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作者：Kahle, Kathleen M.; Stulz, Rene M.
作者单位：University of Arizona; University System of Ohio; Ohio State University; National Bureau of Economic Research; European Corporate Governance Institute
摘要：During the recent financial crisis, corporate borrowing and capital expenditures fall sharply. Most existing research links the two phenomena by arguing that a shock to bank lending (or, more generally, to the corporate credit supply) caused a reduction in capital expenditures. The economic significance of this causal link is tenuous, as we find that (1) bank-dependent firms do not decrease capital expenditures more than matching firms in the first year of the crisis or in the two quarters aft...
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作者：Li, Yan; Ng, David T.; Swaminathan, Bhaskaran
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Cornell University
摘要：Theoretically, the implied cost of capital (ICC) is a good proxy for time-varying expected returns. We find that aggregate ICC strongly predicts future excess market returns at horizons ranging from one month to four years. This predictive power persists even in the presence of popular valuation ratios and business cycle variables, both in-sample and out-of-sample, and is robust to alternative implementations. We also find that ICCs of size and book-to-market portfolios predict corresponding p...
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作者：He, Jie (Jack); Tian, Xuan
作者单位：University System of Georgia; University of Georgia; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We examine the effects of financial analysts on the real economy in the case of innovation. Our baseline results show that firms covered by a larger number of analysts generate fewer patents and patents with lower impact. To establish causality, we use a difference-indifferences approach that relies on the variation generated by multiple exogenous shocks to analyst coverage, as well as an instrumental variable approach. Our identification strategies suggest a negative causal effect of analyst ...
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作者：Parsons, Christopher A.; Van Wesep, Edward D.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of California System; University of California San Diego
摘要：There exists large and persistent variation in not only how, but when employees are paid, a fact unexplained by existing theory. This paper develops a simple model of optimal pay timing for firms. When workers have self-control problems, they under-save and experience volatile consumption between paychecks. Thus, pay whose delivery matches the timing of workers' consumption needs will reduce wage costs. The model also explains why pay timing should be regulated (as it is in practice): although...
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作者：Israel, Ronen; Moskowitz, Tobias J.
作者单位：University of Chicago; National Bureau of Economic Research
摘要：We examine the role of shorting, firm size, and time on the profitability of size, value, and momentum strategies. We find that long positions make up almost all of size, 60% of value, and half of momentum profits. Shorting becomes less important for momentum and more important for value as firm size decreases. The value premium decreases with firm size and is weak among the largest stocks. Momentum profits, however, exhibit no reliable relation with size. These effects are robust over 86 year...
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作者：Ozmel, Umit; Robinson, David T.; Stuart, Toby E.
作者单位：Purdue University System; Purdue University; Duke University; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：We study the trade-offs that biotech start-ups face in the private equity market when they choose between raising firm-level capital from venture capitalists or project-level capital from strategic alliance partners. Increased alliance activity makes future alliances more likely, but future VC activity less likely. In contrast, venture capital (VC) activity makes both future alliance and future VC activity more likely. Both types of private capital raise the hazard of going public. Acquisition...
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作者：Asquith, Paul; Au, Andrea S.; Covert, Thomas; Pathak, Parag A.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Harvard University; Massachusetts Institute of Technology (MIT)
摘要：This paper describes the market for borrowing corporate bonds using a comprehensive data set from a major lender. The cost of borrowing corporate bonds is comparable to the cost of borrowing stock, between 10 and 20 basis points, and both have fallen over time. Factors that influence borrowing costs are loan size, percentage of inventory lent, rating, and borrower identity. There is no evidence that bond short sellers have private information. Bonds with Credit Default Swaps (CDS) contracts ar...
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作者：Bekaert, Geert; Harvey, Campbell R.; Lundblad, Christian T.; Siegel, Stephan
作者单位：Columbia University; National Bureau of Economic Research; Duke University; University of North Carolina; University of North Carolina Chapel Hill; University of Washington; University of Washington Seattle
摘要：We use industry valuation differentials across European countries to study the impact of membership in the European Union as well as the Eurozone on both economic and financial integration. In integrated markets, discount rates and expected growth opportunities should be similar within one industry, irrespective of the country, implying narrowing valuation differentials as countries become more integrated. Our analysis of the 1990-2007 period shows that membership in the EU significantly lower...
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作者：Eisfeldt, Andrea L.; Kuhnen, Camelia M.
作者单位：University of California System; University of California Los Angeles; Northwestern University
摘要：There is widespread concern about whether Chief Executive Officers (CEOs) are appropriately punished for poor performance. While CEOs are more likely to be forced out if their performance is poor relative to the industry average, overall industry performance also matters. This seems puzzling if termination is disciplinary, however, we show that both absolute and relative performance-driven turnover can be natural and efficient outcomes in a competitive assignment model in which CEOs and firms ...
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作者：Bar-Isaac, Heski; Shapiro, Joel
作者单位：University of Toronto; University of Oxford
摘要：Credit rating agencies (CRAs) have long held that reputational concerns discipline their behavior. The value of reputation, however, depends on economic fundamentals that vary over the business cycle. In a model of ratings incorporating endogenous reputation and a market environment that varies, we find that ratings quality is countercyclical. Specifically, a CRA is more likely to issue less-accurate ratings when fee-income is high, competition in the labor market for analysts is tough, and se...
