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作者：Brogaard, Jonathan; Engelberg, Joseph; Parsons, Christopher A.
作者单位：University of Washington; University of Washington Seattle; University of California System; University of California San Diego
摘要：Using detailed publication and citation data for over 50,000 articles from 30 major economics and finance journals, we investigate whether network proximity to an editor influences research productivity. During an editor's tenure, his current university colleagues publish about 100% more papers in the editor's journal, compared to years when he is not editor. In contrast to editorial nepotism, such inside articles have significantly higher ex post citation counts, even when same-journal and se...
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作者：Lai, Sandy; Ng, Lilian; Zhang, Bohui
作者单位：University of Hong Kong; University of Wisconsin System; University of Wisconsin Milwaukee; University of New South Wales Sydney
摘要：This study examines the empirical controversy over the pricing effect of the Easley, Hvidkjaer, and O'Hara (2002) probability of information-based trading, PIN, on a sample of 30,095 firms from 47 countries worldwide. Contrary to the empirical evidence of Easley, Hvidkjaer, and O'Hara, but consistent with that of Duarte and Young (2009), we do not find that PIN exhibits a positive effect on a cross section of expected stock returns in international markets. Alternative information-based tradin...
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作者：Sensoy, Berk A.; Wang, Yingdi; Weisbach, Michael S.
作者单位：University System of Ohio; Ohio State University; California State University System; California State University Fullerton; National Bureau of Economic Research
摘要：We evaluate the performance of limited partners' (LPs') private equity investments over time. Using a sample of 14,380 investments by 1,852 LPs in 1,250 buyout and venture capital funds started between 1991 and 2006, we find that the superior performance of endowment investors in the 1991-1998 period, documented by prior literature, is mostly due to their greater access to the top-performing venture capital partnerships. In the subsequent 19992006 period, endowments no longer outperform, no lo...
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作者：Rampini, Adriano A.; Sufi, Amir; Viswanathan, S.
作者单位：Duke University; University of Chicago
摘要：Both financing and risk management involve promises to pay that need to be collateralized, resulting in a financing versus risk management trade-off. We study this trade-off in a dynamic model of commodity price risk management and show that risk management is limited and that more financially constrained firms hedge less or not at all. We show that these predictions are consistent with the evidence using panel data for fuel price risk management by airlines. More constrained airlines hedge le...
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作者：Fotak, Veljko; Raman, Vikas; Yadav, Pradeep K.
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; University of Warwick; University of Oklahoma System; University of Oklahoma - Norman
摘要：We investigate the aggregate market quality impact of equity shares that fail to deliver (hereafter FTDs). For a sample of 1,492 NYSE stocks over a 42-month period from 2005 to 2008, greater FTDs lead to higher liquidity and pricing efficiency, and their impact is similar to our estimate of delivered short sales. Furthermore, during the operative period of a Security and Exchange Commission (SEC) order mandating stock borrowing prior to short sales, the securities affected display relatively l...
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作者：Adelino, Manuel; Dinc, I. Serdar
作者单位：Duke University; Rutgers University System; Rutgers University New Brunswick
摘要：The literature on distressed firms has focused on these firms' investment, capital structure, and labor decisions. This paper investigates a novel aspect of firm behavior in distress: how financial health affects a firm's lobbying and, consequently, its relationship with the government. We exploit the shock to nonfinancial firms during the 2008 financial crisis and the availability of the stimulus package in the first quarter of 2009. We find that firms with weaker financial health, as measure...
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作者：Hanlon, Michelle; Hoopes, Jeffrey L.
作者单位：Massachusetts Institute of Technology (MIT); University System of Ohio; Ohio State University
摘要：This paper investigates whether investor-level taxes affect corporate payout policy decisions. We predict and find a surge of special dividends in the final months of 2010 and 2012, immediately before individual-level dividend tax rates were expected to increase. We also find evidence that immediately before the expected tax increases, firms altered the timing of their regular dividend payments by shifting what would normally be January regular dividend payments into the preceding December. To...
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作者：Hanson, Samuel G.
作者单位：Harvard University
摘要：Most home mortgages in the United States are fixed-rate loans with an embedded prepayment option. When long-term rates decline, the effective duration of mortgage-backed securities (MBS) falls due to heightened refinancing expectations. I show that these changes in MBS duration function as large-scale shocks to the quantity of interest rate risk that must be borne by professional bond investors. I develop a simple model in which the risk tolerance of bond investors is limited in the short run,...
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作者：Anantharaman, Divya; Lee, Yong Gyu
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; Sungkyunkwan University (SKKU)
摘要：We examine whether the compensation incentives of top management affect the extent of risk shifting versus risk management behavior in pension plans. We find that risk shifting through pension underfunding (and, to a lesser extent, through pension asset allocation to risky securities) is stronger with compensation structures that create high wealth-risk sensitivity (vega) and weaker with high wealth-price sensitivity (delta). These findings are stronger for chief financial officers (CFOs) than...
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作者：Brochet, Francois; Srinivasan, Suraj
作者单位：Harvard University
摘要：We examine which independent directors are held accountable when investors sue firms for financial and disclosure-related fraud. Investors can name independent directors as defendants in lawsuits, and they can vote against their reelection to express displeasure over the directors' ineffectiveness at monitoring managers. In a sample of securities class action lawsuits from 1996 to 2010, about 11% of independent directors are named as defendants. The likelihood of being named is greater for aud...
