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作者：Mukherjee, Abhiroop; Singh, Manpreet; Zaldokas, Alminas
作者单位：University System of Georgia; Georgia Institute of Technology
摘要：We exploit staggered changes in state-level corporate tax rates to show that an increase in taxes reduces future innovation. A variety of tests, including those based on policy discontinuity at contiguous counties straddling borders of politically similar states, show that local economic conditions do not drive our results. The effect we document is consistent across the innovation spectrum: taxes affect not only patenting and R&D investment but also new product introductions, which we measure...
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作者：Balsmeier, Benjamin; Fleming, Lee; Manso, Gustavo
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; University of California System; University of California Berkeley; University of California System; University of California Berkeley; University of California System; University of California Berkeley
摘要：Much research has suggested that independent boards of directors are more effective in reducing agency costs and improving firm governance. How they influence innovation is less clear. Relying on regulatory changes, we show that firms that transition to independent boards focus on more crowded and familiar areas of technology. They patent and claim more and receive more total future citations to their patents. However, the citation increase comes mainly from incremental patents in the middle o...
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作者：Billett, Matthew T.; Garfinkel, Jon A.; Yu, Miaomiao
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University of Iowa; University of Saskatchewan
摘要：We explore how asymmetric information in financial markets affects outcomes in product markets. Difference-in-difference tests around brokerage house merger/closure events (which increase asymmetric information through reductions in analyst coverage) indicate worse industry-adjusted sales growth for shocked firms than for their peers. Our results are consistent with Bolton and Scharfstein's (1990) tradeoff between investor agency concerns and predation risk. Further support is found in stronge...
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作者：Babkin, Anton; Glover, Brent; Levine, Oliver
作者单位：University of Wisconsin System; University of Wisconsin Madison; Carnegie Mellon University; University of Wisconsin System; University of Wisconsin Madison
摘要：Corporate inversion, the process of redomiciling for tax purposes, reduces corporate income taxes, but it imposes a personal tax cost that is shareholder-specific. We develop a model, incorporating the corporate tax benefits and personal tax costs, to quantify the return to inversion for different shareholders. Foreign and tax-exempt investors, along with the chief executive officer, disproportionately benefit. We show that an inversion simultaneously reduces the wealth of many taxable shareho...
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作者：Shi, Zhen
作者单位：University System of Georgia; Georgia State University
摘要：Consistent with the argument that portfolio disclosure reveals trade secrets, a difference in-differences estimation suggests a drop in fund performance after a hedge fund begins filing Form 13F as well as an increase in return correlations with other funds in the same investment style. The drop in performance is concentrated among funds with larger expected proprietary costs of disclosure, for instance, funds that disclose a greater fraction of their assets or hold more illiquid stocks. The d...
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作者：Dessaint, Olivier; Golubov, Andrey; Volpin, Paolo
作者单位：University of Toronto; City St Georges, University of London
摘要：Labor restructuring is a key driver of takeovers and the associated synergy gains worldwide. In a difference-in-differences research design, we show that major increases in employment protection reduce takeover activity by 14-27% and the combined firm gains (synergies) by over half. Consistent with the labor channel behind these effects, deals with greater potential for workforce restructuring show a greater reduction in volume, number, and synergies. Increases in employment protection impede ...
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作者：Corwin, Shane A.; Larocque, Stephannie A.; Stegemoller, Mike A.
作者单位：University of Notre Dame; Baylor University
摘要：We examine the impact of the Global Settlement on affiliation bias in analyst recommendations. Using a broad measure of investment bank-firm relationships, we find a substantial reduction in analyst affiliation bias following the settlement for sanctioned banks. In contrast, we find strong evidence of bias both before and after the settlement for affiliated analysts at non-sanctioned banks. Our results suggest that the settlement led to an increase in the expected costs of issuing biased cover...
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作者：Gustafson, Matthew T.; Iliev, Peter
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study the consequences of a US deregulation allowing small firms to accelerate their public equity issuance. Post-deregulation, affected firms double their reliance on public equity and transition away from private investments in public equity compared to similar untreated firms. The net effect is a 5.7 percentage point or 49% increase in the annual probability of raising equity. This is accompanied by a reduction in equity issuance costs, an increase in investment, and a decrease in levera...
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作者：Calomiris, Charles W.; Carlson, Mark
作者单位：Columbia University; National Bureau of Economic Research; Federal Reserve System - USA; Bank for International Settlements (BIS)
摘要：The unit banking structure of the United States produced a uniquely important interbank correspondent network. During the National Banking Era, this network normally provided banks with access to money markets, facilitated payment processing, and helped banks meet legal reserve requirements. In crises, network connections could be a source of liquidity risk. That risk became evident during the Panic of 1893, when New York suspended convertibility. Banks with high two-sided liquidity risk (thos...
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作者：Nickerson, Jordan; Griffin, John M.
作者单位：Boston College; University of Texas System; University of Texas Austin
摘要：This paper proposes several frameworks to estimate the appropriate default correlations for structured products, each of which jointly considers the role of co-movements in modeled risk characteristics and unmodeled systematic risk, or 'frailty.' We contrast our estimates with credit rating agencies' default correlation assumptions, which were only 0.01 for Collateralized Loan Obligations (CLOs) pre-crisis and have increased to 0.03 post-crisis. In contrast, the joint consideration of observab...
