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作者：Giannetti, Mariassunta; Laeven, Luc
作者单位：International Monetary Fund; Center for Economic & Policy Research (CEPR); Stockholm School of Economics
摘要：This paper shows that the collapse of the global market for syndicated loans during financial crises can in part be explained by a flight home effect whereby lenders rebalance their loan portfolios in favor of domestic borrowers. The home bias of lenders' loan origination increases by approximately 20% if the bank's home country experiences a banking crisis. This flight home effect is distinct from flight to quality because borrowers of different quality are equally affected. The results indic...
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作者：Dangl, Thomas; Hailing, Michael
作者单位：Utah System of Higher Education; University of Utah; Technische Universitat Wien
摘要：We evaluate predictive regressions that explicitly consider the time-variation of coefficients in a comprehensive Bayesian framework. For monthly returns of the S&P 500 index, we demonstrate statistical as well as economic evidence of out-of-sample predictability: relative to an investor using the historic mean, an investor using our methodology could have earned consistently positive utility gains (between 1.8% and 5.8% per year over different time periods). We also find that predictive model...
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作者：Duchin, Ran; Sosyura, Denis
作者单位：University of Washington; University of Washington Seattle; University of Michigan System; University of Michigan
摘要：This paper investigates the relation between corporate political connections and government investment. We study various forms of political influence, ranging from passive connections between firms and politicians, such as those based on politicians' voting districts, to active forms, such as lobbying, campaign contributions, and employment of connected directors. Using hand-collected data on firm applications for capital under the Troubled Asset Relief Program (TARP), we find that politically...
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作者：Qiu, Jiaping; Yu, Fan
作者单位：Claremont Colleges; Claremont Graduate University; Claremont McKenna College; McMaster University; Shanghai University of Finance & Economics; Shanghai Jiao Tong University
摘要：We study study the determination of liquidity provision in the single-name credit default swap (CDS) market as measured by the number of distinct dealers providing quotes. We find that liquidity is concentrated among large obligors and those near the investment-grade/speculative-grade cutoff. Consistent with endogenous liquidity provision by informed financial institutions, more liquidity is associated with obligors for which there is a greater information flow from the CDS market to the stock...
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作者：Thakor, Anjan V.
作者单位：Washington University (WUSTL)
摘要：In this paper I develop a model of a competitive financial system with unrestricted but costly entry and an endogenously determined number of competing financial institutions (banks for short). Banks can make standard loans on which plentiful historical data are available and unanimous agreement exists on default probabilities. Or banks can innovate and make new loans on which limited historical data are available, leading to possible disagreement over default probabilities. In equilibrium, ba...
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作者：Harford, Jarrad; Humphery-Jenner, Mark; Powell, Ronan
作者单位：University of New South Wales Sydney; University of Washington; University of Washington Seattle; Tilburg University
摘要：Prior work has established that entrenched managers make value-decreasing acquisitions. In this study, we determine how they destroy that value. Overall, we find that value destruction by entrenched managers comes from a combination of factors. First, they disproportionately avoid private targets, which have been shown to be generally associated with value creation. Second, when they do buy private targets or public targets with blockholders, they tend not to use all-equity offers, which has t...
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作者：Beltratti, Andrea; Stulz, Rene M.
作者单位：University System of Ohio; Ohio State University; Bocconi University; National Bureau of Economic Research; European Corporate Governance Institute
摘要：Though overall bank performance from July 2007 to December 2008 was the worst since the Great Depression, there is significant variation in the cross-section of stock returns of large banks across the world during that period. We use this variation to evaluate the importance of factors that have been put forth as having contributed to the poor performance of banks during the credit crisis. The evidence is supportive of theories that emphasize the fragility of banks financed with short-term cap...
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作者：Grinblatt, Mark; Keloharju, Matti; Linnainmaa, Juhani T.
作者单位：University of California System; University of California Los Angeles; Aalto University; University of Chicago
摘要：We analyze whether IQ influences trading behavior, performance, and transaction costs. The analysis combines equity return, trade, and limit order book data with two decades of scores from an intelligence (IQ) test administered to nearly every Finnish male of draft age. Controlling for a variety of factors, we find that high-IQ investors are less subject to the disposition effect, more aggressive about tax-loss trading, and more likely to supply liquidity when stocks experience a one-month hig...
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作者：Black, Bernard; Kim, Woochan
作者单位：Northwestern University; Korea University
摘要：Outside directors and audit committees are widely considered to be central elements of good corporate governance. We use a 1999 Korean law as an exogenous shock to assess whether and how board structure affects firm market value. The law mandates 50% outside directors and an audit committee for large public firms, but not smaller firms. We study this shock using event study, difference-in-differences, and instrumental variable methods, within an overall regression discontinuity approach. The l...
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作者：Oeztekin, Oezde; Flannery, Mark J.
作者单位：University of Kansas; State University System of Florida; University of Florida
摘要：Many authors relate a firm's performance to legal and political features and the regulatory environment in which it operates. This article compares firms' capital structure adjustments across countries and investigates whether institutional differences help explain the variance in estimated adjustment speeds. We find that legal and financial traditions significantly correlate with firm adjustment speeds. More narrowly, institutional features also relate to adjustment speeds, consistent with th...
