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作者：Almeida, Heitor; Hankins, Kristine Watson; Williams, Ryan
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Kentucky; University of Arizona
摘要：Purchase obligations are forward contracts with suppliers and are used more broadly than traded commodity derivatives. This paper is the first to document that these contracts are a risk management tool and have a material impact on corporate hedging activity. Firms that expand their risk management options following the introduction of steel futures contracts substitute financial hedging for purchase obligations. Contracting frictions, such as bargaining power and settlement risk, as well as ...
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作者：Hollifield, Burton; Neklyudov, Artem; Spatt, Chester
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作者：Jacob, Martin; Michaely, Roni
作者单位：WHU - Otto Beisheim School of Management; Cornell University
摘要：Using proprietary data on the entire spectrum of ownership structure and exact tax status of investors and firms, we examine how dividend taxation affects payout. Utilizing an exogenous shock to dividend taxation, we show that absent any frictions, dividend taxation has a large impact on payout. As agency issues and shareholder conflicts increase, owners' tax preferences have significantly smaller impact on payout. Three mechanisms reduce the dividend-tax sensitivity: Coordination among owners...
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作者：Franzoni, Francesco; Schmalz, Martin C.
作者单位：Universita della Svizzera Italiana; Swiss Finance Institute (SFI); University of Michigan System; University of Michigan
摘要：This paper establishes a new empirical fact: Mutual funds' flow-performance sensitivity is a hump-shaped function of aggregate risk-factor realizations. Explanations based on extant theories can explain only a fraction of the pattern. We thus develop a new parsimonious model. It assumes Bayesian investors who are uncertain about the degree to which fund returns are exposed to systematic risk. Fund performance is then less informative about manager skill when factor realizations are larger in a...
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作者：Khan, Saqib; Khokher, Zeigham; Simin, Timothy
作者单位：University of Regina; Tulane University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：State-of-the-art term structure models of commodity prices have serious difficulties extrapolating the prices of long-maturity futures contracts from short-dated contracts. This situation is problematic for valuing real commodity-linked assets. We estimate a nonlinear four-factor continuous time model of commodity price dynamics. The model nests many previous specifications. To estimate the model, we use crude oil prices and inventories. The inventory data and nonlinear price dynamics have a l...
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作者：De Angelis, David; Grullon, Gustavo; Michenaud, Sebastien
作者单位：Rice University; DePaul University
摘要：This paper examines the effects of a shock to the stock-price formation process on the design of executive incentive contracts. We find that an exogenous removal of short-selling constraints causes firms to convexify compensation payoffs by granting relatively more stock options to their managers. We also find that treated firms adopt new antitakeover provisions. These results suggest that when firms face the threat of bear raids, they incentivize managers to take actions that mitigate the adv...
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作者：Phillips, Gordon M.; Sertsios, Giorgo
作者单位：Dartmouth College; National Bureau of Economic Research; Universidad de los Andes (Colombia)
摘要：We exploit Medicare national coverage reimbursement approvals as a quasi-natural experiment to investigate how the financing decisions of private and publicly traded firms respond to changes in investment opportunities. We find that publicly traded companies increase their external financing and their subsequent product introductions by more than private companies in response to national coverage approvals. Private equity financing is the primary source of the increased financing for public fi...
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作者：Acharya, Viral V.; Le, Hanh T.; Shin, Hyun Song
作者单位：New York University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Bank for International Settlements (BIS)
摘要：Dividend payouts erode equity capital and affect the relative value of claims on a bank. Through this channel, when banks have contingent claims on each other, one bank's capital policy affects the equity value and risk of default for other banks. When such externalities are strong, bank capital becomes a public good, whereby the private equilibrium features excessive dividends and inefficient recapitalization relative to the efficient policy that maximizes total banking sector equity. We rela...
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作者：Ben-Rephael, Azi; Da, Zhi; Israelsen, Ryan D.
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Notre Dame
摘要：We propose a direct measure of abnormal institutional investor attention (AIA) using news searching and news reading activity for specific stocks on Bloomberg terminals. AIA is highly correlated with institutional trading measures and related to, but different from, other investor attention proxies. Contrasting AIA with retail attention measured by Google search activity, we find that institutional attention responds more quickly to major news events, leads retail attention, and facilitates pe...
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作者：Cerqueiro, Geraldo; Fabiana Penas, Maria
作者单位：Universidade Catolica Portuguesa; Universidad Torcuato Di Tella
摘要：We exploit state-level changes in the amount of personal wealth individuals can protect under Chapter 7 to analyze the effect of debtor protection on the financing structure and performance of a representative panel of U.S. startups. The effect of increasing debtor protection depends on the entrepreneur's level of wealth. Firms owned by mid-wealth entrepreneurs whose assets become fully protected suffer a reduction in credit availability, employment, operating efficiency, and survival rates. W...
