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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：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...
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作者：Farrell, Michael; Green, T. Clifton; Jame, Russell; Markov, Stanimir
作者单位：University of Wisconsin System; University of Wisconsin Milwaukee; Emory University; University of Kentucky; University of Texas System; University of Texas Dallas
摘要：We study the effects of social media on the informativeness of retail trading. Our identification strategy exploits the editorial delay between report submission and publication on Seeking Alpha, a popular crowdsourced investment research platform. We find the ability of retail order imbalances to predict the cross-section of stock returns and cash-flow news increases sharply in the intraday post-publication window relative to the pre-publication window. The findings are robust to controlling ...
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作者：Bessembinder, Hendrik; Jacobsen, Stacey; Maxwell, William; Venkataraman, Kumar
作者单位：Arizona State University; Arizona State University-Tempe; Southern Methodist University
摘要：Bond underwriters, lacking Greenshoe options and formal systems to track flipping ac-tivity, have fewer tools than equity underwriters to manage secondary market order flow uncertainty. We show that bond underwriters respond by selectively overallocating some issues to attain net short positions. Overallocations are economically substantive, facilitate the syndicate's price stabilization efforts, and are largely offset in the days after issuance. These issues on average experience more net sel...
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作者：Graham, John R.; Grennan, Jillian; Harvey, Campbell R.; Rajgopal, Shivaram
作者单位：Duke University; National Bureau of Economic Research; Santa Clara University; Columbia University; Duke University
摘要：Ninety-two percent of the 1348 North American executives we survey believe that im-proving corporate culture would increase firm value. A striking 84% believe their company needs to improve its culture. But how can that be achieved? Our paper provides some guidance by documenting the following: executives' views on what corporate culture is and how it operates, distinguishing between stated values and everyday norms; the extent to which culture is perceived to influence value creation (product...
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作者：Heese, Jonas; Perez-Cavazos, Gerardo; Peter, Caspar David
作者单位：Harvard University; University of California System; University of California San Diego; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：We examine whether the local press is an effective monitor of corporate misconduct. Specifically, we study the effects of local newspaper closures on violations by local facilities of publicly listed firms. After a local newspaper closure, local facilities increase violations by 1.1% and penalties by 15.2%, indicating that the closures reduce firm monitoring by the press. This effect is not driven by the underlying economic conditions, the underlying local fraud environment, or the underlying ...
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作者：Massa, Massimo; O'Donovan, James; Zhang, Hong
作者单位：INSEAD Business School; City University of Hong Kong; Tsinghua University
摘要：Firms in global markets often belong to business groups. We argue that this feature can have a profound influence on international asset pricing. In bad times, business groups may strategically reallocate risk across affiliated firms to protect core central firms. This strategic behavior induces co-movement among central firms, creating a new intertemporal risk factor. Based on a novel data set of worldwide ownership for 2002-2012, we find that central firms are better protected in bad times a...
