Harvard University; National Bureau of Economic Research
摘要：This paper studies reaching for yieldinvestors' propensity to buy riskier assets to achieve higher yieldsin the corporate bond market. We show that insurance companies reach for yield in choosing their investments. Consistent with lower rated bonds bearing higher capital requirements, insurance firms prefer to hold higher rated bonds. However, conditional on credit ratings, insurance portfolios are systematically biased toward higher yield, higher CDS bonds. This behavior is related to the bus...
-
作者：Singleton, Kenneth J.; Biais, Bruno; Roberts, Michael
-
作者：Patton, Andrew J.; Ramadorai, Tarun; Streatfield, Michael
作者单位：Duke University; University of Oxford; University of Oxford; Centre for Economic Policy Research - UK; University of Oxford; University of Oxford
摘要：We analyze the reliability of voluntary disclosures of financial information, focusing on widely-employed publicly-available hedge fund databases. Tracking changes to statements of historical performance recorded between 2007 and 2011, we find that historical returns are routinely revised. These revisions are not merely random or corrections of earlier mistakes; they are partly forecastable by fund characteristics. Funds that revise their performance histories significantly and predictably und...
-
作者：Hanlon, Michelle; Maydew, Edward L.; Thornock, Jacob R.
作者单位：Massachusetts Institute of Technology (MIT); University of North Carolina; University of North Carolina Chapel Hill; University of Washington; University of Washington Seattle
摘要：We empirically investigate one form of illegal investor-level tax evasion and its effect on foreign portfolio investment. In particular, we examine a form of round-tripping tax evasion in which U.S. individuals hide funds in entities located in offshore tax havens and then invest those funds in U.S. securities markets. Employing Becker's () economic theory of crime, we identify the tax evasion component by examining how foreign portfolio investment varies with changes in the incentives to evad...
-
作者：Kuhnen, Camelia M.
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：This study asks whether investors learn differently from gains versus losses. I find experimental evidence that indicates that being in the negative domain leads individuals to form overly pessimistic beliefs about available investment options. This pessimism bias is driven by people reacting more to low outcomes in the negative domain relative to the positive domain. Such asymmetric learning may help explain documented empirical patterns regarding the differential role of poor versus good eco...
-
作者：Arentsen, Eric; Mauer, David C.; Rosenlund, Brian; Zhang, Harold H.; Zhao, Feng
作者单位：University of Iowa; University of Texas System; University of Texas Dallas
摘要：We offer the first empirical evidence on the adverse effect of credit default swap (CDS) coverage on subprime mortgage defaults. Using a large database of privately securitized mortgages, we find that higher defaults concentrate in mortgage pools with concurrent CDS coverage, and within these pools the loans originated after or shortly before the start of CDS coverage have an even higher delinquency rate. The results are robust across zip code and origination quarter cohorts. Overall, we show ...
-
作者：Albuquerque, Rui; Schroth, Enrique
作者单位：Boston University; Universidade Catolica Portuguesa; City St Georges, University of London
摘要：We develop a search model of block trades that values the illiquidity of controlling stakes. The model considers several dimensions of illiquidity. First, following a liquidity shock, the controlling blockholder is forced to sell, possibly to a less efficient acquirer. Second, this sale may occur at a fire sale price. Third, absent a liquidity shock, a trade occurs only if a potential buyer arrives. Using a structural estimation approach and U.S. data on trades of controlling blocks of public ...
