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作者：Gao, Pengjie; Lee, Chang; Murphy, Dermot
作者单位：University of Notre Dame; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：Policies on financially distressed municipalities differ across US states, with some allowing unconditional access to Chapter 9 bankruptcy (Chapter 9 states) and others having proactive policies to assist distressed municipalities (Proactive states). These differences significantly affect borrowing costs. In Chapter 9 states, local municipal bond yields are higher, more cyclical, and more sensitive to default events than Proactive states. Default events have a contagion effect in Chapter 9 sta...
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作者：Malceniec, Laura; Malcenieks, Karlis; Putnins, Talis J.
作者单位：University of Technology Sydney
摘要：Using the staggered entry of Chi-X in 12 European equity markets as a source of exogenous variation in high frequency trading (HFT), we find that HFT causes significant increases in comovement in returns and in liquidity. About one-third of the increase in return comovement is due to faster diffusion of market-wide information. We attribute the remaining two-thirds to correlated trading strategies of HFTs. The increase in liquidity comovement is consistent with HFT liquidity providers being be...
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作者：Guo, Bing; Perez-Castrillo, David; Toldra-Simats, Anna
作者单位：Universidad Carlos III de Madrid; Autonomous University of Barcelona; Barcelona School of Economics
摘要：We study the effect of analyst coverage on firms' innovation strategy and outcome. Using data of US firms from 1990 to 2012, we find evidence that an increase in financial analysts leads firms to cut research and development expenses, acquire more innovative firms, and invest in corporate venture capital. We attribute the first result to the effect of analyst pressure and the others to the informational role of analysts. We also find that financial analysts encourage firms to make more efficie...
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作者：Albagli, Elias; Ceballosa, Luis; Claro, Sebastian; Romero, Damian
作者单位：Central Bank of Chile; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Pontificia Universidad Catolica de Chile
摘要：We show significant US monetary policy (MP) spillovers to international bond markets. Our methodology identifies US MP shocks as the change in short-term Treasury yields around Federal Open Market Committee meetings and traces their effects on international bond yields using panel regressions. We emphasize three main results. First, US MP spillovers to long-term yields have increased substantially after the 2007-2009 global financial crisis. Second, spillovers are large compared with the effec...
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作者：Grosse-Rueschkamp, Benjamin; Steffen, Sascha; Streitz, Daniel
作者单位：European School of Management & Technology; Frankfurt School Finance & Management; Copenhagen Business School; Danish Finance Institute
摘要：We study the transmission channels from central banks' quantitative easing programs via the banking sector when central banks start purchasing corporate bonds. We find evidence consistent with a capital structure channel of monetary policy. The announcement of central bank purchases reduces the bond yields of firms whose bonds are eligible for central bank purchases. These firms substitute bank term loans with bond debt, thereby relaxing banks' lending constraints: banks with low tier-1 ratios...
