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作者：Cvijanovic, Dragana
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：This paper examines the impact of real estate prices on firm capital structure decisions. For a typical U.S. listed company, a one-standard-deviation increase in predicted value of firm pledgeable collateral translates into a 3 percentage points increase in firm leverage ratio. The identification strategy employs a triple interaction of MSA-level land supply elasticity, real estate prices, and a measure of a firm's real estate holdings as an exogenous source of variation in firm collateral val...
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作者：Lenkey, Stephen L.
作者单位：U.S. Securities & Exchange Commission (SEC)
摘要：Using a strategic rational expectations equilibrium framework, we show that forcing a well-informed insider to disclose her trades in advance tends to increase welfare for both the insider and less-informed outsiders. Advance disclosure generates price risk for the insider, and to mitigate this risk, the insider trades less aggressively on her private information. Consequently, outsiders face lower adverse selection costs, which improves risk sharing and increases welfare. The drop in trading ...
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作者：Bharath, Sreedhar; Dittmar, Amy; Sivadasan, Jagadeesh
作者单位：Arizona State University; Arizona State University-Tempe; University of Michigan System; University of Michigan
摘要：We examine whether constraints on public firms affect firms' efficiency by testing if going private improves plant-level productivity relative to peer control groups. We find that, despite increases in productivity after going private, there is little evidence of efficiency gains relative to peer groups of plants constructed to control for industry, age, size, past productivity, and the endogeneity of the going-private decision. Going-private firms do extensively restructure their portfolio of...
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作者：Bonaime, Alice Adams; Hankins, Kristine Watson; Harford, Jarrad
作者单位：University of Kentucky; University of Washington; University of Washington Seattle
摘要：Both risk management and payout decisions affect a firm's financial flexibility-the ability to avoid costly financial distress as well as underinvestment. We provide evidence of substitution between hedging and payout decisions using samples of both financial and nonfinancial firms. We find that a more flexible distribution, favoring repurchases over dividends, is negatively related to financial hedging within a firm, consistent with financial flexibility in payout decisions and hedging being ...
