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作者：Puri, Manju; Rocholl, Joerg; Steffen, Sascha
作者单位：Duke University; National Bureau of Economic Research; Duke University; European School of Management & Technology; University of Mannheim
摘要：This paper examines the broader effects of the US financial crisis on global lending to retail customers. In particular we examine retail bank lending in Germany using a unique data set of German savings banks during the period 2006 through 2008 for which we have the universe of loan applications and loans granted. Our experimental setting allows us to distinguish between savings banks affected by the US financial crisis through their holdings in Landesbanken with substantial subprime exposure...
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作者：Butler, Alexander W.; Cornaggia, Jess
作者单位：Rice University; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We study the relation between access to finance and productivity. Our contribution to the literature is a clean identification of a causal effect of access to finance on productivity. Specifically, we exploit an exogenous shift in demand for a product to expose how producers adapt their productivity in the presence of varying levels of access to finance. We use a triple differences testing approach and find that production increases the most over the sample period in areas with relatively stro...
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作者：Gao, Huasheng
作者单位：Nanyang Technological University
摘要：This paper examines optimal compensation contracts when executives can hedge their personal portfolios. In a simple principal-agent framework, I predict that the Chief Executive Officer's (CEO's) pay-performance sensitivity decreases with the executive-hedging cost. Empirically, I find evidence supporting the model's prediction. Providing further support for the theory, I show that shareholders also impose a high sensitivity of CEO wealth to stock volatility and increase financial leverage to ...
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作者：Calomiris, Charles W.; Fisman, Raymond; Wang, Yongxiang
作者单位：Columbia University; Renmin University of China; Jiangxi University of Finance & Economics
摘要：We examine the market response to an unexpected announcement of the sale of government-owned shares in China. In contrast to earlier work, we find a negative effect of government ownership on returns at the announcement date and a symmetric positive effect from the policy's cancellation. We suggest that this results from the absence of a Chinese political transition to accompany economic reforms, so that the benefits of political ties outweigh the efficiency costs of government shareholdings. ...
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作者：Nguyen, Bang Dang; Nielsen, Kasper Meisner
作者单位：University of Cambridge; Hong Kong University of Science & Technology
摘要：We investigate contributions of independent directors to shareholder value by examining stock price reactions to sudden deaths in the US from 1994 to 2007. We find, first, that following director death stock prices drop by 0.85% on average. Second, the degree of independence and board structure determine the marginal value of independent directors. Third, independence is more valuable in crucial board functions. Finally, controlling for director-invariant heterogeneity using a fixed effect app...
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作者：Blouin, Jennifer; Core, John E.; Guay, Wayne
作者单位：University of Pennsylvania
摘要：We re-examine the claim that many corporations are underleveraged in that they fail to take full advantage of debt tax shields. We show prior results suggesting underleverage stems from biased estimates of tax benefits from interest deductions. We develop improved estimates of marginal tax rates using a non-parametric procedure that produces more accurate estimates of the distribution of future taxable income. We show that additional debt would provide firms with much smaller tax benefits than...
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作者：Bakshi, Gurdip; Madan, Dilip; Panayotov, George
作者单位：Georgetown University; University System of Maryland; University of Maryland College Park
摘要：When the pricing kernel is U-shaped, then expected returns of claims with payout on the upside are negative for strikes beyond a threshold, determined by the slope of the U-shaped kernel in its increasing region, and have negative partial derivative with respect to strike in the increasing region of the kernel. Using returns of (i) S&P 500 index calls, (ii) calls on major international equity indexes, (iii) digital calls, (iv) upside variance contracts, and (v) a theoretical construct that we ...
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作者：Bartram, Soehnke M.; Brown, Gregory W.; Minton, Bernadette A.
作者单位：Lancaster University; University of North Carolina; University of North Carolina Chapel Hill; University System of Ohio; Ohio State University
摘要：Theory predicts sizeable exchange rate (FX) exposure for many firms. However, empirical research has not documented such exposures, To examine this discrepancy, we extend prior theoretical results to model a global firm's FX exposure and show empirically that firms pass through part of currency changes to customers and utilize both operational and financial hedges. For a typical sample firm, pass-through and operational hedging each reduce exposure by 10-15%. Financial hedging with foreign deb...
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作者：Matvos, Gregor; Ostrovsky, Michael
作者单位：University of Chicago; Stanford University
摘要：This paper studies voting in corporate director elections. We construct a comprehensive data set of 2,058,788 mutual fund votes over a two-year period. We find systematic heterogeneity in voting: some funds are consistently more management-friendly than others. We also establish the presence of peer effects: a fund is more likely to oppose management when other funds are more likely to oppose it, all else being equal. We estimate a voting model whose supermodular structure allows us to compute...
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作者：Easley, David; O'Hara, Maureen
作者单位：Cornell University
摘要：During the 2007-2009 financial crisis there was little or no trading in a variety of financial assets, even though bid and ask prices existed for many of these assets. We develop a model in which this illiquidity arises from uncertainty, and we argue that this new form of illiquidity makes bid and ask prices unsuitable as metrics for establishing fair value for these assets. We show how the extreme uncertainty that traders face can be characterized by incomplete preferences over portfolios, an...
