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作者：Kerr, William R.; Nanda, Ramana
作者单位：Harvard University
摘要：We examine entrepreneurship and creative destruction following US banking deregulations using US Census Bureau data. US banking reforms brought about exceptional growth in both entrepreneurship and business closures. Most of the closures, however, were the new ventures themselves. Although we find evidence for the standard story of creative destruction, the most pronounced impact was a massive increase in churning among new entrants. We argue that creative destruction requires many business fa...
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作者：Sadka, Gil; Sadka, Ronnie
作者单位：Boston College; Columbia University
摘要：This paper studies the effects of predictability on the earnings-returns relation for individual firms and for the aggregate. We demonstrate that prices better anticipate earnings growth at the aggregate level than at the firm level, which implies that random-walk models are inappropriate for gauging aggregate earnings expectations. Moreover, we show that the contemporaneous correlation of earnings growth and stock returns decreases with the ability to predict future earnings. Our results may ...
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作者：Hennessy, Christopher A.; Livdan, Dmitry
作者单位：University of California System; University of California Berkeley
摘要：We examine optimal leverage for a downstream firm relying on implicit (self-enforcing) contracts with a supplier. Performing a leveraged recapitalization prior to bargaining increases the firm's share of total surplus. However, the resulting debt overhang limits the range of credible bonuses, resulting in low input quality. Optimal financial structure trades off bargaining benefits of debt within efficiency resulting from overhang. Consistent with empirical evidence, the model predicts that le...
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作者：Cooney, John W.; Moeller, Thomas; Stegemoller, Mike
作者单位：Texas Tech University System; Texas Tech University; Texas Christian University
摘要：We examine acquisitions of private firms with valuation histories and find a positive relation between acquirer announcement returns and target valuation revisions. Similar to other studies, acquirer announcement returns are positive, on average. However, positive acquirer announcement returns are mainly driven by targets that are acquired for more than their prior valuation. This relation is consistent with pricing effects associated with target valuation uncertainty and behavioral biases in ...
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作者：Ang, Andrew; Hodrick, Robert J.; Xing, Yuhang; Zhang, Xiaoyan
作者单位：Columbia University; National Bureau of Economic Research; Rice University; Cornell University
摘要：Stocks with recent past high idiosyncratic volatility have low future average returns around the world. Across 23 developed markets, the difference in average returns between the extreme quintile portfolios sorted on idiosyncratic volatility is -1.31% per month, after controlling for world market, size, and value factors. The effect is individually significant in each G7 country. In the United States, we rule out explanations based on trading frictions, information dissemination, and higher mo...
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作者：Qiu, Jiaping; Yu, Fan
作者单位：Claremont Colleges; Claremont McKenna College; Claremont Graduate University; McMaster University
摘要：How do bond holders view the existence of an open market for corporate control? Between 1985 and 1991,30 states in the U.S. enacted business combination (BC) laws, raising the cost of corporate takeovers. Relying on these exogenous events, we estimate the influence of the market for corporate control on the cost of debt. We identify different channels through which an open market for corporate control can benefit or harm bondholders: a reduction in managerial slack or the quiet life, resulting...
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作者：Jackson, Howell E.; Roe, Mark J.
作者单位：Harvard University
摘要：Ascertaining which enforcement mechanisms work to protect investors has been both a focus of recent work in academic finance and an issue for policy-making at international development agencies. According to recent academic work, private enforcement of investor protection via both disclosure and private liability rules goes hand in hand with financial market development, but public enforcement fails to correlate with financial development and, hence, is unlikely to facilitate it. Our results c...
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作者：Christoffersen, Susan E. K.; Sarkissian, Sergei
作者单位：McGill University
摘要：The literature predicts that the average skill level and productivity are higher in larger cities. Prior studies use workers' wage or education differentials to indirectly link city size and output. This article relates city size and productivity directly, using performance data of U.S. equity mutual funds. On average, funds in financial centers perform better than other funds in terms of both gross and risk-adjusted returns, but this difference is driven only by more experienced managers. Amo...
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作者：Bodnaruk, Andriy; Ostberg, Per
作者单位：Norwegian School of Economics (NHH); University of Notre Dame
摘要：Merton [1987. A simple model of capital market equilibrium with incomplete information. Journal of Finance 42, 483-510] shows that stocks about which not all investors are informed should yield a return premium. This premium depends on the shadow cost of incomplete information which in turn depends on the shareholder base, relative market size, and idiosyncratic risk. Utilizing a comprehensive database of Swedish shareholdings, we demonstrate that stock returns are positively related to the sh...
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作者：Kisgen, Darren J.; Qian, Jun Qj; Song, Weihong
作者单位：Boston College; University System of Ohio; University of Cincinnati
摘要：Over the period 1994-2003. 80% of targets and 37% of acquirers obtain a third-party assessment of the fairness of a merger or acquisition. These fairness opinions do not affect deal outcomes when used by targets, but they affect deal outcomes when used by acquirers. The deal premium is lower in transactions if the acquirer obtains a fairness opinion, and is further reduced if multiple advisors provide an opinion. However, the acquirer's announcement-period return is 2.3% lower if the acquirer ...
