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作者：Barrot, Jean-Noel; Kaniel, Ron; Sraer, David
作者单位：Massachusetts Institute of Technology (MIT); Centre for Economic Policy Research - UK; University of Rochester; Reichman University; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：This paper examines the extent to which individual investors provide liquidity to the stock market and whether they are compensated for doing so. We show that the ability of aggregate retail order imbalances, contrarian in nature, to predict short-term future returns is significantly enhanced during times of market stress, when market liquidity provisions decline. While a weekly rebalanced portfolio long in stocks purchased and short in stocks sold by retail investors delivers 19% annualized e...
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作者：Gompers, Paul A.; Mukharlyamov, Vladimir; Xuan, Yuhai
作者单位：Harvard University; National Bureau of Economic Research; Harvard University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We investigate how personal characteristics affect people's desire to collaborate and whether this attraction enhances or detracts from performance in venture capital. We find that venture capitalists who share the same ethnic, educational, or career background are more likely to syndicate with each other. This homophily reduces the probability of investment success, and the detrimental effect is most prominent for early-stage investments. A variety of tests show that the cost of affinity is m...
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作者：Ivashina, Victoria; Iverson, Benjamin; Smith, David C.
作者单位：Harvard University; National Bureau of Economic Research; Northwestern University; University of Virginia
摘要：Using a novel data set that covers individual debt claims against 136 bankrupt US companies and includes information on a subset of claims transfers, we provide new empirical insight regarding how a firm's debt ownership relates to bankruptcy outcomes. Firms with higher debt concentration at the start of the case are more likely to file prearranged bankruptcy plans, to move quickly through the restructuring process, and to emerge successfully as independent going concerns. Moreover, higher own...
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作者：Bai, Jennie; Philippon, Thomas; Savov, Alexi
作者单位：Georgetown University; New York University; National Bureau of Economic Research
摘要：The finance industry has grown, financial markets have become more liquid, information technology has been revolutionized. But have financial market prices become more informative? We derive a welfare-based measure of price informativeness: the predicted variation of future cash flows from current market prices. Since 1960, price informativeness has increased at longer horizons (three to five years). The increase is concentrated among firms with greater institutional ownership and share turnov...
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作者：Ferrell, Allen; Liang, Hao; Renneboog, Luc
作者单位：Harvard University; Singapore Management University; Tilburg University
摘要：In the corporate finance tradition, starting with Berle and Means (1932), corporations should generally be run to maximize shareholder value. The agency view of corporate social responsibility (CSR) considers CSR an agency problem and a waste of corporate resources. Given our identification strategy by means of an instrumental variable approach, we find that well-governed firms that suffer less from agency concerns (less cash abundance, positive pay-for-performance, small control wedge, strong...
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作者：Keys, Benjamin J.; Pope, Devin G.; Pope, Jaren C.
作者单位：University of Pennsylvania; University of Chicago; Brigham Young University; National Bureau of Economic Research
摘要：Households that fail to refinance their mortgage when interest rates decline lose out on substantial savings. Using a random sample of outstanding US mortgages in December 2010, we estimate that approximately 20% of unconstrained households for whom refinancing was optimal had not done so. The median household would save $160/month over the remaining life of the loan, for a total present-discounted value of forgone savings of $11,500, a particularly large consumer financial mistake. To shed li...
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作者：Demyanyk, Yuliya; Loutskina, Elena
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University of Virginia
摘要：Mortgage companies (MCs) do not fall under the strict regulatory regime of depository institutions. We empirically show that this gap resulted in regulatory arbitrage and allowed bank holding companies (BHCs) to circumvent consumer compliance regulations, mitigate capital requirements, and reduce exposure to loan-related losses. Compared to bank subsidiaries, MC subsidiaries of BHCs originated riskier mortgages to borrowers with lower credit scores, lower incomes, higher loan-to-income ratios,...
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作者：Fabbri, Daniela; Menichini, Anna Maria C.
作者单位：City St Georges, University of London; University of Salerno
摘要：The paper presents a new theory of trade credit in which firms buy inputs on credit from suppliers to restore the benefits of secured bank financing impaired by contract incompleteness. In a setting where investment is endogenous and unobservable to financiers, we show that a bank-secured credit contract is time-inconsistent. Upon being granted credit, the entrepreneur has an incentive to alter the original input combination, jeopardizing the bank's revenues. Anticipating the entrepreneur's op...
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作者：Bradley, Daniel; Pantzalis, Christos; Yuan, Xiaojing
作者单位：State University System of Florida; University of South Florida; University of Massachusetts System; University of Massachusetts Lowell
摘要：Using a sample of state pension funds' equity holdings, we find evidence of not only local bias, but also bias towards politically-connected stocks. Political bias is detrimental to fund performance. State pension funds have longer holding durations of politically-connected local firms and display disposition behavior in these positions. Political bias is positively related to the percentage of politically-affiliated trustees on the board and Congressional connections. The more politically-aff...
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作者：Anand, Amber; Venkataraman, Kumar
作者单位：Syracuse University; Southern Methodist University
摘要：Using audit-trail data from the Toronto Stock Exchange, we find that market makers scale back in unison when market conditions are unfavorable, which contributes to covariation in liquidity supply, both within and across stocks. Market conditions lower aggregate participation via their impact on trading profits and risk. Contrary to regulatory view, higher stock volatility is associated with more participation and higher profits, even after controlling for other market conditions, including st...
