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作者：Nadauld, Taylor D.; Sherlund, Shane M.
作者单位：Brigham Young University
摘要：This paper investigates the relationship between securitization activity and the extension of subprime credit. The analysis is motivated by two sets of compelling empirical facts. First, the origination of subprime mortgages exploded between the years 2003 and 2005. Second, the securitization of subprime loans increased substantially over the same time period, driven primarily by the five largest independent broker/dealer investment banks. We argue that the relative shift in the securitization...
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作者：Jegadeesh, Narasimhan; Wu, Di
作者单位：Emory University; National Bureau of Economic Research; University of Pennsylvania
摘要：We present a new approach for content analysis to quantify document tone. We find a significant relation between our measure of the tone of 10-Ks and market reaction for both negative and positive words. We also find that the appropriate choice of term weighting in content analysis is at least as important as, and perhaps more important than, a complete and accurate compilation of the word list. Furthermore, we show that our approach circumvents the need to subjectively partition words into po...
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作者：Berger, Allen N.; Bouwman, Christa H. S.
作者单位：University of South Carolina System; University of South Carolina Columbia; University of Pennsylvania; Tilburg University; University System of Ohio; Case Western Reserve University
摘要：This paper empirically examines how capital affects a bank's performance (survival and market share) and how this effect varies across banking crises, market crises, and normal times that occurred in the US over the past quarter century. We have two main results. First, capital helps small banks to increase their probability of survival and market share at all times (during banking crises, market crises, and normal times). Second, capital enhances the performance of medium and large banks prim...
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作者：Garcia-Appendini, Emilia; Montoriol-Garriga, Judit
作者单位：University of St Gallen; Autonomous University of Barcelona
摘要：Using a supplier-client matched sample, we study the effect of the 2007-2008 financial crisis on between-firm liquidity provision. Consistent with a causal effect of a negative shock to bank credit, we find that firms with high precrisis liquidity levels increased the trade credit extended to other corporations and subsequently experienced better performance as compared with ex ante cash-poor firms. Trade credit taken by constrained firms increased during this period. These findings are consis...
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作者：Li, Xiaoyang
摘要：This paper investigates how takeovers create value. Using plant-level data, I show that acquirers increase targets' productivity through more efficient use of capital and labor. Acquirers reduce capital expenditures, wages, and employment in target plants, though output is unchanged. Acquirers improve targets' investment efficiency through reallocating capital to industries with better investment opportunities. Moreover, changes in productivity help explain the merging firms' announcement retu...
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作者：Anand, Amber; Irvine, Paul; Puckett, Andy; Venkataraman, Kumar
作者单位：Syracuse University; University System of Georgia; University of Georgia; University of Tennessee System; University of Tennessee Knoxville; Southern Methodist University
摘要：We examine the impact of institutional trading on stock resiliency during the financial crisis of 2007-2009. We show that buy-side institutions have different exposure to liquidity factors based on their trading style. Liquidity supplying institutions absorb the long-term order imbalances in the market and are critical to recovery patterns after a liquidity shock. We show that these liquidity suppliers withdraw from risky securities during the crisis and their participation does not recover fo...
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作者：Yim, Soojin
作者单位：Emory University
摘要：I demonstrate that acquisitions are accompanied by large, permanent increases in Chief Executive Officer (CEO) compensation, which create strong financial incentives for CEOs to pursue acquisitions earlier in their career. Accordingly, I document that a firm's acquisition propensity is decreasing in the age of its CEO: a firm with a CEO who is 20 years older is similar to 30% less likely to announce an acquisition. This negative effect of CEO age on acquisitions is strongest among firms where ...
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作者：Jones, Christopher S.; Tuzel, Selale
作者单位：University of Southern California
摘要：We examine the relation between inventory investment and the cost of capital in the time series and the cross section. We find consistent evidence that risk premiums, rather than real interest rates, are strongly negatively related to future inventory growth at the aggregate, industry, and firm levels. The effect is stronger for firms in industries that produce durables rather than nondurables, exhibit greater cyclicality in sales, require longer lead times, and are subject to more technologic...
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作者：Li, Yuanzhi
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：Past literature has assumed that negative stock returns around Chapter 11 filing are solely due to new adverse information about firm value. This paper argues that there is also a nonlinear wealth transfer from shareholders to creditors causing shareholder loss. The magnitude of the wealth transfer can be quantified in a setting where equity is a call option on firm assets as in the Merton (1974) model. The wealth transfer originates from maturity shortening of the call option as a result of C...
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作者：Cohen, Alma; Wang, Charles C. Y.
作者单位：Tel Aviv University; National Bureau of Economic Research; Harvard University
摘要：The well-established negative correlation between staggered boards (SBs) and firm value could be due to SBs leading to lower value or a reflection of low-value firms' greater propensity to maintain SBs. We analyze the causal question using a natural experiment involving two Delaware court rulings separated by several weeks and going in opposite directions that affected the antitakeover force of SBs. We contribute to the long-standing debate on staggered boards by presenting empirical evidence ...
