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作者：Vladimirov, Vladimir
作者单位：University of Amsterdam
摘要：This paper argues that endogenizing how acquirers finance their cash bids is just as important for understanding bidding in takeovers as endogenizing acquirers' payment method choice. The paper shows that acquirers finance their cash bids with equity only if they lack access to competitive financing. This leads to underbidding and lower takeover premiums. Conversely, acquirers with access to competitive financing use debt and overbid. Endogenizing the payment method reveals that security (e.g....
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作者：Hanson, Samuel G.; Stein, Jeremy C.
作者单位：Harvard University; National Bureau of Economic Research
摘要：Changes in monetary policy have surprisingly strong effects on forward real rates in the distant future. A 100 basis point increase in the two-year nominal yield on a Federal Open Markets Committee announcement day is associated with a 42 basis point increase in the ten-year forward real rate. This finding is at odds with standard macro-models based on sticky nominal prices, which imply that monetary policy cannot move real rates over a horizon longer than that over which all prices in the eco...
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作者：Krishnamurthy, Arvind; Vissing-Jorgensen, Annette
作者单位：Stanford University; National Bureau of Economic Research; University of California System; University of California Berkeley; Centre for Economic Policy Research - UK
摘要：We present a theory in which the key driver of short-term debt issued by the financial sector is the portfolio demand for safe and liquid assets by the nonfinancial sector. This demand drives a premium on safe and liquid assets that the financial sector exploits by owning risky and illiquid assets and writing safe and liquid claims against them. The central prediction of the theory is that safe and liquid government debt should crowd out financial sector lending financed by short-term debt. We...
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作者：Milbradt, Konstantin; Oehmke, Martin
作者单位：Northwestern University; National Bureau of Economic Research; Columbia University
摘要：Financing terms and investment decisions are jointly determined. This interdependence, which links firms' asset and liability sides, can lead to short-termism in investment. In our model, financing frictions increase with the investment horizon, such that financing for long-term projects is relatively expensive and potentially rationed. In response, firms whose first-best investments are long-term may adopt second-best projects of shorter maturities. This worsens financing terms for firms with...
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作者：Andersen, Torben G.; Fusari, Nicola; Todorov, Viktor
作者单位：Northwestern University; Johns Hopkins University
摘要：We study the dynamic relation between market risks and risk premia using time series of index option surfaces. We find that priced left tail risk cannot be spanned by market volatility (and its components) and introduce a new tail factor. This tail factor has no incremental predictive power for future volatility and jump risks, beyond current and past volatility, but is critical in predicting future market equity and variance risk premia. Our findings suggest a wide wedge between the dynamics ...
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作者：Boone, Audra L.; White, Joshua T.
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University System of Georgia; University of Georgia
摘要：We examine the effects of institutional ownership on firms' information and trading environments using the annual Russell 1000/2000 index reconstitution. Characteristics of firms near the index cutoffs are similar, except that firms in the top of the Russell 2000 have discontinuously higher proportional institutional ownership than firms in the bottom of the Russell 1000 primarily due to indexing and benchmarking strategies. We find that higher institutional ownership is associated with greate...
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作者：Allen, Franklin; Carletti, Elena; Marquez, Robert
作者单位：Imperial College London; University of Pennsylvania; Bocconi University; Centre for Economic Policy Research - UK; Bocconi University; University of California System; University of California Davis
摘要：In a model with bankruptcy costs and segmented deposit and equity markets, we endogenize the cost of equity and deposit finance for banks. Despite risk neutrality, equity capital earns a higher expected return than direct investment in risky assets. Banks hold positive capital to reduce bankruptcy costs, but there is a role for capital regulation when deposits are insured. Banks could no longer use capital when they lend to firms instead of investing directly in risky assets. This depends on w...
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作者：Almazan, Andres; de Motta, Adolfo; Titman, Sheridan
作者单位：University of Texas System; University of Texas Austin; McGill University; National Bureau of Economic Research
摘要：We analyze the financing and liquidation decisions of firms that face a labor market with search frictions. By inducing bankruptcy, debt can facilitate the process of creative destruction (i.e., the elimination of inefficient firms and the creation of new firms) but can also lead to excessive liquidation and unemployment in particular, during economic downturns. Within this setting, we examine policy interventions that influence the firms' financing and liquidation choices. We consider the rol...
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作者：Greenwood, Robin; Landier, Augustin; Thesmar, David
作者单位：Harvard University; National Bureau of Economic Research; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Hautes Etudes Commerciales (HEC) Paris; Centre for Economic Policy Research - UK
摘要：We present a model in which fire sales propagate shocks across bank balance sheets. When a bank experiences a negative shock to its equity, a natural way to return to target leverage is to sell assets. If potential buyers are limited, then asset sales depress prices, in which case one bank's sales impact other banks with common exposures. We show how this contagion effect adds up across the banking sector, and how it can be estimated empirically using balance sheet data. We compute bank exposu...
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作者：Qiu, Jiaping; Wan, Chi
作者单位：McMaster University; University of Massachusetts System; University of Massachusetts Boston
摘要：This study examines the effect of technology spillovers on firms' cash holdings. It finds that firms facing greater technology spillovers hold higher cash balances. This effect is more pronounced among financially constrained firms and for firms that are likely to benefit more from diffused technology, e.g., those that have newer patents, are more profitable, and face better growth opportunities. The spillover impact remains strong when product market competition and own-firm innovations are a...
