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作者：Baghai, Ramin P.; Becker, Bo
作者单位：Stockholm School of Economics
摘要：Rating agencies produce ratings used by investors, but obtain most of their revenue from issuers, leading to a conflict of interest. We employ a unique data set on the use of non-rating services, and the associated payments, in India, to test if this conflict affects ratings quality. Agencies rate issuers that pay them for non-rating services higher (than agencies not hired for such services). Such issuers also have higher default rates. Both effects are increasing in the amount paid. These re...
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作者：von Beschwitz, Bastian
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This article studies the effect of cash windfalls on the acquisition policy of companies. As identification, I use a German tax reform that permitted firms to sell their equity stakes tax free. Companies that could realize a cash windfall by selling equity stakes see an increase in the probability of acquiring another company by 14%. I find that these additional acquisitions destroy firm value. Following the tax reform, affected firms experience a decrease of 1.2 percentage points in acquisiti...
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作者：Bartram, Sohnke M.; Grinblatt, Mark
作者单位：University of Warwick; University of California System; University of California Los Angeles
摘要：To assess stock market informational efficiency with minimal data snooping, we take the view of a statistician with little knowledge of finance. The statistician uses techniques such as least squares to estimate peer-implied fair values from the market values of replicating portfolios with the same accounting statements as the company being valued. Divergence of a company's peer-implied value estimate from its market value represents mispricing, motivating a convergence trade that earns risk-a...
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作者：Mian, Atif; Santos, Joao A. C.
作者单位：Princeton University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York; Universidade Nova de Lisboa
摘要：We show that firm demand-side factors are strong drivers of procyclical refinancing behavior over the credit cycle using novel data from the Shared National Credit program. Firms are more likely to refinance early when credit conditions are good to keep the effective maturity of their loans long and hedge against having to refinance in tight credit conditions. High credit quality firms are better able to hedge, making their refinancing propensity more sensitive to credit cycles than less credi...
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作者：Mann, William
作者单位：University of California System; University of California Los Angeles
摘要：I show that patents are pledged as collateral to raise significant debt financing, and that the pledgeability of patents contributes to the financing of innovation. In 2013, 38% of US patenting firms had previously pledged patents as collateral, and these firms performed 20% of research and development expense and patenting in Compustat. Employing court decisions as a source of exogenous variation in creditor rights, I show that patenting companies raised more debt, and spent more on R&D, when...
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作者：Phalippou, Ludovic; Rauch, Christian; Umber, Marc
作者单位：University of Oxford; American University of Sharjah
摘要：In private equity, general partners (GPs) receive fee payments from companies whose boards they control. Fees amount to $20 billion evenly distributed over time, representing over 6% of equity invested by GPs. They do not vary with business cycles, company characteristics, or GP performance. Fees vary significantly across GPs and are persistent within GPs, even after accounting for fee rebates to limited partners (LPs). GPs charging the least raise more capital postfinancial crisis and are bac...
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作者：Davies, Shaun William; Van Wesep, Edward Dickersin
作者单位：University of Colorado System; University of Colorado Boulder
摘要：A divestment campaign aims to depress share prices to induce managers to change firm behavior. Assuming that managers make profit-maximizing decisions in the absence of a campaign, firms that accede to divestors' demands raise short-run share prices but depress long-run profits. Managers who are more interested in short-run prices are therefore more motivated by divestment than managers who care about long-run profits. We show that, as most managerial compensation contracts reward long-run pro...
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作者：Dugast, Jerome; Foucault, Thierry
作者单位：University of Luxembourg; Hautes Etudes Commerciales (HEC) Paris
摘要：Information processing filters out the noise in data but it takes time. Hence, low precision signals are available before high precision signals. We analyze how this feature affects asset price informativeness when investors can acquire signals of increasing precision over time about the payoff of an asset. As the cost of low precision signals declines, prices are more likely to reflect these signals before more precise signals become available. This effect can ultimately reduce price informat...
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作者：Birru, Justin
作者单位：University System of Ohio; Ohio State University
摘要：Long-short anomaly returns are strongly related to the day of the week. Anomalies for which the speculative leg is the short (long) leg experience the highest (lowest) returns on Monday. The opposite pattern is observed on Friday. The effects are large. Monday (Friday) alone accounts for over 100% of returns for all anomalies examined for which the short (long) leg is the speculative leg. Consistent with a mispricing explanation, the pattern is driven by the speculative leg. The observed patte...
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作者：Ehling, Paul; Gallmeyer, Michael; Heyerdahl-Larsen, Christian; Illeditsch, Philipp
作者单位：BI Norwegian Business School; University of Virginia; University of London; London Business School; Carnegie Mellon University
摘要：We show that inflation disagreement, not just expected inflation, has an impact on nominal interest rates. In contrast to expected inflation, which mainly affects the wedge between real and nominal yields, inflation disagreement affects nominal yields predominantly through its impact on the real side of the economy. We show theoretically and empirically that inflation disagreement raises real and nominal yields and their volatilities. Inflation disagreement is positively related to consumers' ...
