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作者：Fich, Eliezer M.; Harford, Jarrad; Tran, Anh L.
作者单位：Drexel University; University of Washington; University of Washington Seattle; City St Georges, University of London
摘要：A duty of loyalty prohibits fiduciaries from appropriating business opportunities from their companies. Starting in 2000, Delaware, followed by several other states, allowed boards to waive their duty. We show that public firms covered by waiver laws invest less in R&D, produce fewer and less valuable patents, and exhibit abnormally high inventor departures. Remaining innovation activities contribute less to firm value, a fact confirmed by the market reaction when firms reveal their curtailed ...
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作者：Glebkin, Sergei; Malamud, Semyon; Teguia, Alberto
作者单位：INSEAD Business School; Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Swiss Finance Institute (SFI); University of British Columbia
摘要：We characterize the unique equilibrium in an economy populated by strategic CARA investors who trade multiple risky assets with arbitrarily distributed payoffs. We use our explicit solution to study the joint behavior of illiquidity of option contracts. Option bid-ask spreads are proportional to risk aversion and risk-neutral variances of option payoffs. Spreads may decrease in risk aversion, physical variance, open interest, and increase after earnings announcements in a result contrary to co...
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作者：Suh, Paula
作者单位：University System of Georgia; University of Georgia
摘要：I examine how the investment and financing of innovation are affected by the contractual allocation of intellectual property rights using a Federal Circuit ruling that strengthened firms' property rights to employee patents. I find that treatment firms' total debt-to-assets ratio and R&D spending increase by 18% and 9%, respectively, as the residual control over patents increases firms' incentives to innovate. These effects are more pronounced when ex ante holdup exposure is high. Furthermore,...
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作者：Garcia-Macia, Daniel; Villacorta, Alonso
作者单位：International Monetary Fund; University of California System; University of California Santa Cruz
摘要：We study the optimality of macroprudential policies in an environment where banks provide liquidity to firms. Informational frictions between banks can cause interbank market freezes, prompting firms to accumulate their own liquid assets. Liquidity hoarding by firms in turn reduces the demand for bank loans and bank profitability, makes interbank market freezes even more likely, and may ultimately trigger a self-fulfilling bad equilibrium. Such liquidity panics provide an additional rationale ...
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作者：Heeb, Florian; Kolbel, Julian F.; Paetzold, Falko; Zeisberger, Stefan
作者单位：Massachusetts Institute of Technology (MIT); University of Zurich; University of St Gallen; Radboud University Nijmegen
摘要：We assess how investors' willingness-to-pay (WTP) for sustainable investments responds to the social impact of those investments, using a framed field experiment. While investors have a substantial WTP for sustainable investments, they do not pay significantly more for more impact. This also holds for dedicated impact investors. When investors compare several sustainable investments, their WTP responds to relative, but not to absolute, levels of impact. Regardless of investments' impact, inves...
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作者：Cornaggia, Jess; Cornaggia, Kimberly J.; Israelsen, Ryan
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Michigan State University; Michigan State University's Broad College of Business
摘要：We examine the relationship between credit rating levels and rating agency fees in a public finance market in which rating agencies earn lower fees and face higher disclosure requirements relative to corporate bond and structured finance markets. Controlling for variation in the complexity of credit analysis at the issue level, we find evidence that rating agency conflicts of interest distort credit ratings in the municipal bond market. Unexpectedly expensive ratings are more likely downgraded...
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作者：Krishnamurthy, Arvind; Li, Wenhao
作者单位：Stanford University; National Bureau of Economic Research; University of Southern California
摘要：Bank-created money, shadow-bank money, and Treasury bonds all satisfy investors' demand for liquidity. We measure the quantity of these forms of liquidity and their corresponding liquidity premium in a sample from 1934 to 2016, estimating the substitutability of these assets and the liquidity per unit delivered by each asset. Treasuries and bank transaction deposits are imperfect substitutes, in contrast to perfect substitutes found by Nagel (2016). Bank and nonbank non-transaction deposits ar...
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作者：Burkart, Mike; Miglietta, Salvatore; Ostergaard, Charlotte
作者单位：University of London; London School Economics & Political Science; Swedish House of Finance; Centre for Economic Policy Research - UK; European Corporate Governance Institute; BI Norwegian Business School; Copenhagen Business School; Danish Finance Institute
摘要：We study under which circumstances firms choose to install boards and their roles in a historical setting in which neither boards nor their duties are mandated by law. Boards arise in firms with large, heterogeneous shareholder bases. We propose that an important role of boards is to mediate between heterogeneous shareholders with divergent interests. Voting restrictions are common and ensure that boards are representative and not captured by large blockholders. Boards are given significant po...
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作者：Granja, Joao; Moreira, Sara
作者单位：University of Chicago; Northwestern University; Center for Economic & Policy Research (CEPR)
摘要：We provide new evidence that disruptions in firms' access to credit during the Global Financial Crisis significantly affected product innovation in the consumer goods sector. We combine highly granular retail scan data with lending data and find that credit-constrained firms introduced fewer new products, those products were less novel, and new products sold less well. Overall, these findings suggest that disruptions to credit markets impair firms' ability to compete for profits through new pr...
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作者：Howell, Sabrina T.; Brown, J. David
作者单位：National Bureau of Economic Research; IZA Institute Labor Economics
摘要：This paper examines how employee earnings respond to a one-time cash flow shock in the form of a government R&D grant. In a regression discontinuity design. we find that the grant immediately increases average annual employee-level earnings by 2.9%. This benefit accrues only to incumbent employees and rises with job tenure. The grant also affects firm growth, but the initial wage patterns do not appear to reflect growth or productivity. Instead, the evidence supports implicit equity financing ...
