-
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...
-
作者：Phillips, Gordon M.; Zhdanov, Alexei
作者单位：University of Southern California; National Bureau of Economic Research; University of Lausanne
摘要：We provide a model and empirical tests showing how an active acquisition market affects firm incentives to innovate and conduct R&D. Our model shows that small firms optimally may decide to innovate more when they can sell out to larger firms. Large firms may find it disadvantageous to engage in an R&D race with small firms, as they can obtain access to innovation through acquisition. Our model and evidence also show that the R&D responsiveness of firms increases with demand, competition, and ...
-
作者：Engelberg, Joseph; Gao, Pengjie; Parsons, Christopher A.
作者单位：University of California System; University of California San Diego; University of Notre Dame
摘要：CEOs with large networks earn more than those with small networks. An additional connection to an executive or director outside the firm increases compensation by about $17,000 on average, more so for important members, such as CEOs of big firms. Pay-for-connectivity is unrelated to several measures of corporate governance, evidence in favor of an efficient contracting explanation for CEO pay.
-
作者：Bansal, Ravi; Shaliastovich, Ivan
作者单位：University of Pennsylvania; Duke University
摘要：We show that bond risk premia rise with uncertainty about expected inflation and fall with uncertainty about expected growth; the magnitude of return predictability using these uncertainty measures is similar to that by multiple yields. Motivated by this evidence, we develop and estimate a long-run risks model with timevarying volatilities of expected growth and inflation. The model simultaneously accounts for bond return predictability and violations of uncovered interest parity in currency m...
