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作者：Dyreng, Scott D.; Lindsey, Bradley P.; Thornock, Jacob R.
作者单位：Duke University; North Carolina State University; University of Washington; University of Washington Seattle
摘要：We examine whether Delaware is a domestic tax haven. We find that taxes play an economically important role in determining whether U.S. firms locate subsidiaries in Delaware and that a Delaware-based state tax avoidance strategy lowers state effective tax rates by between 0.7 and 1.1 percentage points, on average. The tax savings represent a 15-24% decrease in the state income tax burden and translate to an increase in net income of 1.04-1.47%. However, we find that the tax benefits of Delawar...
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作者：So, Eric C.
作者单位：Massachusetts Institute of Technology (MIT)
摘要：I provide evidence that investors overweight analyst forecasts by demonstrating that prices do not fully reflect predictable components of analyst errors, which conflicts with conclusions in prior research. I highlight estimation bias in traditional approaches and develop a new approach that reduces this bias. I estimate characteristic forecasts that map current firm characteristics into forecasts of future earnings. Contrasting characteristic and analyst forecasts predicts analyst forecast er...
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作者：Marquez, Robert; Singh, Rajdeep
作者单位：University of California System; University of California Davis; University of Minnesota System; University of Minnesota Twin Cities
摘要：Many acquisitions are conducted by clubs, i.e., coalitions of acquirers that submit a single bid. We present a novel analysis of club bidding where the club creates value by aggregating, at least partially, bidders' values. We show that club formation can lead to higher acquisition prices when the number of bidders is exogenously fixed and large. However, when entry costs require bidders to optimize their participation decisions, club formation acts as an endogenous limit on competition and re...
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作者：van Binsbergen, Jules; Hueskes, Wouter; Koijen, Ralph; Vrugt, Evert
作者单位：National Bureau of Economic Research; Tilburg University; University of London; London Business School; Vrije Universiteit Amsterdam
摘要：We study a new data set of dividend futures with maturities up to ten years across three world regions: the US, Europe, and Japan. We use these asset prices to construct equity yields, analogous to bond yields. We decompose the equity yields to obtain a term structure of expected dividend growth rates and a term structure of risk premia, which decomposes the equity risk premium by maturity. We find that the slope of the term structure of risk premia is pro-cyclical, whereas the slope of the te...
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作者：Beshears, John
作者单位：Harvard University; National Bureau of Economic Research
摘要：I use data on oil and gas drilling in the Gulf of Mexico to measure how a corporate alliance-a group of firms that jointly develops an offshore tract performs relative to a solo firm. I employ a regression discontinuity strategy based on bids in first-price sealed-bid auctions for the rights to develop leases. By focusing on leases where one organizational form narrowly outbids the other, I measure drilling outcomes while controlling for the endogenous matching of projects and organizational f...
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作者：Hartzmark, Samuel M.; Solomon, David H.
作者单位：University of Southern California
摘要：We find an asset pricing anomaly whereby companies have positive abnormal returns in months when they are predicted to issue a dividend. Abnormal returns in predicted dividend months are high relative to other companies and relative to dividend-paying companies in months without a predicted dividend, making risk-based explanations unlikely. The anomaly is as large as the value premium, but less volatile. The premium is consistent with price pressure from dividend-seeking investors. Measures of...
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作者：Spiegel, Matthew; Zhang, Hong
作者单位：Yale University; INSEAD Business School
摘要：Several papers use a fractional specification (net inflow/assets under management) to infer a convex relation between flow and past performance. However, heterogeneous linear response functions combined with the pooled analysis commonly used in these studies can yield false convexity estimates. We show that such heterogeneity obtains in practice. Along these same lines, the paper also finds that several previously unexamined implications of a convex flow-performance relation fail to hold. More...
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作者：Li, Yan; Yang, Liyan
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Toronto
摘要：We build a general equilibrium model to examine the implications of prospect theory for the disposition effect, asset prices, and trading volume. Diminishing sensitivity predicts a disposition effect, price momentum, a reduced return volatility, and a positive return-volume correlation. Loss aversion generally predicts the opposite. In calibrated economies, there is a nontrivial range of preference parameters for prospect theory to simultaneously explain the disposition effect, the momentum ef...
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作者：Campello, Murillo; Graham, John R.
作者单位：Cornell University; National Bureau of Economic Research; Duke University
摘要：We study the capital investment, stock issuance, and cash savings behavior of non-tech manufacturers (old economy firms) during the 1990s technology bubble. Our empirical results show that high stock prices affect corporate policies because they relax financing constraints. During the tech bubble, constrained non-tech firms' investment responded strongly to high stock prices (specifically, the component of price that is not captured by fundamentals). They also issued stock in response to that ...
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作者：Parlour, Christine A.; Winton, Andrew
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of California System; University of California Berkeley
摘要：How do markets for debt cash flow rights, with and without accompanying control rights, affect the efficiency of lending? A bank makes a loan, learns if it needs monitoring, and then decides whether to lay off credit risk. The bank can transfer credit risk by either selling the loan or buying a credit default swap (CDS). With a CDS, the originating bank retains the loan's control rights; with loan sales, control rights pass to the loan buyer. Credit risk transfer leads to excessive monitoring ...
