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作者：Giat, Yahel; Hackman, Steven T.; Subramanian, Ajay
作者单位：University System of Georgia; Georgia State University; Jerusalem College of Technology; University System of Georgia; Georgia Institute of Technology
摘要：We develop a structural model to investigate the effects of asymmetric beliefs and agency conflicts on dynamic principal agent relationships. Optimism has a first-order effect on incentives, investments, and output, which could reconcile the private equity puzzle. Asymmetric beliefs cause optimal contracts to have features consistent with observed venture capital and research and development (R&D) contracts. We derive testable implications for the effects of project characteristics on contract...
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作者：Guttman, Ilan; Kadan, Ohad; Kandel, Eugene
作者单位：Washington University (WUSTL); Stanford University; Hebrew University of Jerusalem; Hebrew University of Jerusalem
摘要：We argue that dividend stickiness, the tendency of managers to keep dividends unchanged, implies that managers use a partially pooling dividend policy. We offer a model that demonstrates how such a policy can evolve endogenously in equilibrium. An informed manager who cares about the firm's intrinsic value as well as short-term stock price allocates earnings between investments and dividends. We show that there is a continuum of equilibria in which the dividend is constant for a range of reali...
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作者：Gennaioli, Nicola; Rossi, Stefano
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Imperial College London
摘要：We study a demand-and-supply model of judicial discretion in corporate bankruptcy. On the supply side, we assume that bankruptcy courts may be biased for debtors or creditors, and subject to career concerns. On the demand side, we assume that debtors (and creditors) can engage in forum shopping at some cost. A key finding is that stronger creditor protection in reorganization improves judicial incentives to resolve financial distress efficiently, preventing a race to the bottom toward ineffici...
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作者：Xiouros, Costas; Zapatero, Fernando
作者单位：BI Norwegian Business School; University of Southern California
摘要：In this article, we derive an analytic expression for the representative agent of a large class of economies populated by agents with catching up with the Joneses preferences, but who exhibit heterogeneous risk aversion. As Chan and Kogan (2002) show numerically, the representative agent has stochastic risk that moves countercyclically to the state variable. However, we show that heterogeneity of risk aversion alone is insufficient for explaining empirical regularities-namely the variability o...
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作者：Metrick, Andrew; Yasuda, Ayako
作者单位：Yale University; University of California System; University of California Davis
摘要：This article analyzes the economics of the private equity industry using a novel model and dataset. We obtain data from a large investor in private equity funds, with detailed records on 238 funds raised between 1993 and 2006. We build a model to estimate the expected revenue to managers as a function of their investor contracts, and we test how this estimated revenue varies across the characteristics of our sample funds. Among our sample funds, about two-thirds of expected revenue comes from ...
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作者：Campbell, John Y.; Polk, Christopher; Vuolteenaho, Tuomo
作者单位：Harvard University; National Bureau of Economic Research; University of London; London School Economics & Political Science
摘要：The cash flows of growth stocks are particularly sensitive to temporary movements in aggregate stock prices, driven by shocks to market discount rates, while the cash flows of value stocks are particularly sensitive to permanent movements, driven by shocks to aggregate cash flows. Thus, the high betas of growth (value) stocks with the market's discount-rate (cash-flow) shocks are determined by the cash-flow fundamentals of growth and value companies. Growth stocks are not merely glamour stocks...
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作者：Andrade, Sandro C.; Chhaochharia, Vidhi
作者单位：University of Miami
摘要：We examine how residents of the United States allocate their stock portfolios internationally. We find that a large U. S. Foreign Direct Investment (FDI) position in a destination country in 1990 is associated with a relatively large stock portfolio position in that country in the 2001-2006 period. Moreover, a change in the U.S. FDI position from 1980 to 1990 helps predict the change in the U.S. Foreign Portfolio Investment position from 1994 to 2006. These results are rationalized by Van Nieu...
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作者：Hochberg, Yael V.; Lindsey, Laura
作者单位：Northwestern University; National Bureau of Economic Research; Arizona State University; Arizona State University-Tempe
摘要：We examine whether options granted to non-executive employees affect firm performance. Using new data on option programs, we explore the link between broad-based option programs, option portfolio implied incentives, and firm operating performance, utilizing an instrumental variables approach to identify causal effects. Firms whose employee option portfolios have higher implied incentives exhibit higher subsequent operating performance. Intuitively, the implied incentive-performance relation is...
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作者：Berndt, Antje; Ritchken, Peter; Sun, Zhiqiang
作者单位：University System of Ohio; Case Western Reserve University; Carnegie Mellon University
摘要：We establish Markovian models in the Heath, Jarrow, and Morton (1992) paradigm that permit an exponential affine representation of riskless and risky bond prices while offering significant flexibility in the choice of volatility structures. Estimating models in our family is typically no more difficult than in the workhorse affine family. Besides diffusive and jump-induced default correlations, defaults can impact the credit spreads of surviving firms, allowing for a greater clustering of defa...
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作者：Karlan, Dean; Zinman, Jonathan
作者单位：Dartmouth College; Yale University
摘要：Expanding access to commercial credit is a key ingredient of financial development strategies. There is less consensus on whether expanding access to consumer credit helps borrowers, particularly when loans are extended at high interest rates. Popular skepticism about unproductive, usurious lending is fueled by research highlighting behavioral biases that may induce overborrowing. We estimate the impacts of expanding access to consumer credit at a 200% annual percentage rate (APR) using a fiel...
