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作者：Mann, William
作者单位：University of California System; University of California Los Angeles
摘要：I show that patents are pledged as collateral to raise significant debt financing, and that the pledgeability of patents contributes to the financing of innovation. In 2013, 38% of US patenting firms had previously pledged patents as collateral, and these firms performed 20% of research and development expense and patenting in Compustat. Employing court decisions as a source of exogenous variation in creditor rights, I show that patenting companies raised more debt, and spent more on R&D, when...
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作者：Phalippou, Ludovic; Rauch, Christian; Umber, Marc
作者单位：University of Oxford; American University of Sharjah
摘要：In private equity, general partners (GPs) receive fee payments from companies whose boards they control. Fees amount to $20 billion evenly distributed over time, representing over 6% of equity invested by GPs. They do not vary with business cycles, company characteristics, or GP performance. Fees vary significantly across GPs and are persistent within GPs, even after accounting for fee rebates to limited partners (LPs). GPs charging the least raise more capital postfinancial crisis and are bac...
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作者：Davies, Shaun William; Van Wesep, Edward Dickersin
作者单位：University of Colorado System; University of Colorado Boulder
摘要：A divestment campaign aims to depress share prices to induce managers to change firm behavior. Assuming that managers make profit-maximizing decisions in the absence of a campaign, firms that accede to divestors' demands raise short-run share prices but depress long-run profits. Managers who are more interested in short-run prices are therefore more motivated by divestment than managers who care about long-run profits. We show that, as most managerial compensation contracts reward long-run pro...
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作者：Dugast, Jerome; Foucault, Thierry
作者单位：University of Luxembourg; Hautes Etudes Commerciales (HEC) Paris
摘要：Information processing filters out the noise in data but it takes time. Hence, low precision signals are available before high precision signals. We analyze how this feature affects asset price informativeness when investors can acquire signals of increasing precision over time about the payoff of an asset. As the cost of low precision signals declines, prices are more likely to reflect these signals before more precise signals become available. This effect can ultimately reduce price informat...
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作者：Birru, Justin
作者单位：University System of Ohio; Ohio State University
摘要：Long-short anomaly returns are strongly related to the day of the week. Anomalies for which the speculative leg is the short (long) leg experience the highest (lowest) returns on Monday. The opposite pattern is observed on Friday. The effects are large. Monday (Friday) alone accounts for over 100% of returns for all anomalies examined for which the short (long) leg is the speculative leg. Consistent with a mispricing explanation, the pattern is driven by the speculative leg. The observed patte...
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作者：Ehling, Paul; Gallmeyer, Michael; Heyerdahl-Larsen, Christian; Illeditsch, Philipp
作者单位：BI Norwegian Business School; University of Virginia; University of London; London Business School; Carnegie Mellon University
摘要：We show that inflation disagreement, not just expected inflation, has an impact on nominal interest rates. In contrast to expected inflation, which mainly affects the wedge between real and nominal yields, inflation disagreement affects nominal yields predominantly through its impact on the real side of the economy. We show theoretically and empirically that inflation disagreement raises real and nominal yields and their volatilities. Inflation disagreement is positively related to consumers' ...
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作者：Anbil, Sriya
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：How should regulators design effective emergency lending facilities to mitigate stigma during a financial crisis? I explore this question using data from an unexpected disclosure of partial lists of banks that secretly borrowed from the lender of last resort during the Great Depression. I find evidence of stigma in that depositors withdrew more deposits from banks included on the lists in comparison with banks left off the lists. Overall, the results suggest that an emergency lending facility ...
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作者：Klasa, Sandy; Ortiz-Molina, Hernan; Serfling, Matthew; Srinivasan, Shweta
作者单位：University of Arizona; University of British Columbia; University of Tennessee System; University of Tennessee Knoxville; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：Firms strategically choose more conservative capital structures when they face greater competitive threats stemming from the potential loss of their trade secrets to rivals. Following the recognition of the Inevitable Disclosure Doctrine by US state courts, which exogenously increases the protection of a firm's trade secrets by reducing the mobility of its workers who know its secrets to rivals, the firm increases its leverage relative to unaffected rivals. The effect is stronger for firms wit...
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作者：Choi, Jaewon; Hackbarth, Dirk; Zechner, Josef
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Boston University; Vienna University of Economics & Business
摘要：We study a novel aspect of a firm's capital structure, namely, the profile of its debt maturity dates. In a simple theoretical framework we show that the dispersion of debt maturities constitutes an important dimension of capital structure choice, driven by firm characteristics and debt rollover risk. Guided by these predictions we establish two main empirical results. First, using an exogenous shock to rollover risk, we document a significant increase in maturity dispersion for firms that nee...
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作者：Bargeron, Leonce; Denis, David; Lehn, Kenneth
作者单位：University of Kentucky; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：In the period surrounding World War I, US firms sharply increased investment in fixed assets and working capital to accommodate large increases in demand associated with the war. Concurrently, the US adopted an excess profits tax, which created a tax bias in favor of equity financing. Despite this tax bias, firms in need of external funds largely issued debt, not equity, to finance investment spikes when the excess profits tax was in effect. Further, we find these firms systematically reduced ...
