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作者：Antill, Samuel
作者单位：Harvard University
摘要：In Chapter 11 bankruptcy cases in the United States, firms are either reorganized, acquired, or liquidated. I show that decisions to liquidate often reduce creditor recovery, costing creditors billions of dollars every year. I exploit the within-district random assignment of bankruptcy judges to estimate a structural model of bankruptcy. I estimate that liquidation is frequently chosen when a reorganization would have maximized total creditor recovery. Liquidations involving 363 sales, in whic...
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作者：Fathollahi, Maryam; Harford, Jarrad; Klasa, Sandy
作者单位：University of Oklahoma System; University of Oklahoma - Norman; University of Washington; University of Washington Seattle; University of Arizona; Fudan University; European Corporate Governance Institute
摘要：Theory predicts that horizontal acquisitions can effectively increase incumbent firms' market power in concentrated industries with high product similarity. Using a novel measure for industry product similarity, we show that in such industries firms' propensity to make horizontal acquisitions is greater and that the acquisitions result in more positive announcement returns for the acquirer and rival firms and in a larger premium paid for the target. Also, the deals harm dependent customer and ...
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作者：Obaid, Khaled; Pukthuanthong, Kuntara
作者单位：California State University System; California State University East Bay; University of Missouri System; University of Missouri Columbia
摘要：By applying machine learning to the accurate and cost-effective classification of photos based on sentiment, we introduce a daily market-level investor sentiment index (Photo Pessimism) obtained from a large sample of news photos. Consistent with behavioral mod -els, Photo Pessimism predicts market return reversals and trading volume. The relation is strongest among stocks with high limits to arbitrage and during periods of elevated fear. We examine whether Photo Pessimism and pessimism embedd...
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作者：Zhang, Shaojun
作者单位：University System of Ohio; Ohio State University
摘要：This paper shows the cross-sectional and time series momentum in currencies, which cannot be explained by carry and dollar factors, summarize the autocorrelation of these factors. These momentum strategies long currency factors following positive factor returns and short them following losses. Carry and dollar factors are strongly autocorrelated and only earn significantly positive excess returns following positive factor returns. By contrast, idiosyncratic currency returns contain little mome...
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作者：Payzan-LeNestour, Elise; Woodford, Michael
作者单位：University of New South Wales Sydney; Columbia University
摘要：How do people record information about the outcomes they observe in their environ-ment? Building on a well-established neuroscientific framework, we propose a model in which people are hampered in their perception of outcomes that they expect to seldom encounter. We provide experimental evidence for such outlier blindness and discuss how it provides a microfoundation for neglected tail risk by investors in financial markets. (c) 2021 Elsevier B.V. All rights reserved.
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作者：Colonnelli, Emanuele; Lagaras, Spyridon; Ponticelli, Jacopo; Prem, Mounu; Tsoutsoura, Margarita
作者单位：University of Chicago; Centre for Economic Policy Research - UK; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; National Bureau of Economic Research; Universidad del Rosario; Cornell University
摘要：We study how the disclosure of corrupt practices affects the growth of firms involved in illegal interactions with the government using randomized audits of public procurement in Brazil. On average, firms exposed by the anti-corruption program grow larger after the audits, despite experiencing a decrease in procurement contracts. We manually collect new data on the details of thousands of corruption cases, through which we uncover a large heterogeneity in our firm-level effects depending on th...
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作者：Schlingemann, Frederik P.; Stulz, Rene M.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University System of Ohio; Ohio State University; National Bureau of Economic Research; European Corporate Governance Institute
摘要：Publicly traded firms contribute less to total nonfarm employment and GDP now than in the 1970s. Major reasons for this development are the decline of manufacturing, the shift towards more production abroad in manufacturing, and the growth of the service economy as firms providing services are less likely to be listed on exchanges. A firm's stock market capitalization is much less instructive about its employment now than earlier. Market capitalizations have not become systematically less info...
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作者：Fonseca, Julia; Van Doornik, Bernardus
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Central Bank of Brazil
摘要：We estimate the effect of increased access to bank credit on the employment and wages of high-and low-skilled workers. To do so, we consider a bankruptcy reform that led to an expansion of bank credit to Brazilian firms. We use administrative data and exploit cross-sectional variation in the enforcement of the new legislation arising from differences in the congestion of civil courts. We find that the credit expansion led to an increase in the skill intensity of firms and in within-firm return...
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作者：Kumar, Alok; Rantala, Ville; Xu, Rosy
作者单位：University of Miami; Chinese University of Hong Kong
摘要：This study examines whether sell-side equity analysts engage in social learning in which their earnings forecasts for certain firms are influenced by the forecasts and outcomes of peer analysts associated with other firms in their respective portfolios. We find that ana -lyst optimism is negatively correlated with recent forecast errors, by peers, on other firms in the analyst's portfolio. An analyst is also more likely to issue bold forecasts when peers recently issued similar forecasts for o...
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作者：Gormley, Todd A.; Kaplan, Zachary; Verma, Aadhaar
作者单位：Washington University (WUSTL)
摘要：Fund trades and stock prices vary systematically with the quarterly reporting cycle. Funds accelerate trades that complete the building of existing positions at quarter-end but de-lay trades that initiate the building of new positions until the start of the new quarter. Evidence suggests these trade dynamics are driven by a dual desire to make disclosures more informative about future holdings but avoid disclosing incomplete positions. Con-sistent with disclosure-based motives unrelated to new...
