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作者：Chao, Yong; Yao, Chen; Ye, Mao
作者单位：University of Louisville; Chinese University of Hong Kong; University of Illinois System; University of Illinois Urbana-Champaign; National Bureau of Economic Research
摘要：Stock exchange operators compete for order flow by setting make fees for limit orders and take fees for market orders. When traders can quote continuous prices, exchange operators compete on total fee, because traders can choose prices that perfectly neutralize any fee division. The 1-cent minimum tick size, however, prevents traders from neutralizing fee division. The nonneutrality of division between make and take fees (1) allows an exchange operator to establish exchanges that differ in fee...
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作者：Schmalz, Martin C.; Zhuk, Sergey
作者单位：University of Michigan System; University of Michigan; Center for Economic & Policy Research (CEPR); European Corporate Governance Institute; University of Vienna
摘要：When Bayesian risk-averse investors are uncertain about their assets' cash flows' exposure to systematic risk, stock prices react to news more in downturns than in upturns, implying higher volatility in downturns and negatively skewed returns. In good times, less desirable assets with low average cash flows and high market risk perform similar to more desirable assets with high average cash flows and low market risk, rendering them difficult to distinguish. However, their performance diverges ...
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作者：Cong, Lin William; Gao, Haoyu; Ponticelli, Jacopo; Yang, Xiaoguang
作者单位：University of Chicago; Renmin University of China; Northwestern University; Center for Economic & Policy Research (CEPR); Chinese Academy of Sciences; Academy of Mathematics & System Sciences, CAS; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS
摘要：We study credit allocation across firms and its real effects during China's economic stimulus plan of 2009-2010. We match confidential loan-level data from the nineteen largest Chinese banks with firm-level data on manufacturing firms. We document that the stimulus-driven credit expansion disproportionately favored state-owned firms and firms with a lower average product of capital, reversing the process of capital reallocation toward private firms that characterized China's high growth before...
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作者：Minton, Bernadette A.; Stulz, Rene M.; Taboada, Alvaro G.
作者单位：University System of Ohio; Ohio State University; National Bureau of Economic Research; European Corporate Governance Institute; Mississippi State University
摘要：Some argue too-big-to-fail (TBTF) status increases the value of the largest banks. In contrast, we find that the value of the largest banks is negatively related to asset size in normal times, but much less so during the crisis. Further, shareholders lose when large banks cross a TBTF threshold through acquisitions. The negative relation between bank value and bank size for the largest banks cannot be explained by differences in ROA, ROE, equity volatility, tail risk, distress risk, or equity ...
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作者：Albuquerque, Rui; Cabral, Luis; Guedes, Jose
作者单位：Boston College; New York University; Universidade Catolica Portuguesa
摘要：We show that, in the presence of correlated investment opportunities across firms, risk sharing between firm shareholders and firm managers leads to compensation contracts that include relative performance evaluation. These contracts bias investment choices toward correlated investment opportunities, and thus create systemic risk. Furthermore, we show that leverage amplifies all such effects. In the context of the banking industry, we analyze recent policy recommendations for firm managerial p...
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作者：Grieser, William; Liu, Zack
作者单位：Texas Christian University; University of Houston System; University of Houston
摘要：We study the relation between investment behavior and competitor financial constraints. Using interfirm patent citations and text-based product market similarities to identify intransitive competitor networks, we find that firms increase investment spending, patenting activity, and opportunistic hiring when competitor constraints become more binding. In addition, firms shift their investment composition (product market and patent portfolios) to compete more aggressively with relatively constra...
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作者：Cortes, Gustavo S.; Weidenmier, Marc D.
作者单位：State University System of Florida; University of Florida; Chapman University System; Chapman University; National Bureau of Economic Research
摘要：Stock return volatility during the Great Depression has been labeled a volatility puzzle because the standard deviation of stock returns was 2 to 3 times higher than any other period in American history. We investigate this puzzle using a new series of building permits and leverage. Our results suggest that volatility in building permit growth and financial leverage largely explain the high level of stock volatility during the Great Depression. Markets factored in the possibility of a forthcom...
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作者：Bach, Laurent; Metzger, Daniel
作者单位：ESSEC Business School; Stockholm School of Economics; Swedish House of Finance
摘要：We show that close votes on shareholder proposals are disproportionately more likely to be won by management than by shareholder activists. Using a sample of shareholder proposals from 2003 to 2016, we uncover a large and discontinuous drop in the density of voting results at the 50% threshold. We document similar patterns for say on pay votes and director elections. Our findings imply that shareholder influence through voting is limited by managerial opposition. It also follows that one canno...
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作者：Cong, Lin William; He, Zhiguo
作者单位：University of Chicago; University of Chicago; National Bureau of Economic Research
摘要：Blockchain technology provides decentralized consensus and potentially enlarges the contracting space through smart contracts. Meanwhile, generating decentralized consensus entails distributing information that necessarily alters the informational environment. We analyze how decentralization relates to consensus quality and how the quintessential features of blockchain remold the landscape of competition. Smart contracts can mitigate informational asymmetry and improve welfare and consumer sur...
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作者：Goldstein, Itay; Jiang, Wei; Karolyi, G. Andrew
作者单位：University of Pennsylvania; Columbia University; Cornell University
摘要：FinTech is about the introduction of new technologies into the financial sector, and it is now revolutionizing the financial industry. In 2017, when the academic finance community was not actively researching FinTech, the editorial team of the Review of Financial Studies launched a competition to develop research proposals focused on this topic. This special issue is the result. In this introductory article, we describe the recent FinTech phenomenon and the novel editorial protocol employed fo...
