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作者：Beber, Alessandro; Brandt, Michael W.; Luisi, Maurizio
作者单位：City St Georges, University of London; Duke University; National Bureau of Economic Research
摘要：We propose a simple cross-sectional technique to extract daily factors from economic news released at different times and frequencies. Our approach can effectively handle the large number of different announcements that are relevant for tracking current economic conditions. We apply the technique to extract real-time measures of inflation, output, employment, and macroeconomic sentiment, as well as corresponding measures of disagreement among economists about these indices. We find that our pr...
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作者：El-Khatib, Rwan; Fogel, Kathy; Jandik, Tomas
作者单位：Zayed University; University of Arkansas System; University of Arkansas Fayetteville
摘要：We study the effects on M&A outcomes of CEO network centrality, which measures the extent and strength of a CEO's personal connections. High network centrality can allow CEOs to efficiently gather and control private information, facilitating value-creating acquisition decisions. We show, however, that M&A deals initiated by high-centrality CEOs, in addition to being more frequent, carry greater value losses to both the acquirer and the combined entity than deals initiated by low-centrality CE...
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作者：Offenberg, David; Pirinsky, Christo
作者单位：Loyola Marymount University; Cornerstone Research
摘要：Tender offers provide the advantage of substantially faster completion times than mergers. However, a tender offer signals to the target higher demand for its shares and raises its reservation price. In equilibrium, bidders tradeoff speed and cost. Consistent with this theory, we show that deals in more competitive environments and deals with fewer external impediments on execution are more likely to be structured as tender offers. Tender offers also require higher premiums than mergers. Final...
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作者：Pastor, Lubos; Stambaugh, Robert F.; Taylor, Lucian A.
作者单位：University of Chicago; University of Pennsylvania; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：We empirically analyze the nature of returns to scale in active mutual fund management. We find strong evidence of decreasing returns at the industry level. As the size of the active mutual fund industry increases, a fund's ability to outperform passive:benchmarks declines. At the fund level, all methods considered indicate decreasing returns, though estimates that avoid econometric biases are insignificant. We also find that the active management industry has become more skilled over time. Th...
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作者：Heider, Florian; Hoerova, Marie; Holthausen, Cornelia
作者单位：European Central Bank
摘要：We develop a model of interbank lending and borrowing with counterparty risk. The model has two key ingredients. First, liquidity in the banking sector is endogenous, so there is an opportunity cost of holding liquid assets. Second, banks are privately informed about the risk of their long-term assets, which can lead to adverse selection and high interest rates in the interbank market. We identify a novel form of a market break-down, which can lead to liquidity hoarding. It arises because adve...
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作者：Benmelech, Efraim; Frydman, Carola
作者单位：Northwestern University; National Bureau of Economic Research; Boston University
摘要：There is mounting evidence of the influence of personal characteristics of chief executive officers (CEOs) on corporate outcomes. In this paper we analyze the relation between military service of CEOs and managerial decisions, financial policies, and corporate outcomes. Exploiting exogenous variation in the propensity to serve in the military, we show that military service is associated with conservative corporate policies and ethical behavior. Military CEOs pursue lower corporate investment, ...
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作者：Dang, Tung Lam; Moshirian, Fariborz; Zhang, Bohui
作者单位：University of New South Wales Sydney; University of New South Wales Sydney; University of Danang
摘要：Motivated by the pioneering study of Morck. Yeung, and Yu (2000), this paper investigates whether and how news commonality varies according to a country's institutional environments. Using a unique global news data set across 41 countries for the 20002009 period, we document three notable findings. First, firm-level news comoves more in countries with weaker institutional environments than in those with stronger institutional environments. Second, news commonality is positively associated with...
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作者：Arcot, Sridhar; Fluck, Zsuzsanna; Gaspar, Jose-Miguel; Hege, Ulrich
作者单位：ESSEC Business School; Michigan State University; Universite PSL; Universite Paris-Dauphine; Hautes Etudes Commerciales (HEC) Paris
摘要：The fastest growing segment of private equity (PE) deals is secondary buyouts (SBOs)-sales from one PE fund to another. Using a comprehensive sample of leveraged buyouts, we investigate whether SBOs are value-maximizing, or reflect opportunistic behavior. To proxy for adverse incentives, we develop buy and sell pressure indexes based on how close PE funds are to the end of their investment period or lifetime, their unused capital, reputation, deal activity, and fundraising frequency. We report...
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作者：Graham, John R.; Harvey, Campbell R.; Puri, Manju
作者单位：Duke University; National Bureau of Economic Research
摘要：We use a unique data set that contains information on more than 1,000 Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs) around the world to investigate the degree to which executives delegate financial decisions and the circumstances that drive variation in delegation. Delegation does not appear to be monolithic; instead, our results show that it varies across corporate policies and also varies with the personal characteristics of the CEO. We find that CEOs delegate financial...
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作者：Ait-Sahalia, Yacine; Cacho-Diaz, Julio; Laeven, Roger J. A.
作者单位：Princeton University; National Bureau of Economic Research; University of Amsterdam
摘要：We propose a model to capture the dynamics of asset returns, with periods of crises that are characterized by contagion. In the model, a jump in one region of the world increases the intensity of jumps both in the same region (self-excitation) as well as in other regions (cross-excitation), generating episodes of highly clustered jumps across world markets that mimic the observed features of the data. We develop and implement moment-based estimation and testing procedures for this model. The e...
