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作者：Fjesme, Sturla L.; Galpin, Neal E.; Moore, Lyndon
作者单位：Oslo Metropolitan University (OsloMet); UiT The Arctic University of Tromso; Monash University
摘要：We examine listing applications by firms to the London Stock Exchange between 1891 and 1911. The exchange rejected 82 (13.1%) of the 628 applicants to its main board. Accepted applicants were twice as likely to pay dividends (and to pay twice as much) and had longer firm lives than rejected applicants. Rejected applicants were more likely to file for liquidation than successful applicants. These results remain even after we control for the primary benefits of the listing itself: liquidity and ...
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作者：Nikolov, Boris; Schmid, Lukas; Steri, Roberto
作者单位：University of Lausanne; Swiss Finance Institute (SFI); European Corporate Governance Institute; University of Southern California; Center for Economic & Policy Research (CEPR); University of Luxembourg
摘要：Which financial frictions drive firms' financing constraints? We structurally estimate dynamic firm financing models embedding many financial frictions, on panels of public firms and private firms. We focus on limited enforcement, moral hazard, and trade-off models and assess which models rationalize best observed corporate policies across various samples. Our tests, based on empirical policy function benchmarks, favor trade-off models for larger public firms, limited commitment models for sma...
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作者：Laudenbach, Christine; Loos, Benjamin; Pirschel, Jenny; Wohlfart, Johannes
作者单位：University of Bonn; Technical University of Munich; Danish Finance Institute; University of Copenhagen; University of Copenhagen; Danish Finance Institute
摘要：We examine how adverse local experiences that are uninformative of future returns affect households' investment behavior in the short term. Using data from a German online brokerage and a survey, we show that retail investors sharply reduce risk taking in response to nearby firm bankruptcies. Adjustments in risk taking occur through immediate and transitory increases in trading, and work through more pessimistic expectations about aggregate stock returns and increased risk aversion. Changes in...
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作者：Ding, Wenzhi; Levine, Ross; Lin, Chen; Xie, Wensi
作者单位：University of Hong Kong; University of California System; University of California Berkeley; National Bureau of Economic Research; Chinese University of Hong Kong
摘要：We evaluate the connection between corporate characteristics and the reaction of stock returns to COVID-19 cases using data on more than 6,700 firms across 61 economies. The pandemic-induced drop in stock returns was milder among firms with stronger pre-2020 finances (more cash and undrawn credit, less total and short-term debt, and larger prof-its), less exposure to COVID-19 through global supply chains and customer locations, more corporate social responsibility activities, and less entrench...
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作者：Harvey, Campbell R.; Liu, Yan
作者单位：Duke University; National Bureau of Economic Research; Purdue University System; Purdue University
摘要：Identifying the factors that drive the cross-section of expected returns is challenging for at least three reasons. First, the choice of testing approach (time series versus cross-sectional) will deliver different sets of factors. Second, varying test portfolio sorts changes the impor-tance of candidate factors. Finally, given the hundreds of factors that have been proposed, test multiplicity must be dealt with. We propose a new method that makes measured progress in addressing these key chall...
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作者：Bhagwat, Vineet; Brogaard, Jonathan; Julio, Brandon
作者单位：George Washington University; Utah System of Higher Education; University of Utah; University of Oregon
摘要：We examine whether bilateral investment treaties (BITs), an external governance mechanism, stimulate cross-border mergers by protecting the property rights of foreign acquirers. Exploiting the staggered adoption and bilateral nature of the treaties, we find that BITs have a large positive effect on cross-border mergers. The probability and dollar volume of mergers between two given countries more than doubles after the signing of a BIT. The increase is driven by deals flowing from developed ec...
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作者：Cremers, Martijn; Fleckenstein, Matthias; Gandhi, Priyank
作者单位：University of Notre Dame; University of Delaware; Rutgers University System; Rutgers University New Brunswick
摘要：We show that at-the-money implied volatility of options on futures of five-year Treasury notes (Treasury yield implied volatility) predicts both the growth rate and volatility of gross domestic product, as well as of other macroeconomic variables, like industrial production, consumption, and employment. This predictability is robust to controlling for the term spread, credit spread, stock returns, stock market implied volatility, and several other variables that prior literature showed to pred...
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作者：Naaraayanan, S. Lakshmi; Nielsen, Kasper Meisner
作者单位：University of London; London Business School; Copenhagen Business School
摘要：This study examines whether personal liability for corporate malfeasance deters individuals from serving as independent directors. After the introduction of personal liability in India, we find that individuals are deterred from serving on corporate boards. We find stronger deterrence among firms with greater litigation and regulatory risk, higher monitoring costs, and weak monetary incentives. Expert directors are more likely to exit, resulting in 1.16% lower firm value. We further evaluate w...
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作者：Azar, Jose; Duro, Miguel; Kadach, Igor; Ormazabal, Gaizka
作者单位：University of Navarra; IESE Business School; University of Navarra; IESE Business School; University of Navarra; IESE Business School
摘要：This paper examines the role of the Big Three (i.e., BlackRock, Vanguard, and State Street Global Advisors) on the reduction of corporate carbon emissions around the world. Using novel data on engagements of the Big Three with individual firms, we find evidence that the Big Three focus their engagement effort on large firms with high CO2 emissions in which these investors hold a significant stake. Consistent with this engagement influence being effective, we observe a strong and robust negativ...
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作者：Cieslak, Anna; Pang, Hao
作者单位：Duke University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We propose an approach to identify economic shocks (monetary, growth, and risk premium news) from stock returns and Treasury yield changes, which allows us to study the drivers of asset prices at a daily frequency since the early 1980s. We apply the identification to examine investors' responses to news from the Fed and key macro announcements. We uncover two risk premium shocks-time-varying compensation for discount rate and cash flow news-which have distinct effects on stocks and bonds. Sinc...
