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作者：Albertus, James F.
作者单位：Carnegie Mellon University
摘要：I find that foreign multinational firms engage in tax-motivated income shifting out of the United States. The analysis uses novel data on foreign-owned U.S. subsidiaries as well as variation in foreign countries' tax rates and controlled foreign corporation rules. Foreign multinational firms primarily rely on tax-motivated transfer pricing to shift income out of the United States, and the aggregate amount of shifted income is modest. When foreign tax policy changes inhibit income shifting, for...
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作者：Dicks, David L.; Fulghieri, Paolo
作者单位：Baylor University; Centre for Economic Policy Research - UK; European Corporate Governance Institute
摘要：We study the impact of uncertainty on optimal contracting in a multidivisional firm. Headquarters contract with division managers to induce effort. Uncertainty creates endogenous disagreement, thereby aggravating moral hazard. By hedging uncertainty, headquarters design incentive contracts that reduce disagreement and lower incentive provision costs, thereby promoting effort. Because hedging uncertainty can conflict with hedging risk, optimal contracts differ from those in standard principal-a...
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作者：Korteweg, Arthur; Nagel, Stefan
作者单位：University of Southern California; University of Chicago; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：This paper introduces a new metric, alpha, to benchmark the performance of individual private equity funds. Our metric is substantially less sensitive to noise in fund cash flows compared to the popular public market equivalent (PME) and its generalization (GPME), while having the same aggregate pricing implications as GPME. For a large data set of fund cash flows, alpha estimates have much lower standard deviation across funds than does (G)PME. For buyout funds, PME and alpha are close, but d...
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作者：Jegadeesh, Narasimhan; Luo, Jiang; Subrahmanyam, Avanidhar; Titman, Sheridan
作者单位：Emory University; Nanyang Technological University; University of California System; University of California Los Angeles; University of Texas System; University of Texas Austin; National Bureau of Economic Research
摘要：Stock returns exhibit reversals at short horizons but slowly transition to momentum over longer horizons. To help understand this pattern, we develop a multiperiod model with short- and long-horizon noise traders, and active investors who underreact to information they do not themselves produce. The model accords with the transition from reversals to momentum and yields the following novel predictions: (a) attenuated reversals after earnings announcements, (b) a negative relation between month...
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作者：Bellon, Aymeric
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：This paper shows that private equity (PE) ownership, in private-to-private buyouts, leads to a reduction in pollution when the target company faces high potential liabilities for polluting. Conversely, PE-backed firms increase pollution when environmental liability risks are low, as shown by a novel natural experiment that reduced these risks for projects located on federal land. Exploiting specific PE deals within the energy industry, I find that PE governance is the main driver of the result...
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作者：Bourveau, Thomas; Breuer, Matthias; Stoumbos, Robert
作者单位：University of Oxford; Goethe University Frankfurt; ESSEC Business School
摘要：We study the influence of bounded rationality on companies' disclosure to investors in new industries. Using a historical example of a new industry, we document that several companies initially withheld their earnings, despite external capital needs and investor information demands. However, almost all these companies started disclosing shortly thereafter. Interpreted through the lens of a disclosure model featuring level-$ k $ thinking, these patterns suggest that limited strategic thinking o...
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作者：Tomunen, Tuomas
作者单位：Boston College
摘要：I test whether asset prices reflect risk exposures of financial intermediaries in a setting well-suited to tackling concerns about omitted risk factors. I analyze catastrophe bonds whose cash flows are linked to natural disasters and find that 71% of the security-level variation in expected returns can be explained by a theoretically motivated measure of intermediaries' marginal utility. Assuming natural disasters are independent of aggregate wealth, this result is inconsistent with any altern...
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作者：Bartlett, Robert P.; Mccrary, Justin; O'Hara, Maureen
作者单位：Stanford University; Columbia University; National Bureau of Economic Research; Cornell University
摘要：We show current market practices relating to odd-lot quotes create a large inside market where better prices routinely exist relative to the National Best Bid or Offer. We show that odd-lot quotes play a price discovery role, and these quotes provide valuable information to traders with access to proprietary data feeds. Using a XGBoost machine learning algorithm that uses odd-lot data to predict future prices, we demonstrate a simple and profitable trading strategy. We argue the SEC's proposed...
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作者：Hebert, Camille
作者单位：University of Toronto
摘要：I document a significant gender gap in entrepreneurs' access to early-stage equity financing. Using unique administrative data on French startups, I show that this gap is particularly pronounced in male-dominated sectors. Controlling for a comprehensive set of entrepreneur and startup characteristics-including demographics, backgrounds, and motivations-accounts for 42% of the average gender gap. However, in male-dominated sectors, 80% of the gap remains unexplained. Growth-oriented female entr...
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作者：He, Zhiguo; Song, Zhaogang
作者单位：Stanford University; National Bureau of Economic Research; Johns Hopkins University
摘要：Measured as yield spreads against Treasury securities and AAA corporate bonds, the convenience premium of newly issued agency MBS averages more than half of the long-term Treasury convenience premium. The agency MBS convenience premium and issuance amount vary negatively with mortgage rate, consistent with a prepayment-driven channel. Placing agencies into conservatorship in 2008 and introducing liquidity regulations in 2013 significantly affected MBS convenience premium, consistent with gover...
