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作者：Stulz, Rene M.
作者单位：University System of Ohio; Ohio State University; European Corporate Governance Institute
摘要：This paper assesses the contributions of Michael C. Jensen to financial economics and to American business. His work on agency theory is the cornerstone of modern corporate finance. He influenced how American business operates by helping make the internal and external governance of firms more efficient. He changed how knowledge in financial economics is diffused both through the founding of the Journal of Financial Economics and of the Social Science Research Network. I question the claim made...
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作者：Avenancio-Leon, Carlos F.; Piccolo, Alessio; Pinto, Roberto
作者单位：University of California System; University of California San Diego; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Lancaster University
摘要：A central finding of the theoretical literature on bargaining is that parties' attitudes towards delay influence bargaining outcomes. However, the ability to endure delays, resilience, is often private information and hard to measure in most real-world contexts. In the context of collective bargaining, we show firms actively attempt to become financially resilient in anticipation of labor negotiations. Firms adjust their financial resilience to respond to the passage of right-to-work laws (RWL...
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作者：Capponi, Agostino; Jia, Ruizhe; Wang, Kanye Ye
作者单位：Columbia University; Stanford University; University of Macau; University of Macau; University of Macau
摘要：The blockchain settlement layer facilitates systematic frontrunning, resulting in inefficient block-space allocation. Private transaction pools can reduce these inefficiencies and enhance welfare. However, full adoption is limited by misaligned incentives between users and validators. Validators are reluctant to forgo rents they earn from frontrunning-referred to as maximal extractable value-leading to a partial adoption equilibrium in which frontrunning persists. Our empirical analysis of Eth...
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作者：Wallskog, Melanie
作者单位：Duke University
摘要：How do workplace social connections shape everyday entrepreneurship? Using comprehensive data on millions of American workers across the economy, I find three key patterns. First, entrepreneurial coworkers inspire and teach entrepreneurship: individuals are more likely to become entrepreneurs after working with coworkers who previously led young businesses. Second, these effects predominantly occur within demographic groups, perpetuating lower entrepreneurship rates for women and Black America...
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作者：Kacperczyk, Marcin; Nosal, Jaromir; Wang, Tianyu
作者单位：Imperial College London; Centre for Economic Policy Research - UK; Boston College; Tsinghua University
摘要：We study the impact of global volatility on the equity portfolio flows of institutional investors worldwide. Aggregate equity allocations of institutional investors decrease during periods of high volatility, both in developed and, even more strongly, in emerging markets. Our granular portfolio-level data allows us to uncover disaggregated investor responses that are an order of magnitude larger than aggregate estimates, and are dominated by discretionary (investor-driven) component of flows. ...
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作者：Ahnert, Toni; Hoffmann, Peter; Monnet, Cyril
作者单位：European Central Bank; Centre for Economic Policy Research - UK; University of Bern; Study Center Gerzensee
摘要：We propose a model of lending, payments choice, and privacy in the digital economy. While digital payments enable merchants to sell goods online, they reveal information to their lender. Cash guarantees anonymity, but limits distribution to less efficient offline venues. In equilibrium, merchants trade off the efficiency gains from online distribution (with digital payments) and the informational rents from staying anonymous (with cash). While new technologies can reduce the privacy concerns a...
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作者：Chen, Huaizhi; Evans, Richard; Sun, Yang
作者单位：University of Notre Dame; University of Virginia; Brandeis University
摘要：Using a panel of self-declared benchmarks, we examine funds' use of mismatched benchmarks over time. Mismatching is high at the beginning of our sample (45 % of TNA in 2008), consistent with prior studies, but declines significantly over time (27 % in 2020), driven by existing specialized funds changing benchmarks to match their style. Market forces including investor learning, institutional governance, market competition, and product positioning all play a role in benchmark correction decisio...
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作者：Korteweg, Arthur; Panageas, Stavros; Systla, Anand
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：We evaluate private equity (PE) performance using investor-specific stochastic discount factors, and examine whether public pension plans could benefit from changing their allocation to PE. Plans invest in PE funds with higher than average risk-adjusted performance. This is mainly due to access to successful managers, not superior selection skill. Decomposing returns into risk-compensation and alpha, we find that some plans obtain higher PE returns by taking more risk without earning higher, a...
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作者：Bergeaud, Antonin; Schmidt, Julia; Zago, Riccardo
作者单位：Hautes Etudes Commerciales (HEC) Paris; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; European Central Bank; Bank of France
摘要：When a technology becomes the new standard, the firms that are leaders in producing this technology gain a competitive advantage. Matching the semantic content of patents to standard documents, we show that firms closer to the new technology standard increase their market share and sales. In addition, if they operate in a competitive market, these firms also increase their R&D expenditure. Yet, these effects are temporary since standardization creates a common technological basis for everyone,...
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作者：Goldstein, Itay; Liu, Bibo; Yang, Liyan
作者单位：University of Pennsylvania; Tsinghua University; University of Toronto
摘要：We surveyed all Chinese public firms in 2019 and 2022 to examine the real effects of financial markets. Over 90% of firms say they actively monitor the stock market, and the most common reasons they provide are that they learn new information from the price and that they depend on the price for financing. Focusing on the learning channel, we examine how the responses relate to firm characteristics and actions. Firms that indicate learning have characteristics that suggest greater benefit from ...
