-
作者：Bretscher, Lorenzo; Schmid, Lukas; Vedolin, Andrea
作者单位：University of London; London School Economics & Political Science; Duke University; Boston University
摘要：We revisit evidence of real effects of uncertainty shocks in the context of interest rate uncertainty. We document that adverse movements in interest rate uncertainty predict significant slowdowns in real activity, both at the aggregate and at the firm levels. To understand how firms cope with interest rate uncertainty, we develop a dynamic model of corporate investment, financing, and risk management and test it using a rich data set on corporate swap usage. We find that interest rate uncerta...
-
作者：Musto, David; Nini, Greg; Schwarz, Krista
作者单位：University of Pennsylvania; Drexel University
摘要：We trace the evolution of extreme illiquidity discounts among Treasury securities during the financial crisis, when bond prices fell more than 6% below more liquid but otherwise identical notes. Using high-resolution data on market quality and trader identities and characteristics, we find that the discounts amplify through feedback loops, where cheaper, less-liquid securities flowto longer-horizon investors, thereby increasing their illiquidity and thus their appeal to these investors. The ef...
-
作者：Bandiera, Oriana; Lemos, Renata; Prat, Andrea; Sadun, Raffaella
作者单位：University of London; London School Economics & Political Science; The World Bank; Columbia University; Harvard University
摘要：We build a comparable and bottom-up measure of CEO labor supply for 1,114 CEOs and investigate whether family and professional CEOs differ along this dimension. Family CEOs work 9% fewer hours relative to professional CEOs. CEO hours worked are positively correlated with firm performance and account for 18% of the performance gap between family and professional CEOs. We study the sources of the differences in labor supply across family and professional CEOs by exploiting firm and industry hete...
-
作者：Pierce, Lamar; Snyder, Jason A.
作者单位：Washington University (WUSTL); Utah System of Higher Education; University of Utah
摘要：Access to finance helps explain the link between the historical African slave trade and current gross domestic product. We first present mistrust, weakened institutions, and ethnic fractionalization as plausible historical channels linking the slave trade to modern finance and development. We then show (i) the slave trade is consistently linked to reduced access to the formal and trade credit needed by modern firms, (ii) this shortage particularly reduces capital investment in smaller firms no...
-
作者：Morellec, Erwan; Nikolov, Boris; Schurhoff, Norman
作者单位：Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Swiss Finance Institute (SFI); Centre for Economic Policy Research - UK; University of Lausanne; Swiss Finance Institute (SFI); University of Lausanne; Swiss Finance Institute (SFI)
摘要：We construct firm-level indexes for agency conflicts between controlling shareholders and outside investors by estimating a dynamic model of financing decisions. Our estimates for 12,652 firms from 14 countries show that agency conflicts are large and highly variable across firms and countries. Differences in agency conflicts are largely due to differences in firm-level governance, ownership concentration, and other firm characteristics. The origin of law is more relevant for curtailing govern...
-
作者：Acharya, Viral V.; Eisert, Tim; Eufinger, Christian; Hirsch, Christian
作者单位：Reserve Bank of India; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Navarra; IESE Business School; Deutsche Bundesbank
摘要：We explore the causes of the credit crunch during the European sovereign debt crisis and its impact on the corporate policies of European firms. Our results show that value impairment in banks' exposures to sovereign debt and the risk-shifting behavior of weakly capitalized banks reduced the probability of firms being granted new syndicated loans by up to 53%. This lending contraction depressed investment, employment, and sales growth of firms affiliated with affected banks. Our estimates base...
-
作者：Yao, Chen; Ye, Mao
作者单位：Chinese University of Hong Kong; University of Illinois System; University of Illinois Urbana-Champaign; National Bureau of Economic Research
摘要：We show that queue rationing under price controls is one driver of high-frequency trading. Uniform tick sizes constrain price competition and create rents for liquidity provision, particularly for securities with lower prices. The time priority rule allocates rents to high-frequency traders (HFTs) because of their speed advantage. An increase in relative tick size, defined as uniform tick sizes divided by security prices, increases the fraction of liquidity provided by HFTs but harms liquidity...
-
作者：Xu, Qiping
作者单位：University of Notre Dame
摘要：This paper examines debt maturity management through early refinancing, where firms retire their outstanding bonds before the due date and simultaneously issue new ones as replacements. Speculative-grade firms frequently refinance their corporate bonds early to extend maturity, particularly under accommodating credit supply conditions, leading to a procyclical maturity structure. In contrast, investment-grade firms do not manage their maturity in the same manner. I exploit the protection perio...
-
作者：Breuer, Matthias; Hombach, Katharina; Mueller, Maximilian A.
作者单位：University of Chicago; Frankfurt School Finance & Management; WHU - Otto Beisheim School of Management
摘要：We examine the effects of financial reporting regulation on firms' banking. Exploiting discontinuous public disclosure and auditing requirements assigned to otherwise similar small and medium-sized private firms, we document that financial reporting regulation reduces firms' reliance on concentrated and local bank relationships and increases banks' reliance on firms' financial reporting, consistent with a shift in firms' banking from relationship toward transactional approaches. Our evidence s...
-
作者：Olafsson, Arna; Pagel, Michaela
作者单位：Copenhagen Business School; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We use a very accurate panel of all individual spending, income, balances, and credit limits from a personal finance software to document spending responses to the arrival of both regular and irregular income. These payday responses are robust and homogeneous for all income and spending categories throughout the income distribution. Moreover, we find that few people hold little or no liquidity. We then analyze whether people hold liquidity cushions to cope with future liquidity constraints. Ho...
