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作者：Di Maggio, Marco; Egan, Mark; Franzoni, Francesco
作者单位：Harvard University; National Bureau of Economic Research; Harvard University; National Bureau of Economic Research; Swiss Finance Institute (SFI); Universita della Svizzera Italiana
摘要：We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit trading costs and are willing to pay a premium for access to formal and informal research. Formal and informal research account for roughly half of the value generated by brokers. In addition, we use our model to investigate soft doll...
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作者：van Binsbergen, Jules H.; Diamond, William F.; Grotteria, Marco
作者单位：University of Pennsylvania; University of London; London Business School
摘要：We estimate risk-free interest rates unaffected by convenience yields on safe assets. We infer them from risky asset prices without relying on any specific model of risk. We ob-tain interest rates and implied convenience yields with maturities up to three years at a minutely frequency. Our estimated convenience yield on Treasuries equals about 40 basis points, is larger below three months maturity, and quadruples during the financial crisis. In high-frequency event studies, conventional and un...
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作者：Bena, Jan; Ortiz-Molina, Hernan; Simintzi, Elena
作者单位：University of British Columbia; University of North Carolina; University of North Carolina Chapel Hill
摘要：Following state-level legal changes that increase labor dismissal costs, firms increase their innovation in new processes that facilitate the adoption of cost-saving production meth-ods, especially in industries with a large share of labor costs in total costs. Firms with high innovation ability exhibit larger increases in process innovation and capital-labor ra-tios, an effect driven by both increases in capital investment and decreases in employment. By facilitating the adjustment of the inp...
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作者：Cakici, Nusret; Zaremba, Adam
作者单位：Fordham University; Montpellier Business School; Poznan University of Economics & Business
摘要：Motivated by existing evidence of the salience theory (ST) effect in the United States, we investigate its importance in 49 countries over the past three decades. Initial results sug-gest a negative relationship between the ST measure and future returns. The underperfor-mance of low ST stocks is the strongest in countries with high idiosyncratic risk. However, the salience effect has three vital limitations. First, a substantial part of the anomaly can be attributed to the short-term return re...
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作者：Field, Laura Casares; Lowry, Michelle
作者单位：University of Delaware; Drexel University
摘要：While the percentage of mature firms with classified boards or dual class shares has declined by more than 40% since 1990, the percentage of IPO firms with these structures has doubled over this period. We test whether IPO firms implement these structures optimally or whether they are utilized to allow managers to protect their private benefits of control. Both shareholder voting patterns and changes in firm types going public suggest that the Agency Hypothesis best explains IPO firm's use of ...
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作者：Di Giuli, Alberta; Laux, Paul A.
作者单位：heSam Universite; ESCP Business School; University of Delaware; University of Delaware
摘要：Firms sharing a board member with a media company receive more news coverage. This in turn affects those firms' financing choices: they issue more bonds, rely less on bank loans, and have lower blockholder ownership. These findings are consistent with media coverage acting as an external governance mechanism that substitutes for monitoring by banks and equity blockholders. The effect of media-linked directors on financing is evident in panel and time series analyses and using two different ins...
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作者：Ewens, Michael; Gorbenko, Alexander; Korteweg, Arthur
作者单位：California Institute of Technology; University of London; University College London; University of Southern California
摘要：We estimate the impact of venture capital (VC) contract terms on startup outcomes and the split of value between the entrepreneur and investor, accounting for endogenous selection via a novel dynamic search-and-matching model. The estimation uses a new, large data set of first financing rounds of startup companies. Consistent with efficient contracting theories, there is an optimal equity split between agents, which maximizes the probability of success. However, venture capitalists (VCs) use t...
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作者：Michaely, Roni; Moin, Amani
作者单位：University of Hong Kong
摘要：We decompose the decrease (1970s-20 0 0) and subsequent recovery (20 0 0-2018) in the fraction of dividend-paying firms. Changes in firm characteristics and proclivity to pay (probability of paying dividends conditional on characteristics) each drive half of the dividend disappearance. A higher proclivity drives 82% of the dividend reappearance. The remaining 18% is driven by a single characteristic: reduced earnings volatility. Changing characteristics are associated with low-profitability, h...
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作者：Pflueger, Carolin; Rinaldi, Gianluca
作者单位：National Bureau of Economic Research; University of Chicago; Center for Economic & Policy Research (CEPR); Harvard University
摘要：We show that endogenous variation in risk aversion over the business cycle can jointly ex-plain financial market responses to high-frequency monetary policy shocks with standard asset pricing moments. We newly integrate a work-horse New Keynesian model with coun-tercyclical risk aversion via habit formation preferences. In the model, a surprise increase in the policy rate lowers consumption relative to habit, raising risk aversion. Endogenously time-varying risk aversion in the model is crucia...
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作者：Kaplan, Steven N.; Sorensen, Morten; Zakolyukina, Anastasia A.
作者单位：University of Chicago; National Bureau of Economic Research; Dartmouth College
摘要：We use detailed assessments of CEO personalities to explore the nature of CEO overconfidence as it is commonly measured. Longholder, the option-based measure of CEO overconfidence introduced by Malmendier and Tate (2005a) and widely used in the behavioral corporate finance and economics literatures, is significantly related to several specific characteristics that are associated with overconfident individuals as well as individuals with lower ability. Similar relations hold for overconfidence ...
