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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：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...
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作者：Gryglewicz, Sebastian; Mayer, Simon; Morellec, Erwan
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Swiss Finance Institute (SFI); University of Chicago; Hautes Etudes Commerciales (HEC) Paris
摘要：We develop a model in which a start-up firm issues tokens to finance a digital platform, which creates agency conflicts between platform developers and outsiders. We show that token financing is preferred to equity financing unless the platform expects strong cash flows, has large financing needs, or faces severe agency conflicts. Tokens are characterized by their utility features, facilitating transactions, and security features, granting cash flow rights. While security features trigger endo...
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作者：Peydro, Jose-Luis; Polo, Andrea; Sette, Enrico
作者单位：Centre for Economic Policy Research - UK; Imperial College London; Luiss Guido Carli University; European Central Bank; Bank of Italy
摘要：Monetary policy transmission may be impaired if banks rebalance their portfolios toward securities. We identify the bank lending and risk-taking channels of monetary policy by exploiting-Italy's unique-credit and security registers. In crisis times, with higher central bank liquidity, less capitalized banks react by increasing securities over credit supply, in-ducing worse firm-level real effects. However, they buy securities with lower yields and haircuts. Unlike in crisis times, in precrisis...
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作者：Box, Travis; Davis, Ryan; Evans, Richard; Lynch, Andrew
作者单位：Clemson University; University of Alabama System; University of Alabama Birmingham; University of Virginia; University of Arkansas System; University of Arkansas Fayetteville
摘要：Prior research suggests that nonfundamental exchange-traded fund (ETF) price shocks are transmitted to their portfolios through an arbitrage mechanism. We test this proposition by examining minute-by-minute returns and order imbalances but find little evidence that ETF trading impacts underlying returns. Specifically, panel vector autoregression shows that ETF returns do not lead portfolio prices. Instead, arbitrage opportunities arise from order imbalances and price movements in the underlyin...
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作者：Zhang, Shuran
作者单位：Hong Kong Polytechnic University
摘要：This paper studies the disciplinary spillover effects of proxy contests on companies that share directors with target firms, that is, interlocked firms. In difference-in-differences tests, I find that interlocked firms reduce excess cash holdings, increase shareholder pay-outs, cut CEO compensation, and engage in less earnings management in the year after proxy contests. The effects are more pronounced when both the interlocked and target firms have a unitary board and when the interlocking di...
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作者：Begenau, Juliane; Palazzo, Berardino
作者单位：Stanford University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Since the early 1980s, the composition of US public firms has progressively shifted toward less profitable firms with high growth potential (Fama and French, 2004). We estimate a dynamic corporate finance model to quantify the role of this selection mechanism for the secular trend in cash holdings among US public firms. We find that an increase in the precautionary savings motive-primarily driven by the decline in initial profitability among R&D-intensive new lists-explains about 50% of the up...
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作者：Carpenter, Jennifer N.; Lu, Fangzhou; Whitelaw, Robert F.
作者单位：New York University; University of Hong Kong; National Bureau of Economic Research
摘要：What capital allocation role can China's stock market play? Counter to perception, stock prices in China have become as informative about future profits as they are in the US. This rise in stock price informativeness has coincided with an increase in investment efficiency among privately owned firms, suggesting the market is aggregating information and providing useful signals to managers. However, price informativeness and investment efficiency for state-owned enterprises fell below that of p...
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作者：Giroud, Xavier; Mueller, Holger M.
作者单位：Columbia University; New York University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; European Corporate Governance Institute
摘要：We examine the dynamic relation between firm leverage buildups and real economic activity using U.S. establishment-, firm-, and region-level data. We find that buildups in firm leverage are predictably associated with boom-bust growth cycles: employment grows in the short run but declines in the medium run. While firm leverage buildups are correlated with firm-level expansions, they continue to predict negative future employment growth if we control for firm-level expansions. Buildups in firm ...
