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作者：Gonzalez-Uribe, Juanita; Leatherbee, Michael
作者单位：University of London; London School Economics & Political Science; Pontificia Universidad Catolica de Chile
摘要：Dobusiness accelerators affect new venture performance? We investigate this question in the context of Start-Up Chile, an ecosystem accelerator. We focus on two treatment conditions typically found in business accelerators: basic services of funding and coworking space, and additional entrepreneurship schooling. Using a regression discontinuity design, we show that schooling bundled with basic services can significantly increase new venture performance. In contrast, we find no evidence that ba...
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作者：Bennedsen, Morten; Zeume, Stefan
作者单位：University of Copenhagen; INSEAD Business School; University of Michigan System; University of Michigan
摘要：We investigate shareholders' reactions to the increased transparency of corporate tax haven activities in a hand-collected subsidiary data set covering 17,331 publicly listed firms in 52 countries. An increase in transparency through the staggered signing of bilateral tax information exchange agreements (TIEAs) between home countries and tax havens is associated with a 2.5% increase in the value of affected firms. The results are stronger for firms with more complex tax haven structures and we...
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作者：Ledoit, Olivier; Wolf, Michael
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作者：Breuer, Matthias; Hombach, Katharina; Mueller, Maximilian A.
作者单位：University of Chicago; Frankfurt School Finance & Management; WHU - Otto Beisheim School of Management
摘要：We examine the effects of financial reporting regulation on firms' banking. Exploiting discontinuous public disclosure and auditing requirements assigned to otherwise similar small and medium-sized private firms, we document that financial reporting regulation reduces firms' reliance on concentrated and local bank relationships and increases banks' reliance on firms' financial reporting, consistent with a shift in firms' banking from relationship toward transactional approaches. Our evidence s...
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作者：Gurun, Umit G.; Stoffman, Noah; Yonker, Scott E.
作者单位：University of Texas System; University of Texas Dallas; National Bureau of Economic Research; Indiana University System; Indiana University Bloomington; Cornell University
摘要：We study the importance of trust in the investment advisory industry by exploiting the geographic dispersion of victims of the Madoff Ponzi scheme. Residents of communities that were exposed to the fraud subsequently withdrew assets from investment advisers and increased deposits at banks. Additionally, exposed advisers were more likely to close. Advisers who provided services that can build trust, such as financial planning advice, experienced fewer withdrawals. Our evidence suggests that the...
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作者：Coles, Jeffrey L.; Li, Zhichuan (Frank); Wang, Albert Y.
作者单位：Utah System of Higher Education; University of Utah; Western University (University of Western Ontario); University Western Ontario Hospital; Auburn University System; Auburn University
摘要：We empirically assess industry tournament incentives for CEOs, as measured by the compensation gap between a CEO at one firm and the highest-paid CEO among similar (industry, size) firms. We find that firm performance, firm risk, and the riskiness of firm investment and financial policies are positively associated with the external industry pay gap. The industry tournament effects are stronger when industry, firm, and executive characteristics indicate high CEO mobility and a higher probabilit...
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作者：Gillan, Stuart L.; Hartzell, Jay C.; Koch, Andrew; Starks, Laura T.
作者单位：University System of Georgia; University of Georgia; University of Texas System; University of Texas Austin; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We document that backfilling in the ExecuComp database introduces a data-conditioning bias that can affect inferences and make replicating previous work difficult. Although backfilling can be advantageous due to greater data coverage, if not addressed, the oversampling of firms with strong managerial incentives and higher subsequent returns leads to a significant upward bias in abnormal compensation, pay-for-performance sensitivity, and the magnitudes of several previously established relation...
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作者：Ellul, Andrew; Pagano, Marco; Schivardi, Fabiano
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Center for Economic & Policy Research (CEPR); University of Naples Federico II; Luiss Guido Carli University
摘要：Using a firm-level international panel data set, we study if unemployment insurance offered by the government and by firms are substitutes. We exploit cross-country and time-series variation in public unemployment insurance as a shifter of workers' demand for insurance within firms, and family versus nonfamily ownership as a shifter of firms' supply of insurance. Our evidence supports the substitutability hypothesis: employment stability in family firms is greater, and the wage discount larger...
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作者：Ewens, Michael; Marx, Matt
作者单位：California Institute of Technology; Boston University
摘要：We provide causal evidence that venture capitalists (VCs) improve the performance of their portfolio companies by replacing founders. Using a database of venture capital financings augmented with hand-collected founder turnover events, we exploit shocks to the supply of outside executives via 14 states' changes to non-compete laws from 1995 to 2016. Naive regressions of startup performance on replacement suggest a negative correlation that may reflect negative selection. Indeed, instrumented r...
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作者：Griffin, John M.; Shams, Amin
作者单位：University of Texas System; University of Texas Austin
摘要：At the settlement time of the VIX Volatility Index, volume spikes on S&P 500 Index (SPX) options, but only in out-of-the-money options used to calculate the VIX, and more so for options with a higher and discontinuous influence on VIX. We investigate alternative explanations of hedging and coordinated liquidity trading. Tests including those utilizing differences in put and call options, open interest around the settlement, and a similar volatility contract with an entirely different settlemen...
