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作者：Ball, Eric; Chiu, Hsin Hui; Smith, Richard
作者单位：University of California System; University of California Riverside; California State University System; California State University Northridge; Claremont Colleges; Claremont Graduate University
摘要：We use a sample of 8,163 venture-backed companies over three decades to test the competing hypotheses that levels and relative shares of IPO (initial public offering) and M&A(mergers and acquisitions) exits are affected by market timing, versus pseudo-market timing that reflects market conditions. We find evidence of pseudo-market timing. Venture-backed issuers react to market or sector runups but do not predict downturns. We find no evidence that firm-specific market timing contributes to IPO...
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作者：Tong, Hui; Wei, Shang-Jin
作者单位：International Monetary Fund; Columbia University; National Bureau of Economic Research
摘要：This article studies whether the volume and composition of capital flows affect the degree of credit crunch during the 2007-2009 crisis. Using data on 3,823 firms in 24 emerging countries, we find that, on average, the decline in stock prices was more severe for firms that are intrinsically more dependent on external finance for working capital. Interestingly, while the volume of capital flows per se has no significant effect, the composition matters a lot. In particular, greater dependence on...
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作者：Garcia, Diego; Strobl, Gunter
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：This article studies how relative wealth concerns, in which a person's satisfaction with their own consumption depends on how much others are consuming, affect investors' incentives to acquire information. We find that such externalities can generate complementarities in information acquisition within the standard rational expectations paradigm. When agents are sensitive to the wealth of others, they herd on the same information, trying to mimic each other's trading strategies. We show that th...
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作者：Ghent, Andra C.
作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We use loan-level data from the New York City metropolitan area to examine the extent to which lenders attempted to prevent foreclosures with concessionary modifications during the Great Depression. We find no principal forgiveness in the sample and only a handful of concessionary mortgage modifications of other types. Far more mortgages terminated through foreclosure than received any sort of concessionary modification. The results indicate that there are significant impediments to renegotiat...
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作者：Allen, Franklin; Fulghieri, Paolo; Mehran, Hamid
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：The critical role played by financial institutions in the recent financial crises has generated renewed interest on the corporate finance of the banking firm and the impact of the banking sector on the real economy. This paper introduces the special issue of the Review of Financial Studies dedicated to The Value of Bank Capital and the Structure of the Banking Industry. The special issue combines papers presented at the conference on Corporate Finance of Financial Intermediaries in September 2...
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作者：Stango, Victor; Zinman, Jonathan
作者单位：University of California System; University of California Davis; Dartmouth College
摘要：We posit that consumer lenders shroud interest rates and market low monthly payments to price discriminate on fuzzy math or payment/interest bias: consumers' pervasive tendency to underestimate borrowing costs when an interest rate is not disclosed. We test whether mandated disclosure changes lenders' ability to price discriminate using within-household interactions between payment/interest bias and policy-induced variation in the strength of Truth-in-Lending Act (TILA) enforcement across lend...
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作者：Wachter, Jessica A.; Yogo, Motohiro
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; University of Pennsylvania
摘要：We develop a life-cycle consumption and portfolio choice model in which households have nonhomothetic utility over two types of goods, basic and luxury. We calibrate the model to match the cross-sectional and life-cycle variation in the basic expenditure share in the Consumer Expenditure Survey. The model explains the degree to which the portfolio share in risky assets rises in wealth in the cross-section of households in the Survey of Consumer Finances. For a given household, the portfolio sh...
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作者：Plazzi, Alberto; Torous, Walter; Valkanov, Rossen
作者单位：University of California System; University of California San Diego; University of California System; University of California San Diego
摘要：Commercial real estate expected returns and expected rent growth rates are time-varying. Relying on transactions data from a cross-section of U.S. metropolitan areas, we find that up to 30% of the variability of realized returns to commercial real estate can be accounted for by expected return variability, while expected rent growth rate variability explains up to 45% of the variability of realized rent growth rates. The cap rate-that is, the rent-price ratio in commercial real estate-captures...
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作者：Garmaise, Mark J.; Natividad, Gabriel
摘要：We provide direct evidence on the impact of asymmetric information on both financing and operating activities through a study of credit evaluations of microfinance institutions (MFIs). We employ a regression discontinuity model that exploits the eligibility criteria of an evaluation subsidy offered by a nonprofit consortium. Evaluations dramatically cut the cost of financing. This effect is strongest for commercial lenders and for short-term MFI-lender relationships. The impact of evaluations ...
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作者：Spiegel, Matthew
