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作者：Fisman, Raymond; Hamao, Yasushi; Wang, Yongxiang
作者单位：Columbia University; National Bureau of Economic Research; University of Southern California
摘要：We study the impact of nationalism and interstate frictions on international economic relations by analyzing market reaction to adverse shocks to Sino-Japanese relations in 2005 and 2010. Japanese companies with high China exposure suffer relative declines during each event window; a symmetric effect is observed for Chinese companies with high Japanese exposure. The effect on Japanese companies is more pronounced for those operating in industries dominated by Chinese state-owned enterprises, w...
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作者：Welch, Ivo
作者单位：University of California System; University of California Los Angeles
摘要：This paper quantitatively analyzes referee recommendations at eight prominent economics and finance journals, and the SFS (Society for Financial Studies) Cavalcade Conference, where a known algorithm matched referees to submissions. The behavior of referees was similar in all venues. The referee-specific component in the disposition recommendation was about twice as important as the common component. Referees differed both in their scales (some referees were intrinsically more generous than ot...
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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：Bond, Philip; Glode, Vincent
作者单位：University of Washington; University of Washington Seattle; University of Pennsylvania
摘要：We propose a labor market model in which agents with heterogenous ability levels choose to work as bankers or as financial regulators. When workers extract intrinsic benefits from working in regulation (such as public-sector motivation or human capital accumulation), our model jointly predicts that bankers are, on average, more skilled than regulators and their compensation is more sensitive to performance. During financial booms, banks draw the best workers away from the regulatory sector and...
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作者：Luciano, Elisa; Nicodano, Giovanna
作者单位：University of Turin; Collegio Carlo Alberto; University of Turin; Collegio Carlo Alberto; European Corporate Governance Institute
摘要：This paper considers the optimal joint decision on firm organization and capital structure under a tax-bankruptcy trade-off, stressing the role of guarantees against default. Conditional guarantees, which are embedded in parent-subsidiary structures, increase joint value and joint debt relative to unguaranteed stand-alone firms. Such guarantees, that are unilateral rather than mutual for moderate default costs, may dominate the unconditional mutual guarantees built in mergers. We study the opt...
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作者：Franks, Julian; Mayer, Colin; Miyajima, Hideaki
作者单位：University of London; London Business School; Centre for Economic Policy Research - UK; Centre for Economic Policy Research - UK; University of Oxford; Waseda University
摘要：Twentieth century Japan provides a remarkable laboratory for examining how an externally imposed institutional and regulatory intervention affects the ownership of corporations. In the first half of the century, Japan had weak legal protection but strong institutional arrangements. The institutions were dismantled after the war and replaced by a strong form of legal protection. This inversion resulted in a switch from Japan being a country in which equity markets flourished and ownership was d...
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作者：Assuncao, Juliano J.; Benmelech, Efraim; Silva, Fernando S. S.
作者单位：Pontificia Universidade Catolica do Rio de Janeiro; Northwestern University; National Bureau of Economic Research
摘要：We exploit a 2004 credit reform in Brazil that simplified the sale of repossessed cars used as collateral for auto loans. We show that the reform expanded credit to riskier, self-employed borrowers who purchased newer, more expensive cars. The legal change has led to larger loans with lower spreads and longer maturities. Although the credit reform improved riskier borrowers' access to credit, it also led to increased incidences of delinquency and default. Our results shed light on the conseque...
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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...
