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作者：Suk, Inho; Wang, Mengmeng
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; Korea University
摘要：We find that the acquirer's (1) abnormal returns at merger and acquisition (M&A) an-nouncements and (2) long-term abnormal returns after acquisitions increase with tar -get firm insiders' net purchase ratios. Further, acquisition synergies, measured as the (1) acquirer-target combined cumulative abnormal returns at M&A announcements and (2) changes in three-year operating performance after acquisitions, increase with target in-sider net purchase ratios. Notwithstanding, targets with higher ins...
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作者：Dai, Rui; Liang, Hao; Ng, Lilian
作者单位：University of Pennsylvania; Singapore Management University; York University - Canada
摘要：Corporate customers are an important stakeholder in global supply chains. We employ several unique international databases to test whether socially responsible corporate customers can infuse similar socially responsible business behavior in suppliers. Our findings suggest a unilateral effect on corporate social responsibility (CSR) only from customers to suppliers, an evidence further supported by exogenous variation in customers' close call CSR proposals and by product scandals. Customers exe...
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作者：Schlenker, Wolfram; Taylor, Charles A.
作者单位：Columbia University; National Bureau of Economic Research
摘要：We compare prices of financial derivatives whose payouts are based on future weather outcomes to CMIP5 climate model predictions as well as observed weather station data across eight cities in the US from 2001 through 2020. Derivative prices respond both to short-term weather forecasts for the next two weeks and longer-term warming trends. We show that the long-term trends in derivative prices are comparable to station-level data and climate model output. The one exception is February in the n...
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作者：Allen, Franklin; Haas, Marlene D.; Nowak, Eric; Tengulov, Angel
作者单位：Imperial College London; Universita della Svizzera Italiana; University of Kansas
摘要：On October 26, 2008, Porsche announced a largely unexpected domination plan for Volkswagen. The resulting short squeeze in Volkswagen's stock briefly made it the most valuable listed company in the world. We argue that this was a manipulation designed to save Porsche from insolvency and the German laws against this kind of abuse were not effectively enforced. Using hand-collected data we provide the first rigorous academic study of the Porsche-VW squeeze and show that it significantly impeded ...
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作者：Guo, Yifeng; Mota, Lira
作者单位：Columbia University
摘要：Information production is key to the efficiency of financial markets. Does selling infor-mation separately improve its production? We investigate this question using MiFID II, a European regulation that unbundles research from transactions. We show that unbundling causes fewer research analysts to cover a firm. This decrease does not come from small -or mid-cap firms but is concentrated in large firms. Surprisingly, the reduction in analyst coverage is accompanied by a decrease in forecast err...
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作者：Keloharju, Matti; Linnainmaa, Juhani T.; Nyberg, Peter
作者单位：Aalto University; Centre for Economic Policy Research - UK; Research Institute of Industrial Economics (IFN); Dartmouth College; National Bureau of Economic Research
摘要：Long-term expected returns do not appear to vary in the cross section of stocks. We show that even negligible persistent differences in expected returns, if they existed, would be easy to detect. Markers of such differences, however, are absent from actual stock returns. Our results are consistent with behavioral models and production-based asset pricing models in which firms' risks change over time. Consistent with the lack of long-term differences in expected returns, persistent differences ...
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作者：Zandberg, Jonathan
作者单位：Boston College
摘要：Better access to reproductive healthcare increases women's propensity to become entrepreneurs. Access correlates positively with female entrepreneurial activity and negatively with female entrepreneurial age. Examining firm size and personal income suggests it also improves the success of female-led businesses. None of these results hold when tested on men, women above 40, or other placebo professions. To establish causality, I exploit Roe v. Wade, state laws restricting abortion providers, an...
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作者：Child, Travers Barclay; Massoud, Nadia; Schabus, Mario; Zhou, Yifan
作者单位：China Europe International Business School; University of Melbourne; Michigan State University; Michigan State University's Broad College of Business; Fudan University
摘要：We exploit Donald Trump's nonpolitical background and surprise election victory to identify the value of sudden presidential ties among S&P 500 firms. In our setting firms did not choose to become politically connected, so we identify treatment effects comparatively free of selection bias prevalent in this literature. Firms with presidential ties enjoyed greater abnormal returns around the 2016 election. Since Trump's inauguration, connected firms had better performance, received more governme...
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作者：Bachas, Natalie; Kim, Olivia S.; Yannelis, Constantine
作者单位：Princeton University; Massachusetts Institute of Technology (MIT); University of Chicago
摘要：The efficiency of federal lending guarantees depends on whether guarantees increase lending supply or simply act as a subsidy to lenders. We use notches in the guarantee rate schedule for Small Business Administration (SBA) loans to estimate the elasticity of bank lending volume to loan guarantees. We show significant bunching in the loan distribution on the side of the size threshold that carries a more generous loan guarantee. The excess mass implies that increasing guarantee generosity by o...
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作者：Dong, Rui; Fisman, Raymond; Wang, Yongxiang; Xu, Nianhang
作者单位：Renmin University of China; Boston University; University of Southern California; Shanghai Jiao Tong University
摘要：We document a negative relation between air pollution during corporate site visits by investment analysts and subsequent earnings forecasts. After accounting for analyst, weather, and firm characteristics, an extreme worsening of air quality from good/excellent to severely polluted is associated with a more than 1 percentage point lower profit forecast, relative to realized profits. We explore heterogeneity in the pollution-forecast relation to understand better the underlying mechanism. Pollu...
