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作者：Bebchuk, Lucian A.; Brav, Alon; Jiang, Wei; Keusch, Thomas
作者单位：Harvard University; Duke University; Columbia University; INSEAD Business School
摘要：An important milestone often reached in the life of an activist engagement is entering into a settlement agreement between the activist and the target's board. Using a comprehensive hand-collected data set, we analyze the drivers, nature, and consequences of such settlement agreements. Settlements are more likely when the activist has a credible threat to win board seats in a proxy fight and when incumbents' reputation concerns are stronger. Consistent with incomplete contracting, face-saving ...
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作者：Kim, Hyunseob
作者单位：Cornell University
摘要：I examine how the labor market in which firms operate affects their capital structure decisions. Based on US Census Bureau data and information on companies' decisions to locate their new operations, I use a large plant opening as an abrupt increase in the size of a local labor market. I find that a new plant opening leads to an increase of 2.5-3.9 percentage points in the debt-to-capital ratio of existing firms in the winner county relative to the runner-up choice. This result is consistent w...
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作者：Gornall, Will; Strebulaev, Ilya A.
作者单位：University of British Columbia; Stanford University; National Bureau of Economic Research
摘要：We develop a valuation model for venture capital-backed companies and apply it to 135 US unicorns, that is, private companies with reported valuations above $1 billion. We value unicorns using financial terms from legal filings and find that reported unicorn post-money valuations average 48% above fair value, with 14 being more than 100% above. Reported valuations assume that all shares are as valuable as the most recently issued preferred shares. We calculate values for each share class, whic...
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作者：Cederburg, Scott; O'Doherty, Michael S.; Wang, Feifei; (Sterling) Yan, Xuemin
作者单位：University of Arizona; University of Missouri System; University of Missouri Columbia; University System of Ohio; Miami University; Lehigh University
摘要：Using a comprehensive set of 103 equity strategies, we analyze the value of volatility-managed portfolios for real-time investors. Volatility-managed portfolios do not systematically outperform their corresponding unmanaged portfolios in direct comparisons. Consistent with Moreira and Muir (2017), volatility-managed portfolios tend to exhibit significantly positive alphas in spanning regressions. However, the trading strategies implied by these regressions are not implementable in real time, a...
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作者：Kempf, Elisabeth
作者单位：University of Chicago
摘要：Investment banks frequently hire analysts from rating agencies. While many argue that this revolving door creates captured analysts, it can also create incentives to improve accuracy. To study this issue, I construct an original data set, linking analysts to their career paths and the securitized finance ratings they issue. First, I show that accurate analysts are more frequently hired by underwriting investment banks. Second, I exploit two distinct sources of variation in the likelihood of be...
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作者：Oh, Hyunseung; Yoon, Chamna
作者单位：Vanderbilt University
摘要：A standard real-options model predicts that time-to-build investment could be delayed by uncertainty over future revenue. We quantify the first-order importance of this mechanism in the 2002-2011 housing boom-bust cycle by developing and estimating a model of sequential irreversible investment with stochastic bottlenecks. We find that the main driver of construction delays during the boom is construction bottlenecks. However, further delay in construction during the bust is caused by an increa...
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作者：Gompers, Paul A.; Gornall, Will; Kaplan, Steven N.; Strebulaev, Ilya A.
作者单位：Harvard University; National Bureau of Economic Research; University of British Columbia; University of Chicago; Stanford University
摘要：We survey 885 institutional venture capitalists (VCs) at 681 firms to learn how they make decisions. Using the framework in Kaplan and Stromberg (2001), we provide detailed information on VCs' practices in pre-investment screening (sourcing evaluating and selecting investments), in structuring investments, and in post-investment monitoring and advising. In selecting investments, VCs see the management team as somewhat more important than business-related characteristics such as product or tech...
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作者：Evans, Richard Burtis; Prado, Melissa Porras; Zambrana, Rafael
作者单位：University of Virginia; Universidade Nova de Lisboa
摘要：Using manager compensation disclosure and intra-family manager cooperation measures, we create indices of family-level competitive/cooperative incentives. Families that encourage cooperation among their managers are more likely to engage in coordinated behavior (e.g., cross-trading and cross-holding) and have less volatile cash flows. Families with competitive incentives generate higher performing funds, a higher fraction of star funds, but greater performance dispersion across funds. In exami...
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作者：Cujean, Julien
作者单位：Centre for Economic Policy Research - UK; University of Bern
摘要：I develop an equilibrium model to explain why few mutual fund managers consistently outperform, even though many have strong informational advantages. The key ingredient is that managers obtain investment ideas through idea sharing. Idea sharing improves statistical significance of alpha through increased price informativeness. But it also causes better informed managers to take larger positions, which makes their alpha noisier although a significant fraction of managers builds strong informat...
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作者：Gonzalez-Uribe, Juanita
作者单位：University of London; London School Economics & Political Science
摘要：I explore the prevalence of exchanges of innovation resources inside venture capital portfolios. I show that after companies join investors' portfolios, several proxies of exchanges between them and portfolio companies (relative to matched nonportfolio companies) increase by an average of 60%. The increase holds when joining events are plausibly exogenous and when VCs' bargaining power and potential conflicts of interest are low. Three novel mechanisms are supported: carve-outs, spawning, and ...
