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作者：He, Zhiguo; Milbradt, Konstantin
作者单位：University of Chicago; National Bureau of Economic Research; Northwestern University
摘要：A firm chooses its debt maturity structure and default timing dynamically, both without commitment. Via the fraction of newly issued short-term bonds, equity holders control the maturity structure, which affects their endogenous default decision. A shortening equilibrium with accelerated default emerges when cash flows deteriorate over time so that debt recovery is higher if default occurs earlier. Self-enforcing shortening and lengthening equilibria may coexist, with the latter possibly Paret...
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作者：Barber, Brad M.; Huang, Xing; Odean, Terrance
作者单位：University of California System; University of California Davis; Michigan State University; Michigan State University's Broad College of Business; University of California System; University of California Berkeley
摘要：When assessing a fund manager's skill, sophisticated investors will consider all factors (priced and unpriced) that explain cross-sectional variation in fund performance. We investigate which factors investors attend to by analyzing mutual fund flows as a function of recent returns decomposed into alpha and factor-related returns. Surprisingly, investors attend most to market risk (beta) when evaluating funds and treat returns attributable to size, value, momentum, and industry factors as alph...
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作者：Gopalan, Radhakrishnan; Mukherjee, Abhiroop; Singh, Manpreet
作者单位：Washington University (WUSTL); Hong Kong University of Science & Technology; University System of Georgia; Georgia Institute of Technology
摘要：Using the staggered introduction of fast-track debt recovery courts in India, we estimate the causal effect of a reduction in debt contract enforcement costs on financing and asset maturity. A reduction in enforcement costs is associated with an increase in long-term debt and a decrease in short-term debt and trade credit. The increase in debt maturity is confined to firms that borrow from multiple lenders, have abnormally short debt maturity structures before the reform, and to smaller firms....
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作者：Becker, Bo; Josephson, Jens
作者单位：Stockholm School of Economics; Stockholm University
摘要：In many countries, poorly functioning bankruptcy procedures force viable but insolvent firms to restructure out of court, where banks may have a bargaining advantage over other creditors. We model the choice of restructuring process and derive implications for the corporate mix of bank and bond financing. Empirical patterns match the model: inefficient bankruptcy in a country is associated with less bond issuance by risky, but not by safe, borrowers. This pattern holds for both levels of and c...
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作者：Cingano, Federico; Manaresi, Francesco; Sette, Enrico
作者单位：European Central Bank; Bank of Italy
摘要：We quantify the real effects of the bank-lending channel exploiting the dramatic liquidity drought in interbank markets that followed the 2007 financial crisis as a source of variation in credit supply. Using a large sample of matched firm-bank data from Italy, we find had the interbank market not collapsed, investment expenditure would have been more than 20% higher and would have increased by around 30 cents per additional euro of available credit at the average firm. We also find that credi...
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作者：Bolton, Patrick; Freixas, Xavier; Gambacorta, Leonardo; Mistrulli, Paolo Emilio
作者单位：Columbia University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Pompeu Fabra University; Bank for International Settlements (BIS); European Central Bank; Bank of Italy
摘要：We study how relationship lending and transaction lending vary over the business cycle. We develop a model in which relationship banks gather information on their borrowers, allowing them to provide loans to profitable firms during a crisis. Because of the services they provide, operating costs of relationship banks are higher than those of transaction banks. Relationship banks charge a higher intermediation spread in normal times, but offer continuation lending at more favourable terms than t...
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作者：Acharya, Viral; Pagano, Marco; Volpin, Paolo
作者单位：New York University; University of Naples Federico II; City St Georges, University of London
摘要：We present a model in which firms compete for scarce managerial talent (alpha) and managers are risk averse. When managers cannot move across firms after being hired, employers learn about their talent, efficiently allocate them to projects, and provide insurance to low-quality managers. When, instead, managers can move across firms, firm-level coinsurance is no longer feasible, but managers may self-insure by switching employer to delay the revelation of their true quality. However, this resu...
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作者：Scharlemann, Therese C.; Shore, Stephen H.
作者单位：Office of Financial Research; United States Department of the Treasury; University System of Georgia; Georgia State University
摘要：The Home Affordable Modification Program's (HAMP's) Principal Reduction Alternative (PRA) is a government-sponsored program to reduce the principal balances and monthly mortgage payments of troubled borrowers. We examine the effect of principal forgiveness on borrowers' subsequent mortgage default. The program's rules imply a kink in the relationship between principal forgiveness and a borrower's initial equity level. Our identification strategy exploits the quasi-experimental variation in pri...
