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作者：Hu, Gang; McLean, R. David; Pontiff, Jeffrey; Wang, Qinghai
作者单位：Babson College; University of Alberta; Massachusetts Institute of Technology (MIT); Boston College; University System of Georgia; Georgia Institute of Technology
摘要：At year-end, some allege that institutional investors try to mislead investors by placing trades that inflate performance (portfolio pumping) or distort reported holdings (window dressing). We contribute direct tests using daily institutional trades and find that year-end price inflation derives from a lack of institutional selling rather than institutional buying. In fact, institutional buying declines at year-end. Consistent with pumping, institutions tend to buy stocks in which they already...
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作者：Matvos, Gregor; Seru, Amit
作者单位：University of Chicago; National Bureau of Economic Research
摘要：We argue and demonstrate that resource allocation within firms internal capital markets provides an important force countervailing financial market dislocation. We estimate a structural model of internal capital markets to separately identify and quantify the forces driving the reallocation decision and illustrate how these forces interact with external capital market stress. The weaker (stronger) division obtains too much (little) capital, as though it is 12 (9) more (less) productive than it...
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作者：Celikyurt, Ugur; Sevilir, Merih; Shivdasani, Anil
作者单位：Koc University; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of North Carolina; University of North Carolina Chapel Hill
摘要：Venture capitalists (VCs) often serve on the board of mature public firms long after their initial public offering (IPO), even for companies that were not VC-backed at the IPO. Board appointments of VC directors are followed by increases in research and development intensity, innovation output, and greater deal activity with other VC-backed firms. VC director appointments are associated with positive announcement returns and are followed by an improvement in operating performance. Firms experi...
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作者：Chemmanur, Thomas J.; Loutskina, Elena; Tian, Xuan
作者单位：Boston College; University of Virginia; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Tsinghua University
摘要：We analyze how corporate venture capital (CVC) differs from independent venture capital (IVC) in nurturing innovation in entrepreneurial firms. We find that CVC-backed firms are more innovative, as measured by their patenting outcome, although they are younger, riskier, and less profitable than IVC-backed firms. Our baseline results continue to hold in a propensity score matching analysis of IPO firms and a difference-in-differences analysis of the universe of VC-backed entrepreneurial firms. ...
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作者：Wang, Yihui; Xia, Han
作者单位：Fordham University; Chinese University of Hong Kong; University of Texas System; University of Texas Dallas
摘要：We examine how securitization markets affect the role of banks as monitors in corporate lending. We find that banks active in securitization impose looser covenants on borrowers at origination. After origination, these borrowers take on substantially more risk than do borrowers of non-securitization-active banks. We use borrowers' geographic locations to instrument for borrower-lender matching to distinguish the effect of securitization on the banks' ex post monitoring from its effect on ex an...
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作者：Coles, Jeffrey L.; Daniel, Naveen D.; Naveen, Lalitha
作者单位：Utah System of Higher Education; University of Utah; Drexel University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：We develop two measures of board composition to investigate whether directors appointed by the CEO have allegiance to the CEO and decrease their monitoring. Co-option is the fraction of the board comprised of directors appointed after the CEO assumed office. As Co-option increases, board monitoring decreases: turnover-performance sensitivity diminishes, pay increases (without commensurate increase in pay-performance sensitivity), and investment increases. Non-Co-opted Independence-the fraction...
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作者：Erel, Isil; Nadauld, Taylor; Stulz, Rene M.
作者单位：University System of Ohio; Ohio State University; Brigham Young University; National Bureau of Economic Research; University System of Ohio; Ohio State University; University System of Ohio; Ohio State University
摘要：We provide estimates of holdings of highly rated securitization tranches of U.S. bank holding companies before the credit crisis and evaluate hypotheses that have been advanced to explain them. Whereas holdings exceeded Tier 1 capital for some large banks, they were economically trivial for the typical bank. Banks with high holdings were not riskier before the crisis using conventional measures, but they performed poorly during the crisis. We find that holdings of highly rated tranches were co...
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作者：Carrell, Scott; Zinman, Jonathan
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; Dartmouth College
摘要：Does borrowing at 400% APR do more harm than good? The U. S. Department of Defense thinks so and successfully lobbied for a 36% APR cap on loans to servicemen. But existing evidence on how access to high-interest debt affects borrowers is inconclusive. We estimate effects of payday loan access on enlisted personnel using exogenous variation in Air Force rules assigning personnel to bases across the United States, and within-state variation in lending laws over time. Airmen job performance and ...
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作者：Drechsler, Itamar
作者单位：New York University
摘要：I solve in closed form for the optimal dynamic risk choice of a fund manager who is compensated with a high-water mark contract. The optimal risk choice depends on the ratio of the fund's assets under management to its high-water mark. If the manager's outside option value is low, investors' termination policy is strict, or management fees are high, then negative returns induce the manager into derisking. Otherwise, he engages in gambling. Having the option to walk away increases risk taking, ...
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作者：Ozsoylev, Han N.; Walden, Johan; Yavuz, M. Deniz; Bildik, Recep
作者单位：University of Oxford; Koc University; University of California System; University of California Berkeley; Purdue University System; Purdue University; Borsa Istanbul
摘要：We study the trading behavior of investors in an entire stock market. Using an account level dataset of all trades on the Istanbul Stock Exchange in 2005, we identify investors with similar trading behavior as linked in an empirical investor network (EIN). Consistent with the theory of information networks, we find that central investors earn higher returns and trade earlier than peripheral investors with respect to information events. Overall, our results support the view that information dif...
