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作者：Lerner, Josh; Seru, Amit
作者单位：Harvard University; Stanford University
摘要：Patents and citations are powerful tools increasingly used in financial economics (and management research more broadly) to understand innovation. Biases may result, however, from the interactions between the truncation of patents and citations and the changing composition of inventors. When aggregated at the firm level, these patent and citation biases can survive popular adjustment methods and are correlated with firm characteristics. These issues can lead to problematic inferences. We provi...
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作者：Ben-David, Itzhak; Li, Jiacui; Rossi, Andrea; Song, Yang
作者单位：University System of Ohio; Ohio State University; National Bureau of Economic Research; Utah System of Higher Education; University of Utah; University of Arizona; University of Washington; University of Washington Seattle
摘要：We show that mutual fund ratings generate correlated demand that creates systematic price fluctuations. Mutual fund investors chase fund performance via Morningstar ratings. Until June 2002, funds pursuing the same investment style had highly correlated ratings. Therefore, rating-chasing investors directed capital into winning styles, generating style-level price pressures, which reverted over time. In June 2002, Morningstar reformed its methodology of equalizing ratings across styles. Style-l...
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作者：Hegde, Deepak; Ljungqvist, Alexander; Raj, Manav
作者单位：New York University; Stockholm School of Economics; Research Institute of Industrial Economics (IFN); Swedish House of Finance; Centre for Economic Policy Research - UK
摘要：We study the effects of patent scope and review times on startups and externalities on their rivals. We leverage the quasi-random assignment of U.S. patent applications to examiners and find that grant delays reduce a startup's employment and sales growth, chances of survival, access to external capital, and future innovation. Delays also harm the growth, access to external capital, and follow-on innovation of the patentee's rivals, suggesting that quick patents enhance both inventor rewards a...
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作者：Dyck, Alexander; Manoel, Paulo; Morse, Adair
作者单位：University of Toronto; University of Kentucky; University of California System; University of California Berkeley; United States Department of the Treasury
摘要：Public pension boards fear inciting stakeholder outrage if they compensate internal investment managers with market-level salaries. We derive theoretical implications in an agency-portfolio-choice model motivated by inequality aversion. In a global sample, relaxing the effect of outrage on contracting leads to an average annual incremental value-added of $49 million generated through 11 bps in higher excess returns from risky assets, at the cost of $302,429 in additional compensation. Governan...
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作者：Bauer, Rob; Eberhardt, Inka; Smeets, Paul; Cohen, Lauren
作者单位：Maastricht University; University of New South Wales Sydney
摘要：To understand what motivates individuals to look at their pension situation and make adequate savings decisions, we conduct two field experiments with 226,946 and 257,433 pension fund participants. We find peer-information statements do not increase the rate at which individuals check their pension information, but lottery-type financial incentives do. Offering a few large prizes rather than many small prizes is most effective. However, the uptake of pension information does not lead to improv...
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作者：Kuchler, Theresa; Li, Yan; Peng, Lin; Stroebel, Johannes; Zhou, Dexin
作者单位：New York University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Southwestern University of Finance & Economics - China; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We show that institutional investors are more likely to invest in firms from regions to which they have stronger social ties but find no evidence that these investments earn a differential return. Firms in regions with stronger social ties to locations with many institutional investors have higher valuations and liquidity. These effects are largest for small firms with little analyst coverage, suggesting that the investors' behavior is explained by their increased awareness of firms in sociall...
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作者：Bubb, Ryan; Catan, Emiliano M.
作者单位：New York University
摘要：We investigate the structure of mutual funds' corporate governance preferences as revealed by how they vote their shares in portfolio companies. We apply unsupervised learning tools from the machine learning literature to analyze mutual funds' votes and find that a parsimonious two-dimensional model can explain the bulk of mutual fund voting. The dimensions capture competing visions of corporate governance and are related to the leading proxy advisors' recommendations. Cluster analysis shows t...
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作者：Baker, Scott R.; Kueng, Lorenz; Meyer, Steffen; Pagel, Michaela
作者单位：Northwestern University; National Bureau of Economic Research; Universita della Svizzera Italiana; Centre for Economic Policy Research - UK; University of Southern Denmark; Danish Finance Institute; Columbia University
摘要：Many research papers in household finance utilize annual snapshots of household wealth from administrative data, such as tax registries, to calculate imputed consumption. However, trading costs, unobserved intrayear trades, or unobserved security characteristics may cause measurement error. We document how such errors vary across groups of individuals by income, portfolio characteristics, and wealth and how they are correlated with individual income and balance sheets, asset prices, and the bu...
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作者：Johnson, William C.; Karpoff, Jonathan M.; Yi, Sangho
作者单位：University of Massachusetts System; University of Massachusetts Lowell; University of Washington; University of Washington Seattle; Sogang University
摘要：We document that the relation between firm value and the use of takeover defenses is positive for young firms but becomes negative as firms age. This value reversal pattern reflects specific changes in the costs and benefits of takeover defenses as firms age and arises because defenses are sticky and rarely removed. Firms can attenuate the value reversal by removing defenses, but do so only when the defenses become very costly and adjustment costs are low. The value reversal explains previous ...
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作者：Deng, Yinglu; Liao, Li; Yu, Jiaheng; Zhang, Yu
作者单位：Tsinghua University; Massachusetts Institute of Technology (MIT); Peking University
摘要：We use a unique quasi-experiment-spillovers from the imposition of purchase restrictions on local housing to nearby unregulated cities-to study the effects of out-of-town housing demand on house prices and consumer spending. While these restrictions effectively stymied the surge in local house prices, they induced capital flight and sharp abnormal increases in house prices in nearby unregulated cities. The effect of the house price increases on consumer spending is positive in the aggregate, b...
