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作者：Jacob, Martin; Michaely, Roni
作者单位：WHU - Otto Beisheim School of Management; Cornell University
摘要：Using proprietary data on the entire spectrum of ownership structure and exact tax status of investors and firms, we examine how dividend taxation affects payout. Utilizing an exogenous shock to dividend taxation, we show that absent any frictions, dividend taxation has a large impact on payout. As agency issues and shareholder conflicts increase, owners' tax preferences have significantly smaller impact on payout. Three mechanisms reduce the dividend-tax sensitivity: Coordination among owners...
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作者：Ben-Rephael, Azi; Da, Zhi; Israelsen, Ryan D.
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Notre Dame
摘要：We propose a direct measure of abnormal institutional investor attention (AIA) using news searching and news reading activity for specific stocks on Bloomberg terminals. AIA is highly correlated with institutional trading measures and related to, but different from, other investor attention proxies. Contrasting AIA with retail attention measured by Google search activity, we find that institutional attention responds more quickly to major news events, leads retail attention, and facilitates pe...
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作者：Graham, John R.; Hanlon, Michelle; Shevlin, Terry; Shroff, Nemit
作者单位：Duke University; Massachusetts Institute of Technology (MIT); University of California System; University of California Irvine
摘要：We survey companies and find that many use incorrect tax rate inputs into important corporate decisions. Specifically, many companies use an average tax rate (the GAAP effective tax rate, ETR) to evaluate incremental decisions, rather than using the theoretically correct marginal tax rate. We find evidence consistent with behavioral biases (heuristics, salience) and managers' educational backgrounds affecting these choices. We estimate the economic consequences of using the theoretically incor...
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作者：Jia, Chunxin; Wang, Yaping; Xiong, Wei
作者单位：Peking University; Princeton University; National Bureau of Economic Research
摘要：This paper uses segmented dual-class shares of Chinese firms-Ashares traded in mainland China by local investors and H shares traded in Hong Kong by foreign investors-to document a rich pattern in the differential reactions of local and foreign investors to analyst recommendations. This pattern reveals that social connections between analysts and investors affect investor reactions to analyst recommendations. Because of the investors' differential reactions, analyst recommendations may exacerb...
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作者：Fang, Lily Hua; Huang, Sterling
作者单位：INSEAD Business School; Singapore Management University
摘要：We examine how alumni ties with corporate boards differentially affect male and female analysts' job performance and career outcomes. Connections improve analysts' forecasting accuracy and recommendation impact, but the effect is two to three times as large for men as for women. Connections also contribute to analysts' likelihood of being voted by institutional investors as star analysts, but act as a partial substitute to performance for men, while a complement to performance for women. Our e...
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作者：Giannetti, Mariassunta; Liberti, Jose Maria; Sturgess, Jason
作者单位：Stockholm School of Economics; Center for Economic & Policy Research (CEPR); European Corporate Governance Institute; DePaul University; Northwestern University; University of London; Queen Mary University London
摘要：We show that banks manipulate borrowers' credit ratings before sharing them with competing banks. Using a unique feature on the timing of information disclosure of a public credit registry, we disentangle the effect of manipulation from learning of credit ratings. We show that banks downgrade high-quality borrowers for which they have positive private information to protect their informational rents. Banks also upgrade low-quality borrowers with multiple lenders to avoid creditor runs. Our res...
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作者：Khan, Saqib; Khokher, Zeigham; Simin, Timothy
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作者：Becht, Marco; Franks, Julian; Grant, Jeremy; Wagner, Hannes F.
作者单位：Universite Libre de Bruxelles; Center for Economic & Policy Research (CEPR); European Corporate Governance Institute; University of London; London Business School
摘要：This paper provides evidence on the incidence, characteristics, and performance of activist engagements across countries. We find that the incidence of activism is greatest with high institutional ownership, particularly for U.S. institutions. We use a sample of 1,740 activist engagements across 23 countries and find that almost one-quarter of engagements are by multi-activists engaging the same target. These engagements perform strikingly better than single activist engagements. Engagement ou...
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作者：Hollifield, Burton; Neklyudov, Artem; Spatt, Chester
作者单位：Carnegie Mellon University; University of Lausanne
摘要：The Financial Industry Regulatory Authority began collecting transaction data from broker-dealers in 2011 as a step toward enhancing its understanding of securitization markets. We use transaction data to document the importance of the interdealer network structure to market quality. Some dealers are relatively central in the network and trade with many dealers, while others are peripheral. Core dealers receive relatively lower and less dispersed spreads than peripheral dealers. We develop a m...
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作者：Adelino, Manuel; Cunha, Igor; Ferreira, Miguel A.
作者单位：Duke University; University of Kentucky; Universidade Nova de Lisboa; European Corporate Governance Institute; Center for Economic & Policy Research (CEPR)
摘要：We show that municipalities' financial constraints can have a significant impact on local employment and growth. We identify these effects by exploiting exogenous upgrades in U.S. municipal bond ratings caused by Moody's recalibration of its ratings scale in 2010. We find that local governments increase expenditures because their debt capacity expands following a rating upgrade. These expenditures have an estimated local income multiplier of 1.9 and a cost per job of $20,000 per year. Our find...
