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作者：Babkin, Anton; Glover, Brent; Levine, Oliver
作者单位：University of Wisconsin System; University of Wisconsin Madison; Carnegie Mellon University; University of Wisconsin System; University of Wisconsin Madison
摘要：Corporate inversion, the process of redomiciling for tax purposes, reduces corporate income taxes, but it imposes a personal tax cost that is shareholder-specific. We develop a model, incorporating the corporate tax benefits and personal tax costs, to quantify the return to inversion for different shareholders. Foreign and tax-exempt investors, along with the chief executive officer, disproportionately benefit. We show that an inversion simultaneously reduces the wealth of many taxable shareho...
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作者：Shi, Zhen
作者单位：University System of Georgia; Georgia State University
摘要：Consistent with the argument that portfolio disclosure reveals trade secrets, a difference in-differences estimation suggests a drop in fund performance after a hedge fund begins filing Form 13F as well as an increase in return correlations with other funds in the same investment style. The drop in performance is concentrated among funds with larger expected proprietary costs of disclosure, for instance, funds that disclose a greater fraction of their assets or hold more illiquid stocks. The d...
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作者：Dessaint, Olivier; Golubov, Andrey; Volpin, Paolo
作者单位：University of Toronto; City St Georges, University of London
摘要：Labor restructuring is a key driver of takeovers and the associated synergy gains worldwide. In a difference-in-differences research design, we show that major increases in employment protection reduce takeover activity by 14-27% and the combined firm gains (synergies) by over half. Consistent with the labor channel behind these effects, deals with greater potential for workforce restructuring show a greater reduction in volume, number, and synergies. Increases in employment protection impede ...
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作者：Corwin, Shane A.; Larocque, Stephannie A.; Stegemoller, Mike A.
作者单位：University of Notre Dame; Baylor University
摘要：We examine the impact of the Global Settlement on affiliation bias in analyst recommendations. Using a broad measure of investment bank-firm relationships, we find a substantial reduction in analyst affiliation bias following the settlement for sanctioned banks. In contrast, we find strong evidence of bias both before and after the settlement for affiliated analysts at non-sanctioned banks. Our results suggest that the settlement led to an increase in the expected costs of issuing biased cover...
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作者：Gustafson, Matthew T.; Iliev, Peter
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study the consequences of a US deregulation allowing small firms to accelerate their public equity issuance. Post-deregulation, affected firms double their reliance on public equity and transition away from private investments in public equity compared to similar untreated firms. The net effect is a 5.7 percentage point or 49% increase in the annual probability of raising equity. This is accompanied by a reduction in equity issuance costs, an increase in investment, and a decrease in levera...
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作者：Calomiris, Charles W.; Carlson, Mark
作者单位：Columbia University; National Bureau of Economic Research; Federal Reserve System - USA; Bank for International Settlements (BIS)
摘要：The unit banking structure of the United States produced a uniquely important interbank correspondent network. During the National Banking Era, this network normally provided banks with access to money markets, facilitated payment processing, and helped banks meet legal reserve requirements. In crises, network connections could be a source of liquidity risk. That risk became evident during the Panic of 1893, when New York suspended convertibility. Banks with high two-sided liquidity risk (thos...
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作者：Nickerson, Jordan; Griffin, John M.
作者单位：Boston College; University of Texas System; University of Texas Austin
摘要：This paper proposes several frameworks to estimate the appropriate default correlations for structured products, each of which jointly considers the role of co-movements in modeled risk characteristics and unmodeled systematic risk, or 'frailty.' We contrast our estimates with credit rating agencies' default correlation assumptions, which were only 0.01 for Collateralized Loan Obligations (CLOs) pre-crisis and have increased to 0.03 post-crisis. In contrast, the joint consideration of observab...
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作者：Acharya, Viral; Xu, Zhaoxia
作者单位：New York University; New York University; New York University Tandon School of Engineering
摘要：In this paper, we examine the relation between innovation and a firm's financial dependence using a sample of privately held and publicly traded US firms. We find that public firms in external finance dependent industries spend more on research and development and generate a better patent portfolio than their private counterparts. However, public firms in internal finance dependent industries do not have a better innovation profile than private firms. The results are robust to various empirica...
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作者：Dutta, Sunil; Nezlobin, Alexander
作者单位：University of California System; University of California Berkeley
摘要：We study how information disclosure affects the cost of equity capital and investor welfare in a dynamic setting. We show that a firm's cost of capital decreases (increases) in the precision of public disclosure if the firm's growth rate is below (above) a certain threshold. The threshold growth rate is higher when the firm's cash flows are more persistent, or when other firms in the economy are growing at low rates. While current shareholders always prefer maximum public disclosure, future sh...
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作者：Cronqvist, Henrik; Yu, Frank
作者单位：University of Miami; China Europe International Business School
摘要：Corporate executives managing some of the largest public companies in the U.S. are shaped by their daughters. When a firm's chief executive officer (CEO) has a daughter, the corporate social responsibility rating (CSR) is about 9.1% higher, compared to a median firm. The results are robust to confronting several sources of endogeneity, e.g., examining first-born CEO daughters and CEO changes. The relation is strongest for diversity, but significant also for broader pro-social practices related...
