-
作者：Ahern, Kenneth R.; Daminelli, Daniele; Fracassi, Cesare
作者单位：University of Southern California; Polytechnic University of Milan; University of Texas System; University of Texas Austin
摘要：We find strong evidence that three key dimensions of national culture (trust, hierarchy, and individualism) affect merger volume and synergy gains. The volume of cross-border mergers is lower when countries are more culturally distant. In addition, greater cultural distance in trust and individualism leads to lower combined announcement returns. These findings are robust to year and country-level fixed effects, time-varying country-pair and deal-level variables, as well as instrumental variabl...
-
作者：Zingales, Luigi
作者单位：University of Chicago; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
-
作者：Dittmar, Amy; Field, Laura Casares
作者单位：University of Michigan System; University of Michigan; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Little is known about the price firms pay for stock repurchases. Using a data set of all U.S. repurchases from 2004 to 2011, we compare the actual average price paid monthly in a repurchase with the average market price for the same stock over various horizons. We find that firms repurchase stock at a significantly lower price than the average market price in all sample years. Less frequent repurchasers, firms that repurchase when insiders buy on their own account, and firms that experience lo...
-
作者：Cornaggia, Jess; Mao, Yifei; Tian, Xuan; Wolfe, Brian
作者单位：Georgetown University; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Tsinghua University; State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：We exploit the deregulation of interstate bank branching laws to test whether banking competition affects innovation. We find robust evidence that banking competition reduces state-level innovation by public corporations headquartered within deregulating states. Innovation increases among private firms that are dependent on external finance and that have limited access to credit from local banks. We argue that banking competition enables small, innovative firms to secure financing instead of b...
-
作者：Moller, Stig V.; Rangvid, Jesper
作者单位：CREATES; Aarhus University; Copenhagen Business School
摘要：We show that macroeconomic growth at the end of the year (fourth quarter or December) strongly influences expected returns on risky financial assets, whereas economic growth during the rest of the year does not. We find this pattern for many different asset classes, across different time periods, and for US and international data. We also show that movements in the surplus consumption ratio of Campbell and Cochrane (1999), a theoretically well-founded measure of time-varying risk aversion link...
-
作者：Almazan, Andres; de Motta, Adolfo; Titman, Sheridan
作者单位：University of Texas System; University of Texas Austin; McGill University; National Bureau of Economic Research
摘要：We analyze the financing and liquidation decisions of firms that face a labor market with search frictions. By inducing bankruptcy, debt can facilitate the process of creative destruction (i.e., the elimination of inefficient firms and the creation of new firms) but can also lead to excessive liquidation and unemployment in particular, during economic downturns. Within this setting, we examine policy interventions that influence the firms' financing and liquidation choices. We consider the rol...
-
作者：Biggerstaff, Lee; Cicero, David C.; Puckett, Andy
作者单位：University System of Ohio; Miami University; University of Alabama System; University of Alabama Tuscaloosa; University of Tennessee System; University of Tennessee Knoxville
摘要：We show that firms with Chief Executive Officers (CEOs) who personally benefit from options backdating are more likely to engage in other corporate misbehaviors, suggestive of an unethical corporate culture. These firms are more likely to commit financial fraud to overstate earnings. They acquire more private companies, which could perpetuate their frauds, and their acquisitions are met with lower market responses. These misbehaviors are concentrated in firms with externally hired suspect CEOs...
-
作者：O'Hara, Maureen
作者单位：Cornell University
摘要：Markets are different now, transformed by technology and high frequency trading. In this paper, I investigate the implications of these changes for high frequency market microstructure (HFT). I describe the new high frequency world, with a particular focus on how HFT affects the strategies of traders and markets. I discuss some of the gaps that arise when thinking about microstructure research issues in the high frequency world. I suggest that, like everything else in the markets, research mus...
-
作者：Greenwood, Robin; Landier, Augustin; Thesmar, David
作者单位：Harvard University; National Bureau of Economic Research; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Hautes Etudes Commerciales (HEC) Paris; Centre for Economic Policy Research - UK
摘要：We present a model in which fire sales propagate shocks across bank balance sheets. When a bank experiences a negative shock to its equity, a natural way to return to target leverage is to sell assets. If potential buyers are limited, then asset sales depress prices, in which case one bank's sales impact other banks with common exposures. We show how this contagion effect adds up across the banking sector, and how it can be estimated empirically using balance sheet data. We compute bank exposu...
-
作者：Qiu, Jiaping; Wan, Chi
作者单位：McMaster University; University of Massachusetts System; University of Massachusetts Boston
摘要：This study examines the effect of technology spillovers on firms' cash holdings. It finds that firms facing greater technology spillovers hold higher cash balances. This effect is more pronounced among financially constrained firms and for firms that are likely to benefit more from diffused technology, e.g., those that have newer patents, are more profitable, and face better growth opportunities. The spillover impact remains strong when product market competition and own-firm innovations are a...
