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作者：Carlson, Mark; Macchiavelli, Marco
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：During the 2008 financial crisis, the Federal Reserve established two emergency facilities for broker-dealers: one provided collateralized loans; the other, collateral upgrades. These facilities alleviated dealers' funding pressures when access to repos backed by illiquid collateral deteriorated. The ability to upgrade collateral allowed dealers to continue funding their own illiquid inventories (avoiding potential firesales) and to provide better bond market liquidity. It also helped sustain ...
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作者：Na, Ke
作者单位：University of Hong Kong
摘要：This paper examines the effect of CEOs' outside opportunities on the use of relative performance evaluation (RPE) in CEO compensation. My tests exploit the staggered rejection of the Inevitable Disclosure Doctrine (IDD) by US state courts as an exogenous increase in CEOs' outside opportunities. I find that the rejection of the IDD leads to a significant increase in the sensitivity of CEO pay to systematic performance (less RPE). This increase is more pronounced for CEOs with greater labor mark...
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作者：Crego, Julio A.
作者单位：Tilburg University
摘要：The arrival of a public signal worsens the adverse selection problem if informed investors are risk averse. Precisely, the public signal reduces uncertainty which boosts informed investors' participation leading to a more toxic order flow. I confirm the model's empirical predictions by estimating the effect of the publication of the weekly change in oil inventories on liquidity via a difference-in-differences strategy. The bid-ask spread of stocks related to oil doubles after the release and t...
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作者：Nanda, Ramana; Samila, Sampsa; Sorenson, Olav
作者单位：Harvard University; University of Navarra; IESE Business School; Yale University
摘要：We use investment-level data to study performance persistence in venture capital (VC). Consistent with prior studies, we find that each additional initial public offering (IPO) among a VC firm's first ten investments predicts as much as an 8% higher IPO rate on its subsequent investments, though this effect erodes with time. In exploring its sources, we document several additional facts: successful outcomes stem in large part from investing in the right places at the right times; VC firms do n...
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作者：Dai, Yunhao; Rau, P. Raghavendra; Stouraitis, Aris; Tan, Weiqiang
作者单位：Huazhong University of Science & Technology; University of Cambridge; Hong Kong Baptist University
摘要：Using multiple measures of attack proximity, we show that CEOs employed at firms located near terrorist attacks earn an average pay increase of 12% after the attack relative to CEOs at firms located far from attacks. CEOs at terrorist attack-proximate firms prefer cash-based compensation increases (e.g., salary and bonus) over equity-based compensation (e.g., options and stocks granted). The effect is causal and it is larger when the bargaining power of the CEO is high. Other executives and wo...
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作者：Koudijs, Peter; Salisbury, Laura
作者单位：Stanford University; National Bureau of Economic Research; York University - Canada
摘要：We study the impact of marital property legislation passed in the US South in the 1840s on households' investment in risky, entrepreneurial projects. These laws protected the assets of newly married women from creditors in a world of virtually unlimited liability. We compare couples married after the passage of a marital property law with couples from the same state who were married before. Consistent with a simple model of household borrowing that trades off agency costs against risk sharing,...
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作者：Bolton, Patrick; Li, Tao; Ravina, Enrichetta; Rosenthal, Howard
作者单位：Columbia University; Imperial College London; State University System of Florida; University of Florida; Northwestern University; New York University
摘要：We estimate institutional investor preferences from proxy voting records. The W-NOMINATE method maps investors onto a left-right dimension based on votes for fiscal year 2012. Public pension funds and other investors on the left support a more social and environment-friendly orientation of the firm and fewer executive compensation proposals. Money-conscious investors appear on the right. The proxy advisor ISS makes voting recommendations that place it center, to the left of most large mutual f...
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作者：Fried, Jesse M.; Spamann, Holger
作者单位：Harvard University
摘要：Preemptive rights are thought to protect minority shareholders from cheap-stock tunneling by a controlling shareholder. We show that preemptive rights, while making cheap-stock tunneling more difficult, cannot prevent it when asymmetric information about the value of the offered shares makes it impossible for the minority to know whether these shares are cheap or overpriced. Our analysis can help explain why sophisticated investors in unlisted firms and regulators of listed firms do not rely e...
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作者：Gao, Ming; Liu, Yu-Jane; Shi, Yushui
作者单位：Peking University; Peking University; University of California System; University of California Irvine
摘要：Past studies typically have focused on whether people perceive more rare risk after experiencing catastrophic disasters. We show that people can also feel less risk with unexpected lucky disaster experience. By exploring a novel identification strategy based on households' expectations, we find that households perceive less (more) risk when they experience disasters that have lower (higher) fatalities than what was expected. This opposite experience effect of rare disasters is substantial. A o...
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作者：Frenkel, Sivan; Guttman, Ilan; Kremer, Ilan
作者单位：Tel Aviv University; New York University; Hebrew University of Jerusalem; Hebrew University of Jerusalem; University of Warwick
摘要：We analyze a model in which information may be voluntarily disclosed by a firm and/or by a third party, e.g., financial analysts. Due to its strategic nature, corporate voluntary disclosure is qualitatively different from third-party disclosure. Greater analyst coverage crowds out (crowds in) corporate voluntary disclosure when analysts mostly discover information that is available (unavailable) to the firm. Nevertheless, greater analyst coverage always improves the overall quality of public i...
