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作者：Chan, Lilian H.; Chen, Kevin C. W.; Chen, Tai-Yuan
作者单位：University of Hong Kong; Hong Kong University of Science & Technology
摘要：Although firm-initiated clawbacks reduce accounting manipulation, they also induce managers to engage in suboptimal activities (e.g., reduce research and development (R&D) expenses) to achieve earnings targets. To assess the effectiveness of clawback provisions, we examine their impact from debtholders' point of view. We find that banks use more financial covenants and performance pricing provisions in the loan contracts and decrease interest rates after firms initiate clawbacks. Moreover, we ...
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作者：Acharya, Viral V.; Lochstoer, Lars A.; Ramadorai, Tarun
作者单位：National Bureau of Economic Research; Columbia University; University of Oxford
摘要：We build an equilibrium model of commodity markets in which speculators are capital constrained, and commodity producers have hedging demands for commodity futures. Increases in producers' hedging demand or speculators' capital constraints increase hedging costs via price-pressure on futures. These in turn affect producers' equilibrium hedging and supply decision inducing a link between a financial friction in the futures market and the commodity spot prices. Consistent with the model, measure...
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作者：Boubakri, Narjess; Cosset, Jean-Claude; Saffar, Walid
作者单位：American University of Sharjah; Universite de Montreal; HEC Montreal; Hong Kong Polytechnic University
摘要：Using a unique database of 381 newly privatized firms from 57 countries, we investigate the impact of shareholders' identity on corporate risk-taking behavior. We find strong and robust evidence that state (foreign) ownership is negatively (positively) related to corporate risk-taking. Moreover, we find that high risk-taking by foreign owners depends on the strength of country-level governance institutions. Our results suggest that relinquishment of government control, openness to foreign inve...
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作者：Ramadorai, Tarun
作者单位：University of Oxford
摘要：To identify capacity constraints in hedge funds and simultaneously gauge how well-informed hedge fund investors are, we need measures of investor demand that do not affect deployed hedge fund assets. Using new data on investor interest from a secondary market for hedge funds, this paper verifies the existence of capacity constraints in hedge funds. There is more mixed evidence on the information available to hedge fund investors. Buy and sell indications arrive following fund outperformance. W...
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作者：Nain, Amrita; Yao, Tong
作者单位：University of Iowa
摘要：We show that the commonly observed correlation between institutional investor ownership and the success of mergers is partly driven by active stock picking. Several mutual fund stock selection skill measures strongly predict the post-merger performance of corporate acquirers even after controlling for possible shareholder monitoring. These findings are stronger for funds with characteristics more indicative of active stock picking. Moreover, firms held by funds with higher stock selection skil...
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作者：Banegas, Ayelen; Gillen, Ben; Timmermann, Allan; Wermers, Russ
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; California Institute of Technology; University of California System; University of California San Diego; University System of Maryland; University of Maryland College Park
摘要：This paper implements strategies that use macroeconomic variables to select European equity mutual funds, including Pan-European, country, and sector funds. We find that several macro-variables are useful in locating funds with future outperformance and that country-specific mutual funds provide the best opportunities for fund rotation strategies using macroeconomic information. Specifically, our baseline long-only strategies that exploit time-varying predictability provide four-factor alphas ...
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作者：Mehrotra, Vikas; Morck, Randall; Shim, Jungwook; Wiwattanakantang, Yupana
作者单位：University of Alberta; National Bureau of Economic Research; Kyoto Sangyo University; National University of Singapore
摘要：We find inherited family firms more important in postwar Japan than generally realized, and also performing well on average. Non-consanguineous heir-run firms outperform blood heirs' firms, and roughly match founder-run listed firms, while blood heirs surpass professional managers at running family firms. Further, succession events suggest that adopted heirs cause elevated performance. We suggest that heir-run firms do well because non-consanguineous heirs displace the least talented blood hei...
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作者：Agrawal, Ashwini K.; Matsa, David A.
作者单位：New York University; Northwestern University
摘要：This paper presents evidence that firms choose conservative financial policies partly to mitigate workers' exposure to unemployment risk. We exploit changes in state unemployment insurance laws as a source of variation in the costs borne by workers during layoff spells. We find that higher unemployment benefits lead to increased corporate leverage, particularly for labor-intensive and financially constrained firms. We estimate the ex ante, indirect costs of financial distress due to unemployme...
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作者：Mencia, Javier; Sentana, Enrique
作者单位：Banco de Espana
摘要：We conduct an extensive empirical analysis of VIX derivative valuation models before, during, and after the 2008-2009 financial crisis. Since the restrictive mean-reversion and heteroskedasticity features of existing models yield large distortions during the crisis, we propose generalisations with a time-varying central tendency, jumps, and stochastic volatility, analyse their pricing performance, and implications for term structures of VIX futures and volatility skews. We find that a process ...
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作者：Taylor, Lucian A.
作者单位：University of Pennsylvania
摘要：The level of Chief Executive Officer (CEO) pay responds asymmetrically to good and bad news about the CEO's ability. The average CEO captures approximately half of the surpluses from good news, implying CEOs and shareholders have roughly equal bargaining power. In contrast, the average CEO bears none of the negative surplus from bad news, implying CEOs have downward rigid pay. These estimates are consistent with the optimal contracting benchmark of Harris and Holmstrom (1982) and do not appear...
