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作者：Kaviani, Mahsa S.; Kryzanowski, Lawrence; Maleki, Hosein; Savor, Pavel
作者单位：University of Delaware; Concordia University - Canada; State University System of Florida; Florida State University; DePaul University
摘要：We find a significant positive relation between changes in policy uncertainty and changes in credit spreads. Macroeconomic conditions, including general uncertainty, do not explain this result, which also holds when we use instrumental variables to address endogeneity issues. The impact of policy uncertainty is greater for firms that operate in regulation-intensive industries, face high tax rates, or are dependent on government spending. It is also stronger for firms that engage in political a...
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作者：Bar-Isaac, Heski; Shapiro, Joel
作者单位：University of Toronto; University of Oxford
摘要：Blockholders play a large role in corporate governance. We examine their voting behavior by adding a voter with many votes, i.e., a blockholder, to a standard voting model. A blockholder may not vote with all of her shares. This is efficient because it prevents her from drowning out the information in others' votes. This effect holds even when shares may be traded. Consequently, regulations prohibiting abstention will harm information aggregation, though such regulations may promote informatio...
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作者：Bernard, Darren; Blackburne, Terrence; Thornock, Jacob
作者单位：University of London; London Business School; Oregon State University; Brigham Young University
摘要：Using a novel pairwise measure of firms' acquisition of rivals' disclosures, we show that investment opportunities drive interfirm information flows. We find that these flows predict subsequent mergers and acquisitions as well as how and how much firms invest, relative to rivals. Moreover, firms' use of rivals' information often hinges on the similarities of their products. Our results suggest that rivals' public information, far from being unusable, helps facilitate investment and product dec...
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作者：Malmendier, Ulrike; Pouzo, Demian; Vanasco, Victoria
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of California System; University of California Berkeley; University of California System; University of California Berkeley
摘要：How do macrofinancial shocks affect investor behavior and market dynamics? Recent evidence on experience effects suggests a long-lasting influence of personally experienced outcomes on investor beliefs and investment but also significant differences across older and younger generations. We formalize experience-based learning in an overlapping generations (OLG) model, where different cross-cohort experiences generate persistent heterogeneity in beliefs, portfolio choices, and trade. The model a...
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作者：Chattopadhyay, Akash; Shaffer, Matthew D.; Wang, Charles C. Y.
作者单位：University of Toronto; University of Southern California; Harvard University
摘要：After decades of de-prioritizing shareholders' economic interests and low corporate profitability, Japan introduced the JPX-Nikkei400 in 2014. The index highlighted the country's best-run companies by annually selecting the 400 most profitable of its large and liquid firms. We find that managers competed for inclusion in the index by significantly increasing return on equity (ROE), and they did so at least in part due to their reputational or status concerns. The ROE increase was predominantly...
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作者：Arrata, William; Nguyen, Benoit; Rahmouni-Rousseau, Imene; Vari, Miklos
作者单位：European Central Bank; Bank of France; European Central Bank; Bank of France; European Central Bank; International Monetary Fund
摘要：Most short-term interest rates in the euro area are below the European Central Bank deposit facility rate, the rate at which the central bank remunerates banks for excess reserves. This coincided with the start of the Public Sector Purchase Program (PSPP) launched in March 2015. In this paper, we explore empirically the interactions between the PSPP and repo rates. Using proprietary data from PSPP purchases and repo transactions for specific (special) securities, we assess the scarcity channel...
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作者：Infante, Sebastian
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：The existing literature has shown that an increase in the demand for safe assets induces the private sector to create more of them. Focusing on repos backed by US Treasuries, I theoretically and empirically show that an increase in the demand for safe assets leads to a decrease in repos outstanding. Because Treasuries are safe assets, an increase in the demand for safe assets compresses their term premia, reducing incentives to issue repos. Thus, the sensitivity of private safe asset creation ...
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作者：Howell, Sabrina T.
作者单位：New York University; National Bureau of Economic Research
摘要：Venture capital, an important source of financing for potentially high-growth new businesses, is believed to suffer from information frictions. This paper quantifies the magnitude of these frictions among participants in new venture competitions. In a regression discontinuity design with data from 87 competitions, winning a round increases the chances of external financing by about 35%. Winning is most impactful for ventures that are ranked just above the cutoff but receive no cash prize, and ...
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作者：Wang, Wenyu; Wu, Yufeng
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Illinois System; University of Illinois Urbana-Champaign
摘要：How and to what extent do managerial control benefits shape the efficiency of the takeover market? We revisit this question by estimating both the dark and bright sides of managerial control benefits in an industry equilibrium model. On the dark side, managers' private benefits of control distort firms' takeover incentives and hinder the reallocation role of the takeover market. On the bright side, fear of a takeover induces underperforming managers to exert more effort and enhances the discip...
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作者：Duarte, Jefferson; Hu, Edwin; Young, Lance
作者单位：Rice University; U.S. Securities & Exchange Commission (SEC); University of Washington; University of Washington Seattle
摘要：We show that the PIN and the Duarte and Young (2009) (APIN) models do not match the variability of noise trade in the data and that this limitation has severe implications for how these models identify private information. We examine two alternatives to these models, the Generalized PIN model (GPIN) and the Odders-White and Ready (2008) model (OWR). Our tests indicate that measures of private information based on the OWR and GPIN models are promising alternatives to the APIN's Adj.PIN and PIN....
