Review of Financial Studies

最新文章

• Real Estate Prices and Firm Capital Structure AI翻译
  作者：Cvijanovic, Dragana
  作者单位：University of North Carolina; University of North Carolina Chapel Hill
  摘要：This paper examines the impact of real estate prices on firm capital structure decisions. For a typical U.S. listed company, a one-standard-deviation increase in predicted value of firm pledgeable collateral translates into a 3 percentage points increase in firm leverage ratio. The identification strategy employs a triple interaction of MSA-level land supply elasticity, real estate prices, and a measure of a firm's real estate holdings as an exogenous source of variation in firm collateral val...
• Advance Disclosure of Insider Trading AI翻译
  作者：Lenkey, Stephen L.
  作者单位：U.S. Securities & Exchange Commission (SEC)
  摘要：Using a strategic rational expectations equilibrium framework, we show that forcing a well-informed insider to disclose her trades in advance tends to increase welfare for both the insider and less-informed outsiders. Advance disclosure generates price risk for the insider, and to mitigate this risk, the insider trades less aggressively on her private information. Consequently, outsiders face lower adverse selection costs, which improves risk sharing and increases welfare. The drop in trading ...
• Do Going-Private Transactions Affect Plant Efficiency and Investment? AI翻译
  作者：Bharath, Sreedhar; Dittmar, Amy; Sivadasan, Jagadeesh
  作者单位：Arizona State University; Arizona State University-Tempe; University of Michigan System; University of Michigan
  摘要：We examine whether constraints on public firms affect firms' efficiency by testing if going private improves plant-level productivity relative to peer control groups. We find that, despite increases in productivity after going private, there is little evidence of efficiency gains relative to peer groups of plants constructed to control for industry, age, size, past productivity, and the endogeneity of the going-private decision. Going-private firms do extensively restructure their portfolio of...
• Financial Flexibility, Risk Management, and Payout Choice AI翻译
  作者：Bonaime, Alice Adams; Hankins, Kristine Watson; Harford, Jarrad
  作者单位：University of Kentucky; University of Washington; University of Washington Seattle
  摘要：Both risk management and payout decisions affect a firm's financial flexibility-the ability to avoid costly financial distress as well as underinvestment. We provide evidence of substitution between hedging and payout decisions using samples of both financial and nonfinancial firms. We find that a more flexible distribution, favoring repurchases over dividends, is negatively related to financial hedging within a firm, consistent with financial flexibility in payout decisions and hedging being ...
• Combining Banking with Private Equity Investing AI翻译
  作者：Fang, Lily; Ivashina, Victoria; Lerner, Josh
  作者单位：Harvard University; National Bureau of Economic Research
  摘要：Bank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks arrange more debt financing for in-house transactions yet have the lowest exposure to debt. Using financing terms and ex post performance, we show overall that banks do not make superior equity investments to those of stand-alone private equity groups. Instead, they appear to expand their private equity engagemen...
• Determinants of Trader Profits in Commodity Futures Markets AI翻译
  作者：Dewally, Michael; Ederington, Louis H.; Fernando, Chitru S.
  作者单位：University System of Maryland; Towson University; University of Oklahoma System; University of Oklahoma - Norman
  摘要：Using proprietary energy futures position data, we provide evidence that mean hedger profits are negative whereas speculator (especially hedge fund) profits are positive, that traders (whether speculators or hedgers) who hold net positions opposite in sign to likely hedgers in aggregate have higher profits than traders whose net positions align with likely hedgers, and that profits on long positions vary inversely with inventories and directly with price volatility. These findings are consiste...
• The Supply of Corporate Directors and Board Independence AI翻译
  作者：Knyazeva, Anzhela; Knyazeva, Diana; Masulis, Ronald W.
  作者单位：University of Rochester; University of New South Wales Sydney
  摘要：Empirical evidence on the relations between board independence and board decisions and firm performance is generally confounded by serious endogeneity issues. We circumvent these endogeneity problems by demonstrating the strong impact of the local director labor market on board composition. Specifically, we show that proximity to larger pools of local director talent leads to more independent boards for all but the largest quartile of S&P 1500. Using local director pools as an instrument for b...
• Corporate Governance and Value Creation: Evidence from Private Equity AI翻译
  作者：Acharya, Viral V.; Gottschalg, Oliver F.; Hahn, Moritz; Kehoe, Conor
  作者单位：National Bureau of Economic Research; New York University; Center for Economic & Policy Research (CEPR); Hautes Etudes Commerciales (HEC) Paris; University of Munich
  摘要：Using deal-level data from transactions initiated by large private equity houses, we find that the abnormal performance of deals is positive on average, after controlling for leverage and sector returns. Higher abnormal performance is related to improvement in sales and operating margin during the private phase, relative to that for quoted peers. General partners who are ex-consultants or ex-industry managers are associated with outperforming deals focused on internal value-creation programs, ...
• Running for the Exit? International Bank Lending During a Financial Crisis AI翻译
  作者：De Haas, Ralph; Van Horen, Neeltje
  作者单位：European Bank of Reconstructon & Development
  摘要：We use loan-level data to examine how large international banks reduced their cross-border lending after the collapse of Lehman Brothers. Country, firm, and bank fixed effects allow us to disentangle credit supply and demand and to simultaneously control for the unobserved traits of banks and the countries and firms they lend to. We document substantial heterogeneity in the extent to which different banks retrenched from the same country. Banks reduced credit less to markets that were geograph...
• Bond Illiquidity and Excess Volatility AI翻译
  作者：Bao, Jack; Pan, Jun
  作者单位：University System of Ohio; Ohio State University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
  摘要：We find that the empirical volatilities of corporate bond and CDS returns are higher than implied by equity return volatilities and the Merton model. This excess volatility may arise because structural models inadequately capture either fundamentals or illiquidity. Our evidence supports the latter explanation. We find little relation between excess volatility and measures of firm fundamentals and the volatility of firm fundamentals but some relation with variables proxying for time-varying ill...