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作者：Shive, Sophie A.; Forster, Margaret M.
作者单位：University of Notre Dame
摘要：The number of U.S. publicly traded firms has halved in 20 years. How will this shift in ownership structure affect the economy's externalities? Using comprehensive data on greenhouse gas emissions from 2007 to 2016, we find that independent private firms are less likely to pollute and incur EPA penalties than are public firms, and we find no differences between private sponsor-backed firms and public firms, controlling for industry, time, location, and a host of firm characteristics. Within pu...
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作者：Ellul, Andrew; Pagano, Marco; Scognamiglio, Annalisa
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Center for Economic & Policy Research (CEPR); European Corporate Governance Institute; University of Naples Federico II; University of Naples Federico II
摘要：We establish that the labor market helps discipline asset managers via the impact of fund liquidations on their careers. Using hand-collected data on 1,948 professionals, we find that top managers working for funds liquidated after persistently poor relative performance suffer demotion coupled with a significant loss in imputed compensation. Scarring effects are absent when liquidations are preceded by normal relative performance or involve mid-level employees. Seen through the lens of a model...
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作者：Haliassos, Michael; Jansson, Thomas; Karabulut, Yigitcan
作者单位：Goethe University Frankfurt; Center for Economic & Policy Research (CEPR); Sveriges Riksbank; Frankfurt School Finance & Management; Goethe University Frankfurt
摘要：We use unique administrative data and a quasi-field experiment of exogenous allocation in Sweden to estimate medium- and longer-run effects of peoples' exposure to financially literate neighbors on their financial behavior. We contribute evidence of (1) a causal impact of exposure and of a social multiplier of financial knowledge and (2) unfavorable distributional aspects of externalities. Exposure promotes saving in private retirement accounts and stockholding, especially when neighbors have ...
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作者：Bessembinder, Hendrik; Hao, Jia; Zheng, Kuncheng
作者单位：Arizona State University; Arizona State University-Tempe; Babson College; Chinese University of Hong Kong; Northeastern University
摘要：We exploit a discontinuity in the New York Stock Exchange Designated Market Maker (DMM) contract to identify causal effects of DMM participation on equilibrium market outcomes. We document that contractual features that enhance DMM participation are associated with increased depth, narrower bid-ask spreads, and higher rates of price improvement, with most of the improvements attributable to increases in liquidity provision on markets other than the NYSE. These results cannot be attributed to t...
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作者：Giambona, Erasmo; Wang, Ye
作者单位：Syracuse University; University of International Business & Economics
摘要：This article analyzes the importance of supply-side fluctuations for corporate hedging. To establish a causal link, we exploit a regulatory change that allows derivatives counterparties to circumvent the Bankruptcy Code's automatic stay: the Safe Harbor Reform of 2005. Following the reform-induced expansion in the availability of derivatives, fuel hedging by airlines nearing financial distress (those that benefited most from the reform) significantly increased in comparison with financially so...
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作者：Badoer, Dominique C.; Dudley, Evan; James, Christopher M.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Queens University - Canada; State University System of Florida; University of Florida
摘要：Priority spreading refers to the practice of firms increasing their reliance on secured and subordinated debt and reducing their reliance on senior debt as their credit quality deteriorates. We argue that priority spreading occurs because security provides creditors with greater protection from dilution from other creditors than do covenants that prioritize payments. Consistent with this argument, we find that secured bank creditors are rarely diluted by junior creditors in distressed restruct...
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作者：Ewens, Michael; Farre-Mensa, Joan
作者单位：California Institute of Technology; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：The deregulation of securities laws-in particular the National Securities Markets Improvement Act (NSMIA) of 1996-has increased the supply of private capital to late-stage private startups, which are now able to grow to a size that few private firms used to reach. NSMIA is one of a number of factors that have changed the going-public versus staying-private trade-off, helping bring about a new equilibrium where fewer startups go public, and those that do are older. This new equilibrium does not...
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作者：Cesa-Bianchi, Ambrogio; Pesaran, M. Hashem; Rebucci, Alessandro
作者单位：Bank of England; University of Southern California; University of Cambridge; Johns Hopkins University; National Bureau of Economic Research
摘要：We develop an asset pricing model with heterogeneous exposure to a persistent world growth factor to identify global growth and financial shocks in a multicountry panel VAR in volatility and output growth. The econometric estimates yield three sets of empirical results about (1) the importance of global growth for the interpretation of the correlation between volatility and growth over the business cycle and the possible presence of omitted variable bias in single-country VAR studies, (2) the ...
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作者：Goncalves, Andrei S.; Xue, Chen; Zhang, Lu
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University System of Ohio; University of Cincinnati; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：A detailed treatment of aggregation and capital heterogeneity substantially improves the performance of the investment CAPM. Firm-level predicted returns are constructed from firm-level accounting variables and aggregated to the portfolio level to match with portfolio-level stock returns. Working capital forms a separate productive input besides physical capital. The model simultaneously fits the value, momentum, investment, and profitability premiums and partially explains positive stock-fund...
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作者：Chordia, Tarun; Goyal, Amit; Saretto, Alessio
作者单位：Emory University; University of Lausanne; Swiss Finance Institute (SFI); University of Texas System; University of Texas Dallas
摘要：We use information from over 2 million trading strategies randomly generated using real data and from strategies that survive the publication process to infer the statistical properties of the set of strategies that could have been studied by researchers. Using this set, we compute t-statistic thresholds that control for multiple hypothesis testing, when searching for anomalies, at 3.8 and 3.4 for time-series and cross-sectional regressions, respectively. We estimate the expected proportion of...
