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作者：DeAngelo, Harry; Stulz, Rene M.
作者单位：University of Southern California; University System of Ohio; Ohio State University
摘要：Liquidity production is a central function of banks. High leverage is optimal for banks in a model that has just enough frictions for banks to have a meaningful role in liquid-claim production. The model has a market premium for (socially valuable) safe/liquid debt, but no taxes or other traditional motives to lever up. Because only safe debt commands a liquidity premium, banks with risky assets use risk management to maximize their capacity to include such debt in the capital structure. The m...
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作者：Dimitrov, Valentin; Palia, Darius; Tang, Leo
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark
摘要：We analyze the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) on corporate bond ratings issued by credit rating agencies (CRAs). We find no evidence that Dodd-Frank disciplines CRAs to provide more accurate and informative credit ratings. Instead, following Dodd-Frank, CRAs issue lower ratings, give more false warnings, and issue downgrades that are less informative. These results are consistent with the reputation model of Morris (2001), and suggest that ...
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作者：Eun, Cheol S.; Wang, Lingling; Xiao, Steven C.
作者单位：University System of Georgia; Georgia Institute of Technology; Tulane University; Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; Rutgers University System; Rutgers University New Brunswick
摘要：Consistent with predictions from the psychology literature, we find that stock prices co-move more (less) in culturally tight (loose) and collectivistic (individualistic) countries. Culture influences stock price synchronicity by affecting correlations in investors' trading activities and a country's information environment. Both market-wide and firm-specific variations are lower in tighter cultures. Individualism is mostly associated with higher firm-specific variations. Trade and financial o...
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作者：Floyd, Eric; Li, Nan; Skinner, Douglas J.
作者单位：Rice University; University of Toronto; University of Chicago
摘要：We compare the payout policies of US industrials and banks over the past 30 years to better understand dividends, especially for banks. For industrials, dividends grow strongly after 2002, when the declining propensity to pay reverses. Banks have a higher and more stable propensity to pay dividends and resist cutting dividends as the 2007-2008 financial crisis begins. Before the crisis, increases in repurchases push payouts to historic levels. These findings are broadly consistent with the ide...
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作者：Berk, Jonathan B.; van Binsbergen, Jules H.
作者单位：Stanford University; University of Pennsylvania; Tilburg University; National Bureau of Economic Research
摘要：Using the value that a mutual fund extracts from capital markets as the measure of skill, we find that the average mutual fund has used this skill to generate about $3.2 million per year. Large cross-sectional differences in skill persist for as long as ten years. Investors recognize this skill and reward it by investing more capital with better funds. Better funds earn higher aggregate fees, and a strong positive correlation exists between current compensation and future performance. The cros...
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作者：Fich, Eliezer M.; Harford, Jarrad; Tran, Anh L.
作者单位：Drexel University; University of Washington; University of Washington Seattle; City St Georges, University of London
摘要：Studies of institutional monitoring focus on the fraction of the firm held by institutions. We focus on the fraction of the institution's portfolio represented by the firm. In the context of acquisitions, we hypothesize that institutional monitoring will be greatest when the target firm represents a significant allocation of funds in the institution's portfolio. We show that this measure is important in reconciling mixed findings for total institutional ownership in the prior literature. The r...
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作者：Brown, Jeffrey R.; Ivkovic, Zoran; Weisbenner, Scott
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Michigan State University; Michigan State University's Broad College of Business; National Bureau of Economic Research
摘要：We provide new evidence on the empirical determinants of intertemporal financial decisions. We use an exogenously imposed choice affecting nearly all Croatian retirees to study characteristics associated with choosing a larger, deferred stream of payments over a smaller, more immediate payment. Individuals are more willing to defer if they have higher incomes and are not liquidity constrained, have a longer time horizon because of better health and longer life expectancy, and have stronger beq...
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作者：Dagher, Jihad; Kazimov, Kazim
作者单位：International Monetary Fund
摘要：We examine the impact of banks exposure to market liquidity shocks through wholesale funding on their supply of credit during the financial crisis using loan level data that best allow us to isolate supply-side effects. We find that banks that were more reliant on wholesale funding curtailed their credit significantly more than retail-funded banks. We also exploit the discrete fall in the liquidity of loans above the jumbo cutoff and show that this effect is significantly more pronounced for l...
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作者：Roberts, Michael R.
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：Using data from Securities and Exchange Commission filings, I show that the typical bank loan is renegotiated five times, or every nine months. The pricing, maturity, amount, and covenants are all significantly modified during each renegotiation, whose timing is governed by the financial health of the contracting parties and uncertainty regarding the borrowers' credit quality. The relative importance of these factors depends on the duration of the lending relationship. I interpret these result...
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作者：Chen, Tao; Harford, Jarrad; Lin, Chen
作者单位：Nanyang Technological University; University of Washington; University of Washington Seattle; University of Hong Kong
摘要：Building on two sources of exogenous shocks to analyst coverage (broker closures and mergers), we explore the causal effects of analyst coverage on mitigating managerial expropriation of outside shareholders. We find that as a firm experiences an exogenous decrease in analyst coverage, shareholders value internal cash holdings less, its CEO receives higher excess compensation, its management is more likely to make value-destroying acquisitions, and its managers are more likely to engage in ear...
