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作者：Gonzalez, Laura; James, Christopher
作者单位：State University System of Florida; University of Florida
摘要：This paper examines the bank lending relations of a large sample of technology and nontechnology firms that went public during the 1996-2000 period. We use a unique hand-collected data set to examine the characteristics of firms that establish pre- Initial Public Offering (IPO) bank lending relations and whether post-IPO performance is related to the existence and size of pre-IPO banking relations. We find that the majority of IPO firms have banking relations before they go public. Firms with ...
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作者：Durham, Garland B.
作者单位：University of Colorado System; University of Colorado Boulder
摘要：Understanding both the dynamics of volatility and the shape of the distribution of returns conditional on the volatility state is important for many financial applications. A simple single-factor stochastic volatility model appears to be sufficient to capture most of the dynamics. It is the shape of the conditional distribution that is the problem. This paper examines the idea of modeling this distribution as a discrete mixture of normals. The flexibility of this class of distributions provide...
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作者：Boone, Audra L.; Field, Laura Casares; Karpoff, Jonathan M.; Raheja, Charu G.
作者单位：University of Washington; University of Washington Seattle; University of Kansas; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Wake Forest University
摘要：Using a unique panel dataset that tracks corporate board development from a firm's IPO through 10 years later, we find that: (i) board size and independence increase as firms grow and diversify over time; (ii) board size-but not board independence-reflects a tradeoff between the firm-specific benefits and costs of monitoring; and (iii) board independence is negatively related to the manager's influence and positively related to constraints on that influence. These results indicate that economi...
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作者：Kroszner, Randall S.; Laeven, Luc; Klingebiel, Daniela
作者单位：International Monetary Fund; Federal Reserve System - USA; Federal Reserve System Board of Governors; Centre for Economic Policy Research - UK; The World Bank
摘要：This paper contributes to the literature that analyzes the mechanisms linking financial shocks and real activity. In particular, we investigate the growth impact of banking crises on industries with different levels of dependence on external finance. If banks are the key institutions allowing credit constraints to be relaxed, then a sudden loss of these intermediaries in a system in which such intermediaries are important should have a disproportionately contractionary impact on the sectors th...
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作者：Inderst, Roman; Mueller, Holger M.
作者单位：New York University; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：We consider an imperfectly competitive loan market in which a local relationship lender has an information advantage vis--vis distant transaction lenders. Competitive pressure from the transaction lenders prevents the local lender from extracting the full surplus from projects. As a result, the local lender inefficiently rejects marginally profitable projects. Collateral mitigates the inefficiency by increasing the local lender's payoff from precisely those marginally profitable projects that ...
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作者：Fich, Eliezer M.; Shivdasani, Anil
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Drexel University
摘要：We investigate the reputational impact of financial fraud for outside directors based on a sample of firms facing shareholder class action lawsuits. Following a financial fraud lawsuit, outside directors do not face abnormal turnover on the board of the sued firm but experience a significant decline in other board seats held. This decline in other directorships is greater for more severe allegations of fraud and when the outside director bears greater responsibility for monitoring fraud. Inter...
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作者：Dittmar, Amy; Mahrt-Smith, Jan
作者单位：University of Michigan System; University of Michigan; University of Toronto
摘要：We investigate how corporate governance impacts firm value by comparing the value and use of cash holdings in poorly and well-governed firms. We show that governance has a substantial impact on value through its impact on cash: $1.00 of cash in a poorly governed firm is valued at only $0.42 to $0.88. Good governance approximately doubles this value. Furthermore, we show that firms with poor corporate governance dissipate cash quickly in ways that significantly reduce operating performance. Thi...
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作者：Chava, Sudheer; Purnanandam, Amiyatosh
作者单位：University of Michigan System; University of Michigan; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：We analyze the effects of managerial incentive, firm characteristics and market timing on floating-to-fixed rate debt structure of firms. We find that chief financial officer's (CFO's), not chief executive officer's (CEO's), incentive has a strong influence on firm's debt structure. When CFOs have incentives to increase (decrease) firm risk, firms obtain volatility-increasing (-decreasing) debt structure. These effects are present only for CFOs who are not subject to high monitoring by board m...
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作者：Desai, Mihir A.; Dyck, Alexander; Zingales, Luigi
作者单位：University of Chicago; University of Toronto; Harvard University
摘要：This paper analyzes the interaction between corporate taxes and corporate governance. We show that the design of the corporate tax system affects the amount of private benefits extracted by company insiders and that the quality of the corporate governance system affects the sensitivity of tax revenues to tax changes. Analyses of a tax enforcement crackdown in Russia and cross-country data on tax changes support this two-way interaction between corporate governance and corporate taxation. (c) 2...
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作者：Duffie, Darrell; Saita, Leandro; Wang, Ke
作者单位：Stanford University
摘要：We provide maximum likelihood estimators of term structures of conditional probabilities of corporate default, incorporating the dynamics of firm-specific and macroeconomic covariates. For US Industrial firms, based on over 390,000 firm-months of data spanning 1980 to 2004, the term structure of conditional future default probabilities depends on a firm's distance to default (a volatility-adjusted measure of leverage), on the firm's trailing stock return, on trailing S&P 500 returns, and on US...
