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作者：Di Giuli, Alberta; Laux, Paul A.
作者单位：heSam Universite; ESCP Business School; University of Delaware; University of Delaware
摘要：Firms sharing a board member with a media company receive more news coverage. This in turn affects those firms' financing choices: they issue more bonds, rely less on bank loans, and have lower blockholder ownership. These findings are consistent with media coverage acting as an external governance mechanism that substitutes for monitoring by banks and equity blockholders. The effect of media-linked directors on financing is evident in panel and time series analyses and using two different ins...
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作者：Ewens, Michael; Gorbenko, Alexander; Korteweg, Arthur
作者单位：California Institute of Technology; University of London; University College London; University of Southern California
摘要：We estimate the impact of venture capital (VC) contract terms on startup outcomes and the split of value between the entrepreneur and investor, accounting for endogenous selection via a novel dynamic search-and-matching model. The estimation uses a new, large data set of first financing rounds of startup companies. Consistent with efficient contracting theories, there is an optimal equity split between agents, which maximizes the probability of success. However, venture capitalists (VCs) use t...
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作者：Michaely, Roni; Moin, Amani
作者单位：University of Hong Kong
摘要：We decompose the decrease (1970s-20 0 0) and subsequent recovery (20 0 0-2018) in the fraction of dividend-paying firms. Changes in firm characteristics and proclivity to pay (probability of paying dividends conditional on characteristics) each drive half of the dividend disappearance. A higher proclivity drives 82% of the dividend reappearance. The remaining 18% is driven by a single characteristic: reduced earnings volatility. Changing characteristics are associated with low-profitability, h...
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作者：Pflueger, Carolin; Rinaldi, Gianluca
作者单位：National Bureau of Economic Research; University of Chicago; Center for Economic & Policy Research (CEPR); Harvard University
摘要：We show that endogenous variation in risk aversion over the business cycle can jointly ex-plain financial market responses to high-frequency monetary policy shocks with standard asset pricing moments. We newly integrate a work-horse New Keynesian model with coun-tercyclical risk aversion via habit formation preferences. In the model, a surprise increase in the policy rate lowers consumption relative to habit, raising risk aversion. Endogenously time-varying risk aversion in the model is crucia...
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作者：Kaplan, Steven N.; Sorensen, Morten; Zakolyukina, Anastasia A.
作者单位：University of Chicago; National Bureau of Economic Research; Dartmouth College
摘要：We use detailed assessments of CEO personalities to explore the nature of CEO overconfidence as it is commonly measured. Longholder, the option-based measure of CEO overconfidence introduced by Malmendier and Tate (2005a) and widely used in the behavioral corporate finance and economics literatures, is significantly related to several specific characteristics that are associated with overconfident individuals as well as individuals with lower ability. Similar relations hold for overconfidence ...
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作者：Wang, Jialan; Burke, Kathleen
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Congressional Budget Office
摘要：In 2012, Texas and two municipalities therein adopted regulations governing the payday loan market. Austin and Dallas enacted supply restrictions limiting the loan-to-income ratio and mandating amortization. The state adopted an information disclosure inspired by Bertrand and Morse (2011) presenting the cost and typical usage of payday loans in easy-to-understand terms. We find that the municipal restrictions led to a 61% decline in loan volume in Austin and a 44% decline in Dallas, with the e...
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作者：Haddad, Valentin; Ho, Paul; Loualiche, Erik
作者单位：University of California System; University of California Los Angeles; Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Minnesota System; University of Minnesota Twin Cities
摘要：Booming innovation often coincides with intense speculation in financial markets. Using over a million patents, we document two ways the market valuation of innovation and its economic impact become disconnected during bubbles. Specifically, an innovation raises the stock price of its creator by 40% more than is justified by future outcomes. In contrast, competitors' stock prices move little despite their profits suffering. We develop a theory of investor disagreement about which firms will su...
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作者：Bartram, Sohnke M.; Hou, Kewei; Kim, Sehoon
作者单位：University of Warwick; Centre for Economic Policy Research - UK; University System of Ohio; Ohio State University; State University System of Florida; University of Florida
摘要：We document that localized policies aimed at mitigating climate risk can have unintended consequences due to regulatory arbitrage by firms. Using a difference-in-differences framework to study the impact of the California cap-and-trade program with U.S. plant-level data, we show that financially constrained firms shift emissions and output from California to other states where they have similar plants that are underutilized. By contrast, unconstrained firms do not make such adjustments. Overal...
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作者：Jagannathan, Murali; Jiao, Wei; Karolyi, G. Andrew
作者单位：State University of New York (SUNY) System; Binghamton University, SUNY; Rutgers University System; Rutgers University Camden; Rutgers University New Brunswick; Cornell University
摘要：International equity mutual funds increasingly hire managers from countries linked to their geographic mandate. We show these funds with home-linked managers exhibit a strong bias to invest in stocks of the managers' home countries and attract more flows. Portfolios of stocks from countries in which a fund has a home-field advantage outperform those managed by funds without home-linked managers. We are unable to identify specific sources of an information advantage associated with the home-lin...
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作者：Muller, Karsten
作者单位：National University of Singapore
摘要：This paper estimates the effect of bankruptcy court caseload on access to credit by ex-ploiting firms' plausibly exogenous exposure to the largest recorded drop in court back-log in the United States following the 2005 consumer bankruptcy reform. I show that a drop in court congestion reduces the time firms spend in bankruptcy and increases re-covery values, which is priced into credit spreads and loan maturities. Consistent with a shock to credit supply, less congested courts increase firm le...
