3期

最新文章

• Determinants of corporate cash policy: Insights from private firms AI翻译
  作者：Gao, Huasheng; Harford, Jarrad; Li, Kai
  作者单位：Nanyang Technological University; University of Washington; University of Washington Seattle; University of British Columbia
  摘要：We provide one of the first large sample comparisons of cash policies in public and private U.S. firms. We first show that despite higher financing frictions, private firms hold, on average, about half as much cash as public firms do. By examining the drivers of cash policies for each group, we are able to attribute the difference to the much higher agency costs in public firms. By combining evidence from across public and private firms as well as within public firms across different qualities...
• Are there too many safe securities? Securitization and the incentives for information production AI翻译
  作者：Hanson, Samuel G.; Sunderam, Adi
  作者单位：Harvard University
  摘要：We present a model that helps explain several past collapses of securitization markets. Originators issue too many informationally insensitive securities in good times, blunting investor incentives to become informed. The resulting endogenous scarcity of informed investors exacerbates primary market collapses in bad times. Inefficiency arises because informed investors are a public good from the perspective of originators. All originators benefit from the presence of additional informed invest...
• Credit supply and corporate innovation AI翻译
  作者：Amore, Mario Daniele; Schneider, Cedric; Zaldokas, Alminas
  作者单位：Copenhagen Business School; Hong Kong University of Science & Technology
  摘要：We present evidence that banking development plays a key role in technological progress. We focus on manufacturing firms' innovative performance, measured by patent-based metrics, and employ exogenous variations in banking development arising from the staggered deregulation of banking activities across US states during the 1980s and 1990s. We find that interstate banking deregulation had significant beneficial effects on the quantity and quality of innovation activities, especially for firms h...
• Banking deregulation and innovation AI翻译
  作者：Chava, Sudheer; Oettl, Alexander; Subramanian, Ajay; Subramanian, Krishnamurthy V.
  作者单位：University System of Georgia; Georgia Institute of Technology; University System of Georgia; Georgia State University; Indian School of Business (ISB)
  摘要：We document empirical support for a key micro-level channel-innovation by young, private firms-through which financial sector deregulation affects economic growth. We find that intrastate banking deregulation, which increased the local market power of banks, decreased the level and risk of innovation by young, private firms. In contrast, interstate banking deregulation, which decreased the local market power of banks, increased the level and risk of innovation by young, private firms. These co...
• The out-of-sample performance of long run risk models AI翻译
  作者：Ferson, Wayne; Nallareddy, Suresh; Xie, Biqin
  作者单位：University of Southern California; Columbia University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：This paper studies the ability of long-run risk models to explain out-of-sample asset returns during 1931-2009. The long-run risk models perform relatively well on the momentum effect. A cointegrated version of the model outperforms the classical, stationary version. Both the long-run and the short-run consumption shocks in the models are empirically important for the models' performance. The models' average pricing errors are especially small in the decades from the 1950s to the 1990s. When w...
• Labor unions and tax aggressiveness AI翻译
  作者：Chyz, James A.; Leung, Winnie Siu Ching; Li, Oliver Zhen; Rui, Oliver Meng
  作者单位：University of Tennessee System; University of Tennessee Knoxville; University of Hong Kong; National University of Singapore; China Europe International Business School
  摘要：We examine the impact of unionization on firms' tax aggressiveness. We find a negative association between firms' tax aggressiveness and union power and a decrease in tax aggressiveness after labor union election wins. This relation is consistent with labor unions influencing managers' in one, or both, of two ways: (1) constraining managers' ability to invest in tax aggressiveness through increased monitoring: or (2) decreasing returns to tax aggressiveness that arise from unions' rent seeking...
• Securitization without risk transfer AI翻译
  作者：Acharya, Viral V.; Schnabl, Philipp; Suarez, Gustavo
  作者单位：New York University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors
  摘要：We analyze asset-backed commercial paper conduits, which experienced a shadow-banking run and played a central role in the early phase of the financial crisis of 2007-2009. We document that commercial banks set up conduits to securitize assets worth $1.3 trillion while insuring the newly securitized assets using explicit guarantees. We show that regulatory arbitrage was an important motive behind setting up conduits. In particular, the guarantees were structured so as to reduce regulatory capi...
• Externalities of public firm presence: Evidence from private firms' investment decisions AI翻译
  作者：Badertscher, Brad; Shroff, Nemit; White, Hal D.
  作者单位：University of Notre Dame; Massachusetts Institute of Technology (MIT); University of Michigan System; University of Michigan
  摘要：Public firms provide a large amount of information through their disclosures. In addition, information intermediaries publicly analyze, discuss, and disseminate these disclosures. Thus, greater public firm presence in an industry should reduce uncertainty in that industry. Following the theoretical prediction of investment under uncertainty, we hypothesize and find that private firms are more responsive to their investment opportunities when they operate in industries with greater public firm ...
• Controlling shareholders and market timing in share issuance AI翻译
  作者：Larrain, Borja; Urzua, Francisco I.
  作者单位：Pontificia Universidad Catolica de Chile; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
  摘要：We examine market timing in the equity issuance of firms controlled by large shareholders using a hand-collected data set of controlling shareholders' ownership stakes in Chile between 1990 and 2009. When a firm issues shares, the controlling shareholder can either maintain or change his ownership stake depending on how many of the new shares he subscribes. Issuance predicts poor future returns and is preceded by high returns, but only when the controlling shareholder's stake is significantly ...
• Political uncertainty and risk premia AI翻译
  作者：Pastor, L'ubos; Veronesi, Pietro
  作者单位：University of Chicago; National Bureau of Economic Research
  摘要：We develop a general equilibrium model of government policy choice in which stock prices respond to political news. The model implies that political uncertainty commands a risk premium whose magnitude is larger in weaker economic conditions. Political uncertainty reduces the value of the implicit put protection that the government provides to the market. It also makes stocks more volatile and more correlated, especially when the economy is weak. We find empirical evidence consistent with these...