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作者：Cohen, Alma; Wang, Charles C. Y.
作者单位：Harvard University; National Bureau of Economic Research; Tel Aviv University; Harvard University
摘要：Cohen and Wang (2013) (CW2013) provide evidence consistent with market participants perceiving staggered boards to be value reducing. Amihud and Stoyanov (2016) (AS2016) contests these findings, reporting some specifications under which the results are not statistically significant. We show that the results retain their significance under a wide array of robustness tests that address the concerns expressed by AS2016. Our empirical findings reinforce the conclusions of CW2013. (C) 2017 Elsevier...
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作者：Dinc, Serdar; Erel, Isil; Liao, Rose
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; University System of Ohio; Ohio State University
摘要：Most empirical studies estimate the impact of fire sales either without the benefit of market prices from frequent trades, as with aircraft sales, or without observing transaction prices, as with the forced sales of equity securities by mutual funds facing outflows. We observe both by studying firms' sales of minority equity stakes in publicly listed third parties. We estimate the distressed sale discount to be about 8% while controlling for liquidity and for industry, or about double the 4% e...
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作者：Brogaard, Jonathan; Li, Dan; Xia, Ying
作者单位：University of Washington; University of Washington Seattle; University of Hong Kong; Monash University
摘要：This paper examines the impact of stock liquidity on firm bankruptcy risk. Using the Securities and Exchange Commission decimalization regulation as a shock to stock liquidity, we establish that enhanced liquidity decreases default risk. Stocks with the highest default risk experience the largest improvements. We find two mechanisms through which stock liquidity reduces firm default risk: improving stock price informational efficiency and facilitating corporate governance by blockholders. Of t...
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作者：Bruche, Max; Segura, Anatoli
作者单位：City St Georges, University of London; European Central Bank; Bank of Italy
摘要：We model the debt maturity choice of firms in the presence of fixed issuance costs in the primary market and search frictions in the secondary market for debt. In the secondary market, short maturities improve the bargaining position of sellers, which reduces the required issuance yield. Long maturities reduce reissuance costs. The optimally chosen maturity trades off both considerations. Equilibrium exhibits inefficiently short maturity choices. An individual firm does not internalize that a ...
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作者：Menkveld, Albert J.; Yueshen, Bart Zhou; Zhu, Haoxiang
作者单位：Vrije Universiteit Amsterdam; Tinbergen Institute; INSEAD Business School; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We characterize the dynamic fragmentation of U.S. equity markets using a unique data set that disaggregates dark transactions by venue types. The pecking order hypothesis of trading venues states that investors sort various venue types, putting low-cost-low-immediacy venues on top and high-cost-high-immediacy venues at the bottom. Hence, midpoint dark pools on top, non-midpoint dark pools in the middle, and lit markets at the bottom. As predicted, following VIX shocks, macroeconomic news, and ...
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作者：Baruch, Shmuel; Panayides, Marios; Venkataraman, Kumar
作者单位：Utah System of Higher Education; University of Utah; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Southern Methodist University
摘要：Stock prices incorporate less news before negative events than positive events. Further, informed agents use less price aggressive (limit) orders before negative events and more price aggressive (market) orders before positive events (buy-sell asymmetry). Motivated by these patterns, we model the execution risk that informed agents impose on each other and relate the asymmetry to costly short selling. When investor base is narrow, security borrowing is difficult, or the magnitude of the event ...
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作者：Goldstein, Itay; Jiang, Hao; Ng, David T.
作者单位：University of Pennsylvania; Michigan State University; Michigan State University's Broad College of Business; Cornell University
摘要：This paper explores flow patterns in corporate bond mutual funds. We show that corporate bond funds exhibit a concave flow-to-performance relationship: their outflows are sensitive to bad performance more than their inflows are sensitive to good performance. Moreover, corporate bond funds tend to have greater sensitivity of outflows to bad performance when they have more illiquid assets and when the overall market illiquidity is high. These results point to the possibility of fragility in the ...
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作者：Hett, Florian; Schmidt, Alexander
作者单位：Goethe University Frankfurt; Deutsche Bundesbank
摘要：We design a novel test for changes in market discipline based on the relation between firm-specific risk, credit spreads, and equity returns. We use our method to analyze the evolution of bailout expectations during the recent financial crisis. We find that bailout expectations peaked in reaction to government interventions following the failure of Lehman Brothers, and returned to pre-crisis levels following the initiation of the Dodd-Frank Act. We do not find such changes in market discipline...
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作者：Levit, Doron
作者单位：University of Pennsylvania
摘要：This paper studies the advisory role of the board of directors in takeovers. I develop a model in which the takeover premium and the ability of the target board to resist the takeover are endogenous. The analysis relates the influence of the board on target shareholders and the reaction of the market to its recommendations to various characteristics of the acquirer and the target. I also show that the expected target shareholder value can decrease with the expertise of the board and it is maxi...
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作者：Dyreng, Scott D.; Hanlon, Michelle; Maydew, Edward L.; Thornock, Jacob R.
作者单位：Duke University; Massachusetts Institute of Technology (MIT); University of North Carolina; University of North Carolina Chapel Hill; Brigham Young University
摘要：We investigate systematic changes in corporate effective tax rates over the past 25 years and find that effective tax rates have decreased significantly. Contrary to conventional wisdom, the decline in effective tax rates is not concentrated in multinational firms; effective tax rates have declined at approximately the same rate for both multinational and domestic firms. Moreover, within multinational firms, both foreign and domestic effective rates have decreased. Finally, changes in firm cha...
