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作者：Ali, Ashiq; Klasa, Sandy; Yeung, Eric
作者单位：University of Arizona; University of Texas System; University of Texas Dallas; University System of Georgia; University of Georgia
摘要：Industry concentration measures calculated with Compustat data, which cover only the public firms in an industry, are poor proxies for actual industry concentration. These measures have correlations of only 13% with the corresponding U.S. Census measures, which are based on all public and private firms in an industry. Also, only when U.S. Census measures are used is there evidence consistent with theoretical predictions that more-concentrated industries, which should be more oligopolistic, are...
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作者：Chava, Sudheer; Livdan, Dmitry; Purnanandam, Amiyatosh
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of California System; University of California Berkeley; University of Michigan System; University of Michigan
摘要：Using a large sample of bank loans issued to U.S. firms between 1990 and 2004, we find that lower takeover defenses (as proxied by the lower G-index of Gompers, Ishii, and Metrick 2003) significantly increase the cost of loans for a firm. Firms with lowest takeover defense (democracy) pay a 25% higher spread on their bank loans as compared with firms with the highest takeover defense (dictatorship), after controlling for various firm and loan characteristics. Further investigations indicate th...
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作者：Baranchuk, Nina; Dybvig, Philip H.
作者单位：University of Texas System; University of Texas Dallas; Washington University (WUSTL)
摘要：Many directors are not simply insiders or outsiders. For example, an officer of a supplier is neither independent nor captive of management. We use a spatial model of board decision-making to analyze bargaining among multiple types of directors. Board decisions are modeled using a new solution concept called consensus. We use consensus to show that the information a new director brings is more important than the new director's impact on bargaining when the board is large and not too diverse. O...
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作者：Polk, Christopher; Sapienza, Paola
作者单位：Center for Economic & Policy Research (CEPR); Northwestern University; University of London; London School Economics & Political Science; National Bureau of Economic Research
摘要：We test a catering theory describing how stock market mispricing might influence individual firms' investment decisions. We use discretionary accruals as our proxy for mispricing. We find a positive relation between abnormal investment and discretionary accruals; that abnormal investment is more sensitive to discretionary accruals for firms with higher R&D intensity (opaque firms) or share turnover (firms with shorter shareholder horizons); that firms with high abnormal investment subsequently...
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作者：Zhang, Benjamin Yibin; Zhou, Hao; Zhu, Haibin
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper attempts to explain the credit default swap (CDS) premium, using a novel approach to identify the volatility and jump risks of individual firms from high-frequency equity prices. Our empirical results suggest that the volatility risk alone predicts 48% of the variation in CDS spread levels, whereas the jump risk alone forecasts 19%. After controlling for credit ratings, macroeconomic conditions, and firms' balance sheet information, we can explain 73% of the total variation. We cali...
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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：We find a significant positive relation between a firm's advertising spending in the United States and its contemporaneous foreign cash flow. This relation holds even after controlling for factors that should be related to the optimal level of domestic advertising, and it is stronger for subsets of firms that we expect to be relatively more financially constrained. Our evidence supports the hypothesis that there is a causal and economically substantial link between cash flow and investment spe...
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作者：Kedia, Simi; Philippon, Thomas
作者单位：Center for Economic & Policy Research (CEPR); New York University; New York University; National Bureau of Economic Research; Rutgers University System; Rutgers University New Brunswick
摘要：We argue that earnings management and fraudulent accounting have important economic consequences. In a model where the costs of earnings management are endogenous, we show that in equilibrium, low-productivity firms hire and invest too much in order to pool with high productivity firms. This behavior distorts the allocation of economic resources in the economy. We test the predictions of the model using firm-level data. We show that during periods of suspicious accounting, firms hire and inves...
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作者：Boehmer, Ekkehart; Kelley, Eric K.
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Oregon; University of Arizona
摘要：Using a broad panel of NYSE-listed stocks between 1983 and 2004, we study the relation between institutional shareholdings and the relative informational efficiency of prices, measured as deviations from a random walk. Stocks with greater institutional ownership are priced more efficiently, and we show that variation in liquidity does not drive this result. One mechanism through which prices become more efficient is institutional trading activity. even when institutions trade passively. But ef...
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作者：Cherkes, Martin; Sagi, Jacob; Stanton, Richard
作者单位：University of California System; University of California Berkeley; Vanderbilt University; Columbia University
摘要：This paper develops a rational, liquidity-based model of closed-end funds (CEFs) that provides an economic motivation for the existence of this organizational form: They offer a means for investors to buy illiquid securities, without facing the potential costs associated with direct trading and without the externalities imposed by an open-end fund structure. Our theory predicts the patterns observed in CEF initial public offerings (IPOs) and the observed behavior of the CEF discount, which res...
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作者：Hoberg, Gerard; Prabhala, Nagpurnanand R.
作者单位：University System of Maryland; University of Maryland College Park
摘要：Fama and French (2001a) show that the propensity to pay dividends declines significantly between 1978 and 1999. We examine this disappearing dividends puzzle through the lens of risk and report two main findings: (i) Risk is a significant determinant of the propensity to pay dividends, and it explains roughly 40% of disappearing dividends; (ii) We find little support for the view that disappearing dividends reflects firms' catering to transient fads for dividends. Absent risk controls, proxies...
