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作者：Kalay, Avner; Karakas, Oguzhan; Pant, Shagun
作者单位：Tel Aviv University; Utah System of Higher Education; University of Utah; Boston College; University of Iowa
摘要：This paper proposes a new method using option prices to estimate the market value of the shareholder voting rights associated with a stock. The method consists of synthesizing a nonvoting share using put-call parity, and comparing its price to that of the underlying stock. Empirically, we find this measure of the value of voting rights to be positive and increasing in the time to expiration of synthetic stocks. The measure also increases around special shareholder meetings, periods of hedge fu...
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作者：Custodio, Claudia
作者单位：Arizona State University; Arizona State University-Tempe
摘要：q-based measures of the diversification discount are biased upward by mergers and acquisitions and its accounting implications. Under purchase accounting, acquired assets are reported at their transaction value, which typically exceeds the target's pre-merger book value. Thus, measured q tends to be lower for the merged firm than for the portfolio of pre-merger entities. Because conglomerates are more acquisitive than focused firms, their q tends to be lower. To mitigate this bias, I subtract ...
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作者：Krishnamurthy, Arvind; Nagel, Stefan; Orlov, Dmitry
作者单位：Stanford University; National Bureau of Economic Research; University of Michigan System; University of Michigan; University of Michigan System; University of Michigan; University of Rochester
摘要：To understand which short-term debt markets experienced runs during the financial crisis, we analyze a novel data set of repurchase agreements (repo), that is, loans between nonbank cash lenders and dealer banks collateralized with securities. Consistent with a run, repo volume backed by private asset-backed securities falls to near zero in the crisis. However, the reduction is only $182 billion, which is small relative to the stock of private asset-backed securities as well as the contraction...
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作者：Baghai, Ramin P.; Servaes, Henri; Tamayo, Ane
作者单位：Stockholm School of Economics; University of London; London Business School; University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR)
摘要：Rating agencies have become more conservative in assigning corporate credit ratings over the period 1985 to 2009; holding firm characteristics constant, average ratings have dropped by three notches. This change does not appear to be fully warranted because defaults have declined over this period. Firms affected more by conservatism issue less debt, have lower leverage, hold more cash, are less likely to obtain a debt rating, and experience lower growth. Their debt spreads are lower than those...
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作者：Cremers, Martijn; Ferrell, Allen
作者单位：University of Notre Dame; Harvard University
摘要：This paper introduces a new hand-collected data set that tracks restrictions on shareholder rights at approximately 1,000 firms from 1978 to 1989. In conjunction with the 1990 to 2006 IRRC data, we track shareholder rights over 30 years. Most governance changes occurred during the 1980s. We find a robustly negative association between restrictions on shareholder rights (using G-Index as a proxy) and Tobin's Q. The negative association only appears after judicial approval of antitakeover defens...
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作者：Duygan-Bump, Burcu; Parkinson, Patrick; Rosengren, Eric; Suarez, Gustavo A.; Willen, Paul
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：The events following Lehman's failure in 2008 and the current turmoil emanating from Europe highlight the structural vulnerabilities of short-term credit markets and the role of central banks as back-stop liquidity providers. The Federal Reserve's response to financial disruptions in the United States importantly included the creation of liquidity facilities. Using a differences-in-differences approach, we evaluate one of the most unusual of these interventionsthe Asset-Backed Commercial Paper...
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作者：Colacito, Riccardo; Croce, Mariano M.
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：Focusing on data from the United States and the United Kingdom, we document that both the anomaly identified by Backus and Smith, which concerns the low correlation between consumption differentials and exchange rates, and the forward premium anomaly, which concerns the tendency of high interest rate currencies to appreciate, have become more severe over time. Taking into account different capital mobility regimes, we show that these anomalies turn into general equilibrium regularities in a tw...
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作者：Eisfeldt, Andrea L.; Papanikolaou, Dimitris
作者单位：University of California System; University of California Los Angeles; Northwestern University; National Bureau of Economic Research
摘要：Organization capital is a production factor that is embodied in the firm's key talent and has an efficiency that is firm specific. Hence, both shareholders and key talent have a claim to its cash flows. We develop a model in which the outside option of the key talent determines the share of firm cash flows that accrue to shareholders. This outside option varies systematically and renders firms with high organization capital riskier from shareholders' perspective. We find that firms with more o...
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作者：Garmaise, Mark J.; Natividad, Gabriel
摘要：The provision of subsidized credit to financial institutions is an important and frequently used policy tool of governments and central banks. To assess its effectiveness, we exploit changes in international bilateral political relationships that generate shocks to the cost of financing for microfinance institutions (MFIs). MFIs that experience politically driven reductions in total borrowing costs hire more staff and increase administrative expenses. Cheap credit leads to greater profitabilit...
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作者：Seppi, Duane J.
