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作者：Chernykh, Lucy; Mityakov, Sergey
作者单位：Clemson University; Clemson University
摘要：We use mandatory Russian banks' reports to the Central Bank to construct a novel measure of offshore-banking. Individual bank involvement in offshore operations is calculated as a fraction of total transactions with foreign countries that go through offshore financial centers. We find that offshore-active banks perform less financial intermediation and focus more on international wire transfers. We show a positive relation between banks' offshore activities and tax evasion of companies doing b...
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作者：Cain, Matthew D.; McKeon, Stephen B.; Solomon, Steven Davidoff
作者单位：U.S. Securities & Exchange Commission (SEC); University of Oregon; University of California System; University of California Berkeley
摘要：This study evaluates the relation between hostile takeovers and 17 takeover laws from 1965 to 2014. Using a data set of largely exogenous legal changes, we find that certain takeover laws, such as poison pill and business combination laws, have no discernible impact on hostile activity, while others such as fair price laws have reduced hostile takeovers. We construct a Takeover Index from the laws and find that higher takeover protection is associated with lower firm value, consistent with ent...
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作者：Monnet, Cyril; Quintin, Erwan
作者单位：University of Bern; Study Center Gerzensee
摘要：Opacity assumes at least two prominent forms in asset markets. Dark exchanges and over-the-counter markets enable expert investors to hide their orders while originators carefully control the disclosure of fundamental information about the assets they source. We describe a simple model in which both forms of opacity- hidden orders and limited disclosure - complement one another. Costly investor expertise gives originators incentives to deliver assets of good quality. Keeping expert orders hidd...
