3期

最新文章

• Executive overconfidence and compensation structure AI翻译
  作者：Humphery-Jenner, Mark; Lisic, Ling Lei; Nanda, Vikram; Silveri, Sabatino Dino
  作者单位：University of New South Wales Sydney; George Mason University; Rutgers University System; Rutgers University New Brunswick; University of Texas System; University of Texas Dallas; University of Memphis
  摘要：We examine the impact of overconfidence on compensation structure. Our findings support the exploitation hypothesis: firms offer incentive-heavy compensation contracts to overconfident Chief Executive Officers (CEOs) to exploit their positively biased views of firm prospects. Overconfident CEOs receive more option-intensive compensation and this relation increases with CEO bargaining power. Exogenous shocks (Sarbanes-Oxley Act of 2002 (SOX) and Financial Accounting Standard (FAS) 123R) provide...
• Why do firms use high discount rates? AI翻译
  作者：Jagannathan, Ravi; Matsa, David A.; Meier, Iwan; Tarhan, Vefa
  作者单位：Northwestern University; National Bureau of Economic Research; Indian School of Business (ISB); Universite de Montreal; HEC Montreal; Loyola University Chicago
  摘要：We present evidence consistent with operational constraints leading firms to use high discount rates that average twice the firms' cost of financial capital. Based on a survey of Chief Financial Officers matched to archival data, we find that firms with abundant access to capital but limited qualified management or manpower appear to forgo profitable projects in preparation for more profitable future investment opportunities. Consistent with this explanation, firms that use high discount rates...
• Securities trading by banks and credit supply: Micro-evidence from the crisis AI翻译
  作者：Abbassi, Puriya; Iyer, Rajkamal; Peydro, Jose-Luis; Tous, Francesc R.
  作者单位：Deutsche Bundesbank; Massachusetts Institute of Technology (MIT); Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics; ICREA; Bank of England
  摘要：We analyze securities trading by banks during the crisis and the associated spillovers to the supply of credit. We use a proprietary data set that has the investments of banks at the security level for 2005-2012 in conjunction with the credit register from Germany. We find that-during the crisis-banks with higher trading expertise (trading banks) increase their investments in securities, especially in those that had a larger price drop, with the strongest impact in low-rated and long-term secu...
• Does rating analyst subjectivity affect corporate debt pricing? AI翻译
  作者：Fracassi, Cesare; Petry, Stefan; Tate, Geoffrey
  作者单位：University of Texas System; University of Texas Austin; University of Melbourne; University of North Carolina; University of North Carolina Chapel Hill
  摘要：We find evidence of systematic optimism and pessimism among credit analysts, comparing contemporaneous ratings of the same firm across rating agencies. These differences in perspectives carry through to debt prices and negatively predict future changes in credit spreads, consistent with mispricing. Moreover, the pricing effects are the largest among firms that are the most opaque, likely exacerbating financing constraints. We find that masters of business administration (MBAs) provide higher q...
• Say on pay laws, executive compensation, pay slice, and firm valuation around the world AI翻译
  作者：Correa, Ricardo; Lel, Ugur
  作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University System of Georgia; University of Georgia
  摘要：Using a large sample of firms from 38 countries over the 2001-2012 period, this study finds evidence that, following the adoption of say on pay (SoP) laws, chief executive officer (CEO) pay growth rates decline and the sensitivity of CEO pay to firm performance improves. These changes are concentrated in firms with high excess pay and shareholder dissent, long CEO tenure, and less independent boards. Further, the portion of top management pay captured by CEOs is lower in the post-SoP period, w...
• Playing it safe? Managerial preferences, risk, and agency conflicts AI翻译
  作者：Gormley, Todd A.; Matsa, David A.
  作者单位：University of Pennsylvania; Northwestern University; National Bureau of Economic Research
  摘要：This article examines managers' incentive to play it safe. We find that, after managers are insulated by the adoption of an antitakeover law, they take value-destroying actions that reduce their firms' stock volatility and risk of distress. To illustrate one such action, we show that managers undertake diversifying acquisitions that target firms likely to reduce risk, have negative announcement returns, and are concentrated among firms with managers who gain the most from reducing risk. Our fi...
• Cyclicality, performance measurement, and cash flow liquidity in private equity AI翻译
  作者：Robinson, David T.; Sensoy, Berk A.
  作者单位：Duke University; National Bureau of Economic Research; University System of Ohio; Ohio State University
  摘要：We study the liquidity properties of private equity cash flows using data from 837 buyout and venture capital funds from 1984 to 2010. Most cash flow variation at a point in time is diversifiable either idiosyncratic to a given fund or explained by the fund's age. Both capital calls and distributions also have a procyclical systematic component. Distributions are more sensitive than calls, implying procyclical aggregate net cash flows. A consequence is that the well-known finding that funds ra...
• The causal effect of option pay on corporate risk management AI翻译
  作者：Bakke, Tor-Erik; Mahmudi, Hamed; Fernando, Chitru S.; Salas, Jesus M.
  作者单位：University of Oklahoma System; University of Oklahoma - Norman; Lehigh University
  摘要：This study provides strong evidence of a causal effect of risk-taking incentives provided by option compensation on corporate risk management. We utilize the passage of Financial Accounting Standard (FAS) 123R, which required firms to expense options, to investigate how chief executive officer option compensation affects the hedging behavior of oil and gas firms. Firms that did not expense options before FAS 123R significantly reduced option pay, which resulted in a large increase in their hed...
• The value of a good credit reputation: Evidence from credit card renegotiations AI翻译
  作者：Liberman, Andres
  作者单位：New York University
  摘要：I exploit a natural experiment to estimate borrowers' willingness to pay for a good credit reputation. A lender in Chile offered lower installments to borrowers who were in default. Those who owed more than a fixed arbitrary cutoff were additionally offered a clean public repayment record. Using the cutoff in a fuzzy regression discontinuity design, I show that borrowers are willing to pay the equivalent of 11% of their monthly income for a good reputation. Borrowers use their reputation to ta...
• What do private equity firms say they do? AI翻译
  作者：Gompers, Paul; Kaplan, Steven N.; Mukharlyamov, Vladimir
  作者单位：Harvard University; National Bureau of Economic Research; University of Chicago; Georgetown University
  摘要：We survey 79 private equity (PE) investors with combined assets under management of more than $750 billion about their practices in firm valuation, capital structure, governance, and value creation. Investors rely primarily on internal rates of return and multiples to evaluate investments. Their limited partners focus more on absolute performance as opposed to risk-adjusted returns. Capital structure choice is based equally on optimal trade-off and market timing considerations. PE investors an...