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作者：Hasbrouck, Joel; Levich, Richard M.
作者单位：New York University
摘要：We construct the network, centrality measures, and attributions of trading profits for a sample of CLS Bank settlement data that spans diverse currency pairs, participants, and execution platforms. We define an average centrality differential as the return to the more-central counterparty in the trade. Estimates imply that the more-central counterparty receives a higher return, and that this differential increases as the counterparties' centralities diverge. These two results are consistent wi...
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作者：Zhang, Shuran
作者单位：Hong Kong Polytechnic University
摘要：This paper studies the disciplinary spillover effects of proxy contests on companies that share directors with target firms, that is, interlocked firms. In difference-in-differences tests, I find that interlocked firms reduce excess cash holdings, increase shareholder pay-outs, cut CEO compensation, and engage in less earnings management in the year after proxy contests. The effects are more pronounced when both the interlocked and target firms have a unitary board and when the interlocking di...
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作者：Begenau, Juliane; Palazzo, Berardino
作者单位：Stanford University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Since the early 1980s, the composition of US public firms has progressively shifted toward less profitable firms with high growth potential (Fama and French, 2004). We estimate a dynamic corporate finance model to quantify the role of this selection mechanism for the secular trend in cash holdings among US public firms. We find that an increase in the precautionary savings motive-primarily driven by the decline in initial profitability among R&D-intensive new lists-explains about 50% of the up...
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作者：Carpenter, Jennifer N.; Lu, Fangzhou; Whitelaw, Robert F.
作者单位：New York University; University of Hong Kong; National Bureau of Economic Research
摘要：What capital allocation role can China's stock market play? Counter to perception, stock prices in China have become as informative about future profits as they are in the US. This rise in stock price informativeness has coincided with an increase in investment efficiency among privately owned firms, suggesting the market is aggregating information and providing useful signals to managers. However, price informativeness and investment efficiency for state-owned enterprises fell below that of p...
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作者：Chalmers, John; Liu, Yu (Steve); Wang, Z. Jay
作者单位：University of Oregon; University of Missouri System; Missouri University of Science & Technology
摘要：The Real-Time Transaction Reporting System (RTRS) reduced the delay in reporting municipal bond trades from one-day to 15 min. We find a significant reduction in secondary market trading costs after the introduction of the RTRS. Our estimates imply that retail investors benefited primarily from reduced dealer intermediation costs, while large trades benefited from reductions in bargaining costs. Bonds experienced increases in trading volume across the liquidity spectrum. We find higher dealer ...
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作者：Giroud, Xavier; Mueller, Holger M.
作者单位：Columbia University; New York University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; European Corporate Governance Institute
摘要：We examine the dynamic relation between firm leverage buildups and real economic activity using U.S. establishment-, firm-, and region-level data. We find that buildups in firm leverage are predictably associated with boom-bust growth cycles: employment grows in the short run but declines in the medium run. While firm leverage buildups are correlated with firm-level expansions, they continue to predict negative future employment growth if we control for firm-level expansions. Buildups in firm ...
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作者：Calder-Wang, Sophie; Gompers, Paul A.
作者单位：University of Pennsylvania; Harvard University; National Bureau of Economic Research
摘要：Given overall lack of gender diversity in the venture capital and entrepreneurship industry shown in Calder-Wang and Gompers (2017) we ask: What promotes greater gender diversity in hiring? Does diversity lead to better firm performance and higher investment returns? In this paper, using a unique dataset of the gender of venture capital partners' children, we find strong evidence that when partners have more daughters, the propensity to hire female partners increases. Moreover, our instrumenta...
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作者：Mukherjee, Abhiroop; Panayotov, George; Shon, Janghoon
作者单位：Hong Kong University of Science & Technology
摘要：We develop an approach to identify whether recent technological advancements & mdash;such as the rise of commercial satellite-based macro estimates & mdash;can provide an alternative to government data. We measure the extent to which satellite estimates affect the value of a government macro announcement using its asset price impact. Our identification relies on cloud cover, which prevents satellites from observing economic activity at a few key hubs. Applying our approach, we find that some s...
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作者：Aghamolla, Cyrus; An, Byeong-Je
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Nanyang Technological University
摘要：We study a dynamic voluntary disclosure setting where the manager's information and the firm's value evolve over time. The manager is not limited in her disclosure opportunities, but disclosure is costly. The results show that the manager discloses even if this leads to a price decrease in the current period. The manager absorbs this price drop in order to increase her option value of withholding disclosure in the future. That is, by disclosing today, the manager can improve her continuation v...
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作者：Ahnert, Toni; Forbes, Kristin; Friedrich, Christian; Reinhardt, Dennis
作者单位：Bank of Canada; Centre for Economic Policy Research - UK; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Bank of England
摘要：We use a new data set on macroprudential foreign exchange (FX) regulations to evaluate their effectiveness and unintended consequences. Our results support the predictions of a model in which banks and markets lend in different currencies, but only banks can screen firm productivity. Regulations significantly reduce bank FX borrowing, and firms respond by increasing FX debt issuance. Moreover, regulations reduce bank sensitivity to exchange rates but are less effective at reducing the sensitiv...
