Journal of Financial Economics

最新文章

• Are small firms less vulnerable to overpriced stock offers? AI翻译
  作者：Vijh, Anand M.; Yang, Ke
  作者单位：University of Iowa; Lehigh University
  摘要：We show an inverted-U relation between targetiveness (probability of being targeted) and firm size. However, this pattern describes stock offers and is more pronounced during hot markets characterized by higher stock valuations. For cash offers we find a negative and monotonic relation. These contrasting patterns suggest that small firms (in the bottom NYSE size quartile) are less vulnerable to overpriced stock offers. In addition, we find that the stock acquirers of small targets are less ove...
• Are there too many safe securities? Securitization and the incentives for information production AI翻译
  作者：Hanson, Samuel G.; Sunderam, Adi
  作者单位：Harvard University
  摘要：We present a model that helps explain several past collapses of securitization markets. Originators issue too many informationally insensitive securities in good times, blunting investor incentives to become informed. The resulting endogenous scarcity of informed investors exacerbates primary market collapses in bad times. Inefficiency arises because informed investors are a public good from the perspective of originators. All originators benefit from the presence of additional informed invest...
• Brand perception, cash flow stability, and financial policy AI翻译
  作者：Larkin, Yelena
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：This paper demonstrates that intangible assets play an important role in financial policy. Using a proprietary database of consumer brand evaluation, I show that positive consumer attitude toward a firm's products alleviates financial frictions and provides additional net debt capacity, as measured by higher leverage and lower cash holdings. Brand perception affects financial policy through reducing overall firm riskiness, as strong consumer evaluations translate into lower future cash flow vo...
• Generalists versus specialists: Lifetime work experience and chief executive officer pay AI翻译
  作者：Custodio, Claudia; Ferreira, Miguel A.; Matos, Pedro
  作者单位：Arizona State University; Arizona State University-Tempe; Universidade Nova de Lisboa; University of Virginia
  摘要：We show that pay is higher for chief executive officers (CEOs) with general managerial skills gathered during lifetime work experience. We use CEOs' resumes of Standard and Poor's 1,500 firms from 1993 through 2007 to construct an index of general skills that are transferable across firms and industries. We estimate an annual pay premium for generalist CEOs (those with an index value above the median) of 19% relative to specialist CEOs, which represents nearly a million dollars per year. This ...
• The asset growth effect: Insights from international equity markets AI翻译
  作者：Watanabe, Akiko; Xu, Yan; Yao, Tong; Yu, Tong
  作者单位：University of Alberta; University of Rhode Island; University of Iowa
  摘要：Firms with higher asset growth rates subsequently experience lower stock returns in international equity markets, consistent with the U.S. evidence. This negative effect of asset growth on returns is stronger in more developed capital markets and markets where stocks are more efficiently priced, but is unrelated to country characteristics representing limits to arbitrage, investor protection, and accounting quality. The evidence suggests that the cross-sectional relation between asset growth a...
• Systemic risk and the refinancing ratchet effect AI翻译
  作者：Khandani, Amir E.; Lo, Andrew W.; Merton, Robert C.
  作者单位：Morgan Stanley; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
  摘要：The combination of rising home prices, declining interest rates, and near-frictionless refinancing opportunities can create unintentional synchronization of homeowner leverage, leading to a ratchet effect on leverage because homes are indivisible and owner-occupants cannot raise equity to reduce leverage when home prices fall. Our simulation of the U.S. housing market yields potential losses of $1.7 trillion from June 2006 to December 2008 with cash-out refinancing vs. only $330 billion in the...
• Government spending, political cycles, and the cross section of stock returns AI翻译
  作者：Belo, Frederico; Gala, Vito D.; Li, Jun
  作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of London; London Business School; University of Texas System; University of Texas Dallas
  摘要：Using a novel measure of industry exposure to government spending, we show predictable variation in cash flows and stock returns over political cycles. During Democratic presidencies, firms with high government exposure experience higher cash flows and stock returns, while the opposite pattern holds true during Republican presidencies. Business cycles, firm characteristics, and standard risk factors do not account for the pattern in returns across presidencies. An investment strategy that expl...
• Credit supply and corporate innovation AI翻译
  作者：Amore, Mario Daniele; Schneider, Cedric; Zaldokas, Alminas
  作者单位：Copenhagen Business School; Hong Kong University of Science & Technology
  摘要：We present evidence that banking development plays a key role in technological progress. We focus on manufacturing firms' innovative performance, measured by patent-based metrics, and employ exogenous variations in banking development arising from the staggered deregulation of banking activities across US states during the 1980s and 1990s. We find that interstate banking deregulation had significant beneficial effects on the quantity and quality of innovation activities, especially for firms h...
• Banking deregulation and innovation AI翻译
  作者：Chava, Sudheer; Oettl, Alexander; Subramanian, Ajay; Subramanian, Krishnamurthy V.
  作者单位：University System of Georgia; Georgia Institute of Technology; University System of Georgia; Georgia State University; Indian School of Business (ISB)
  摘要：We document empirical support for a key micro-level channel-innovation by young, private firms-through which financial sector deregulation affects economic growth. We find that intrastate banking deregulation, which increased the local market power of banks, decreased the level and risk of innovation by young, private firms. In contrast, interstate banking deregulation, which decreased the local market power of banks, increased the level and risk of innovation by young, private firms. These co...
• Flow and stock effects of large-scale treasury purchases: Evidence on the importance of local supply AI翻译
  作者：D'Amico, Stefania; King, Thomas B.
  作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
  摘要：The Federal Reserve's 2009 program to purchase $300 billion of US Treasury securities represented an unprecedented intervention in the Treasury market and provides a natural experiment with the potential to shed light on the price elasticities of Treasuries and theories of supply effects in the term structure. Using security-level data on Treasury prices and quantities during the course of this program, we document a 'local supply' effect in the yield curve yields within a particular maturity ...