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作者：Minton, Bernadette A.; Stulz, Rene M.; Taboada, Alvaro G.
作者单位：University System of Ohio; Ohio State University; National Bureau of Economic Research; European Corporate Governance Institute; Mississippi State University
摘要：Some argue too-big-to-fail (TBTF) status increases the value of the largest banks. In contrast, we find that the value of the largest banks is negatively related to asset size in normal times, but much less so during the crisis. Further, shareholders lose when large banks cross a TBTF threshold through acquisitions. The negative relation between bank value and bank size for the largest banks cannot be explained by differences in ROA, ROE, equity volatility, tail risk, distress risk, or equity ...
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作者：Albuquerque, Rui; Cabral, Luis; Guedes, Jose
作者单位：Boston College; New York University; Universidade Catolica Portuguesa
摘要：We show that, in the presence of correlated investment opportunities across firms, risk sharing between firm shareholders and firm managers leads to compensation contracts that include relative performance evaluation. These contracts bias investment choices toward correlated investment opportunities, and thus create systemic risk. Furthermore, we show that leverage amplifies all such effects. In the context of the banking industry, we analyze recent policy recommendations for firm managerial p...
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作者：Grieser, William; Liu, Zack
作者单位：Texas Christian University; University of Houston System; University of Houston
摘要：We study the relation between investment behavior and competitor financial constraints. Using interfirm patent citations and text-based product market similarities to identify intransitive competitor networks, we find that firms increase investment spending, patenting activity, and opportunistic hiring when competitor constraints become more binding. In addition, firms shift their investment composition (product market and patent portfolios) to compete more aggressively with relatively constra...
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作者：Cortes, Gustavo S.; Weidenmier, Marc D.
作者单位：State University System of Florida; University of Florida; Chapman University System; Chapman University; National Bureau of Economic Research
摘要：Stock return volatility during the Great Depression has been labeled a volatility puzzle because the standard deviation of stock returns was 2 to 3 times higher than any other period in American history. We investigate this puzzle using a new series of building permits and leverage. Our results suggest that volatility in building permit growth and financial leverage largely explain the high level of stock volatility during the Great Depression. Markets factored in the possibility of a forthcom...
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作者：Bach, Laurent; Metzger, Daniel
作者单位：ESSEC Business School; Stockholm School of Economics; Swedish House of Finance
摘要：We show that close votes on shareholder proposals are disproportionately more likely to be won by management than by shareholder activists. Using a sample of shareholder proposals from 2003 to 2016, we uncover a large and discontinuous drop in the density of voting results at the 50% threshold. We document similar patterns for say on pay votes and director elections. Our findings imply that shareholder influence through voting is limited by managerial opposition. It also follows that one canno...
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作者：Cong, Lin William; He, Zhiguo
作者单位：University of Chicago; University of Chicago; National Bureau of Economic Research
摘要：Blockchain technology provides decentralized consensus and potentially enlarges the contracting space through smart contracts. Meanwhile, generating decentralized consensus entails distributing information that necessarily alters the informational environment. We analyze how decentralization relates to consensus quality and how the quintessential features of blockchain remold the landscape of competition. Smart contracts can mitigate informational asymmetry and improve welfare and consumer sur...
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作者：Goldstein, Itay; Jiang, Wei; Karolyi, G. Andrew
作者单位：University of Pennsylvania; Columbia University; Cornell University
摘要：FinTech is about the introduction of new technologies into the financial sector, and it is now revolutionizing the financial industry. In 2017, when the academic finance community was not actively researching FinTech, the editorial team of the Review of Financial Studies launched a competition to develop research proposals focused on this topic. This special issue is the result. In this introductory article, we describe the recent FinTech phenomenon and the novel editorial protocol employed fo...
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作者：Dick-Nielsen, Jens; Rossi, Marco
作者单位：Copenhagen Business School; Texas A&M University System; Texas A&M University College Station
摘要：Liquidity provision for corporate bonds has become significantly more expensive after the 2008 crisis. Using index exclusions as a natural experiment during which uninformed index trackers request immediacy, we find that the cost of immediacy has more than doubled. In addition, the supply of immediacy has become more elastic with respect to its price. Consistent with a stringent regulatory environment incentivizing smaller dealer inventories, we also find that dealers revert deviations from th...
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作者：Brogaard, Jonathan; Ringgenberg, Matthew C.; Sovich, David
作者单位：Utah System of Higher Education; University of Utah; Washington University (WUSTL)
摘要：We study the impact of index investing on firm performance by examining the link between commodity indices and firms that use index commodities. Around 2004, commodity index investing dramatically increased. This event is referred to as the financialization of commodity markets. Following financialization, firms that use index commodities make worse production decisions, earn 40% lower profits, and have 6% higher costs. Consistent with a feedback channel in which market participants learn from...
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作者：Cortes, Gustavo S.; Weidenmier, Marc D.
