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作者：van Rooij, Maarten; Lusardi, Annamaria; Alessie, Rob
作者单位：Dartmouth College; National Bureau of Economic Research; University of Groningen
摘要：We have devised two special modules for De Nederlandsche Bank (DNB) Household Survey to measure financial literacy and study its relationship to stock market participation. We find that the majority of respondents display basic financial knowledge and have some grasp of concepts such as interest compounding, inflation, and the time value of money. However, very few go beyond these basic concepts; many respondents do not know the difference between bonds and stocks, the relationship between bon...
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作者：Almeida, Heitor; Park, Sang Yong; Subrahmanyam, Marti G.; Wolfenzon, Daniel
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Yonsei University; New York University; Columbia University
摘要：We study the evolution of Korean chaebols (business groups) using ownership data. Chaebols grow vertically (as pyramids) when the controlling family uses well-established group firms (central firms) to acquire firms with low pledgeable income and high acquisition premiums. Chaebols grow horizontally (through direct ownership) when the family acquires firms with high pledgeable income and low acquisition premiums. Central firms trade at a relative discount, due to shareholders' anticipation of ...
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作者：Billett, Matthew T.; Flannery, Mark J.; Garfinkel, Jon A.
作者单位：State University System of Florida; University of Florida; University of Iowa
摘要：Prior studies conclude that firms' equity underperforms following many individual sorts of external financing. These conclusions naturally raise significant questions about market efficiency and/or about the techniques used to measure long-run abnormal returns. Rather than concentrating on a single security type or issuance, we examine long-run performance following any and all sorts of security issuances. Initial financing events do not associate with underperformance; however, subsequent fin...
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作者：Fahlenbrach, Ruediger; Stulz, Rene M.
作者单位：University System of Ohio; Ohio State University; Swiss Finance Institute (SFI); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; National Bureau of Economic Research; European Corporate Governance Institute
摘要：We investigate whether bank performance during the recent credit crisis is related to chief executive officer (CEO) incentives before the crisis. We find some evidence that banks with CEOs whose incentives were better aligned with the interests of shareholders performed worse and no evidence that they performed better. Banks with higher option compensation and a larger fraction of compensation in cash bonuses for their CEOs did not perform worse during the crisis. Bank CEOs did not reduce thei...
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作者：Siegel, Jordan I.; Licht, Amir N.; Schwartz, Shalom H.
作者单位：Harvard University; Reichman University; Hebrew University of Jerusalem
摘要：This study identifies how country differences on a key cultural dimension-egalitarianism-influence international investment flows. A society's cultural orientation toward egalitarianism is manifested by intolerance for abuses of market and political power and a desire for protecting less powerful actors. We show egalitarianism to be based on exogenous factors including social fractionalization, dominant religion circa 1900, and war experience from the 19th century. We find a robust influence o...
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作者：Butler, Alexander W.; Cornaggia, Jess; Grullon, Gustavo; Weston, James P.
作者单位：Rice University; Indiana University System; Indiana University Bloomington
摘要：Both market timing and investment-based theories of corporate financing predict under-performance after firms raise capital, but only market timing predicts that the composition of financing (equity compared with debt) should also forecast returns. In cross-sectional tests, we find that the amount of net financing is more important than its composition in explaining future stock returns. In the time series, investment-based factor models explain abnormal stock performance following a variety o...
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作者：Bargeron, Leonce; Kulchania, Manoj; Thomas, Shawn
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Marquette University
摘要：Accelerated share repurchases (ASRs) are credible commitments by firms to repurchase shares immediately. Including an ASR in a repurchase program reduces the flexibility that firms have to alter an announced program in response to subsequent changes in the price and liquidity of its shares, unexpected shocks to cash flow and/or investment, etc. Thus, we investigate whether firms' decisions to include ASRs in their repurchase programs are associated with factors expected to influence the costs ...
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作者：Lin, Hai; Wang, Junbo; Wu, Chunchi
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; University of Otago; Xiamen University; Xiamen University; City University of Hong Kong
摘要：This paper studies the pricing of liquidity risk in the cross section of corporate bonds for the period from January 1994 to March 2009. The average return on bonds with high sensitivities to aggregate liquidity exceeds that for bonds with low sensitivities by about 4% annually. The positive relation between expected corporate bond returns and liquidity beta is robust to the effects of default and term betas, liquidity level, and other bond characteristics, as well as to different model specif...
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作者：Tu, Jun; Zhou, Guofu
作者单位：Washington University (WUSTL); Singapore Management University
摘要：The modern portfolio theory pioneered by Markowitz (1952) is widely used in practice and extensively taught to MBAs. However, the estimated Markowitz portfolio rule and most of its extensions not only underperform the naive 1/N rule (that invests equally across N assets) in simulations, but also lose money on a risk-adjusted basis in many real data sets. In this paper, we propose an optimal combination of the naive 1/N rule with one of the four sophisticated strategies the Markowitz rule, the ...
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作者：Kumar, Alok; Page, Jeremy K.; Spalt, Oliver G.
作者单位：University of Miami; Brigham Young University; Tilburg University
摘要：This study investigates whether geographic variation in religion-induced gambling norms affects aggregate market outcomes. We conjecture that gambling propensity would be stronger in regions with higher concentrations of Catholics relative to Protestants. Consistent with our conjecture, we show that in regions with higher Catholic-Protestant ratios, investors exhibit a stronger propensity to hold lottery-type stocks, broad-based employee stock option plans are more popular, the initial day ret...
