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作者：Cheng, Ing-Haw; Severino, Felipe; Townsend, Richard R.
作者单位：Dartmouth College; University of California System; University of California San Diego
摘要：Do deals with debt collectors alleviate consumer financial distress? Using new data linking court and credit registry records, we examine civil collection lawsuits where consumers can settle out of court. Random assignment of judges with different styles generates exogenous variation in the likelihood of settlement negotiations. We find that settlements increase financial distress relative to going to court, likely by draining consumers of liquidity. The effect is stronger among less financial...
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作者：Beck, Thorsten; Da-Rocha-Lopes, Samuel; Silva, Andre F.
作者单位：City St Georges, University of London; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; Universidade Nova de Lisboa; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We analyze the credit supply and real effects of bank bail-ins by exploiting the unexpected failure and subsequent resolution of a major Portuguese bank. Using loan-level data, we show that while firms more exposed to the bail-in suffered a significant contraction of credit at the intensive margin, they were on average able to compensate for the supply-driven shock. However, affected SMEs experienced a binding reduction of funds available through credit lines, and those with lower internal liq...
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作者：Chan, Kalok; Ellul, Andrew; Goldstein, Itay; Holden, Craig; Piazzesi, Monika; Pontiff, Jeffrey
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作者：Smith, Simon C.; Timmermann, Allan
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of California System; University of California San Diego
摘要：We develop a new approach to modeling and predicting stock returns in the presence of breaks that simultaneously affect a large cross-section of stocks. Exploiting information in the cross-section enables us to detect breaks in return prediction models with little delay and to generate out-of-sample return forecasts that are significantly more accurate than those from existing approaches. To identify the economic sources of breaks, we explore the asset pricing restrictions implied by a present...
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作者：Ni, Sophie X.; Pearson, Neil D.; Poteshman, Allen M.; White, Joshua
作者单位：Hong Kong Baptist University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：The question of whether and to what extent option trading affects underlying stock prices has been of interest to researchers since exchange-based options trading began in 1973. Recent research presents evidence of an informational channel through which option trading affects stock prices by showing that option market makers' stock trades to hedge new options positions cause the information reflected in option trading to be impounded into underlying equity prices. This paper provides evidence ...
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作者：Goldstein, Itay
作者单位：University of Pennsylvania; National Bureau of Economic Research
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作者：Lee, Dong Wook; Shin, Hyun-Han; Stulz, Rene M.
作者单位：Korea University; Yonsei University; University System of Ohio; Ohio State University; National Bureau of Economic Research; European Corporate Governance Institute
摘要：High Tobin's industries receive more funding from capital markets than low Tobin's industries from 1971 to 1996. Since then, the opposite is true. The key to understanding this shift is that large firms, for which is more a proxy for rents than investment opportunities, have become more important within industries. For these firms, repurchases but not capital expenditures increase in the cross-section with , so that explains the variation of repurchases more than of capital expenditures. Conse...
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作者：Ersahin, Nuri; Irani, Rustom M.; Waldock, Katherine
作者单位：Michigan State University; University of Illinois System; University of Illinois Urbana-Champaign; Georgetown University
摘要：We examine entrepreneurial activity following the staggered adoption of modern-day fraudulent transfer laws in the United States. These laws strengthen unsecured creditors' rights and are particularly important for entrepreneurs whose personal assets commingle with the firm's. Using administrative data from the U.S. Census Bureau, we document declines in startup entry-particularly among riskier entrants-and closures of existing firms after these laws pass. Firm financial data shows that entrep...
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作者：Gao, Xiaodan; Whited, Toni M.; Zhang, Na
作者单位：Renmin University of China; University of Michigan System; University of Michigan; Fudan University
摘要：We document a hump-shaped relation between corporate cash and both real and nominal interest rates in both aggregate and firm-level data. We rationalize this result in a model where firms finance investment with cash and risky debt. The risky rate rises endogenously with the risk-free rate, spurring precautionary cash demand. Simultaneously, foregone interest lowers cash demand. The first mechanism dominates at low interest rates, and the second at high interest rates. The model matches severa...
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作者：Lee, Charles M. C.; So, Eric C.; Wang, Charles C. Y.
作者单位：Stanford University; Massachusetts Institute of Technology (MIT); Harvard University
摘要：We introduce a parsimonious framework for choosing among alternative expected-return proxies (ERPs) when estimating treatment effects. By comparing ERPs' measurement error variances in the cross-section and in the time series, we provide new evidence on the relative performance of firm-level ERPs nominated by recent studies. Generally, implied-costs-of-capital metrics perform best in the time series, whereas characteristic-based proxies perform best in the cross-section. Factor-based ERPs, eve...
