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作者：Ewens, Michael; Marx, Matt
作者单位：California Institute of Technology; Boston University
摘要：We provide causal evidence that venture capitalists (VCs) improve the performance of their portfolio companies by replacing founders. Using a database of venture capital financings augmented with hand-collected founder turnover events, we exploit shocks to the supply of outside executives via 14 states' changes to non-compete laws from 1995 to 2016. Naive regressions of startup performance on replacement suggest a negative correlation that may reflect negative selection. Indeed, instrumented r...
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作者：Griffin, John M.; Shams, Amin
作者单位：University of Texas System; University of Texas Austin
摘要：At the settlement time of the VIX Volatility Index, volume spikes on S&P 500 Index (SPX) options, but only in out-of-the-money options used to calculate the VIX, and more so for options with a higher and discontinuous influence on VIX. We investigate alternative explanations of hedging and coordinated liquidity trading. Tests including those utilizing differences in put and call options, open interest around the settlement, and a similar volatility contract with an entirely different settlemen...
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作者：Bazdresch, Santiago; Kahn, R. Jay; Whited, Toni M.
作者单位：Bank of Mexico; University of Michigan System; University of Michigan; University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：We assess the finite sample performance of simulation estimators that are used to estimate the parameters of dynamic corporate finance models. We formulate an external validity specification test and propose a new set of statistical benchmarks that can be used to estimate and evaluate these models. These benchmarks are based on model policy functions. Our Monte Carlo simulations show that the estimators are largely unbiased with low root mean squared errors. When computed with an optimal weigh...
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作者：Lin, Shu; Ye, Haichun
作者单位：Chinese University of Hong Kong; Hong Kong Monetary Authority (HKMA)
摘要：We empirically explore a trade credit channel through which foreign direct investment (FDI) firms can propagate global liquidity shocks to the host country despite its tight controls on portfolio flows. In a large sample of Chinese manufacturing firms, we find robust evidence that FDI firms provide more trade credit than local firms during tight domestic credit periods and that a favorable global liquidity shock amplifies FDI firms' advantage in trade credit provision. Moreover, the differenti...
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作者：Cassella, Stefano; Gulen, Huseyin
作者单位：Tilburg University; Purdue University System; Purdue University
摘要：Using survey data on expectations of stock returns, we recursively estimate the degree of extrapolative weighting in investors' beliefs (DOX). In an extrapolation framework, DOX determines the relative weight investors place on recent-versus-distant returns. DOX varies considerably over time. The ability of price-scaled variables to predict the year-ahead equity premium is contingent on DOX. High price-scaled variables are followed by lower returns only when DOX is high. Our findings support e...
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作者：Gan, Jie; Guo, Yan; Xu, Chenggang
作者单位：Peking University
摘要：The design and implementation of privatization in China is unique in that both are decentralized and administered by the local governments. Based on a proprietary survey data set containing 3,000 firms in over 200 cities, this paper studies privatization choices and outcomes, as well as the mechanism behind the outcomes. We find that less political opposition to labor downsizing and greater fiscal capacity prompt cities to choose direct sales to insiders (MBOs). This method transfers control r...
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作者：Fischbacher, Urs; Hoffmann, Gerson; Schudy, Simeon
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作者：Li, Kai; Liu, Tingting; Wu, Juan (Julie)
作者单位：University of British Columbia; Creighton University; University of Nebraska System; University of Nebraska Lincoln
摘要：We examine whether, how, and why acquirer shareholder voting matters. We show that acquirers with low institutional ownership, high deal risk, and high agency costs are more likely to bypass shareholder voting. Such acquirers have lower announcement returns and make higher offers than those who do not. To avoid a shareholder vote, acquirers increase equity issuance and cut payouts to raise the portion of cash in mixed-payment deals. Employing a regression discontinuity design, we show a positi...
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作者：Harvey, Campbell R.; Liu, Yan
作者单位：Duke University; Texas A&M University System; Texas A&M University College Station
摘要：Past fund performance does a poor job of predicting future outcomes. The reason is noise. Using a random effects framework, we reduce the noise by pooling information from the cross-sectional alpha distribution to make density forecasts for each individual fund's alpha. In simulations, we show that our method generates parameter estimates that outperform alternative methods, both at the population and at the individual fund level. An out-of-sample forecasting exercise also shows that our metho...
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作者：Fos, Vyacheslav; Li, Kai; Tsoutsoura, Margarita
作者单位：Boston College; University of British Columbia; Cornell University
摘要：Using a hand-collected sample of election nominations for more than 30,000 directors over the period 2001-2010, we construct a novel measure of director proximity to elections called Years-to-election. We find that the closer directors of a board are to their next elections, the higher CEO turnover-performance sensitivity is. A series of tests, including one that exploits variation in Years-to-election that comes from other boards, supports a causal interpretation. Further analyses show that o...
