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作者：Lins, Karl V.; Volpin, Paolo; Wagner, Hannes F.
作者单位：Utah System of Higher Education; University of Utah; University of London; London Business School; Bocconi University
摘要：We study whether and how family control affects valuation and corporate decisions during the 2008-2009 financial crisis using a sample of more than 8,500 firms from 35 countries. We find that family-controlled firms underperform significantly, they cut investment more relative to other firms, and these investment cuts are associated with greater underperformance. Further, we find that within family groups liquidity shocks are passed on through investment cuts across the group. Our evidence is ...
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作者：Lou, Dong; Yan, Hongjun; Zhang, Jinfan
作者单位：University of London; London School Economics & Political Science; Yale University
摘要：We show that Treasury security prices in the secondary market decrease significantly in the few days before Treasury auctions and recover shortly thereafter, even though the time and amount of each auction are announced in advance. These results are linked to dealers' limited risk-bearing capacity and end-investors' imperfect capital mobility, highlighting the important role of frictions even in very liquid financial markets. Our results imply a hidden issuance cost to the U. S. Department of ...
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作者：Natividad, Gabriel
摘要：I provide a new characterization of internal capital markets in an emerging economy using daily divisional data on all Peruvian fish-processing firms. A regression discontinuity model exploiting government production bans on regulated divisions (fishmeal) shows that the increased investment in the nonfishmeal divisions due to the bans is substantial (over 30% of the mean value), after controlling for productivity. The redeployment of financial capacity into nonfishmeal investments is particula...
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作者：Shue, Kelly
作者单位：University of Chicago
摘要：Using the historical random assignment of MBA students to sections at Harvard Business School (HBS), I explore how executive peer networks can affect managerial decision making. Within an HBS class, firm outcomes are significantly more similar among graduates from the same section than among graduates from different sections, with the strongest effects in executive compensation and acquisitions strategy. I demonstrate the role of ongoing social interactions by showing that peer effects are mor...
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作者：Matvos, Gregor
作者单位：University of Chicago; National Bureau of Economic Research
摘要：I provide a revealed-preference-based framework that uses covenant prices and choices to quantitatively study how covenants generate firm benefits by completing debt contracts. I use a rational-expectations-based panel estimator of covenant prices, which does not require quasi-experimental variation, to circumvent the problem of endogenous covenant choices. I find that firms' surpluses exceed the spread paid on a loan. Leverage and interest-rate covenants produce the largest benefits, lending ...
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作者：Vayanos, Dimitri; Woolley, Paul
作者单位：University of London; London School Economics & Political Science; National Bureau of Economic Research
摘要：We propose a theory of momentum and reversal based on flows between investment funds. Flows are triggered by changes in fund managers' efficiency, which investors either observe directly or infer from past performance. Momentum arises if flows exhibit inertia, and because rational prices underreact to expected future flows. Reversal arises because flows push prices away from fundamental values. Besides momentum and reversal, flows generate comovement, lead-lag effects, and amplification, with ...
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作者：Jostova, Gergana; Nikolova, Stanislava; Philipov, Alexander; Stahel, Christof W.
作者单位：George Washington University; University of Nebraska System; University of Nebraska Lincoln; George Mason University
摘要：This paper documents significant momentum in a comprehensive sample of 81,491 U.S. corporate bonds with both transaction and dealer-quote data from 1973 to 2011. Momentum is driven by noninvestment grade (NIG) bonds. Momentum profits have increased over time, along with the growth of this segment. From 1991 to 2011, they average 59 basis points (bps) per month across all bonds and 192 bps in NIG bonds. NIG bonds issued by private firms earn even higher profits (282 bps). Momentum profits do no...
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作者：Fee, C. Edward; Hadlock, Charles J.; Pierce, Joshua R.
作者单位：Michigan State University; University of South Carolina System; University of South Carolina Columbia
摘要：In a large panel of Compustat firms, we find that firm policy changes after exogenous CEO departures do not display abnormally high levels of variability, casting doubt on the presence of idiosyncratic-style effects in policy choices. After endogenous CEO departures, we do detect abnormally large policy changes. These changes are larger when the firm is likely to draw from a deeper pool of replacement CEO candidates, suggesting the presence of causal-style effects that are anticipated by the b...
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作者：Belo, Frederico; Xue, Chen; Zhang, Lu
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; University System of Ohio; University of Cincinnati; University System of Ohio; Ohio State University
摘要：A new methodology for equity valuation arises from the perspective of managers' supply of capital assets. Under q-theory, managers optimally adjust the supply of assets to changes in their market value. The first-order condition of investment then provides a valuation equation that infers asset prices from managers' costs of supplying the assets. This equation fits well the Tobin's q levels across many testing assets, including portfolios formed on q. With current investment-to-capital as the ...
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作者：Huang, Sheng; Thakor, Anjan V.
作者单位：Singapore Management University; Washington University (WUSTL)
摘要：This paper develops and tests a new theoretical explanation for stock repurchases. Investors may disagree with the manager about the firm's investment projects. Arepurchase causes a change in the investor base as investors who are most likely to disagree with the manager tender their shares. Therefore, a firm is more likely to buy back shares when the level of investor-management agreement is lower, and agreement improves as a consequence. Moreover, dispersion of opinion among investors cannot...
