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作者：Phua, Kenny; Tham, T. Mandy; Wei, Chishen
作者单位：Nanyang Technological University; Singapore Management University
摘要：We find evidence that the leadership of overconfident chief executive officers (CEOs) induces stakeholders to take actions that contribute to the leader's vision. By being intentionally overexposed to the idiosyncratic risk of their firms, overconfident CEOs exhibit a strong belief in their firms' prospects. This belief attracts suppliers beyond the firm's observable expansionary corporate activities. Overconfident CEOs induce more supplier commitments including greater relationship-specific i...
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作者：Lee, Jongsub; Naranjo, Andy; Velioglu, Guner
作者单位：Seoul National University (SNU); State University System of Florida; University of Florida
摘要：We find that credit default swap (CDS) spreads contribute significantly to price discovery in financial markets when firm-specific credit information is prominent. Using 3,470 S&P rating notch and watch changes for US public and private entities from 2001-2013, we show that CDS prices contain unique firm credit risk information that is not captured by the prices of other related securities such as stocks and bonds of the same firm. Credit information unidirectionally flows from CDS to bonds, p...
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作者：Berrada, Tony; Detemple, Jerome; Rindisbacher, Marcel
作者单位：University of Geneva; Boston University
摘要：This paper studies equilibrium in a pure exchange economy with unobservable Markov switching growth regimes and beliefs-dependent risk aversion (BDRA). Risk aversion is stochastic and depends nonlinearly on consumption and beliefs. Equilibrium is obtained in closed form. The market price of risk, the interest rate, and the stock return volatility acquire new components tied to fluctuations in beliefs. A three-regime specification is estimated using the generalized method of moments (GMM). Mode...
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作者：Bernile, Gennaro; Bhagwat, Vineet; Yonker, Scott
作者单位：University of Miami; George Washington University; Cornell University
摘要：We examine the effects of diversity in the board of directors on corporate policies and risk. Using a multidimensional measure, we find that greater board diversity leads to lower volatility and better performance. The lower risk levels are largely due to diverse boards adopting more persistent and less risky financial policies. However, consistent with diversity fostering more efficient (real) risk-taking, firms with greater board diversity also invest persistently more in research and develo...
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作者：Guiso, Luigi; Sapienza, Paola; Zingales, Luigi
作者单位：Centre for Economic Policy Research - UK; Northwestern University; National Bureau of Economic Research; University of Chicago
摘要：Exploiting portfolio data and repeated surveys of an Italian bank's clients, we test whether investors' risk aversion increases following the 2008 crisis. We find that, after the crisis, both qualitative and quantitative measures of risk aversion increase substantially and that affected individuals divest more stock. We investigate four explanations: changes in wealth, expected income, perceived probabilities, and emotion-based changes of the utility function. Our data are inconsistent with th...
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作者：Holderness, Clifford G.
作者单位：European Corporate Governance Institute; Boston College
摘要：Mandatory shareholder approval of equity issuances varies across and within countries. When shareholders approve issuances, average announcement returns are positive. When managers issue stock without shareholder approval, returns are negative and 4% lower. The closer the vote is to the issuance or the greater is the required plurality, the higher are the returns for public offers, rights offers, and private placements. When shareholder approval is required, rights offers predominate. When man...
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作者：Eckbo, B. Espen; Makaew, Tanakorn; Thorburn, Karin S.
作者单位：Dartmouth College; Norwegian School of Economics (NHH); European Corporate Governance Institute; U.S. Securities & Exchange Commission (SEC); Centre for Economic Policy Research - UK
摘要：The more the target knows about the bidder, the more difficult is paying the target with overpriced bidder shares. Thus, when bidders are opportunistic, the fraction of stock in the deal payment will be lower for better informed targets. We test this intuitive prediction against the alternative that stock payments primarily reflect bidder concerns with target adverse selection, which implies a greater fraction of stock in the deal payment for better informed targets. Discriminating between the...
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作者：Kang, Jun-Koo; Luo, Juan; Na, Hyun Seung
作者单位：Nanyang Technological University; University of Adelaide; Korea University
摘要：We examine whether institutions' monitoring effectiveness is related to the number of their blockholdings. We find that the number of blocks that a firm's large institutions hold is positively associated with forced chief executive officer (CEO) turnover-performance sensitivity, abnormal returns around forced CEO turnover announcements and 13D filings, and changes in firm value. These results are particularly evident when institutions have multiple blockholdings in the same industry, when they...
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作者：Leonello, Agnese
作者单位：European Central Bank
摘要：This paper studies the effects of government guarantees on the interconnection between banking and sovereign debt crises in a framework where both the banks and the government are fragile and the credibility and feasibility of the guarantees are determined endogenously. The analysis delivers some new results on the role of guarantees in the bank sovereign nexus. First, guarantees emerge as a key channel linking banks' and sovereign stability, even in the absence of banks' holdings of sovereign...
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作者：Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit
作者单位：University of Chicago; University of Texas System; University of Texas Austin
摘要：Shadow bank market share in residential mortgage origination nearly doubled from 2007 to 2015, with particularly dramatic growth among online fintech lenders. We study how two forces, regulatory differences and technological advantages, contributed to this growth. Difference in difference tests exploiting geographical heterogeneity induced by four specific increases in regulatory burden capital requirements, mortgage servicing rights, mortgage related lawsuits, and the movement of supervision ...
