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作者：Adams, Renee B.; Ragunathan, Vanitha; Tumarkin, Robert
作者单位：University of Oxford; European Corporate Governance Institute; University of Queensland; University of New South Wales Sydney
摘要：Theoretical models of groups suggest that sub-group usage can affect communication among members and group decision-making. To examine the trade-offs from forming subgroups, we assemble a detailed dataset on corporate boards (groups) and committees (subgroups). Boards have increasingly used committees formally staffed entirely by outside directors. Our data show that twenty-five percent of all director meetings occurred in such committees in 1996; this increased to 45% by 2010. Our evidence su...
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作者：Fullwood, Jonathan; James, Jessica; Marsh, Ian W.
作者单位：Bank of England; Commerzbank AG; City St Georges, University of London
摘要：We study the cross-section of returns on FX options sorting currencies based on implied volatilities (IVs). Long straddle positions in currencies with low (high) IVs perform well (poorly). A long low IV-short high IV strategy produces large average returns after transac-tion costs. Total volatility matters rather than any component or transformation of volatil -ity. The returns are distinct from those in the literature on foreign exchange returns or equity option returns and cannot be explaine...
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作者：Gao, Haoyu; Ru, Hong; Tang, Dragon Yongjun
作者单位：University of Hong Kong; Renmin University of China; Nanyang Technological University
摘要：We provide direct evidence that governments selectively default on debt when they can identify creditors. Analyzing a comprehensive data set of subnational debt, we show that Chinese local governments choose to default on banks with weaker political power. A re-duction in a bank's political power relative to other banks increases the likelihood of se-lective default by local governments. Such default selections are driven by banks' influence over politician promotion. When local politicians ar...
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作者：Faccio, Mara; Morck, Randall; Yavuz, M. Deniz
作者单位：Purdue University System; Purdue University; National University of Singapore; European Corporate Governance Institute; National Bureau of Economic Research; University of Alberta
摘要：Firm-specific information has a damped effect on business group-affiliated firms' stock prices. Such firms' idiosyncratic stock returns are less responsive to idiosyncratic commodity price shocks than are the idiosyncratic returns of otherwise similar unaffiliated firms in the same country and commodity-sensitive industry. Using global commodity shocks means we assess responses to common idiosyncratic shocks of the same magnitude, frequency, and observability. Further identification follows fr...
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作者：Honigsberg, Colleen; Jacob, Matthew
作者单位：Stanford University; Harvard University
摘要：We examine a controversial process, known as expungement, which allows brokers to remove evidence of financial misconduct from public records. From 2007 to 2016, we identify 6660 expungement requests, suggesting that brokers attempt to expunge 12% of the allegations of misconduct reported by customers and firms. When these requests are adjudicated on the merits, arbitrators approve expungement 84% of the time. We show that expungements significantly predict future misconduct; brokers with prio...
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作者：Borisov, Alexander; Ellul, Andrew; Sevilir, Merih
作者单位：University System of Ohio; University of Cincinnati; Pennsylvania State System of Higher Education (PASSHE); Indiana University of Pennsylvania; Indiana University System; Indiana University Bloomington
摘要：This paper examines the effect of going public on firm-level employment. To establish a causal effect, we employ a novel data set of private firms to investigate employment growth in IPO firms relative to a group of firms that file for an IPO but subsequently withdraw their offering. We find that employment increases significantly after going public, and the increase is more pronounced in industries with requirements for highly skilled labor and greater dependence on external finance. Improved...
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作者：Bai, Jennie; Bali, Turan G.; Wen, Quan
作者单位：Georgetown University
摘要：We provide time-series and cross-sectional evidence on the significance of a risk-return tradeoff in the bond and equity markets. We find a significantly positive intertemporal relation between expected return and risk in the bond market. We also propose novel measures of systematic and idiosyncratic risk for individual corporate bonds and find a significantly positive cross-sectional relation between systematic risk and expected bond returns, whereas there is no significant link between idios...
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作者：Li, Sida; Wang, Xin; Ye, Mao
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Nanyang Technological University; National Bureau of Economic Research
摘要：We model competition for liquidity provision between high-frequency traders (HFTs) and slower execution algorithms (EAs) designed to minimize investors' transaction costs. Under continuous pricing, EAs dominate liquidity provision by using aggressive limit orders to stimulate HFTs' market orders. Under discrete pricing, HFTs dominate liquidity provision if the bid-ask spread is binding at one tick. If the tick size (minimum price variation) is not binding, EAs choose between stimulating HFTs a...
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作者：Dou, Winston Wei; Taylor, Lucian A.; Wang, Wei; Wang, Wenyu
作者单位：University of Pennsylvania; Queens University - Canada; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：How efficient is corporate bankruptcy in the United States? Two frictions, asymmetric in-formation and conflicts of interest among creditors, can cause several inefficiencies: ex-cess liquidation, excess continuation, and excess delay. We find large bankruptcy ineffi-ciencies, mainly due to excess delay. Eliminating information asymmetries would increase average total payouts by 4%, and eliminating conflicts of interest would increase them by 18% more. Without these frictions, 14% more cases w...
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作者：Kahle, Kathleen; Stulz, Rene M.
作者单位：University of Arizona; University System of Ohio; Ohio State University; European Corporate Governance Institute; National Bureau of Economic Research; University of Pennsylvania
摘要：The average annual inflation-adjusted amount paid out through dividends and repurchases by public industrial firms is more than three times larger from 20 0 0 to 2019 than from 1971 to 1999. We find that an increase in aggregate corporate income accounts for 37% of the increase in aggregate annual payouts, and an increase in the payout rate accounts for 63%. Firms have higher payout rates in the 20 0 0s not only because they are older, larger, and have more free cash flow, but also because the...
