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作者：Bebchuk, Lucian A.; Weisbach, Michael S.
作者单位：Harvard University; National Bureau of Economic Research; University System of Ohio; Ohio State University
摘要：This article, which introduces the special issue on corporate governance cosponsored by the Review of Financial Studies and the National Bureau of Economic Research (NBER), reviews and comments on the state of corporate governance research. The special issue features seven articles on corporate governance that were presented in a meeting of the NBER's corporate governance project. Each of the articles represents state-of-the-art research in an important area of corporate governance research. F...
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作者：Dybvig, Philip H.; Farnsworth, Heber K.; Carpenter, Jennifer N.
作者单位：Washington University (WUSTL); New York University
摘要：In this paper we analyze the optimal contract for a portfolio manager who can exert effort to improve the quality of a private signal about future market prices. We assume complete markets over states distinguished by asset payoffs and place no restrictions on the form of the contract. We show that trading restrictions are essential because they prevent the manager from undoing the incentive effects of performance-based fees. We provide conditions under which simple benchmarking emerges as opt...
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作者：Bossaerts, Peter; Ghirardato, Paolo; Guarnaschelli, Serena; Zame, William R.
作者单位：California Institute of Technology; University of Turin; Collegio Carlo Alberto; University of Turin; University of California System; University of California Los Angeles
摘要：This paper studies the impact of ambiguity and ambiguity aversion on equilibrium asset prices and portfolio holdings in competitive financial markets. It argues that attitudes toward ambiguity are heterogeneous across the population, just as attitudes toward risk are heterogeneous across the population, but that heterogeneity of attitudes toward ambiguity has different implications than heterogeneity of attitudes toward risk. In particular, when some state probabilities are not known, agents w...
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作者：Ravina, Enrichetta; Sapienza, Paola
作者单位：Columbia University; Northwestern University; National Bureau of Economic Research
摘要：We compare the trading performance of independent directors and other executives. The findings reveal that independent directors earn positive substantial abnormal returns when they purchase their company stock, and that the difference from the same firm's executives is relatively small at most horizons. We also find that executives and independent directors make higher returns in firms with the weakest governance, the gap between these two widens in such firms, and that independent directors ...
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作者：Becker, Thomas A.; Shabani, Reza
作者单位：University of California System; University of California Berkeley
摘要：This article examines the effect of household debt on investment decisions. We alter a simple portfolio choice model to allow households to retire outstanding debt and realize a risk-free rate of return equal to the interest rate on that debt. Using the Survey of Consumer Finances, we find that households with mortgage debt are 10% less likely to own stocks and 37% less likely to own bonds compared to similar households with no mortgage debt. We calculate the costs of nonoptimal investment in ...
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作者：Manso, Gustavo; Strulovici, Bruno; Tchistyi, Alexei
作者单位：Massachusetts Institute of Technology (MIT); Northwestern University; University of California System; University of California Berkeley
摘要：This article studies performance-sensitive debt (PSD), the class of debt obligations whose interest payments depend on some measure of the borrower's performance. We demonstrate that the existence of PSD obligations cannot be explained by the trade-off theory of capital structure, as PSD leads to earlier default and lower equity value compared to fixed-rate debt of the same market value. We show that, consistent with the pecking-order theory, PSD can be used as an inexpensive screening device,...
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作者：Becht, Marco; Franks, Julian; Mayer, Colin; Rossi, Stefano
作者单位：Universite Libre de Bruxelles; Centre for Economic Policy Research - UK; University of Oxford; Centre for Economic Policy Research - UK; University of London; London Business School; Stockholm School of Economics
摘要：This article reports a unique analysis of private engagements by an activist fund. It is based on data made available to us by Hermes, the fund manager owned by the British Telecom Pension Scheme, on engagements with management in companies targeted by its UK Focus Fund. In contrast with most previous studies of activism, we report that the fund executes shareholder activism predominantly through private interventions that would be unobservable in studies purely relying on public information. ...
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作者：Seru, Amit; Shumway, Tyler; Stoffman, Noah
作者单位：University of Michigan System; University of Michigan; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：Using a large sample of individual investor records over a nine-year period, we analyze survival rates, the disposition effect, and trading performance at the individual level to determine whether and how investors learn from their trading experience. We find evidence of two types of learning: some investors become better at trading with experience, while others stop trading after realizing that their ability is poor. A substantial part of overall learning by trading is explained by the second...
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作者：Kolari, James W.; Pynnonen, Seppo
作者单位：University of Vaasa; Texas A&M University System; Texas A&M University College Station
摘要：This article examines the issue of cross-sectional correlation in event studies. When there is event-date clustering, we find that even relatively low cross-correlation among abnormal returns is serious in terms of over-rejecting the null hypothesis of zero average abnormal returns. We propose a new test statistic that modifies the t-statistic of Boehmer, Musumeci, and Poulsen (1991) to take into account cross-correlation and show that it performs well in competition with others, including the...
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作者：Chava, Sudheer; Kumar, Praveen; Warga, Arthur
作者单位：University of Houston System; University of Houston; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Based on an analysis of the agency risk for bondholders from managerial entrenchment and fraud, we derive and test refutable hypotheses about the influence of managerial agency risk on bond covenants, using a comprehensive database of corporate bonds from the 1993-2007 period. Managerial entrenchment and the risk of managerial fraud significantly influence the use of covenants, in the direction predicted by the agency-theoretic framework. Our analysis highlights the varied effects of entrenchm...
