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作者：Huang, Chong; Oehmke, Martin; Zhong, Hongda
作者单位：University of California System; University of California Irvine; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：We develop a theory of multiperiod debt structure. A simple trade-off between the termination threat required to make debt repayments incentive compatible and the desire to avoid early liquidation determines the number of repayments, their timing, and amounts. As firms increase their borrowing, they add periodic risky repayments from the back of the maturity structure, with the time between repayments increasing in cash-flow risk. Cash-flow growth or a significant risk-free cash-flow component...
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作者：Meier, Jean-Marie; Servaes, Henri
作者单位：University of Texas System; University of Texas Dallas; University of London; London Business School; Centre for Economic Policy Research - UK
摘要：Firms that buy assets in fire sales earn excess returns that are 2 percentage points higher than in regular acquisitions. The mechanism behind this result is the sellers' reduced bargaining power. We find no difference in real effects or in the combined returns for buyers and sellers between fire sales and regular acquisitions, suggesting that the quality of the match is similar in both types of transactions. The externalities of fire sales for other stakeholders are limited. These results ind...
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作者：Larrain, Borja; Sertsios, Giorgo; Urzua, Francisco, I
作者单位：Pontificia Universidad Catolica de Chile; Universidad de los Andes - Chile; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：We propose a novel identification strategy for estimating the effects of business group affiliation. We study two-firm business groups, some of which split up during the sample period, leaving some firms as stand-alone firms. We instrument for stand-alone status using shocks to the industry of the other group firm. We find that firms that become stand-alone reduce leverage and investment. Consistent with collateral cross-pledging, the effects are more pronounced when the other firm had high ta...
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作者：Kocher, Martin G.; Lucks, Konstantin E.; Schindler, David
作者单位：University of Vienna; University of Gothenburg; University of Munich; Tilburg University
摘要：One explanation for overpricing on asset markets is a lack of traders' self-control. We implement the first experiment to address the causal relationship between self-control and systematic overpricing on financial markets. Our setup detects some of the channels through which low individual self-control could transmit into irrational exuberance in markets. Our data indicate a large direct effect of reduced self-control on market overpricing. Low self-control traders report stronger emotions af...
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作者：Begenau, Juliane; Salomao, Juliana
作者单位：Stanford University; National Bureau of Economic Research; University of Minnesota System; University of Minnesota Twin Cities
摘要：Data from U.S. public firms show that in booms large firms finance with debt and payout equity, whereas small firms issue both equity and debt. Therefore, large firms generally substitute between debt and equity financing over the business cycle, whereas small firms adhere to a procyclical financing policy for debt and equity. We explain these cyclical financing patterns quantitatively using a heterogeneous firm model with endogenous firm dynamics. We find that cross-sectional differences in i...
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作者：Boyson, Nicole M.; Pichler, Pegaret
作者单位：Northeastern University
摘要：When facing hedge fund activists, target firms often fight back. Targets with agency problems and those confronting the threat of investor coordination frequently engage in hostile resistance by implementing governance changes associated with managerial entrenchment. The market negatively responds to hostile resistance, and unless hedge funds counterresist, these campaigns have worse operating performance, faster activist exit, and fewer mergers than do campaigns without hostile target resista...
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作者：Badoer, Dominique C.; Demiroglu, Cem
作者单位：University of Missouri System; University of Missouri Columbia; Koc University
摘要：Mandated public dissemination of over-the-counter transactions in corporate debt securities via the TRACE system dramatically reduces the average short-term market reaction to rating downgrades by both issuer-paid and investor-paid rating agencies. Ratings become relatively more accurate predictors of default and more sensitive to innovations in credit spreads after the introduction of dissemination. However, in transparent markets, they provide no significant information about future defaults...
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作者：Celerier, Claire; Matray, Adrien
作者单位：University of Toronto; Princeton University
摘要：This paper studies how financial inclusion affects wealth accumulation. Exploiting the U.S. interstate branching deregulation between 1994 and 2005, we find that an exogenous expansion of bank branches increases low-income household financial inclusion. We then show that financial inclusion fosters household wealth accumulation. Relative to their unbanked counterparts, banked households accumulate assets in interest-bearing accounts, invest more in durable assets, such as vehicles, have a bett...
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作者：Iyer, Rajkamal; Laerkholm Jensen, Thais; Johannesen, Niels; Sheridan, Adam
作者单位：Imperial College London; University of Copenhagen
摘要：We study the impact of too-big-to-fail (TBTF) guarantees on the market for retail deposits. Exploiting information about all personal deposit accounts in Denmark and salient changes to the deposit insurance limit, we provide evidence that systemically important banks successfully retain and attract uninsured deposits in a crisis at the expense of other banks even as they differentially lower their interest rates. The funding shock suffered by nonsystemic banks causes a decrease in their lendin...
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作者：Maturana, Gonzalo; Nickerson, Jordan
作者单位：Emory University; Boston College
摘要：This paper studies the role of workplace peers in the transmission of information pertinent to an important household financial decision: the mortgage refinancing choice. Exploiting commonalities in teaching schedules of school teachers in Texas to identify peer groups, we find that refinancing activity among teachers' peers increases their likelihood of refinancing by 20.7%. The effect of peers increases with the potential savings realized upon refinancing and is stronger among younger teache...
