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作者：Beck, Thorsten; Degryse, Hans; De Haas, Ralph; van Horen, Neeltje
作者单位：City St Georges, University of London; KU Leuven; European Bank of Reconstructon & Development; European Central Bank; De Nederlandsche Bank NV; Tilburg University; Centre for Economic Policy Research - UK; Bank of England
摘要：We conduct face-to-face interviews with bank chief executive officers to classify 397 banks across 21 countries as relationship or transaction lenders. We then use the geographic coordinates of these banks' branches and of 14,100 businesses to analyze how the lending techniques of banks near firms are related to credit constraints at two contrasting points of the credit cycle. We find that while relationship lending is not associated with credit constraints during a credit boom, it alleviates ...
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作者：Kallunki, Jenni; Kallunki, Juha-Pekka; Nilsson, Henrik; Puhakka, Mikko
作者单位：University of Oulu; Aalto University; Stockholm School of Economics
摘要：We explore why insiders engage in informed trading, given the surprisingly small average insider returns reported in the literature and the potential costs involved. We begin by proposing a model of an insider's decision to engage in insider trading. We then empirically test the model's predictions using archival data of corporate insiders in Sweden. Consistent with the model, we find that less wealthy insiders are more likely to time their insider selling, and to sell in greater magnitudes, p...
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作者：Huang, Jiekun
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper investigates whether consumer opinions convey value-relevant information to financial markets. Using a data set of more than 14.5 million customer product reviews on Amazon.com from 2004 through 2015, I find evidence that consumer opinions contain information for stock pricing. A spread portfolio that is long on stocks with high abnormal customer ratings and short on stocks with low abnormal customer ratings delivers an abnormal return of around 55.7 to 73.0 basis points per month. ...
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作者：Aldatmaz, Serdar; Ouimet, Paige; Van Wesep, Edward D.
作者单位：George Mason University; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of Colorado System; University of Colorado Boulder
摘要：We show that in the years following a large broad-based employee stock option (BBSO) grant, employee turnover falls at the granting firm. We find evidence consistent with a causal relation by exploiting unexpected changes in the value of unvested options. A large fraction of the reduction in turnover appears to be temporary with turnover increasing in the third year following the year of the adoption of the BBSO plan. The increase three years post-grant is equal in magnitude to the cumulative ...
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作者：Frydman, Carola; Papanikolaou, Dimitris
作者单位：Northwestern University; National Bureau of Economic Research
摘要：We develop a general equilibrium model that delivers realistic fluctuations in pay inequality as a result of changes in the technology frontier. In our model, executives add value to the firm not only by participating in production decisions, as do other workers in the economy, but also by identifying new investment opportunities. Improvements in technology that are specific to new vintages of capital raise the return to managers' skills for discovering new growth projects and, thus, increase ...
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作者：Zhu, Min
作者单位：University of Queensland; Queensland University of Technology (QUT)
摘要：This paper considers the nature of returns to scale in active management following Pastor et al. (2015) who fail to establish diseconomies of scale at the fund level. Using an enhanced empirical strategy, we find a significant negative impact of fund size on performance. This empirical evidence indicates that fund alpha and fund size are not independent entities. Consequently, skill, rather than being measured by the fund alpha, should be measured by the value that a fund extracts from capital...
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作者：Neuhann, Daniel; Saidi, Farzad
作者单位：University of Texas System; University of Texas Austin; Swedish House of Finance; Stockholm School of Economics
摘要：Using variation in bank scope generated by the stepwise repeal of the Glass-Steagall Act in the US, we show that the deregulation of universal banks allowed them to finance firms with 14% higher volatility. This increase in risk is compensated by lasting improvements in firms' total factor productivity of 3%. Using bank scope-expanding mergers to identify shocks to universal banks' private information about borrower firms, we provide evidence that informational economies of scope across loans ...
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作者：D'Acunto, Francesco; Liu, Ryan; Pflueger, Carolin; Weber, Michael
作者单位：Boston College; University of British Columbia; University of Chicago; National Bureau of Economic Research
摘要：The frequency with which firms adjust output prices helps explain persistent differences in capital structure across firms. Unconditionally, the most flexible-price firms have a 19% higher long-term leverage ratio than the most sticky-price firms, controlling for known determinants of capital structure. Sticky-price firms increased leverage more than flexible price firms following the staggered implementation of bank deregulation across states and over time, which we use in a difference-in-dif...
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作者：Matvos, Gregor; Seru, Amit; Silva, Rui C.
作者单位：University of Chicago; National Bureau of Economic Research; University of London; London Business School
摘要：We find new facts that relate the evolution of firm scope to the changing frictions in external capital markets over the last three decades. We find that large, diversified publicly traded firms increase their scope during times of high external capital market frictions, such as in the recent Great Recession. Moreover, during these times firms diversify their investment needs and cash flow across industries. We also find similar phenomena outside diversified public firms. Examining the mergers...
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作者：Lee, Kyeong Hun; Mauer, David C.; Xu, Emma Qianying
作者单位：Norwegian School of Economics (NHH); University of North Carolina; University of North Carolina Charlotte; University of Texas System; University of Texas El Paso
摘要：We construct a measure of the pairwise relatedness of firms' human capital to examine whether human capital relatedness is a key factor in mergers and acquisitions. We find that mergers are more likely and merger returns and postmerger performance are higher when firms have related human capital. These relations are stronger or only present in acquisitions where the merging firms do not operate in the same industries or product markets. Reductions in employment and wages following mergers with...
