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作者：Hasan, Iftekhar; Hoi, Chun Keung (Stan); Wu, Qiang; Zhang, Hao
作者单位：Fordham University; Bank of Finland; Rochester Institute of Technology; Rensselaer Polytechnic Institute
摘要：We find that firms with greater tax avoidance incur higher spreads when obtaining bank loans. This finding is robust in a battery of sensitivity analyses and in two quasi-experimental settings including the implementation of Financial Accounting Standards Board Interpretation No. 48 and the revelation of past tax sheltering activity. Firms with greater tax avoidance also incur more stringent nonprice loan terms, incur higher at-issue bond spreads, and prefer bank loans over public bonds when o...
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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：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：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：Jacobsen, Stacey
作者单位：Southern Methodist University
摘要：To examine the market response to positive revelations of chief executive officer (CEO) quality, this study focuses on CEOs who withdraw acquisition bids when the price becomes increasingly expensive. Firms that withdrawal for price-related reasons earn higher withdrawal returns than firms that withdraw for other reasons. This relation is stronger when CEO uncertainty and discretion is high. CEOs unwilling to increase the offer price are less likely to be replaced and more likely to advance to...
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作者：Chan, Kalok; Chan, Yue-Cheong
作者单位：Hong Kong University of Science & Technology; Hong Kong Polytechnic University
摘要：We investigate what stock return synchronicity reflects in terms of price informativeness by examining its effect on the pricing of seasoned equity offerings (SEOs). Based on 5,087 SEOs from 1984 to 2007, we find a significantly negative relation between stock return synchronicity (estimated as the logit transformation of the R-squared statistic from a two-factor regression) and SEO discounts (the percentage differences between pre-offer day closing prices and offer prices). The negative relat...
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作者：Custodio, Claudia; Metzger, Daniel
作者单位：Arizona State University; Arizona State University-Downtown Phoenix; Stockholm School of Economics
摘要：We study CEOs with a career background in finance. Firms with financial expert CEOs hold less cash, more debt, and engage in more share repurchases. Financial expert CEOs are more financially sophisticated: they are less likely to use one companywide discount rate instead of a project-specific one, they manage financial policies more actively, and their firm investments are less sensitive to cash flows. Financial expert CEOs are able to raise external funds even when credit conditions are tigh...
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作者：Jankowitsch, Rainer; Nagler, Florian; Subrahmanyam, Marti G.
作者单位：Vienna University of Economics & Business; New York University
摘要：We examine recovery rates of defaulted bonds in the US corporate bond market, based on a complete set of traded prices and volumes. A study of the trading microstructure around various types of default events is provided. We document temporary price pressure with high trading volumes on the default day and the following 30 days, and low trading activity thereafter. Based on this analysis, we determine market-based recovery rates and quantify various liquidity measures. We study the relation be...
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作者：Solomon, David H.; Soltes, Eugene; Sosyura, Denis
作者单位：University of Southern California; Harvard University; University of Michigan System; University of Michigan
摘要：We show that media coverage of mutual fund holdings affects how investors allocate money across funds. Fund holdings with high past returns attract extra flows, but only if these stocks were recently featured in the media. In contrast, holdings that were not covered in major newspapers do not affect flows. We present evidence that media coverage tends to contribute to investors' chasing of past returns rather than facilitate the processing of useful information in fund portfolios. Our evidence...
