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作者：Richard, Scott F.
作者单位：University of Pennsylvania
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作者：Amihud, Yakov; Stoyanov, Stoyan
作者单位：New York University
摘要：We examine the Cohen and Wang (2013) conclusion that a staggered board lowers firm value based on the stock price reaction to two 2010 Delaware court rulings in the Air gas, Inc. case. The first ruling weakened the potency of a staggered board and the second restored it. We find that the Cohen and Wang results, for their sample, become insignificant after excluding a few penny stocks, stocks with value below $10 million, or over-the-counter (non-exchange) stocks. The effects of the rulings are...
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作者：Focke, Florens; Maug, Ernst; Niessen-Ruenzi, Alexandra
作者单位：University of Mannheim
摘要：We show that chief executive officers (CEOs) of prestigious firms earn less. Total compensation is on average 8% lower for firms listed in Fortune's ranking of America's most admired companies. We suggest that CEOs are willing to trade off status and career benefits from working for a publicly admired company against additional monetary compensation. Our identification strategy is based on matched sample analyses, difference-in-differences regressions, and a regression discontinuity design. We...
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作者：Levine, Oliver
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：I develop a model of mergers in which M&A deals are used to reallocate investment opportunities. In equilibrium, acquirers lack internal growth options and seek out projects from targets in the M&A market. The model is able to reconcile many features of the merger data that I document, including the high productivity, investment, and valuation of target firms. Furthermore, in my model, profitability is highly predictive of acquisition, and merger transactions naturally lead to a substantial dr...
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作者：Ahern, Kenneth R.
作者单位：University of Southern California
摘要：This paper exploits a novel hand-collected data set to provide a comprehensive analysis of the social relationships that underlie illegal insider trading networks. I find that inside information flows through strong social ties based on family, friends, and geographic proximity. On average, inside tips originate from corporate executives and reach buy-side investors after three links in the network. Inside traders earn prodigious returns of 35% over 21 days, with more central traders earning g...
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作者：Andrei, Daniel; Cujean, Julien
作者单位：University of California System; University of California Los Angeles; University System of Maryland; University of Maryland College Park
摘要：We propose a joint theory of time -series momentum and reversal based on a rational expectations model. We show that a necessary condition for momentum to arise in this framework is that information flows at an increasing rate. We focus on word-ofmouth communication as a mechanism that enforces this condition and generates shortterm momentum and long-term reversal. Investors with heterogeneous trading strategies contrarian and momentum traders coexist in the marketplace. Although a significant...
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作者：Cookson, J. Anthony
作者单位：University of Colorado System; University of Colorado Boulder
摘要：This paper empirically investigates the effect of leverage on strategic preemption. Using new data on entry plans and incumbent investments from the American casino industry, I find that high leverage prevents incumbents from responding to entry threats. Facing the same set of entry plans, low-leverage incumbents expand physical capacity (by 30%), whereas high-leverage incumbents do not. This difference in investment matters because capacity installations preempt eventual entry. Stock market r...
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作者：Babus, Ana; Hu, Tai-Wei
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Northwestern University
摘要：We provide a theory of trading through intermediaries in over-the-counter markets. The role of intermediaries is to sustain trade. In our model, traders are connected through an informational network. Agents observe their neighbors' actions and can trade with their counterparty in a given period through a path of intermediaries in the network. Nevertheless, agents can renege on their obligations. We show that trading through an informational network is essential to support trade when agents in...
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作者：Eraker, Bjorn; Wu, Yue
摘要：We study the returns to investing in VIX futures, VIX Exchange Traded Notes (ETNs), and variance swaps. We document substantial negative return premia for these assets. For example, the constant maturity portfolio of 1-month VIX futures loses about 30% per year over our sample period (2006-2013). We investigate if these findings are consistent with dynamic equilibrium. We derive a model based on present value computation that endogenizes stock prices, the VIX index, and its associated derivati...
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作者：Glover, Brent; Levine, Oliver
作者单位：Carnegie Mellon University; University of Wisconsin System; University of Wisconsin Madison
摘要：We develop a model to characterize and quantify the effects of stock, option, and fixed compensation on a manager's risk-taking incentive and investment choice. We find the average chief executive officer's (CEO) compensation contract incentivizes overinvestment by 1.3 percentage points per year, with significant variation across firms and over time. We estimate a value of CEO effort implied by compensation contracts and find it to be strongly related to firm intangibility. Finally, we assess ...
