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作者：Fang, Lily; Ivashina, Victoria; Lerner, Josh
作者单位：Harvard University; National Bureau of Economic Research
摘要：Bank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks arrange more debt financing for in-house transactions yet have the lowest exposure to debt. Using financing terms and ex post performance, we show overall that banks do not make superior equity investments to those of stand-alone private equity groups. Instead, they appear to expand their private equity engagemen...
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作者：Dewally, Michael; Ederington, Louis H.; Fernando, Chitru S.
作者单位：University System of Maryland; Towson University; University of Oklahoma System; University of Oklahoma - Norman
摘要：Using proprietary energy futures position data, we provide evidence that mean hedger profits are negative whereas speculator (especially hedge fund) profits are positive, that traders (whether speculators or hedgers) who hold net positions opposite in sign to likely hedgers in aggregate have higher profits than traders whose net positions align with likely hedgers, and that profits on long positions vary inversely with inventories and directly with price volatility. These findings are consiste...
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作者：Knyazeva, Anzhela; Knyazeva, Diana; Masulis, Ronald W.
作者单位：University of Rochester; University of New South Wales Sydney
摘要：Empirical evidence on the relations between board independence and board decisions and firm performance is generally confounded by serious endogeneity issues. We circumvent these endogeneity problems by demonstrating the strong impact of the local director labor market on board composition. Specifically, we show that proximity to larger pools of local director talent leads to more independent boards for all but the largest quartile of S&P 1500. Using local director pools as an instrument for b...
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作者：Acharya, Viral V.; Gottschalg, Oliver F.; Hahn, Moritz; Kehoe, Conor
作者单位：National Bureau of Economic Research; New York University; Center for Economic & Policy Research (CEPR); Hautes Etudes Commerciales (HEC) Paris; University of Munich
摘要：Using deal-level data from transactions initiated by large private equity houses, we find that the abnormal performance of deals is positive on average, after controlling for leverage and sector returns. Higher abnormal performance is related to improvement in sales and operating margin during the private phase, relative to that for quoted peers. General partners who are ex-consultants or ex-industry managers are associated with outperforming deals focused on internal value-creation programs, ...
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作者：De Haas, Ralph; Van Horen, Neeltje
作者单位：European Bank of Reconstructon & Development
摘要：We use loan-level data to examine how large international banks reduced their cross-border lending after the collapse of Lehman Brothers. Country, firm, and bank fixed effects allow us to disentangle credit supply and demand and to simultaneously control for the unobserved traits of banks and the countries and firms they lend to. We document substantial heterogeneity in the extent to which different banks retrenched from the same country. Banks reduced credit less to markets that were geograph...
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作者：Bao, Jack; Pan, Jun
作者单位：University System of Ohio; Ohio State University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We find that the empirical volatilities of corporate bond and CDS returns are higher than implied by equity return volatilities and the Merton model. This excess volatility may arise because structural models inadequately capture either fundamentals or illiquidity. Our evidence supports the latter explanation. We find little relation between excess volatility and measures of firm fundamentals and the volatility of firm fundamentals but some relation with variables proxying for time-varying ill...
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作者：Dittmann, Ingolf; Maug, Ernst; Spalt, Oliver G.
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Mannheim; Tilburg University
摘要：We analyze the efficiency of indexing executive pay by calibrating the standard compensation model to a large sample of U.S. CEOs. The benefits from indexing the strike price of options are small, and fully indexing all options would increase compensation costs by 50% for most firms. Indexing has several effects with overall ambiguous outcome; the quantitatively most important effect is to reduce incentives, because indexed options pay off when CEOs' marginal utility is low. The results also h...
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作者：Hortacsu, Ali; Matvos, Gregor; Syverson, Chad; Venkataraman, Sriram
作者单位：University of Chicago; National Bureau of Economic Research; University of Chicago
摘要：Financial distress can disrupt a durable goods producer's provision of complementary goods and services such as warranties, spare parts and maintenance. This reduces consumers' demand for the core product, causing indirect costs of financial distress. We test this hypothesis in the market for used cars sold at wholesale auctions. An increase in a manufacturer's credit default swaps significantly decreases the prices of its cars at auction, especially cars with longer expected service lives. Ou...
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作者：Bassi, Anna; Colacito, Riccardo; Fulghieri, Paolo
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：Although weather has been shown to affect financial markets and financial decision making, a still open question is the channel through which such influence is exerted. By employing a multiple price list method, this paper provides direct experimental evidence that sunshine and good weather promote risk-taking behavior. This effect is present whether relying on objective measures of meteorological conditions or subjective weather assessments. Finally, employing a psychological test, we find ev...
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作者：Greenwood, Robin; Hanson, Samuel G.
作者单位：Harvard University
摘要：We show that the credit quality of corporate debt issuers deteriorates during credit booms and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the financing costs faced by low-quality firms, so debt issuance of low-quality firms is particularly useful for forecasting bond returns. We show that a significant decline in issuer quality is a more reliable signal of credit market o...
