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作者：Comerton-Forde, Carole; Putnins, Talis J.
作者单位：University of Melbourne; University of Technology Sydney
摘要：Regulators globally are concerned that dark trading harms price discovery. We show that dark trades are less informed than lit trades. High levels of dark trading increase adverse selection risk on the lit exchange by increasing the concentration of informed traders. Using both high- and low-frequency measures of informational efficiency we find that low levels of non-block dark trading are benign or even beneficial for informational efficiency, but high levels are harmful. In contrast, we fin...
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作者：Tate, Geoffrey; Yang, Liu
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University System of Maryland; University of Maryland College Park
摘要：We use unique worker-plant matched panel data to measure differences in wage changes experienced by workers displaced from closing plants. We observe larger losses among women than men, comparing workers who move from the same closing plant to the same new firm. However, we find a significantly smaller gap in hiring firms with female leadership. The results are strongest among women who are displaced from male-led plants and from less competitive industries. Our results suggest an important ex...
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作者：Bond, Philip; Leitner, Yaron
作者单位：University of Washington; University of Washington Seattle; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：We study trade between an informed seller and an uninformed buyer who have existing inventories of assets similar to those being traded. We show that these inventories could induce the buyer to increase the price (a run-up) but could also make trade impossible (a freeze) and hamper information dissemination. Competition can amplify the run-up by inducing buyers to purchase assets at a loss to prevent competitors from purchasing at lower prices and releasing bad news about inventories. In a dyn...
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作者：Ahern, Kenneth R.; Daminelli, Daniele; Fracassi, Cesare
作者单位：University of Southern California; Polytechnic University of Milan; University of Texas System; University of Texas Austin
摘要：We find strong evidence that three key dimensions of national culture (trust, hierarchy, and individualism) affect merger volume and synergy gains. The volume of cross-border mergers is lower when countries are more culturally distant. In addition, greater cultural distance in trust and individualism leads to lower combined announcement returns. These findings are robust to year and country-level fixed effects, time-varying country-pair and deal-level variables, as well as instrumental variabl...
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作者：Zingales, Luigi
作者单位：University of Chicago; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
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作者：Cornaggia, Jess; Mao, Yifei; Tian, Xuan; Wolfe, Brian
作者单位：Georgetown University; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Tsinghua University; State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：We exploit the deregulation of interstate bank branching laws to test whether banking competition affects innovation. We find robust evidence that banking competition reduces state-level innovation by public corporations headquartered within deregulating states. Innovation increases among private firms that are dependent on external finance and that have limited access to credit from local banks. We argue that banking competition enables small, innovative firms to secure financing instead of b...
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作者：Moller, Stig V.; Rangvid, Jesper
作者单位：CREATES; Aarhus University; Copenhagen Business School
摘要：We show that macroeconomic growth at the end of the year (fourth quarter or December) strongly influences expected returns on risky financial assets, whereas economic growth during the rest of the year does not. We find this pattern for many different asset classes, across different time periods, and for US and international data. We also show that movements in the surplus consumption ratio of Campbell and Cochrane (1999), a theoretically well-founded measure of time-varying risk aversion link...
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作者：Biggerstaff, Lee; Cicero, David C.; Puckett, Andy
作者单位：University System of Ohio; Miami University; University of Alabama System; University of Alabama Tuscaloosa; University of Tennessee System; University of Tennessee Knoxville
摘要：We show that firms with Chief Executive Officers (CEOs) who personally benefit from options backdating are more likely to engage in other corporate misbehaviors, suggestive of an unethical corporate culture. These firms are more likely to commit financial fraud to overstate earnings. They acquire more private companies, which could perpetuate their frauds, and their acquisitions are met with lower market responses. These misbehaviors are concentrated in firms with externally hired suspect CEOs...
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作者：Hanlon, Michelle; Lester, Rebecca; Verdi, Rodrigo
摘要：This paper investigates whether the U.S. repatriation tax for U.S. multinational corporations affects foreign investment. Our results show that the locked-out cash due to repatriation tax costs is associated with a higher likelihood of foreign (but not domestic) acquisitions. We also find a negative association between tax-induced foreign cash holdings and the market reaction to foreign deals. This result suggests that the investment activity of firms with high repatriation tax costs is viewed...
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作者：Davidson, Robert; Dey, Aiyesha; Smith, Abbie
作者单位：Georgetown University; University of Minnesota System; University of Minnesota Twin Cities; University of Chicago
摘要：We examine how executives' behavior outside the workplace, as measured by their ownership of luxury goods (low frugality) and prior legal infractions, is related to financial reporting risk. We predict and find that chief executive officers (CEOs) and chief financial officers (CFOs) with a legal record are more likely to perpetrate fraud. In contrast, we do not find a relation between executives' frugality and the propensity to perpetrate fraud. However, as predicted, we find that unfrugal CEO...
