-
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...
-
作者：Karolyi, G. Andrew; Lee, Kuan-Hui; van Dijk, Mathijs A.
作者单位：Cornell University; Seoul National University (SNU); Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We examine how commonality in liquidity varies across countries and over time in ways related to supply determinants (funding liquidity of financial intermediaries) and demand determinants (correlated trading behavior of international and institutional investors, incentives to trade individual securities, and investor sentiment) of liquidity. Commonality in liquidity is greater in countries with and during times of high market volatility (especially, large market declines), greater presence of...
-
作者：Benmelech, Efraim; Dlugosz, Jennifer; Ivashina, Victoria
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Harvard University; National Bureau of Economic Research; Harvard University
摘要：In this paper, we investigate whether securitization was associated with risky lending in the corporate loan market by examining the performance of individual loans held by collateralized loan obligations. We employ two different data sets that identify loan holdings for a large set of CLOs and find that adverse selection problems in corporate loan securitizations are less severe than commonly believed. Using a battery of performance tests, we find that loans securitized before 2005 performed ...
-
作者：Koeppl, Thorsten; Monnet, Cyril; Temzelides, Ted
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Queens University - Canada; Rice University
摘要：Clearinghouses support financial trades by keeping records of transactions and by providing liquidity through short-term credit that participants clear periodically. We study efficient clearing arrangements for exchanges, where traders must clear with a clearinghouse, and for over-the-counter (OTC) markets, where traders can clear bilaterally. When clearing is costly, it can be efficient to subsidize OTC clearing by charging a higher clearing price for transactions conducted on exchanges. The ...
-
作者：Brickley, James A.; Linck, James S.; Smith, Clifford W.
作者单位：University of Rochester; University System of Georgia; University of Georgia
摘要：We examine a vertical integration decision within the commercial banking industry. During the last quarter of the 20th century, some community banks reduced their traditional reliance on correspondent banks for upstream products and services by joining bankers' banks, a form of business cooperative. Research on vertical integration focuses primarily on firm-specific investment, market power, and government regulation. However, this case is difficult to explain in terms of these standard vertic...
-
作者：Michalski, Tomasz; Ors, Evren
作者单位：Hautes Etudes Commerciales (HEC) Paris; Hautes Etudes Commerciales (HEC) Paris; Centre for Economic Policy Research - UK
摘要：We conjecture that banks present in two regions charge the appropriate risk premiums for trade-related projects between these markets, whereas higher rates are charged for projects involving shipments to markets where they are absent. These differences affect regional trade flows. US interstate banking deregulation serves as a natural experiment to test our model's implication with the Commodity Flow Survey data. Difference-indifferences estimates suggest that the trade share of state-pairs th...
-
作者：Ertimur, Yonca; Ferri, Fabrizio; Maber, David A.
作者单位：Columbia University; Duke University; University of Southern California
摘要：We study whether outside directors are held accountable for poor monitoring of executive compensation by examining the reputation penalties to directors of firms involved in the option backdating (BD) scandal of 2006-2007. We find that, at firms involved in BD, significant penalties accrued to compensation committee members (particularly those who served during the BD period) both in terms of votes withheld when up for election and in terms of turnover, especially in more severe cases of BD. H...
-
作者：Driessen, Joost; Van Hemert, Otto
作者单位：Tilburg University
摘要：We study the relative and absolute pricing of CMBX contracts (commercial real estate derivatives) during the recent financial crisis. Using a structural CMBX pricing model, we find little systematic mispricing relative to REIT equity and options. We do find short-term deviations from this relative pricing relationship that are statistically and economically significant. In particular, the CMBX market temporarily overreacts to news announcements. We provide evidence that this temporary misprici...
-
作者：Hazarika, Sonali; Karpoff, Jonathan M.; Nahata, Rajarishi
作者单位：University of Washington; University of Washington Seattle; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：The likelihood and speed of forced CEO turnover - but not voluntary turnover - are positively related to a firm's earnings management. These patterns persist in tests that consider the effects of earnings restatements, regulatory enforcement actions, and the possible endogeneity of CEO turnover and earnings management. The relation between earnings management and forced turnover occurs both in firms with good and bad performance, and when the accruals work to inflate or deflate reported earnin...
-
作者：Friewald, Nils; Jankowitsch, Rainer; Subrahmanyam, Marti G.
作者单位：Vienna University of Economics & Business; New York University
摘要：We investigate whether liquidity is an important price factor in the US corporate bond market. In particular, we focus on whether liquidity effects are more pronounced in periods of financial crises, especially for bonds with high credit risk, using a unique data set covering more than 20,000 bonds, between October 2004 and December 2008. We employ a wide range of liquidity measures and find that liquidity effects account for approximately 14% of the explained market-wide corporate yield sprea...
