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作者：Natividad, Gabriel
作者单位：Universidad de Piura
摘要：I study how the colonial mita forced labor system (1573-1812) impacted Peruvian firms' formalization, investment, and performance measured by the 2008 business census. Regression discontinuity models with granular geospatial controls reveal lower sales and fixed assets, less likely use of a commercial name, and less likely tax ID registration for firms within mita boundaries. Firms with banking relationships in mita regions struggle more financially. Evidence on centuries-long disadvantageous ...
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作者：Bardgett, Chris; Gourier, Elise; Leippold, Markus
作者单位：University of Zurich; ESSEC Business School
摘要：We estimate a flexible affine model using an unbalanced panel containing S&P 500 and VIX index returns and option prices and analyze the contribution of VIX options to the model's in- and out-of-sample performance. We find that they contain valuable information on the risk-neutral conditional distributions of volatility at different time horizons, which is not spanned by the S&P 500 market. This information allows enhanced estimation of the variance risk premium. We gain new insights on the te...
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作者：Griffin, John M.; Kruger, Samuel; Maturana, Gonzalo
作者单位：University of Texas System; University of Texas Austin; Emory University
摘要：This paper examines whether employees involved in residential mortgage-backed security (RMBS) securitization experienced internal and external labor market consequences relative to similar non-RMBS employees in the same banks and why. Senior RMBS bankers experienced similar levels of job retention, promotion, and external job opportunities. Even signers of RMBS deals with high loss and misreporting rates or deals implicated in lawsuits experienced no adverse internal or external labor market o...
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作者：Croce, M. M.; Nguyen, Thien T.; Raymon, S.; Schmid, L.
作者单位：Bocconi University; University of North Carolina; University of North Carolina Chapel Hill; Centre for Economic Policy Research - UK; National Bureau of Economic Research; University System of Ohio; Ohio State University; Duke University
摘要：Elevated levels of government debt raise concerns about their effects on long-term growth prospects. Using the cross-section of US stock returns, we show that (i) high-R&D firms are more exposed to government debt and pay higher expected returns than low-R&D firms, and (ii) higher levels of the debt-to-GDP ratio predict higher risk premiums for high-R&D firms. Furthermore, rises in the cost of capital for innovation-intensive firms predict declines in subsequent productivity and economic growt...
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作者：Chang, Briana; Hong, Harrison
作者单位：University of Wisconsin System; University of Wisconsin Madison; Columbia University
摘要：Measuring the value of labor-market hires for stock prices, be it underwriters when firms go public (IPOs) or chief executive officers (CEOs), is difficult due to selection. Opaque firms with higher costs of capital benefit more from prestigious underwriters, while productive firms benefit more from talented CEOs. Using assignment models, we show that the importance of talent (or agent heterogeneity) relative to selection (or firm heterogeneity) is measured by wage increases across agents of d...
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作者：Lee, Charles M. C.; Sun, Stephen Teng; Wang, Rongfei; Zhang, Ran
作者单位：Stanford University; City University of Hong Kong; Renmin University of China; Peking University
摘要：Employing a classic measure of technological closeness between firms, we show that the returns of technology-linked firms have strong predictive power for focal firm returns. A long-short strategy based on this effect yields monthly alpha of 117 basis points. This effect is distinct from industry momentum and is not easily attributable to risk-based explanations. It is more pronounced for focal firms that: (a) have a more intense and specific technology focus, (b) receive lower investor attent...
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作者：Nadauld, Taylor D.; Sensoy, Berk A.; Vorkink, Keith; Weisbach, Michael S.
作者单位：Brigham Young University; Vanderbilt University; Brigham Young University; University System of Ohio; Ohio State University
摘要：This paper uses proprietary data from a leading intermediary to explain the magnitude and determinants of transaction costs in the secondary market for private equity stakes. Most transactions occur at a discount to net asset value. Buyers average an annualized public market equivalent of 1.023 compared with 0.976 for sellers, implying that buyers outperform sellers by a market-adjusted 5 percentage points annually. Both the cross-sectional pattern of transaction costs and the identity of sell...
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作者：Phelan, Gregory; Toda, Alexis Akira
作者单位：Williams College; University of California System; University of California San Diego
摘要：We study the effect of collateralized lending and securitization on international capital flows and welfare in a two-country general equilibrium model with idiosyncratic investment risk. The low-margin country (Home) endogenously supplies more safe assets and enables more risk sharing. Upon financial integration, capital flows from Foreign (high margin country) to Home, leading to lower interest rates and a larger global supply of safe assets. Unlike in standard models with partial equity issu...
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作者：Appel, Ian; Farre-Mensa, Joan; Simintzi, Elena
作者单位：Boston College; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of North Carolina; University of North Carolina Chapel Hill
摘要：We analyze how frivolous patent infringement claims made by nonpracticing entities (NPEs, or patent trolls) affect startups' ability to grow and create jobs, innovate, and raise capital. Our identification strategy exploits the staggered adoption of anti-troll laws in 32 US states. The laws lead to a 4.4% increase in employment at high-tech startups-an increase driven by IT firms, a frequent target of NPEs. Increased access to financing, both venture capital and patent-backed lending, is a key...
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作者：Ellul, Andrew; Pagano, Marco
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Center for Economic & Policy Research (CEPR); University of Naples Federico II
摘要：Corporate leverage responds differently to employees' rights in bankruptcy depending on whether it is driven by strategic concerns in wage bargaining or by credit constraints. Using novel data on employees' rights in bankruptcy, we estimate their impact on leverage, exploiting time-series, cross-country, and firm-level variation in the data. For financially unconstrained firms, results accord with the strategic debt model: leverage increases more in response to rises in corporate property valu...
