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作者：Li, Xiaoyang
摘要：This paper investigates how takeovers create value. Using plant-level data, I show that acquirers increase targets' productivity through more efficient use of capital and labor. Acquirers reduce capital expenditures, wages, and employment in target plants, though output is unchanged. Acquirers improve targets' investment efficiency through reallocating capital to industries with better investment opportunities. Moreover, changes in productivity help explain the merging firms' announcement retu...
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作者：Yim, Soojin
作者单位：Emory University
摘要：I demonstrate that acquisitions are accompanied by large, permanent increases in Chief Executive Officer (CEO) compensation, which create strong financial incentives for CEOs to pursue acquisitions earlier in their career. Accordingly, I document that a firm's acquisition propensity is decreasing in the age of its CEO: a firm with a CEO who is 20 years older is similar to 30% less likely to announce an acquisition. This negative effect of CEO age on acquisitions is strongest among firms where ...
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作者：Li, Yuanzhi
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：Past literature has assumed that negative stock returns around Chapter 11 filing are solely due to new adverse information about firm value. This paper argues that there is also a nonlinear wealth transfer from shareholders to creditors causing shareholder loss. The magnitude of the wealth transfer can be quantified in a setting where equity is a call option on firm assets as in the Merton (1974) model. The wealth transfer originates from maturity shortening of the call option as a result of C...
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作者：Barber, Brad M.; De George, Emmanuel T.; Lehavy, Reuven; Trueman, Brett
作者单位：University of California System; University of California Davis; University of Michigan System; University of Michigan; University of California System; University of California Los Angeles
摘要：U.S. stocks have been shown to earn higher returns during earnings announcement months than during non-announcement months. We document that this earnings announcement premium exists across the globe. Moreover, it is not isolated to a few countries. Of the 20 countries with enough data to conduct a within-country analysis, nine exhibit a significantly positive premium. A cross-country analysis finds that the premium is strongest in countries with the greatest increase in idiosyncratic volatili...
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作者：Becker, Bo; Jacob, Marcus; Jacob, Martin
作者单位：Harvard University; National Bureau of Economic Research; WHU - Otto Beisheim School of Management
摘要：When corporate payout is taxed, internal equity (retained earnings) is cheaper than external equity (share issues). If there are no perfect substitutes for equity finance, payout taxes may therefore have an effect on the investment of firms. High taxes will favor investment by firms who can finance internally. Using an international panel with many changes in payout taxes, we show that this prediction holds well. Payout taxes have a large impact on the dynamics of corporate investment and grow...
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作者：Massa, Massimo; Yasuda, Ayako; Zhang, Lei
作者单位：INSEAD Business School; University of California System; University of California Davis; Nanyang Technological University
摘要：We examine the effect of the bond capital supply uncertainty of institutional investors (e.g., mutual bond funds and insurance companies) on the leverage of the firm using a novel data set. Our main finding is that the supply uncertainty of the firm's bond investor base - measured as (i) the average portfolio turnover, or (ii) the average flow volatility of investors holding the firm's bonds, or (iii) the prevalence of mutual funds among the firm's bondholders as opposed to insurance companies...
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作者：Campello, Murillo; Graham, John R.
作者单位：Cornell University; National Bureau of Economic Research; Duke University
摘要：We study the capital investment, stock issuance, and cash savings behavior of non-tech manufacturers (old economy firms) during the 1990s technology bubble. Our empirical results show that high stock prices affect corporate policies because they relax financing constraints. During the tech bubble, constrained non-tech firms' investment responded strongly to high stock prices (specifically, the component of price that is not captured by fundamentals). They also issued stock in response to that ...
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作者：Parlour, Christine A.; Winton, Andrew
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of California System; University of California Berkeley
摘要：How do markets for debt cash flow rights, with and without accompanying control rights, affect the efficiency of lending? A bank makes a loan, learns if it needs monitoring, and then decides whether to lay off credit risk. The bank can transfer credit risk by either selling the loan or buying a credit default swap (CDS). With a CDS, the originating bank retains the loan's control rights; with loan sales, control rights pass to the loan buyer. Credit risk transfer leads to excessive monitoring ...
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作者：Taylor, Lucian A.
作者单位：University of Pennsylvania
摘要：The level of Chief Executive Officer (CEO) pay responds asymmetrically to good and bad news about the CEO's ability. The average CEO captures approximately half of the surpluses from good news, implying CEOs and shareholders have roughly equal bargaining power. In contrast, the average CEO bears none of the negative surplus from bad news, implying CEOs have downward rigid pay. These estimates are consistent with the optimal contracting benchmark of Harris and Holmstrom (1982) and do not appear...
