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作者：von Beschwitz, Bastian
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This article studies the effect of cash windfalls on the acquisition policy of companies. As identification, I use a German tax reform that permitted firms to sell their equity stakes tax free. Companies that could realize a cash windfall by selling equity stakes see an increase in the probability of acquiring another company by 14%. I find that these additional acquisitions destroy firm value. Following the tax reform, affected firms experience a decrease of 1.2 percentage points in acquisiti...
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作者：Mian, Atif; Santos, Joao A. C.
作者单位：Princeton University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York; Universidade Nova de Lisboa
摘要：We show that firm demand-side factors are strong drivers of procyclical refinancing behavior over the credit cycle using novel data from the Shared National Credit program. Firms are more likely to refinance early when credit conditions are good to keep the effective maturity of their loans long and hedge against having to refinance in tight credit conditions. High credit quality firms are better able to hedge, making their refinancing propensity more sensitive to credit cycles than less credi...
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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：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：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 ...
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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：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：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：Akbas, Ferhat; Markov, Stanimir; Subasi, Musa; Weisbrod, Eric
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Southern Methodist University; University System of Maryland; University of Maryland College Park; University of Miami
摘要：We present new evidence that highlights the role of information intermediaries in the distribution and processing of earnings estimates in capital markets. We find that the time taken to activate an analyst's earnings forecast in the Thomson Reuters institutional Brokers' Estimate System is related to measures of investor demand for timely information processing, processing difficulty, and limited attention. Furthermore, we find that forecast announcement returns are muted and post-announcemen...
