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作者：Bernstein, Shai; Colonnelli, Emanuele; Giroud, Xavier; Iverson, Benjamin
作者单位：Stanford University; National Bureau of Economic Research; University of Chicago; Columbia University; Centre for Economic Policy Research - UK; Brigham Young University
摘要：How do different bankruptcy approaches affect the local economy? Using US Census microdata, we explore the spillover effects of reorganization and liquidation on geographically proximate firms. We exploit the random assignment of bankruptcy judges as a source of exogenous variation in the probability of liquidation. We find that employment declines substantially in the immediate neighborhood of the liquidated establishments, relative to reorganized establishments. The spillover effects are hig...
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作者：Caggese, Andrea; Cunat, Vicente; Metzger, Daniel
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; University of London; London School Economics & Political Science; Stockholm School of Economics
摘要：Firms consider wages, current and expected productivity, as well as firing and hiring costs when firing a worker. Financing constraints distort this intertemporal trade-off, leading firms to sub-optimally fire short-tenured workers with high future expected productivity. We provide empirical evidence of this distortion using matched employer-employee data from the Swedish population between 2000 and 2010. We propose a new empirical strategy that uses credit ratings to identify financing constr...
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作者：Bai, John (Jianqiu); Ma, Linlin; Mullally, Kevin A.; Solomon, David H.
作者单位：Northeastern University; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; University of Alabama System; University of Alabama Tuscaloosa; Boston College; State University System of Florida; University of Central Florida
摘要：Many US states have a single cutoff date for school entry, meaning that some children are older than others when they begin kindergarten. We show that this variation in birth months is associated with differences in adult labor market outcomes in the mutual fund industry. Relatively older managers (i.e., those born just after the cutoff) make better stock selections, and their funds outperform their younger peers' funds by 0.48% per annum. This difference is linked to increased confidence. Sur...
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作者：Lin, Leming; Mihov, Atanas; Sanz, Leandro; Stoyanova, Detelina
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Federal Reserve System - USA; Federal Reserve Bank - Richmond; State University System of Florida; Florida State University
摘要：We study the effect of property rights institutions in host countries, the institutions protecting investors from expropriation by host country agents, on the geographic structure and valuation of US multinational corporations (MNCs). We provide firm-level evidence that better property rights attract investment from MNCs. We disentangle the effects of the Stulz (2005) twin agency problems in the context of foreign direct investment and show that our results are not driven by legal institutions...
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作者：Benmelech, Efraim; Frydman, Carola; Papanikolaou, Dimitris
作者单位：Northwestern University; National Bureau of Economic Research
摘要：We provide new evidence that a disruption in credit supply played a quantitatively significant role in the unprecedented contraction of employment during the Great Depression using a novel, hand-collected dataset of large industrial firms. Our identification strategy exploits preexisting variation in the need to raise external funds at a time when public bond markets essentially froze. Local bank failures inhibited firms' ability to substitute public debt for private debt, which exacerbated fi...
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作者：Demirci, Irem; Huang, Jennifer; Sialm, Clemens
作者单位：Universidade Nova de Lisboa; University of Texas System; University of Texas Austin; National Bureau of Economic Research
摘要：We empirically investigate the impact of government debt on corporate financing decisions in an international setting. We show a negative relation between government debt and corporate leverage using data on 40 countries between 1990-2014. This negative relation is stronger for government debt that is financed domestically, for firms that are larger and more profitable, and in countries with more developed equity markets. To address potential endogeneity concerns, we use an instrumental variab...
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作者：He, Jie (Jack); Huang, Jiekun; Zhao, Shan
作者单位：University System of Georgia; University of Georgia; University of Illinois System; University of Illinois Urbana-Champaign; City University of Hong Kong
摘要：We analyze the role of institutional cross-ownership in internalizing corporate governance externalities using granular mutual fund proxy voting data. Exploiting within-proposal and within-institution variation, we show that an institution's holdings in peer firms are positively associated with the likelihood that the institution votes against management on shareholder-sponsored governance proposals. We further find that high aggregate cross-ownership positively predicts management losing a vo...
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作者：Gentry, Matthew; Stroup, Caleb
作者单位：University of London; London School Economics & Political Science; Davidson College
摘要：We estimate the degree of uncertainty faced by potential bidders in takeover auctions and quantify how it affects prices in auctions and negotiations. The high degree of uncertainty revealed by our structural estimation encourages entry in auctions but reduces a target's bargaining power in negotiations. In the aggregate, auctions and negotiations produce similar prices, even though auctions are preferred in takeover markets with high uncertainty, while the reverse is true for negotiations. Fi...
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作者：Santos, Joao A. C.; Suarez, Javier
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Universidade Nova de Lisboa
摘要：We consider a dynamic model in which receiving support from the lender of last resort (LLR) may help banks to weather investor runs. We show the need for regulatory liquidity standards when the underlying social trade-offs make the uninformed LLR inclined to support troubled banks during a run. Liquidity standards increase the time available before the LLR must decide on supporting the bank. This facilitates the arrival of information on the bank's financial condition and improves the efficien...
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作者：Lu, Zhongjin; Murray, Scott
作者单位：University System of Georgia; University of Georgia; University System of Georgia; Georgia State University
摘要：We test whether bear market risk, time variation in the probability of future bear market states, is priced. We construct an Arrow-Debreu security that pays off in bear market states (AD Bear) from traded Standard & Poor's (S&P) 500 index options and use its returns to measure bear market risk. We find that bear beta (exposure to bear market risk) has a strong relation with expected stock returns that is robust, persistent, and remains strong among liquid and large stocks. Historical bear beta...
