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作者：Bali, Turan G.; Brown, Stephen J.; Caglayan, Mustafa O.
作者单位：Georgetown University; New York University; University of Melbourne; Ozyegin University
摘要：This paper estimates hedge fund and mutual fund exposure to newly proposed measures of macroeconomic risk that are interpreted as measures of economic uncertainty. We find that the resulting uncertainty betas explain a significant proportion of the cross-sectional dispersion in hedge fund returns. However, the same is not true for mutual funds, for which there is no significant relationship. After controlling for a large set of fund characteristics and risk factors, the positive relation betwe...
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作者：Hsu, Po-Hsuan; Tian, Xuan; Xu, Yan
作者单位：University of Hong Kong; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We examine how financial market development affects technological innovation. Using a large data set that includes 32 developed and emerging countries and a fixed effects identification strategy, we identify economic mechanisms through which the development of equity markets and credit markets affects technological innovation. We show that industries that are more dependent on external finance and that are more high-tech intensive exhibit a disproportionally higher innovation level in countrie...
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作者：Choi, Hyun-Soo; Hong, Harrison; Scheinkman, Jose
作者单位：Singapore Management University; Princeton University; Columbia University; National Bureau of Economic Research
摘要：We develop a speculation-based theory of home improvements. Housing services are produced from a mix of land and structures. Homeowners optimistic about future prices for these services speculate by making improvements, which we model as them increasing their structures holding fixed their land. The recoup value (the difference between the resale value of improvements and construction costs) is simultaneously increasing in home price appreciation and falls with construction cost growth. This p...
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作者：Foucault, Thierry; Fresard, Laurent
作者单位：Hautes Etudes Commerciales (HEC) Paris; University System of Maryland; University of Maryland College Park
摘要：Peers' valuation matters for firms' investment: a one standard deviation increase in peers' valuation is associated with a 5.9% increase in corporate investment. This association is stronger when a firm's stock price informativeness is lower or when its managers appear less informed. Also, the sensitivity of a firm's investment to its stock price is lower when its peers' stock price informativeness is higher or when demands for its products and its peers' products are more correlated. Furtherm...
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作者：Tahoun, Ahmed
作者单位：University of London; London Business School
摘要：I examine whether stock ownership by politicians helps to enforce noncontractible quid pro quo relations with firms. The ownership by US Congress members in firms contributing to their election campaigns is higher than in noncontributors. This bias toward contributors depends on the financial incentives of politicians and the relation's value. Firms with a stronger ownership-contribution association receive more government contracts. The financial gains from these contracts are economically la...
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作者：Conrad, Jennifer; Kapadia, Nishad; Xing, Yuhang
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Rice University; Tulane University
摘要：Campbell, Hilscher, and Szilagyi (2008) show that firms with a high probability of default have abnormally low average future returns. We show that firms with a high potential for default (death) also tend to have a relatively high probability of extremely large (jackpot) payoffs. Consistent with an investor preference for skewed, lottery-like payoffs, stocks with high predicted probabilities for jackpot returns earn abnormally low average returns. Stocks with high death or jackpot probabiliti...
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作者：Cronqvist, Henrik; Siegel, Stephan
作者单位：China Europe International Business School; University of Washington; University of Washington Seattle
摘要：For a long list of investment biases, including lack of diversification, excessive trading, and the disposition effect, we find that genetic differences explain up to 45% of the remaining variation across individual investors, after controlling for observable individual characteristics. The evidence is consistent with a view that investment biases are manifestations of innate and evolutionary ancient features of human behavior. We find that work experience with finance reduces genetic predispo...
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作者：Van Wesep, Edward D.
作者单位：Vanderbilt University
摘要：Increasing concern over corporate governance has led to calls for more shareholder influence over corporate decisions, but allowing shareholders to vote on more issues may not affect the quality of governance. We should expect instead that, under current rules, shareholder voting will implement the preferences of the majority of large shareholders and management. This is because majority rule offers little incentive for small shareholders to vote. I offer a potential remedy in the form of a ne...
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作者：Ishii, Joy; Xuan, Yuhai
作者单位：Stanford University; Harvard University
摘要：This article investigates the effect of social ties between acquirers and targets on merger performance. We find that the extent of cross-firm social connection between directors and senior executives at the acquiring and the target firms has a significantly' negative effect on the abnormal returns to the acquirer and to the combined entity upon merger announcement. Moreover, acquirer-target social ties significantly increase the likelihood that the target firm's chief executive officer (CEO) ...
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作者：Baranchuk, Nina; Kieschnick, Robert; Moussawi, Rabih
作者单位：University of Texas System; University of Texas Dallas; University of Pennsylvania
摘要：Prior research suggests that executive option grants that do not quickly vest provide managers with better incentives to pursue long-term, instead of short-term, objectives. Previous research also suggests that the pursuit of long-term objectives could be undermined by the risk of early termination. We conjecture that these arguments jointly suggest that managers are better motivated to pursue innovation when they are given more incentive compensation with longer vesting periods for unexercise...
