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作者：Kim, E. Han; Morse, Adair; Zingales, Luigi
作者单位：National Bureau of Economic Research; University of Chicago; University of Michigan System; University of Michigan
摘要：We study the location-specific component of research productivity for economics and finance faculty over the last three decades. We find that there was a positive effect of being affiliated with a top 25 university in the 1970s; this effect weakened in the 1980s and disappeared in the 1990s. The decline in elite university fixed effect is due to the reduced importance of physical access to productive research colleagues, which in turn seems due to innovations in communication technology. One i...
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作者：Brockman, Paul; Unlu, Emre
作者单位：University of Missouri System; University of Missouri Columbia; University of Nebraska System; University of Nebraska Lincoln
摘要：We show that country-level creditor rights influence dividend policies around the world by establishing the balance of power between debt and equity claimants. Creditors demand and managers consent to a more restrictive Payout policy as a substitute for weak creditor rights in an effort to minimize the firm's agency costs of debt. Using a sample of 120,507 firm-years from 52 countries, we find that both the probability and amount of dividend payouts are significantly lower in countries with po...
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作者：Pasquariello, Paolo; Vega, Clara
作者单位：University of Michigan System; University of Michigan; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We test the implications of a model of multi-asset speculative trading in which liquidity differentials between on-the-run and off-the-run U.S. Treasury bonds ensue from endowment shocks in the presence of two realistic market frictions-information heterogeneity and imperfect competition among informed traders-and a public signal. Cur evidence suggests that (i) off/on-the-run liquidity differentials are economically and statistically significant, even after controlling for several of the bonds...
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作者：Barth, James R.; Lin, Chen; Lin, Ping; Song, Frank M.
作者单位：University of Hong Kong; Auburn University System; Auburn University; City University of Hong Kong; Lingnan University
摘要：Building on the important study by Beck, Demirguc-Kunt, and Levine [2006. Bank supervision and corruption in lending. journal of Monetary Economics 53, 2131-2163], we examine the effects of both borrower and lender competition as well as information sharing via credit bureaus/registries on corruption in bank lending. Using the unique World Bank data set (WBES) covering more than 4,000 firms across 56 countries with information on credit bureaus/registries, assembled by Djankov, McLiesh, and Sh...
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作者：[Anonymous]
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作者：Ivkovic, Zoran; Weisbenner, Scott
作者单位：Michigan State University; National Bureau of Economic Research
摘要：This paper studies the relation between individuals mutual fund flows and fund characteristics, establishing three key results. First, consistent with tax motivations, individual investors are reluctant to sell mutual funds that have appreciated in value and are willing to sell losing funds. Second, individuals pay attention to investment costs as redemption decisions are sensitive to both expense ratios and loads. Third, individuals fund-level inflows and outflows are sensitive to performance...
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作者：Massa, Massimo; Zhang, Lei
作者单位：INSEAD Business School
摘要：We study the impact of style investing'' on the market for corporate control. We argue that the choice of the bidder is influenced by the fact that the merge with a firm that belongs to an investment style more popular with the market may boost the bidder's value. By using data on the flows in mutual funds, we construct a measure of popularity, which relies directly on the identification of sentiment-induced investor demand, rather than being a direct transformation of stock market data. We sh...
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作者：Koijen, Ralph S. J.; Van Hemert, Otto; Van Nieuwerburgh, Stijn
作者单位：New York University; University of Chicago; Tilburg University; National Bureau of Economic Research
摘要：We study how the term structure of interest rates relates to mortgage choice at both household and aggregate levels. A simple utility framework of mortgage choice points to the long-term bond risk premium as distinct from the yield spread and the long yield as a theoretical determinant of mortgage choice: when the bond risk premium is high, fixed-rate mortgage payments are high, making adjustable-rate mortgages more attractive. We confirm empirically that the bulk of the time variation in both...
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作者：Greenwood, Robin; Schor, Michael
作者单位：Harvard University; Morgan Stanley
摘要：Recent work documents large positive abnormal returns when a hedge fund announces activist intentions regarding a publicly listed firm. We show that these returns are largely explained by the ability of activists to force target firms into a takeover. For a comprehensive sample of 13D filings by portfolio investors between 1993 and 2006, announcement returns and long-term abnormal returns are high for targets that are ultimately acquired, but not detectably different from zero for firms that r...
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作者：Greenwood, Robin; Nagel, Stefan
作者单位：Stanford University; Harvard University; National Bureau of Economic Research
摘要：We use mutual fund manager data from the technology bubble to examine the hypothesis that inexperienced investors play a role in the formation of asset price bubbles. Using age as a proxy for managers' investment experience, we find that around the peak of the technology bubble, mutual funds run by younger managers are more heavily invested in technology stocks, relative to their style benchmarks, than their older colleagues. Furthermore, young managers, but not old managers, exhibit trend-cha...
