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作者：Cronqvist, Henrik; Previtero, Alessandro; Siegel, Stephan; White, Roderick E.
作者单位：University of Miami; Western University (University of Western Ontario); University of Washington; University of Washington Seattle
摘要：We find that differences in individuals' prenatal environments explain heterogeneity in financial decisions later in life. An exogenous increase in exposure to prenatal testosterone is associated with the masculinization of financial behavior, specifically with elevated risk taking and trading in adulthood. We also examine birth weight. Those with higher birth weight are more likely to participate in the stock market, whereas those with lower birth weight tend to prefer portfolios with higher ...
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作者：Dittmar, Amy; Duchin, Ran
作者单位：University of Michigan System; University of Michigan; University of Washington; University of Washington Seattle
摘要：We track the employment history of over 9,000 managers to study the effects of professional experiences on corporate policies. Our identification strategy exploits exogenous CEO turnovers and employment in other firms and in non-CEO roles. Firms run by CEOs who experienced distress have less debt, save more cash, and invest less than other firms, with stronger effects in poorly governed firms. Experience has a stronger influence when it is more recent or occurs during salient periods in a mana...
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作者：Warusawitharana, Missaka; Whited, Toni M.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：We estimate a dynamic investment model in which firms finance with equity, cash, or debt. Misvaluation affects equity values, and firms optimally issue and repurchase overvalued and undervalued shares. The funds flowing to and from these activities come from investment, dividends, or net cash. The model fits a broad set of data moments in large heterogeneous samples and across industries. Our parameter estimates imply that misvaluation induces larger changes in financial policies than investme...
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作者：Bushee, Brian J.; Friedman, Henry L.
作者单位：University of Pennsylvania; University of California System; University of California Los Angeles
摘要：We provide evidence that higher-quality disclosure standards are associated with stock returns that are less sensitive to noise driven by investors' moods. We identify return-mood sensitivity (RMS) based on the association between index returns and urban cloudiness, a source of short-term variation in mood. Based on a stylized model, we predict and find evidence consistent with higher-quality disclosure standards reducing RMS by tilting susceptible investors' trades toward information and by f...
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作者：Jiang, Wei; Wan, Hualin; Zhao, Shan
作者单位：Columbia University; Shanghai Lixin University of Accounting & Finance; Grenoble Ecole Management
摘要：This study examines the voting behavior of independent directors of public companies in China from 2004-2012. The unique data at the individual-director level overcome endogeneity in both board formation and proposal selection by allowing analysis based on within-board proposal variation. Career-conscious directors, measured by age and the director's reputation value, are more likely to dissent; dissension is eventually rewarded in the marketplace in the form of more outside directorships and ...
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作者：Baker, Malcolm; Mendel, Brock; Wurgler, Jeffrey
作者单位：Harvard University; National Bureau of Economic Research; Harvard University; New York University
摘要：We outline a dividend signaling model that features investors who are averse to dividend cuts. Managers with strong unobservable cash earnings pay high dividends but retain enough to be likely not to fall short next period. The model is consistent with a Lintner partial-adjustment model, modal dividend changes of zero, stronger market reactions to dividend cuts than increases, comparatively infrequent and irregular repurchases, and a mechanism that does not depend on public destruction of valu...
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作者：An, Li
作者单位：Tsinghua University
摘要：This study investigates the asset pricing implications of a newly documented refinement of the disposition effect, characterized by investors being more likely to sell a security when the magnitude of their gains or losses on it increases. I find that stocks with both large unrealized gains and large unrealized losses outperform others in the following month (trading strategy monthly alpha = 0.5-1%, Sharpe ratio = 1.5). This supports the conjecture that these stocks experience higher selling p...
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作者：Gulen, Huseyin; Ion, Mihai
作者单位：Purdue University System; Purdue University; University of Arizona
摘要：Using a news-based index of policy uncertainty, we document a strong negative relationship between firm-level capital investment and the aggregate level of uncertainty associated with future policy and regulatory outcomes. More importantly, we find evidence that the relation between policy uncertainty and capital investment is not uniform in the cross-section, being significantly stronger for firms with a higher degree of investment irreversibility and for firms that are more dependent on gove...
