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作者：O' Hara, Maureen; Wang, Yihui; Zhou, Xing (Alex)
作者单位：Cornell University; University of Technology Sydney; Fordham University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper investigates execution quality issues in corporate bond trading. Using an extensive sample of bond trades by insurance companies, we find that an insurance company entering a trade of similar size and on the same side for the same bond on the same day with the same dealer will receive a better price if the insurance company is a more active trader than if it is a less active trader. Trading with the dominant dealer or underwriter worsens these differentials, while greater transparen...
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作者：Hochberg, Yael V.; Serrano, Carlos J.; Ziedonis, Rosemarie H.
作者单位：Rice University; National Bureau of Economic Research; Pompeu Fabra University; Boston University
摘要：We explore the market for lending to start-ups and two mechanisms that facilitate trade within it: (1) the salability of patent collateral and (2) the credible commitment of equity investors. Intensified trading in the secondary patent market is strongly related to lending, particularly for start-ups with more redeployable patent assets. Utilizing the crash of 2000 as a severe and unexpected capital supply shock for venture capitalists, we further show that lenders continue to finance start-up...
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作者：Timmer, Yannick
作者单位：Trinity College Dublin
摘要：This paper contrasts the investment behavior of different financial institutions in debt securities as a response to past returns. For identification, I use unique security-level data from the German Microdatabase Securities Holdings Statistics. Banks and investment funds respond in a procyclical manner to past security-specific holding period returns. In contrast, insurance companies and pension funds act countercyclically; they buy when returns have been negative and sell after high returns....
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作者：Parise, Gianpaolo
摘要：I explore the effect of the threat posed by low-cost competitors on debt structure in the airline industry. I use the route network expansion of low-cost airlines to identify routes where the probability of future entry increases dramatically. I find that when a large portion of their market is threatened, incumbents significantly increase debt maturity before entry occurs. Overall, the main findings suggest that airlines respond to entry threats trading off the benefits of short-term financin...
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作者：Goetzmann, William N.; Huang, Simon
作者单位：Yale University; University of Massachusetts System; University of Massachusetts Amherst
摘要：Some of the leading theories of momentum have different empirical predictions that depend on market composition and structure. The institutional theory predicts lower momentum profits in markets with less agency. Behavioral theories predict lower profits in markets with more sophisticated investors. In this paper, we use a dataset from a major 19th century equity market to test these predictions. We find no evidence to support the institutional theory due to the lack of delegated management. W...
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作者：Anginer, Deniz; Demirguc-Kunt, Asli; Huizinga, Harry; Ma, Kebin
作者单位：The World Bank; Tilburg University; Centre for Economic Policy Research - UK; University of Warwick
摘要：We find that shareholder-friendly corporate governance is associated with higher standalone and systemic risk in the banking sector. Specifically, shareholder-friendly corporate governance results in higher risk for larger banks and for banks that are located in countries with generous financial safety nets as banks try to shift risk toward taxpayers. We confirm our findings by comparing banks to nonfinancial firms and examining changes in bank risk around an exogenous regulatory change in gov...
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作者：Bao, Jack; O'Hara, Maureen; Zhou, Xing (Alex)
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Cornell University; University of Technology Sydney; University of Delaware
摘要：Focusing on downgrades as stress events that drive the selling of corporate bonds, we show that the illiquidity of stressed bonds has increased after the Volcker Rule. Dealers regulated by the rule have curtailed their market-making activities and non-Volcker-affected dealers have not offset the decreased activities of Volcker-affected dealers. Furthermore, even Volcker-affected dealers that are not constrained by Basel Ill and Comprehensive Capital Analysis and Review regulations change their...
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作者：Barinov, Alexander
作者单位：University of California System; University of California Riverside
摘要：The paper shows that lottery-like stocks are hedges against unexpected increases in market volatility. The loading on the aggregate volatility risk factor explains the majority of low abnormal returns to stocks with high maximum returns in the past month (Bali et al., 2011) and high expected skewness (Boyer et al., 2010). Aggregate volatility risk also explains the new evidence that the maximum effect and the skewness effect are stronger for firms with high market to book or high expected prob...
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作者：Azizpour, S.; Giesecke, K.; Schwenkler, G.
作者单位：Stanford University; Boston University
摘要：We study the sources of corporate default clustering in the United States. We reject the hypothesis that firms' default times are correlated only because their conditional default rates depend on observable and latent systematic factors. By contrast, we find strong evidence that contagion, through which the default by one firm has a direct impact on the health of other firms, is a significant clustering source. The amount of clustering that cannot be explained by contagion and firms' exposure ...
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作者：Hauser, Roie
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Ono Academic College
摘要：This paper studies whether director appointments to multiple boards impact firm outcomes. To overcome endogeneity of board appointments, I exploit variation generated by mergers that terminate entire boards and thus shock the appointments of those terminated directors. Reductions of board appointments are associated with higher profitability, market-to-book, and likelihood of directors joining board committees. The performance gains are particularly stark when directors are geographically far ...
