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作者：Cerqueiro, Geraldo; Fabiana Penas, Maria
作者单位：Universidade Catolica Portuguesa; Universidad Torcuato Di Tella
摘要：We exploit state-level changes in the amount of personal wealth individuals can protect under Chapter 7 to analyze the effect of debtor protection on the financing structure and performance of a representative panel of U.S. startups. The effect of increasing debtor protection depends on the entrepreneur's level of wealth. Firms owned by mid-wealth entrepreneurs whose assets become fully protected suffer a reduction in credit availability, employment, operating efficiency, and survival rates. W...
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作者：Edmans, Alex; Fang, Vivian W.; Lewellen, Katharina A.
作者单位：University of London; London Business School; Center for Economic & Policy Research (CEPR); University of Minnesota System; University of Minnesota Twin Cities; Dartmouth College
摘要：This paper links the CEO's concerns for the current stock price to reductions in real investment. We identify short-term concerns using the amount of stock and options scheduled to vest in a given quarter. Vesting equity is associated with a decline in the growth of research and development and capital expenditure, positive analyst forecast revisions, and positive earnings guidance, within the same quarter. More broadly, by introducing a measure of incentives that is determined by equity grant...
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作者：Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav
作者单位：George Washington University; The World Bank; University System of Maryland; University of Maryland College Park
摘要：We study how institutions influence start-up characteristics of firms and how these characteristics predict entrants' growth trajectories over the early firm life cycle. Using census data from India, we find that greater financial development is associated with higher entry rates and smaller-sized entrants. Following entry, however, large and small entrants grow at the same rates across states with different institutions or industries with differing reliance on external finance. The impact of ...
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作者：Fahlenbrach, Rudiger; Low, Angie; Stulz, Rene M.
作者单位：Swiss Finance Institute (SFI); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Nanyang Technological University; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：Following surprise independent director departures, affected firms have worse stock and operating performance, are more likely to restate earnings, face shareholder litigation, suffer from an extreme negative return event, and make worse mergers and acquisitions. The announcement returns to surprise director departures are negative, suggesting that the market infers bad news from surprise departures. We use exogenous variation in independent director departures triggered by director deaths to ...
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作者：Nickerson, Jordan
作者单位：Boston College
摘要：I develop a simple competitive equilibrium model and derive the prediction that CEO pay-size elasticity increases when more firms compete for an inelastic supply of managers. Using industry-level IPO waves as a proxy for increased competition for CEOs, I find that pay-size elasticity increases by 6% with a one-standard-deviation increase in IPO activity. This effect is stronger in specialized industries. In addition, increased IPO activity leads to a greater likelihood of executive transitions...
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作者：Karpoff, Jonathan M.; Schonlau, Robert J.; Wehrly, Eric W.
作者单位：University of Washington; University of Washington Seattle; Brigham Young University; Western Washington University
摘要：Many researchers use the G-index or E-index to measure firms' takeover defenses. Others argue that these indices are not related to firms' takeover likelihoods. We find that, unlike their raw values, the instrumented versions of these indices are significantly and negatively related to acquisition likelihood. The difference between the raw and instrumented results indicates that the G-index and E-index include an endogenous component and highlights the importance of accounting for endogeneity ...
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作者：Hombert, Johan; Matray, Adrien
作者单位：Hautes Etudes Commerciales (HEC) Paris; Center for Economic & Policy Research (CEPR); Princeton University
摘要：We study how relationship lending determines the financing of innovation. Exploiting a negative shock to relationships, we show that it reduces the number of innovative firms, especially those that depend more on relationship lending such as small, opaque firms. This credit supply shock leads to reallocation of inventors whereby young and productive inventors leave small firms and move out of geographical areas where lending relationships are hurt. Overall, our results show that credit markets...
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作者：Fang, Lily H.; Lerner, Josh; Wu, Chaopeng
作者单位：INSEAD Business School; Harvard University; National Bureau of Economic Research; Xiamen University
摘要：Using a difference-in-differences approach, we study how intellectual property right (IPR) protection affects innovation in China in the years around the privatizations of state-owned enterprises (SOEs). Innovation increases after SOE privatizations, and this increase is larger in cities with strong IPR protection. Our results support theoretical arguments that IPR protection strengthens firms' incentives to innovate and that private sector firms are more sensitive to IPR protection than SOEs.
