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作者：Aggarwal, Dhruv; Eldar, Ofer; Hochberg, Yael, V; Litov, Lubomir P.
作者单位：Yale University; Duke University; Rice University; National Bureau of Economic Research; University of Oklahoma System; University of Oklahoma - Norman
摘要：We create a novel dataset to examine the recent rise in dual-class IPOs. We document that dual-class firms have different types of controlling shareholders and wedges between voting and economic rights, and that the increasing popularity of dual-class structures is driven by founder-controlled firms. We find that founders' wedge is greater when founders have stronger bargaining power. The increase in founder control over time is due to greater availability of private capital and technological ...
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作者：Ioannidou, Vasso; Pavanini, Nicola; Peng, Yushi
作者单位：University of London; Centre for Economic Policy Research - UK; Tilburg University; Hunan University
摘要：We study the benefits and costs of collateral requirements in bank lending markets with asymmetric information. We estimate a structural model of firms' credit demand for secured and unsecured loans, banks' contract offering and pricing, and firm default using credit registry data in a setting where asymmetric information problems are pervasive. We provide evidence that collateral mitigates adverse selection and moral hazard. With counterfactual experiments, we quantify how an adverse shock to...
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作者：van Binsbergen, Jules H.; Diamond, William F.; Grotteria, Marco
作者单位：University of Pennsylvania; University of London; London Business School
摘要：We estimate risk-free interest rates unaffected by convenience yields on safe assets. We infer them from risky asset prices without relying on any specific model of risk. We ob-tain interest rates and implied convenience yields with maturities up to three years at a minutely frequency. Our estimated convenience yield on Treasuries equals about 40 basis points, is larger below three months maturity, and quadruples during the financial crisis. In high-frequency event studies, conventional and un...
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作者：Field, Laura Casares; Lowry, Michelle
作者单位：University of Delaware; Drexel University
摘要：While the percentage of mature firms with classified boards or dual class shares has declined by more than 40% since 1990, the percentage of IPO firms with these structures has doubled over this period. We test whether IPO firms implement these structures optimally or whether they are utilized to allow managers to protect their private benefits of control. Both shareholder voting patterns and changes in firm types going public suggest that the Agency Hypothesis best explains IPO firm's use of ...
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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：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：Cereda, Fabio; Chague, Fernando; De-Losso, Rodrigo; Genaro, Alan; Giovannetti, Bruno
作者单位：Universidade de Sao Paulo
摘要：We study the effects of a price transparency shock in the Brazilian equity lending market, an over-the-counter market. Previously, the available loan fee benchmark was the mean loan fee of the past 15 trading days. On March 1, 2011, this interval was reduced to three days, significantly improving short-sellers' ability to predict current loan fees. We find that after the benchmark change, loan fees fell, lending volume increased, total lending rev-enue remained stable, high-cost lenders lost m...
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作者：Ghaderi, Mohammad; Kilic, Mete; Seo, Sang Byung
作者单位：University of Kansas; University of Southern California; University of Wisconsin System; University of Wisconsin Madison
摘要：We develop a model that generates slowly unfolding disasters not only in the macroeconomy but also in financial markets. In our model, investors cannot exactly distinguish whether the economy is experiencing a mild/temporary downturn or is on the verge of a severe/prolonged disaster. Due to imperfect information, disaster periods are not fully identified by investors ex ante . Bayesian learning induces equity prices to gradually react to persistent consumption declines, which plays a critical ...
