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作者：Howes, Cooper
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：The decline of the U.S. manufacturing share since 1960 has occurred disproportionately during recessions. Using evidence from two natural experiments-the collapse of Lehman Brothers in 2008 and U.S. interstate banking deregulation in the 1980s-I find a role for credit reallocation in explaining this phenomenon by showing that losing access to credit disproportionately hurt manufacturing firms, and that the creation of new credit disproportionately benefited nonmanufacturing firms. These result...
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作者：Akey, Pat; Gregoire, Vincent; Martineau, Charles
作者单位：University of Toronto; Universite de Montreal; HEC Montreal
摘要：A B S T R A C T From 2010 to 2015, a group of traders illegally accessed earnings information before their public release by hacking several newswire services. We use this scheme as a natural experiment to investigate how informed investors select among private signals and how efficiently financial markets incorporate private information contained in trades into prices. We construct a measure of qualitative information using machine learning and find that the hackers traded on both qualitative...
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作者：Guernsey, Scott; Sepe, Simone M.; Serfling, Matthew
作者单位：University of Tennessee System; University of Tennessee Knoxville; University of Arizona; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Universite de Toulouse; Universite Toulouse 1 Capitole; European Corporate Governance Institute
摘要：During market-wide shocks that cause large drops in stock prices, firms with more state endorsed antitakeover provisions (ATPs) experience smaller declines in value. Two channels appear to drive this finding. First, by giving boards more bargaining power to fight opportunistic bids, firms with more ATPs extract higher takeover premiums during market shocks. Second, having more ATPs attenuates the effect of market shocks on firm value by protecting relationship-specific investments with stakeho...
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作者：Chen, Zhiyao; Hackbarth, Dirk; Strebulaev, Ilya A.
作者单位：Lingnan University; Boston University; Stanford University
摘要：We document that (i) debt-to-equity ratios and levered equity betas negatively covary with the market risk premium in distressed firms; (ii) the negative covariance generates negative alphas among those firms. We build a dynamic credit risk model to understand the negative covariance between equity betas and the market risk premium, via endogenous and dynamic debt financing over the business cycles. Because of endogenous debt financing and distress, our model naturally connects the negative fa...
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作者：Cong, Lin William; Li, Ye; Wang, Neng
作者单位：Cornell University; University System of Ohio; Ohio State University; Columbia University; National Bureau of Economic Research
摘要：We develop a dynamic model of a platform economy where tokens serve as a means of payment among platform users and are issued to finance investment in platform productivity. Tokens are optimally rewarded to platform owners when token supply (normalized by productivity) is low and burnt to boost franchise value when the normalized supply is high. Although token price is determined in a liquid market, the platform's financial constraint generates an endogenous token issuance cost that causes und...
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作者：Boyarchenko, Nina; Kovner, Anna; Shachar, Or
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Centre for Economic Policy Research - UK
摘要：We evaluate the impact of the Federal Reserve corporate credit facilities (PMCCF and SMCCF) on corporate bond markets. Conditions in primary markets improve once the facilities are announced, particularly for issuers that need to refinance before 2022. Issuance accelerates before spreads normalize. The secondary market points to a causal role for the facilities, with a differential impact on eligible issues and a significant effect of direct bond purchases, but less so for purchases through ET...
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作者：Eaton, Gregory W.; Guo, Feng; Liu, Tingting; Officer, Micah S.
作者单位：Oklahoma State University System; Oklahoma State University - Stillwater; Iowa State University; Loyola Marymount University
摘要：Using unique data, this paper examines investment banks' choice of peers in comparable companies analysis in mergers and acquisitions. We find strong evidence that product mar-ket space is amongst the most important factors in peer selection, but Standard Industrial Classification (SIC) codes, particularly three and four digit codes, do a poor job of catego-rizing related firms in this setting. Banks strategically select large, high growth peers with high valuation multiples, factors that are ...
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作者：Reichenbacher, Michael; Schuster, Philipp
作者单位：Helmholtz Association; Karlsruhe Institute of Technology; University of Stuttgart
摘要：We develop new liquidity measures for bond markets. Existing measures suffer from the combination of two effects. First, transaction costs in OTC markets strongly depend on trade size. Second, many bonds trade only scarcely with strongly differing trading vol-umes. Therefore, changes in average transaction costs often indicate changing trade sizes rather than changing liquidity. We combine full-sample information for the size-cost re-lation with individual transaction data to eliminate such me...
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作者：Titman, Sheridan; Wei, Chishen; Zhao, Bin
作者单位：University of Texas System; University of Texas Austin; Singapore Management University; Thammasat University
摘要：We identify a group of suspicious firms that use stock splits, perhaps along with other activities, to artificially inflate their share prices. Following the initiation of suspicious splits, share prices temporarily increase, and subsequently decline below their presplit levels. Using account level data, we find that small retail investors acquire shares in firms initiating suspicious splits, while more sophisticated investors accumulate positions before suspicious split announcements and sell...
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作者：Kuvshinov, Dmitry; Zimmermann, Kaspar
作者单位：Barcelona School of Economics; Pompeu Fabra University
摘要：We study trends and drivers of long-run stock market growth in 17 advanced economies. Between 1870 and the 1980s, stock market capitalization grew in line with GDP. But over subsequent decades, an unprecedented expansion saw market cap to GDP ratios triple and remain persistently high. While most historical stock market growth was driven by is-suances, this recent expansion was fueled by rising equity prices. We show that the key driver of this structural break was a profit shift towards liste...
