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作者：Berkowitz, Daniel; Lin, Chen; Ma, Yue
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Hong Kong; City University of Hong Kong
摘要：This paper considers a property law enactment that gave creditors more rights over the assets underlying their secured loans to private firms and gave private firms more protections against the potential expropriation of their assets. We find that this property law enactment led to a significant increase in firm value. We also find that the law's impact on value was more profound for firms with more tangible assets, lower internal cash flows, and stronger growth opportunities, and less profoun...
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作者：Michaelides, Alexander; Milidonis, Andreas; Nishiotis, George P.; Papakyriakou, Panayiotis
作者单位：Imperial College London; University of Cyprus; Centre for Economic Policy Research - UK; Nanyang Technological University
摘要：Rating agencies consult with local government officials several days prior to official announcements of sovereign debt rating changes, making information leakage likely. Using cross-country data from 1988 to 2012, we find evidence of information leakage. In particular, we find statistically and economically significant negative daily abnormal stock index returns prior to downgrade announcements. These effects are more pronounced in countries with lower institutional quality, and they persist d...
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作者：Acharya, Viral V.; Almeida, Heitor; Baker, Malcolm
作者单位：Centre for Economic Policy Research - UK; National Bureau of Economic Research; University of Illinois System; University of Illinois Urbana-Champaign; Harvard University
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作者：Ai, Hengjie; Li, Rui
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Massachusetts System; University of Massachusetts Boston
摘要：We extend the neoclassical investment model (Hayashi, 1982) to allow for limited commitment on compensation contracts. We consider three types of limited commitment: (i) managers cannot commit to compensation contracts that provide lower continuation utility than their outside options; (ii) shareholders cannot commit to negative net present value (NPV) projects; (iii) both the managers and the shareholders cannot commit. We characterize the optimal contract under general convex adjustment cost...
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作者：Hellmann, Thomas; Thiele, Veikko
作者单位：University of Oxford; Queens University - Canada
摘要：This paper develops a theory of how angel and venture capital markets interact. Entrepreneurs first receive angel then venture capital funding. The two investor types are 'friends' in that they rely upon each other's investments. However, they are also 'foes,' because at the later stage the venture capitalists no longer need the angels. Using a costly search model we derive the equilibrium deal flows across the two markets, endogenously deriving market sizes, competitive structures, valuation ...
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作者：Albuquerque, Rui; Ramadorai, Tarun; Watugala, Sumudu W.
作者单位：Boston University; Universidade Catolica Portuguesa; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of Oxford; University of Oxford; Office of Financial Research; United States Department of the Treasury
摘要：We investigate the role of trade credit links in generating cross-border return predictability between international firms. Using data from 43 countries from 1993 to 2009, we find that firms with high trade credit located in producer countries have stock returns that are strongly predictable based on the returns of their associated customer countries. This behavior is especially prevalent among firms with high levels of foreign sales. To better understand this effect we develop an asset pricin...
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作者：Lyle, Matthew R.; Wang, Charles C. Y.
作者单位：Northwestern University; Harvard University
摘要：We provide a tractable model of firm-level expected holding period returns using two firm fundamentals-book-to-market ratio and return on equity-and study the cross-sectional properties of the model-implied expected returns. We find that firm-level expected returns and expected profitability are time-varying but highly persistent and that forecasts of holding period returns strongly predict the cross section of future returns up to three years ahead. We show a highly significant predictive poo...
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作者：Malenko, Andrey; Malenko, Nadya
作者单位：Massachusetts Institute of Technology (MIT); Boston College
摘要：We develop a theory of leveraged buyout (LBO) activity based on two elements: the ability of private equity-owned firms to borrow against their sponsors' reputation with creditors and externalities in sponsors' reputations due to competition and club formation. In equilibrium, the two sources of value creation in LBOs, operational improvements and financing, are complements. Moreover, sponsors that never add operational value cannot add value through financing either. Club deals are beneficial...
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作者：Beber, Alessandro; Brandt, Michael W.; Luisi, Maurizio
作者单位：City St Georges, University of London; Duke University; National Bureau of Economic Research
摘要：We propose a simple cross-sectional technique to extract daily factors from economic news released at different times and frequencies. Our approach can effectively handle the large number of different announcements that are relevant for tracking current economic conditions. We apply the technique to extract real-time measures of inflation, output, employment, and macroeconomic sentiment, as well as corresponding measures of disagreement among economists about these indices. We find that our pr...
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作者：Graham, John R.; Harvey, Campbell R.; Puri, Manju
作者单位：Duke University; National Bureau of Economic Research
摘要：We use a unique data set that contains information on more than 1,000 Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs) around the world to investigate the degree to which executives delegate financial decisions and the circumstances that drive variation in delegation. Delegation does not appear to be monolithic; instead, our results show that it varies across corporate policies and also varies with the personal characteristics of the CEO. We find that CEOs delegate financial...
