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作者：Bhamra, Harjoat S.; Kuehn, Lars-Alexander; Strebulaev, Ilya A.
作者单位：University of British Columbia; Carnegie Mellon University; Stanford University
摘要：We study the impact of time-varying macroeconomic conditions on optimal dynamic capital structure for a cross-section of firms. Our structural-equilibrium framework embeds a contingent-claim corporate financing model within a consumption-based asset-pricing model. We investigate the effect of macroeconomic conditions on asset valuation and optimal corporate policies, and of preferences on capital structure. While capital structure is pro-cyclical at dates when firms re-lever, it is counter-cyc...
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作者：Demiroglu, Cem; James, Christopher M.
作者单位：State University System of Florida; University of Florida; Koc University
摘要：This article examines the determinants of financial covenant thresholds in bank loan agreements and information conveyed through the selection of tight financial covenants. We find that riskier firms and firms with fewer investment opportunities select tighter financial covenants. We also find that selection of tight covenants is associated with improvements in the covenant variable and declines in investment spending and net debt issuance. We observe these changes also for borrowers that do n...
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作者：von Thadden, Ernst-Ludwig; Bergloef, Erik; Roland, Gerard
作者单位：University of Mannheim; Stockholm School of Economics; University of California System; University of California Berkeley
摘要：This article integrates the problem of designing corporate bankruptcy rules into a theory of optimal debt structure. We show that, in an optimal contracting framework with imperfect renegotiation, having multiple creditors increases a firm's debt capacity while increasing its incentives to default strategically. The optimal debt contract gives creditors claims that are jointly inconsistent in case of default. Bankruptcy rules are therefore a necessary part of the overall financing contract, to...
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作者：Bakke, Tor-Erik; Whited, Toni M.
作者单位：University of Rochester; University of Oklahoma System; University of Oklahoma - Norman
摘要：We test whether stock market mispricing or private investor information in stock prices affects corporate investment. We develop an econometric methodology that disentangles stock-price movements that are relevant for investment from those that are not. We combine this decomposition with proxies for private information and mispricing to devise unbiased tests for the effects of mispricing and information on investment. We depart from much of the literature by finding that stock market mispricin...
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作者：Chien, YiLi; Lustig, Hanno
作者单位：Purdue University System; Purdue University; University of California System; University of California Los Angeles
摘要：We introduce limited liability in a model with a continuum of ex ante identical agents who face aggregate and idiosyncratic income risk. These agents can trade a complete menu of contingent claims, but they cannot commit to honor their promises, and their shares in a Lucas tree serve as collateral to back up their state-contingent promises. The limited-liability option gives rise to a second risk factor, in addition to aggregate consumption growth risk. This liquidity risk is created by bindin...
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作者：Aggarwal, Reena; Erel, Isil; Stulz, Rene; Williamson, Rohan
作者单位：University System of Ohio; Ohio State University; University System of Ohio; Ohio State University; National Bureau of Economic Research; Georgetown University
摘要：We construct a firm-level governance index that increases with minority shareholder protection. Compared with U.S. matching firms, only 12.68% of foreign firms have a higher index. The value of foreign firms falls as their index decreases relative to the index of matching U.S. firms. Our results suggest that lower country-level investor protection and other country characteristics make it suboptimal for foreign firms to invest as much in governance as U.S. firms do. Overall, we find that minor...
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作者：Rauh, Joshua D.; Sufi, Amir
作者单位：Northwestern University; National Bureau of Economic Research; University of Chicago
摘要：Using a novel dataset that records individual debt issues on the balance sheets of public firms, we demonstrate that traditional capital structure studies that ignore debt heterogeneity miss substantial capital structure variation. Relative to high-credit-quality firms, low-credit-quality firms are more likely to have a multi-tiered capital structure consisting of both secured bank debt with tight covenants and subordinated non-bank debt with loose covenants. We discuss the extent to which the...
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作者：Gan, Jie
作者单位：Hong Kong University of Science & Technology
摘要：This article uses a large panel dataset that tracks the housing wealth and credit card spending of 12,793 individuals in Hong Kong to study the relationship between housing wealth and household consumption. I identify a significant effect of housing wealth on consumption. A pure wealth effect can explain part of the sensitivity: households with multiple houses have much stronger consumption responses. Consistent with a relaxation of the credit constraints, mortgage refinancing significantly in...
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作者：Chiang, Yao-Min; Qian, Yiming; Sherman, Ann E.
作者单位：University of Iowa; National Chengchi University; DePaul University
摘要：Using a unique dataset of complete bid information for every IPO auction in Taiwan during 1995-2000, we examine the behaviors and returns of two groups-institutional and retail investors in a setting in which underwriters do not have pricing or allocation discretion. We find that the bids of institutional investors are generally consistent with the predictions of IPO auction theory for informed bidders, while those of individual investors are not. Specifically, returns are higher when more ins...
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作者：Gompers, Paul A.; Ishii, Joy; Metrick, Andrew
作者单位：Yale University; National Bureau of Economic Research; Harvard University; Stanford University
摘要：We construct a comprehensive list of dual-class firms in the United States and use this list to analyze the relationship between insider ownership and firm value. Our data have two useful features. First, since dual-class stock separates cash-flow rights from voting rights, we can separately identify the impact of each. Second, we address endogeneity concerns by using exogenous predictors of dual-class status as instruments. In single-stage regressions, we find strong evidence that firm value ...
