3期

最新文章

• Crises and confidence: Systemic banking crises and depositor behavior AI翻译
  作者：Osili, Una Okonkwo; Paulson, Anna
  作者单位：Purdue University System; Purdue University; Purdue University in Indianapolis; Federal Reserve System - USA; Federal Reserve Bank - Chicago
  摘要：We show that individuals who have experienced a systemic banking crisis are 11 percentage points less likely to use banks in the U.S. than otherwise similar individuals who emigrated from the same country but did not live through a crisis. This finding is robust to controlling for exposure to other macroeconomic events and to various methods for addressing potential bias due to migrant self-selection. Consistent with the view that personal experience plays an important role in decision-making,...
• Freedom of choice between unitary and two-tier boards: An empirical analysis AI翻译
  作者：Belot, Francois; Ginglinger, Edith; Sloyin, Myron B.; Sushka, Marie E.
  作者单位：CY Cergy Paris Universite; Universite PSL; Universite Paris-Dauphine; Hautes Etudes Commerciales (HEC) Paris; Arizona State University; Arizona State University-Tempe
  摘要：We examine board structure in France, which since 1966 has allowed firms the freedom to choose between unitary and two-tier boards. We analyze how this choice relates to characteristics of the firm and its environment. Firms with severe asymmetric information tend to opt for unitary boards; firms with a potential for private benefits extraction tend to adopt two-tier boards. Chief executive officer turnover is more sensitive to performance at firms with two-tier boards, indicating greater moni...
• Trading in derivatives when the underlying is scarce AI翻译
  作者：Banerjee, Snehal; Graveline, Jeremy J.
  作者单位：Northwestern University; University of Minnesota System; University of Minnesota Twin Cities
  摘要：Regulatory restrictions and market frictions can constrain the aggregate quantity of long and short positions in a security. When these constraints bind, we refer to the security as scarce, and its price becomes distorted relative to its value in a frictionless market. We show that an otherwise redundant derivative can reduce the price distortion of the underlying security by relaxing its scarcity. We also show that it is especially important to analyze the underlying and derivative markets jo...
• Do independent directors cause improvements in firm transparency? AI翻译
  作者：Armstrong, Christopher S.; Core, John E.; Guay, Wayne R.
  作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT)
  摘要：Although recent research documents a positive relation between corporate transparency and the proportion of independent directors, the direction of causality is unclear. We examine a regulatory shock that substantially increased board independence for some firms, and find that information asymmetry, and to some extent management disclosure and financial intermediation, changed at firms affected by this shock. We also examine whether these effects vary as a function of management entrenchment, ...
• Uncertainty, market structure, and liquidity AI翻译
  作者：Chung, Kee H.; Chuwonganant, Chairat
  作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; Chung Ang University; Kansas State University
  摘要：In this study we show that market uncertainty [measured by the Chicago Board Options Exchange Market Volatility Index (VIX)] exerts a large market-wide impact on liquidity, which gives rise to co-movements in individual asset liquidity. The effect of VIX on stock liquidity is greater than the combined effects of all other common determinants of stock liquidity. We show that the uncertainty elasticity of liquidity (UEL: percent change in liquidity given a 1% change in VIX) has increased around ...
• China's secondary privatization: Perspectives from the Split-Share Structure Reform AI翻译
  作者：Liao, Li; Liu, Bibo; Wang, Hao
  作者单位：Tsinghua University; Tsinghua University; Tsinghua University
  摘要：The Split-Share Structure Reform granted legitimate trading rights to the state-owned shares of listed state-owned enterprises (SOEs), opening up the gate to China's secondary privatization. The expectation of privatization quickly boosted SOE output, profits, and employment, but did not change their operating efficiency and corporate governance. The improvements to SOE performance are positively correlated to government agents' privatization-led incentive of increasing state-owned share value...
• The long of it: Odds that investor sentiment spuriously predicts anomaly returns AI翻译
  作者：Stambaugh, Robert F.; Yu, Jianfeng; Yuan, Yu
  作者单位：University of Pennsylvania; National Bureau of Economic Research; University of Minnesota System; University of Minnesota Twin Cities; Shanghai Jiao Tong University; University of Pennsylvania; Tsinghua University
  摘要：Extremely long odds accompany the chance that spurious-regression bias accounts for investor sentiment's observed role in stock-return anomalies. We replace investor sentiment with a simulated persistent series in regressions reported by Stambaugh, Yu, and Yuan (2012), who find higher long-short anomaly profits following high sentiment, due entirely to the short leg. Among 200 million simulated regressors, we find none that support those conclusions as strongly as investor sentiment. The key i...
• Debt covenant renegotiations and creditor control rights AI翻译
  作者：Denis, David J.; Wang, Jing
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Nebraska System; University of Nebraska Lincoln
  摘要：Using a large sample of private debt renegotiations from 1996 to 2011, we report that, even in the absence of any covenant violation, debt covenants are frequently renegotiated. These renegotiations primarily relax existing restrictions and result in economically large changes in existing limits. Renegotiations of specific covenants are a response to both the distance the covenant variable is from its contractual limit and the firm's specific operating conditions and prospects. Moreover, the b...
• Monetary policy regimes: Implications for the yield curve and bond pricing AI翻译
  作者：Filipova, Kameliya; Audrino, Francesco; De Giorgi, Enrico
  作者单位：University of St Gallen
  摘要：We develop a multivariate dynamic term structure model, which takes into account the nonlinear (time-varying) relation between interest rates and the state of the economy. In contrast to the classical term structure literature, in which nonlinearities are captured by increasing the number of latent state variables or by latent regime shifts, in our no-arbitrage framework the regimes are governed by thresholds and are directly linked to economic fundamentals. Specifically, starting from a simpl...
• The euro and corporate financing before the crisis AI翻译
  作者：Bris, Arturo; Koskinen, Yrjoe; Nilsson, Mattias
  作者单位：University of Pennsylvania; University of Colorado System; University of Colorado Boulder
  摘要：We study the financing policies of European public corporations prior to the euro crisis. Using data from 11 euro countries and a control group of five other European countries over 1991-2006, we show that nonfinancial firms from euro countries with previously weak currencies considerably increased their debt financing after the introduction of the euro. The results are stronger for large firms, firms dependent on external financing, and for the latter part of the post-euro time period. Overal...