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作者：Bischof, Jannis; Laux, Christian; Leuz, Christian
作者单位：University of Mannheim; Vienna University of Economics & Business; European Corporate Governance Institute; University of Chicago
摘要：This paper examines banks' disclosures and loss recognition in the 20 07-20 09 financial crisis and identifies several core issues for the link between accounting and financial stability. We show that, going into the financial crisis, banks' disclosures about relevant risk exposures were relatively sparse. Such disclosures came later after major concerns about banks' exposures had arisen in markets. The recognition of loan losses also was slow and delayed relative to prevailing market expectat...
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作者：Lewellen, Stefan; Williams, Emily
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Harvard University
摘要：We examine the effects of the Mortgage Electronic Registration System, or MERS, on mortgage origination volumes and foreclosure rates prior to the Great Recession. MERS was introduced in the late 1990s and significantly reduced the cost and time associated with secondary mortgage sales. Using novel data from the Massachusetts Registry of Deeds, we show that the introduction of MERS led to an expansion in mortgage credit supply that was primarily fueled by nonbank lenders originating mortgages ...
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作者：Bouvard, Matthieu; de Motta, Adolfo
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; McGill University
摘要：This paper studies an economy in which demand spillovers make firms' production decisions strategic complements. Firms choose their operating leverage trading off higher fixed costs for lower variable costs. Operating leverage governs firms' exposures to an aggregate labor productivity shock. In equilibrium, firms exhibit excessive operating leverage because they do not internalize that an economy with higher aggregate operating leverage is more likely to fall into a recession following a nega...
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作者：Doerr, Sebastian; Schaz, Philipp
作者单位：Bank for International Settlements (BIS); Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung
摘要：We classify a large sample of banks according to the geographic diversification of their international syndicated loan portfolio. We show that diversified banks maintain higher loan supply during banking crises in borrower countries. Positive loan supply effects lead to higher firm investment and employment growth. Diversified banks are stabilizing due to their ability to raise additional funding during times of distress. Distinguishing banks by nationality reveals that diversified domestic ba...
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作者：Fabisik, Kornelia; Fahlenbrach, Ruediger; Stulz, Rene M.; Taillard, Jerome P.
作者单位：University System of Ohio; Ohio State University
摘要：Using more than 50,0 0 0 firm-years from 1988 to 2015, we show that the empirical relation between a firm's Tobin's q and managerial ownership is systematically negative. When we restrict our sample to larger firms, as in the prior literature, we confirm earlier findings of an increasing and concave relation between q and managerial ownership. We show that cumulative past performance and liquidity can explain these seemingly contradictory results. Better performing firms have more liquid equit...
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作者：Rouen, Ethan; So, Eric C.; Wang, Charles C. Y.
作者单位：Harvard University; Massachusetts Institute of Technology (MIT)
摘要：Using a novel dataset, we show that components of firms' GAAP earnings stemming from ancillary business activities or transitory shocks are significant in frequency and magnitude. These components have grown over time and are dispersed across various sections of the 10-K. Excluding them from GAAP earnings yields a core earnings measure that distinguishes between the recurring and non-recurring components of net income and forecasts future performance. Analysts and market participants are slow ...
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作者：Denbee, Edward; Julliard, Christian; Li, Ye; Yuan, Kathy
作者单位：Bank of England; University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); University System of Ohio; Ohio State University
摘要：Using a structural model, we estimate the liquidity multiplier of an interbank network and banks' contributions to systemic risk. To provide payment services, banks hold reserves. Their equilibrium holdings can be strategic complements or substitutes. The former arises when payment velocity and multiplier are high. The latter prevails when the opportunity cost of liquidity is large, incentivising banks to borrow neighbors' reserves instead of holding their own. Consequently, the network can am...
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作者：Li, Frank Weikai; Mukherjee, Abhiroop; Sen, Rik
作者单位：Singapore Management University; Hong Kong University of Science & Technology; University of New South Wales Sydney
摘要：We identify the broker each corporate insider trades through, and find that analysts and mutual fund managers affiliated with such inside brokers have a substantial information advantage on the insider's firm. Affiliated analysts issue more accurate earnings forecasts, and affiliated mutual funds trade the insider's stock more profitably than their peers, fol-lowing insider trades through their brokerage. Notably, this advantage persists well after these insider trades are publicly disclosed. ...
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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：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 ...
