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作者：Hale, Galina; Kapan, Tumer; Minoiu, Camelia
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; International Monetary Fund; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We study the transmission of financial shocks across borders through international bank connections. Using data on cross-border interbank loans among 6,000 banks during 1997-2012, we estimate the effect of asset-side exposures to banks in countries experiencing systemic banking crises on profitability, credit, and the performance of borrower firms. Crisis exposures reduce bank returns and tighten credit conditions for borrowers, constraining investment and growth. The effects are larger for fo...
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作者：Parsons, Christopher A.; Sabbatucci, Riccardo; Titman, Sheridan
作者单位：University of Washington; University of Washington Seattle; Stockholm School of Economics; University of Texas System; University of Texas Austin
摘要：We document lead-lag effects on returns between coheadquartered firms in different sectors. Geographic lead-lags yield risk-adjusted returns of 5%-6% annually, half that observed for industry lead-lag effects. Whereas industry lead-lag effects are strongest among small, thinly traded stocks with low analyst coverage, geographic lead-lags are unrelated to these proxies for investor scrutiny. We propose an explanation linked to the structure of the investment analyst business, which is organized...
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作者：Focke, Florens; Ruenzi, Stefan; Ungeheuer, Michael
作者单位：University of Mannheim; Aalto University
摘要：Using daily advertising data, we analyze the short-term effects of advertising on investor attention and on financial market outcomes. Based on various investor attention proxies, we show that advertising positively affects attention. However, it has only little impact on turnover and liquidity. Most importantly, short-term stock returns are not significantly influenced by advertising. Further results suggest that previous findings of an economically significant positive relation between adver...
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作者：Gil-Bazo, Javier; Hoffmann, Peter; Mayordomo, Sergio
作者单位：Pompeu Fabra University; Barcelona School of Economics; Banco de Espana
摘要：Using data on Spanish mutual funds, we show that bank-affiliated funds provide funding support to their parent company via purchases of bonds in the primary market. Support from affiliated funds is more sizeable in crisis times and for riskier banks. These trades generate negative abnormal returns and thus benefit banks at the expense of fund investors. To minimize negative effects on their asset management business, banks concentrate the burden of funding support in funds without performance ...
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作者：Chu, Yongqiang; Deng, Saiying; Xia, Cong
作者单位：University of North Carolina; University of North Carolina Charlotte; Southern Illinois University System; Southern Illinois University; University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent; Central University of Finance & Economics
摘要：Exploiting staggered interstate banking deregulation as exogenous shocks to bank geographic expansion, we examine the causal effect of geographic diversification on systemic risk. Using the gravity-deregulation approach, we find that bank geographic diversification leads to higher systemic risk measured by the change in conditional value at risk (CoVaR) and financial integration (Logistic(. Furthermore, we document that geographic diversification affects systemic risk via its impact on asset s...
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作者：Gipper, Brandon; Leuz, Christian; Maffett, Mark
作者单位：Stanford University; University of Chicago; National Bureau of Economic Research
摘要：This paper studies the impact of public audit oversight on financial reporting credibility. We analyze changes in market responses to earnings news after public audit oversight is introduced, exploiting that the regime onset depends on fiscal year-ends, auditors, and the rollout of auditor inspections. We find that investors respond more strongly to earnings news following public audit oversight. Corroborating these findings, we find an increase in volume responses to 10-K filings after the ne...
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作者：Donaldson, Jason Roderick; Malenko, Nadya; Piacentino, Giorgia
作者单位：Washington University (WUSTL); Center for Economic & Policy Research (CEPR); Boston College; European Corporate Governance Institute; Columbia University; National Bureau of Economic Research
摘要：We develop a dynamic model of board decision-making akin to dynamic voting models in the political economy literature. We show a board could retain a policy all directors agree is worse than an available alternative. Thus, directors may retain a CEO they agree is bad-deadlocked boards lead to entrenched CEOs. We explore how to compose boards and appoint directors to mitigate deadlock. We find board diversity and long director tenure can exacerbate deadlock. We rationalize why CEOs and incumben...
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作者：Liu, Claire; Low, Angie; Masulis, Ronald W.; Zhang, Le
作者单位：University of Technology Sydney; Nanyang Technological University; University of New South Wales Sydney; Australian National University
摘要：Boards are crucial to shareholder wealth. Yet little is known about how shareholder oversight affects director incentives. Using exogenous shocks to institutional investor portfolios, we find that institutional investor distraction weakens board oversight. Distracted institutions are less likely to discipline ineffective directors with negative votes. Consequently, independent directors face weaker monitoring incentives and exhibit poor board performance; ineffective independent directors are ...
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作者：Sialm, Clemens; Sun, Zheng; Zheng, Lu
作者单位：University of Texas System; University of Texas Austin; University of California System; University of California Irvine
摘要：Our paper analyzes the geographical preferences of hedge fund investors and the implication of these preferences for hedge fund performance. We find that funds of hedge funds overweigh their investments in hedge funds located in the same geographical areas and that funds with a stronger local bias exhibit superior performance. Local bias also gives rise to excess flow comovement and extreme return clustering within geographic areas. Overall, our results suggest that while funds of funds benefi...
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作者：Lehar, Alfred; Song, Victor Y.; Yuan, Lasheng
作者单位：University of Calgary; Simon Fraser University; University of Calgary
摘要：Trade credit can serve as a collusion mechanism for competing supply chains to increase producer surplus in medium concentrated industries. We analyze theoretically how this form of financing influences retailers' behavior in the product market, study incentives to deviate, and show evidence consistent with the model's predictions. Trade credit use is inversely U shaped in industry concentration, and this pattern is more pronounced in industries more prone to collusion and when incentives to d...
