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作者：Hoi, Chun Keung (Stan); Wu, Qiang; Zhang, Hao
作者单位：Rochester Institute of Technology; University of Groningen; Rensselaer Polytechnic Institute
摘要：We find that social capital, as captured by secular norms and social networks surrounding corporate headquarters, is negatively associated with levels of CEO compensation. This relation holds in a range of robustness tests including those that address omitted variable bias and reverse causality. Additionally, social capital reduces the likelihood that firms make opportunistic option grant awards that unduly favor CEOs, including lucky awards, backdated awards, and unscheduled awards. Social ca...
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作者：Chod, Jiri; Lyandres, Evgeny; Yang, S. Alex
作者单位：Boston College; Boston University; University of London; London Business School
摘要：This paper examines how competition among suppliers affects their willingness to provide trade credit financing. Trade credit extended by a supplier to a cash constrained retailer allows the latter to increase cash purchases from its other suppliers, leading to a free rider problem. A supplier that represents a smaller share of the retailer's purchases internalizes a smaller part of the benefit from increased spending by the retailer and, as a result, extends less trade credit relative to its ...
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作者：Di Maggio, Marco; Franzoni, Francesco; Kermani, Amir; Sommavilla, Carlo
作者单位：Harvard University; National Bureau of Economic Research; Universita della Svizzera Italiana; Swiss Finance Institute (SFI); University of California System; University of California Berkeley; National Bureau of Economic Research; University of Geneva
摘要：This paper shows that the network of relationships between brokers and institutional investors shapes information diffusion in the stock market. Central brokers gather information by executing informed trades, which is then leaked to their best clients. After large informed trades, other institutional investors are significantly more likely to execute similar trades through the same broker, allowing them to capture returns that are twice as large as their normal trading performance. Also indic...
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作者：Harvey, Campbell R.; Liu, Yan
作者单位：Duke University; National Bureau of Economic Research; Texas A&M University System; Texas A&M University College Station
摘要：Our paper explores the link between cross-sectional fund return dispersion and performance evaluation. The foundation of our model is the simple intuition that in periods of high return dispersion, which is associated with high levels of idiosyncratic risk for zero alpha funds, unskilled managers can more easily disguise themselves as skilled. Rational investors should be more skeptical and apply larger discounts to reported performance in high dispersion environments. Our empirical results ar...
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作者：Chang, Xin; Chen, Yangyang; Wang, Sarah Qian; Zhang, Kuo; Zhang, Wenrui
作者单位：Nanyang Technological University; Hong Kong Polytechnic University; University of Warwick; Shanghai Jiao Tong University; Chinese University of Hong Kong
摘要：We show that credit default swap (CDS) trading on a firm's debt positively influences its technological innovation output measured by patents and patent citations. This positive effect is more pronounced in firms relying more on debt financing or being more subject to continuous monitoring by lenders prior to CDS trade initiation. Moreover, after CDS trade initiation, firms pursue more risky and original innovations and generate patents with higher economic value. Further analysis suggests tha...
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作者：Brown, Gregory W.; Gredil, Oleg R.; Kaplan, Steven N.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Tulane University; University of Chicago; National Bureau of Economic Research
摘要：Private equity funds hold assets that are hard to value. Managers have incentives to distort reported valuations if these reports are used by investors to decide on commitments to subsequent funds. Using a large dataset of buyout and venture funds, we test for the presence of return manipulations. We find that some underperforming managers inflate reported returns during fundraising. However, those managers are less likely to raise a next fund, suggesting that investors can see through the man...
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作者：Bai, Hang; Hou, Kewei; Kung, Howard; Li, Erica X. N.; Zhang, Lu
作者单位：University of Connecticut; University System of Ohio; Ohio State University; University of London; London Business School; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：Embedding disasters into a general equilibrium model with heterogeneous firms induces strong nonlinearity in the pricing kernel, helping explain the empirical failure of the (consumption) CAPM. Our single-factor model reproduces the failure of the CAPM in explaining the value premium in finite samples without disasters and its relative success in samples with disasters. Due to beta measurement errors, the estimated beta-return relation is flat, consistent with the beta anomaly,even though the ...
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作者：Huang, Xing
作者单位：Washington University (WUSTL)
摘要：This paper examines the effect of prior investment experience in specific industries on subsequent investment decisions. Using households' trading records from a large discount broker between 1991 and 1996, I find that prior success in a given industry increases the likelihood of subsequent purchases in the same industry. The effect is stronger for more recent experiences and for less sophisticated or diversified investors, and it is not wealth enhancing. The results suggest investors categori...
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作者：Brunetti, Celso; Harris, Jeffrey H.; Mankad, Shawn; Michailidis, George
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; American University; Cornell University; State University System of Florida; University of Florida
摘要：We study the behavior of the interbank market around the 2008 financial crisis. Using network analysis, we study two network structures, correlation networks based on publicly traded bank returns and physical networks based on interbank lending transactions, among these public and also private banks. While the two networks behave similarly pre-crisis, during the crisis the correlation network shows an increase in interconnectedness, while the physical network highlights a marked decrease in in...
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作者：Rehse, Dominik; Riordan, Ryan; Rottke, Nico; Zietz, Joachim
作者单位：Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); Queens University - Canada; European Business School (EBS) University
摘要：We test the effects of uncertainty on market liquidity using Hurricane Sandy as a natural experiment. Given the unprecedented strength, scale, and nature of the storm, the potential damages of a landfall near the Greater New York area were unpredictable and therefore uncertain. Using a difference-in-differences setting, we compare the market reactions of Real Estate Investment Trusts (REITs) with and without properties in the widely published evacuation zone of New York City prior to landfall....
