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作者：Cornaggia, Kimberly; Hund, John; Nguyen, Giang; Ye, Zihan
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University System of Georgia; University of Georgia; Nevada System of Higher Education (NSHE); University of Nevada Las Vegas
摘要：We investigate the effects of opioid abuse on municipal finance. We employ instrumental variables, border discontinuity difference-in-differences regressions, and coarsened exact matching to identify consistent causal effects, while controlling for variation in economic conditions and demographics. Opioid abuse lowers credit ratings, increases new offer yields, and reduces bond issuance. Reversal of these effects following effective antiopioid legislation further supports causality. Differenti...
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作者：Faccio, Mara; Zingales, Luigi
作者单位：Purdue University System; Purdue University; National Bureau of Economic Research; European Corporate Governance Institute; University of Chicago; Centre for Economic Policy Research - UK
摘要：We study the relationship between the presence of politicians on mobile service operators' boards and the regulation of the mobile telecommunication sector. In countries in which mobile operators have deeper connections with local politicians, we find that rules promote competition less, even after we control for country fixed effects and a country's level of corruption. Rules that promote competition are associated with lower concentration and lower prices. There is no evidence that procompet...
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作者：Liao, Jingchi; Peng, Cameron; Zhu, Ning
作者单位：Shenzhen Stock Exchange (SZSE); University of London; London School Economics & Political Science; Shanghai Jiao Tong University
摘要：We propose an extrapolative model of bubbles to explain the sharp rise in prices and volume observed in historical financial bubbles. The model generates a novel mechanism for volume: because of the interaction between extrapolative beliefs and disposition effects, investors are quick to not only buy assets with positive past returns but also sell them if good returns continue. Using account-level transaction data on the 2014-2015 Chinese stock market bubble, we test and confirm the model's pr...
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作者：Bansal, Ravi; (Andrew) Wu, Di; Yaron, Amir
作者单位：Duke University; National Bureau of Economic Research; University of Michigan System; University of Michigan; University of Pennsylvania
摘要：We investigate the time variability of abnormal returns from socially responsible investing (SRI). Using portfolio regressions and event studies on multiple data sources, including analyst ratings, firm announcements, and realized incidents, we find that highly rated SRI stocks outperform lowly rated SRI stocks during good economic times, for example, periods with high market valuations or aggregate consumption, but underperform during bad times, such as recessions. This variation in abnormal ...
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作者：Becher, David A.; Griffin, Thomas P.; Nini, Greg
作者单位：Drexel University; Villanova University
摘要：We examine the impact of creditor control rights on corporate acquisitions. Nearly 75% of loan agreements include restrictions that limit borrower acquisition decisions throughout the life of the contract. Following a financial covenant violation, creditors use their bargaining power to tighten these restrictions and limit acquisition activity, particularly deals expected to earn negative announcement returns. Firms that do announce an acquisition after violating a financial covenant earn 1.8%...
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作者：Cai, Jay; Nguyen, Tu; Walkling, Ralph
作者单位：Drexel University; University of Waterloo; University System of Ohio; Ohio State University; Drexel University
摘要：Using 9,801 director appointments during 2003-2014, we document the dramatic impact of connections. Sixty-nine percent of new directors have professional ties to incumbent boards, a group representing 13% of all potential candidates. Consistent with facilitating coordination and reducing search costs, connections help boards bring in gender diversity, new skills, and new industry background. More complex firms and firms in more competitive environments tend to appoint connected directors and e...
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作者：D'Acunto, Francesco; Hoang, Daniel; Weber, Michael
作者单位：Boston College; Helmholtz Association; Karlsruhe Institute of Technology; University of Chicago; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：Binding lower bounds on interest rates and large government deficits limit the scope of fiscal and monetary policies to stimulate households' spending through financial intermediaries and firms. Policy makers have thus been implementing unconventional policies that aim to increase households' spending directly through managing their expectations. We first show theoretically and empirically that higher inflation expectations increase households' consumption. We then design a difference-in-diffe...
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作者：Heimer, Rawley Z.; Imas, Alex
作者单位：Boston College; University of Chicago
摘要：We show that constraints can improve financial decision-making by disciplining behavioral biases. In financial markets, restrictions on leverage limit traders' ability to borrow to open new positions. We demonstrate that regulation that restricts the provision of leverage to retail traders improves trading performance. By increasing the opportunity cost of postponing the realization of losses, leverage constraints improve traders' market timing and reduce their disposition effect. We replicate...
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作者：Burkart, Mike; Lee, Samuel
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; Santa Clara University
摘要：We compare activism and takeovers from the perspective of a blockholder who can provide effort to improve firm value. We show that free-riding behavior by dispersed shareholders has the following implications: First, activism can be more profitable than a hostile takeover even if it is less efficient. Second, activism is most efficient when it brokers, rather than substitutes for, takeovers. Third, such takeover activism earns superior returns. More broadly, our theory implies that activists s...
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作者：Li, Sophia Zhengzi; Maug, Ernst; Schwartz-Ziv, Miriam
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; University of Mannheim; European Corporate Governance Institute; Hebrew University of Jerusalem
摘要：This paper analyzes how trading after shareholder meetings changes the composition of the shareholder base. Analyzing daily trades, we find that mutual funds reduce their holdings if their votes are opposed to the voting outcome. Trading volume is high even when stock prices do not change, peaks on the meeting date, and remains high up to four weeks after shareholder meetings. The results support models based on differences of opinion that predict that shareholders' beliefs may diverge more af...
