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作者：Pinkowitz, Lee; Stulz, Rene M.; Williamson, Rohan
作者单位：Georgetown University; University System of Ohio; Ohio State University
摘要：From 1998 to 2011, U.S. firms held more cash on average (but not at the median) than similar foreign firms (foreign twins) did. The average difference in cash holdings does not increase after 2008, and it is driven by highly R&D-intensive U.S. firms. Because there are almost no similarly R&D-intensive foreign firms, mean comparisons involving these U.S. firms are not reliable. Without these U.S. firms, neither U.S. multinational firms nor purely domestic U.S. firms hold more cash than their fo...
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作者：Kashyap, Anil K.; Kovrijnykh, Natalia
作者单位：University of Chicago; Arizona State University; Arizona State University-Tempe
摘要：We analyze a model where investors use a credit rating to decide whether to finance a firm. The rating quality depends on unobservable effort exerted by a credit rating agency (CRA). We study optimal compensation schemes for the CRA when a planner, the firm, or investors order the rating. Rating errors are larger when the firm orders it than when investors do (and both produce larger errors than is socially optimal). Investors overuse ratings relative to the firm or planner. Atrade-off in prov...
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作者：Chinco, Alex; Mayer, Christopher
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Columbia University; National Bureau of Economic Research
摘要：This paper examines the contribution of out-of-town second-house buyers to mispricing in the housing market. We show that demand from out-of-town second-house buyers during the mid 2000s predicted not only house-price appreciation rates but also implied-to-actual-rent-ratio appreciation rates, a proxy for mispricing. We then apply a novel identification strategy to address the issue of reverse causality. We give supporting evidence that out-of-town second-house buyers behaved like misinformed ...
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作者：Farre-Mensa, Joan; Ljungqvist, Alexander
作者单位：Harvard University; New York University; National Bureau of Economic Research
摘要：Financial constraints are fundamental to empirical research in finance and economics. We propose two tests to evaluate how well measures of financial constraints actually capture constraints. We find that firms typically classified as constrained do not actually behave as if they were constrained: they have no trouble raising debt when their demand for debt increases exogenously and use the proceeds of equity issues to increase payouts to shareholders. Our evidence suggests that extant finding...
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作者：Campello, Murillo; Larrain, Mauricio
作者单位：Cornell University; National Bureau of Economic Research; Columbia University
摘要：Recent reforms across Eastern European countries have given more flexibility and information to parties to engage in secured debt transactions. The menu of assets legally accepted as collateral was enlarged to include movable assets (e.g., machinery and equipment). Generalized difference-in-differences tests show that firms operating more movable assets borrowed more as a result. Those firms also invested more, hired more, and became more efficient and profitable following the changes in the c...
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作者：Griffin, John M.; Maturana, Gonzalo
作者单位：University of Texas System; University of Texas Austin; Emory University
摘要：This paper examines apparent fraud among securitized nonagency loans using three indicators: unreported second liens, owner occupancy misreporting, and appraisal overstatements. We find that around 48% of loans exhibited at least one indicator of misrepresentation. Surprisingly, misreporting is similar in both low and full documentation loans and is associated with a 51% higher likelihood of delinquency. Two-thirds of loans with unreported second liens had the same originator issuing both the ...
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作者：He, Jie (Jack); Qian, Jun (Q. J. ); Strahan, Philip E.
作者单位：University System of Georgia; University of Georgia; Shanghai Jiao Tong University; Boston College; National Bureau of Economic Research
摘要：We study rating shopping on the MBS market. Outside of AAA, losses are higher on single-rated tranches than on multi-rated ones, and yields predict future losses for single-rated tranches, but not for multi-rated ones. Conversely, ratings have less explanatory power for single-rated tranches. These results suggest that single-rated tranches have been shopped, whereby pessimistic ratings never reach the market. For AAA-rated MBS, by contrast, 93% receive two or three such ratings, and those rat...
