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作者：Lee, Charles M. C.; Ma, Paul; Wang, Charles C. Y.
作者单位：Stanford University; University of Minnesota System; University of Minnesota Twin Cities; Harvard University
摘要：Applying a co-search algorithm to Internet traffic at the SEC's EDGAR website, we develop a novel method for identifying economically related peer firms and for measuring their relative importance. Our results show that firms appearing in chronologically adjacent searches by the same individual (Search-Based Peers or SBPs) are fundamentally similar on multiple dimensions. In direct tests, SBPs dominate GICS6 industry peers in explaining cross-sectional variations in base firms' out-of-sample: ...
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作者：Hochberg, Yael V.; Lindsey, Laura A.; Westerfield, Mark M.
作者单位：Rice University; Arizona State University; Arizona State University-Tempe; University of Washington; University of Washington Seattle; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Ties between similar partners in economic and financial networks are often attributed to concerns about agency costs. In this paper, we distinguish the underlying motives for tie formation between sets of potential partners in the network, thus informing the relative importance of agency cost and resource accumulation in tie formation across firms. We develop a robust and generalizable methodology that allows for the inference of similarity and/or cumulative advantage motives in the potential ...
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作者：Acharya, Viral V.; Steffen, Sascha
作者单位：New York University; European School of Management & Technology
摘要：We show that eurozone bank risks during 2007-2013 can be understood as carry trade behavior. Bank equity returns load positively on peripheral (Greece, Italy, Ireland, Portugal, Spain, or GIIPS) bond returns and negatively on German government bond returns, which generated carry until the deteriorating GIIPS bond returns adversely affected bank balance sheets. We find support for risk-shifting and regulatory arbitrage motives at banks in that carry trade behavior is stronger for large banks an...
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作者：Krueger, Philipp
作者单位：University of Geneva; University of Geneva
摘要：Using a unique data set, I study how stock markets react to positive and negative events concerned with a firm's corporate social responsibility (CSR). I show that investors respond strongly negatively to negative events and weakly negatively to positive events. I then show that investors do value offsetting CSR, that is positive CSR news concerning firms with a history of poor stakeholder relations. In contrast, investors respond negatively to positive CSR news which is more likely to result ...
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作者：El-Khatib, Rwan; Fogel, Kathy; Jandik, Tomas
作者单位：Zayed University; University of Arkansas System; University of Arkansas Fayetteville
摘要：We study the effects on M&A outcomes of CEO network centrality, which measures the extent and strength of a CEO's personal connections. High network centrality can allow CEOs to efficiently gather and control private information, facilitating value-creating acquisition decisions. We show, however, that M&A deals initiated by high-centrality CEOs, in addition to being more frequent, carry greater value losses to both the acquirer and the combined entity than deals initiated by low-centrality CE...
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作者：Offenberg, David; Pirinsky, Christo
作者单位：Loyola Marymount University; Cornerstone Research
摘要：Tender offers provide the advantage of substantially faster completion times than mergers. However, a tender offer signals to the target higher demand for its shares and raises its reservation price. In equilibrium, bidders tradeoff speed and cost. Consistent with this theory, we show that deals in more competitive environments and deals with fewer external impediments on execution are more likely to be structured as tender offers. Tender offers also require higher premiums than mergers. Final...
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作者：Heider, Florian; Hoerova, Marie; Holthausen, Cornelia
作者单位：European Central Bank
摘要：We develop a model of interbank lending and borrowing with counterparty risk. The model has two key ingredients. First, liquidity in the banking sector is endogenous, so there is an opportunity cost of holding liquid assets. Second, banks are privately informed about the risk of their long-term assets, which can lead to adverse selection and high interest rates in the interbank market. We identify a novel form of a market break-down, which can lead to liquidity hoarding. It arises because adve...
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作者：Schmidt, Breno
作者单位：Emory University
摘要：Finance theory predicts that board independence is not always in the shareholders' interest, in situations in which board advice is more important than monitoring, independence can decrease firm value. I test this prediction by examining the connection between takeover returns and board friendliness, using social ties between the CEO and board members as a proxy for less independent boards. I find that social ties are associated with higher bidder announcement returns when the potential value ...
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作者：Rajan, Uday; Seru, Amit; Vig, Vikrant
作者单位：University of Michigan System; University of Michigan; University of Chicago; University of London; London Business School
摘要：Statistical default models, widely used to assess default risk, fail to account for a change in the relations between different variables resulting from an underlying change in agent behavior. We demonstrate this phenomenon using data on securitized subprime mortgages issued in the period 1997-2006. As the level of securitization increases, lenders have an incentive to originate loans that rate high based on characteristics that are reported to investors, even if other unreported variables imp...
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作者：Banerjee, Snehal; Green, Brett
作者单位：Northwestern University; University of California System; University of California Berkeley
摘要：We develop a model where some investors are uncertain whether others are trading on informative signals or noise. Uncertainty about others leads to a nonlinear price that reacts asymmetrically to news. We incorporate this uncertainty into a dynamic setting where traders gradually learn about others and show that it generates empirically relevant return dynamics: expected returns are stochastic but predictable, and volatility exhibits clustering and the leverage effect. The model nests both the...
