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作者：Golez, Benjamin; Marin, Jose M.
作者单位：University of Notre Dame; Universidad Carlos III de Madrid
摘要：Fund managers are double agents; they serve both fund investors and owners of management firms. This conflict of interest may result in trading to support securities prices. Tests of this hypothesis in the Spanish mutual fund industry indicate that bank-affiliated mutual funds systematically increase their holdings in the controlling bank stock around seasoned equity issues, at the time of bad news about the controlling bank, before anticipated price drops, and after non-anticipated price drop...
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作者：Lepetit, Laetitia; Saghi-Zedek, Nadia; Tarazi, Amine
作者单位：Universite de Limoges
摘要：We investigate whether excess control rights of ultimate owners in pyramids affect banks' capital ratio adjustments. When control and cash flow rights are identical, to boost capital ratios banks issue equity without cutting lending. However, when control rights exceed cash flow rights, instead of issuing equity, banks downsize by reducing lending. Such a finding is mostly prevalent in countries with weak shareholder protection or for family-controlled banks. Other factors also explain the ext...
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作者：Graham, John R.; Leary, Mark T.; Roberts, Michael R.
作者单位：Duke University; Washington University (WUSTL); University of Pennsylvania; National Bureau of Economic Research
摘要：Unregulated US corporations dramatically increased their debt usage over the past century. Aggregate leverage low and stable before 1945 more than tripled between 1945 and 1970 from 11% to 35%, eventually reaching 47% by the early 1990s. The median firm in 1946 had no debt, but by 1970 had a leverage ratio of 31%. This increase occurred in all unregulated industries and affected firms of all sizes. Changing firm characteristics are unable to account for this increase. Rather, changes in govern...
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作者：Harris, Lawrence E.; Hartzmark, Samuel M.; Solomon, David H.
作者单位：University of Southern California; University of Chicago
摘要：Some mutual funds purchase stocks before dividend payments to artificially increase their dividends, which we call juicing. Funds paid more than twice the dividends implied by their holdings in 7.4% of fund-years examined. Juicing is associated with larger inflows, and is more common among funds with unsophisticated investors. This behavior is consistent with an underlying investor demand for dividends, but is hard to explain by taxes or need for income, as funds can generate equivalent tax-fr...
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作者：Schneider, Paul
作者单位：Universita della Svizzera Italiana; Swiss Finance Institute (SFI)
摘要：This paper develops an optimal trading strategy explicitly linked to an agent's preferences and assessment of the distribution of asset returns. The price of this strategy is a portfolio of implied moments, and its expected excess returns naturally accommodate compensation for higher-order moment risk. Variance risk and the equity premium approximate it to first order and it nests cross-sectional asset pricing models such as the linear Capital Asset Pricing Model (CAPM). An empirical study in ...
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作者：Heider, Florian; Ljungqvist, Alexander
作者单位：European Central Bank; New York University; National Bureau of Economic Research
摘要：Using staggered corporate income tax changes across U.S. states, we show that taxes have a first-order effect on capital structure. Firms increase leverage by around 40 basis points for every percentage-point tax increase. Consistent with dynamic tradeoff theory, the effect is asymmetric: leverage does not respond to tax cuts. This is true even within-firm: tax increases that are later reversed nonetheless lead to permanent leverage increases. The treatment effects are heterogeneous and confir...
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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：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...
