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作者：Lerner, Josh; Schoar, Antoinette; Sokolinski, Stanislav; Wilson, Karen
作者单位：Harvard University; Massachusetts Institute of Technology (MIT); Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Organisation for Economic Co-operation & Development (OECD)
摘要：This paper examines the role of investments by angel groups across a heterogeneous set of 21 countries with varying entrepreneurship ecosystems. Exploiting quasi-random assignment of deals around the groups' funding thresholds, we find a positive impact of funding on firm growth, performance, survival, and follow-on fundraising, which is independent of the level of venture activity and entrepreneur-friendliness in the country. However, the maturity of startups that apply for funding (and are u...
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作者：Baloria, Vishal P.; Heese, Jonas
作者单位：Boston College; Harvard University
摘要：The media can impose reputational costs on firms because of its important role as an information intermediary and its ability to negatively slant coverage. We exploit a quasi-natural experiment that holds constant the information event across firms but varies the availability of a major news outlet in local markets. We find that firms subject to the threat of slanted coverage suppress the release of negative information before the event and release it subsequently. Our results are consistent w...
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作者：Frank, Murray Z.; Sanati, Ali
作者单位：University of Minnesota System; University of Minnesota Twin Cities; American University
摘要：Using a comprehensive set of news stories, we find a stark difference in market responses to positive and negative price shocks accompanied by new information. When there is a news story about a firm, positive price shocks are followed by reversal, while negative ones result in drift. This is interpreted as the stock market overreaction to good news and underreaction to bad news. These seemingly contradictory results can be explained in a single framework, considering the interaction of retail...
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作者：La Spada, Gabriele
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Do asset managers reach for yield because of competitive pressures in a low rate environment? I propose a tournament model of money market funds (MMFs) to study this question. When funds care about relative performance, an increase in the risk premium leads funds with lower default costs to increase risk taking, while funds with higher default costs decrease risk taking. Without changes in the premium, lower risk-free rates reduce the risk taking of all funds. I show that these predictions are...
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作者：Baghai, Ramin P.; Becker, Bo
作者单位：Stockholm School of Economics
摘要：Rating agencies produce ratings used by investors, but obtain most of their revenue from issuers, leading to a conflict of interest. We employ a unique data set on the use of non-rating services, and the associated payments, in India, to test if this conflict affects ratings quality. Agencies rate issuers that pay them for non-rating services higher (than agencies not hired for such services). Such issuers also have higher default rates. Both effects are increasing in the amount paid. These re...
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作者：Bartram, Sohnke M.; Grinblatt, Mark
作者单位：University of Warwick; University of California System; University of California Los Angeles
摘要：To assess stock market informational efficiency with minimal data snooping, we take the view of a statistician with little knowledge of finance. The statistician uses techniques such as least squares to estimate peer-implied fair values from the market values of replicating portfolios with the same accounting statements as the company being valued. Divergence of a company's peer-implied value estimate from its market value represents mispricing, motivating a convergence trade that earns risk-a...
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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：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：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：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...
