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作者：Anbil, Sriya
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：How should regulators design effective emergency lending facilities to mitigate stigma during a financial crisis? I explore this question using data from an unexpected disclosure of partial lists of banks that secretly borrowed from the lender of last resort during the Great Depression. I find evidence of stigma in that depositors withdrew more deposits from banks included on the lists in comparison with banks left off the lists. Overall, the results suggest that an emergency lending facility ...
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作者：Klasa, Sandy; Ortiz-Molina, Hernan; Serfling, Matthew; Srinivasan, Shweta
作者单位：University of Arizona; University of British Columbia; University of Tennessee System; University of Tennessee Knoxville; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：Firms strategically choose more conservative capital structures when they face greater competitive threats stemming from the potential loss of their trade secrets to rivals. Following the recognition of the Inevitable Disclosure Doctrine by US state courts, which exogenously increases the protection of a firm's trade secrets by reducing the mobility of its workers who know its secrets to rivals, the firm increases its leverage relative to unaffected rivals. The effect is stronger for firms wit...
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作者：Choi, Jaewon; Hackbarth, Dirk; Zechner, Josef
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Boston University; Vienna University of Economics & Business
摘要：We study a novel aspect of a firm's capital structure, namely, the profile of its debt maturity dates. In a simple theoretical framework we show that the dispersion of debt maturities constitutes an important dimension of capital structure choice, driven by firm characteristics and debt rollover risk. Guided by these predictions we establish two main empirical results. First, using an exogenous shock to rollover risk, we document a significant increase in maturity dispersion for firms that nee...
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作者：Bargeron, Leonce; Denis, David; Lehn, Kenneth
作者单位：University of Kentucky; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：In the period surrounding World War I, US firms sharply increased investment in fixed assets and working capital to accommodate large increases in demand associated with the war. Concurrently, the US adopted an excess profits tax, which created a tax bias in favor of equity financing. Despite this tax bias, firms in need of external funds largely issued debt, not equity, to finance investment spikes when the excess profits tax was in effect. Further, we find these firms systematically reduced ...
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作者：O' Hara, Maureen; Wang, Yihui; Zhou, Xing (Alex)
作者单位：Cornell University; University of Technology Sydney; Fordham University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper investigates execution quality issues in corporate bond trading. Using an extensive sample of bond trades by insurance companies, we find that an insurance company entering a trade of similar size and on the same side for the same bond on the same day with the same dealer will receive a better price if the insurance company is a more active trader than if it is a less active trader. Trading with the dominant dealer or underwriter worsens these differentials, while greater transparen...
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作者：Hochberg, Yael V.; Serrano, Carlos J.; Ziedonis, Rosemarie H.
作者单位：Rice University; National Bureau of Economic Research; Pompeu Fabra University; Boston University
摘要：We explore the market for lending to start-ups and two mechanisms that facilitate trade within it: (1) the salability of patent collateral and (2) the credible commitment of equity investors. Intensified trading in the secondary patent market is strongly related to lending, particularly for start-ups with more redeployable patent assets. Utilizing the crash of 2000 as a severe and unexpected capital supply shock for venture capitalists, we further show that lenders continue to finance start-up...
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作者：Timmer, Yannick
作者单位：Trinity College Dublin
摘要：This paper contrasts the investment behavior of different financial institutions in debt securities as a response to past returns. For identification, I use unique security-level data from the German Microdatabase Securities Holdings Statistics. Banks and investment funds respond in a procyclical manner to past security-specific holding period returns. In contrast, insurance companies and pension funds act countercyclically; they buy when returns have been negative and sell after high returns....
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作者：Parise, Gianpaolo
摘要：I explore the effect of the threat posed by low-cost competitors on debt structure in the airline industry. I use the route network expansion of low-cost airlines to identify routes where the probability of future entry increases dramatically. I find that when a large portion of their market is threatened, incumbents significantly increase debt maturity before entry occurs. Overall, the main findings suggest that airlines respond to entry threats trading off the benefits of short-term financin...
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作者：Goetzmann, William N.; Huang, Simon
作者单位：Yale University; University of Massachusetts System; University of Massachusetts Amherst
摘要：Some of the leading theories of momentum have different empirical predictions that depend on market composition and structure. The institutional theory predicts lower momentum profits in markets with less agency. Behavioral theories predict lower profits in markets with more sophisticated investors. In this paper, we use a dataset from a major 19th century equity market to test these predictions. We find no evidence to support the institutional theory due to the lack of delegated management. W...
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作者：Anginer, Deniz; Demirguc-Kunt, Asli; Huizinga, Harry; Ma, Kebin
作者单位：The World Bank; Tilburg University; Centre for Economic Policy Research - UK; University of Warwick
摘要：We find that shareholder-friendly corporate governance is associated with higher standalone and systemic risk in the banking sector. Specifically, shareholder-friendly corporate governance results in higher risk for larger banks and for banks that are located in countries with generous financial safety nets as banks try to shift risk toward taxpayers. We confirm our findings by comparing banks to nonfinancial firms and examining changes in bank risk around an exogenous regulatory change in gov...
