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作者：Benmelech, Efraim; Bergman, Nittai K.
作者单位：Harvard University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We provide novel evidence linking the level of creditor protection provided by law to the degree of usage of technologically older, vintage capital in the airline industry. Using a panel of aircraft-level data around the world, we find that better creditor rights are associated with both aircraft of a younger vintage and newer technology, as well as firms with larger aircraft fleets. We propose that by mitigating financial shortfalls, enhanced legal protection of creditors facilitates the abil...
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作者：Lin, Chen; Officer, Micah S.; Zou, Hong
作者单位：Loyola Marymount University; Chinese University of Hong Kong; City University of Hong Kong
摘要：We examine the effect of directors' and officers' liability insurance (D&O insurance) on the outcomes of merger and acquisition (M&A) decisions. We find that acquirers whose executives have a higher level of D&O insurance coverage experience significantly lower announcement-period abnormal stock returns. Further analyses suggest that acquirers with a higher level of D&O insurance protection tend to pay higher acquisition premiums and their acquisitions appear to exhibit lower synergies. The ev...
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作者：Yang, Wei
作者单位：University of Rochester
摘要：Durable consumption growth is persistent and predicted by the price-dividend ratio. This provides strong and direct evidence for the existence of a highly persistent expected component. Durable consumption growth is left-skewed and exhibits time-varying volatility. I model durable consumption growth as containing a persistent expected component and driven by counter-cyclical volatility, nondurable consumption as a random walk, and dividend growth as exposed to the expected component of durable...
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作者：Campbell, T. Colin; Gallmeyer, Michael; Johnson, Shane A.; Rutherford, Jessica; Stanley, Brooke W.
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University System of Ohio; Miami University; University of Virginia; Winthrop University
摘要：We show theoretically that optimism can lead a risk-averse Chief Executive Officer (CEO) to choose the first-best investment level that maximizes shareholder value. Optimism below (above) the interior optimum leads the CEO to underinvest (over-invest). Hence, if boards of directors act in the interests of shareholders, CEOs with relatively low or high optimism face a higher probability of forced turnover than moderately optimistic CEOs face. Using a large sample of turnovers, we find strong em...
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作者：Berger, Dave; Pukthuanthong, Kuntara; Yang, J. Jimmy
作者单位：Oregon State University; California State University System; San Diego State University
摘要：We provide an analysis of frontier market equities with respect to world market integration and diversification. Principal component results reveal that frontier markets exhibit low levels of integration. In contrast with developed and emerging markets, frontier markets offer no indication of increasing integration through time. Furthermore, individual frontier market countries do not exhibit consistent rates of changing integration. Structural break tests identify breakpoints in integration, ...
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作者：Massoud, Nadia; Nandy, Debarshi; Saunders, Anthony; Song, Keke
作者单位：York University - Canada; New York University; Dalhousie University
摘要：This paper investigates an important contemporary issue relating to the involvement of hedge funds in the syndicated loan market. In particular, we investigate the potential conflicts of interest that arise when hedge funds make syndicated loans and take short positions in the equity of borrowing firms. We find evidence consistent with the short-selling of the equity of the hedge fund borrowers prior to public announcements of both loan originations and loan amendments. We also find that hedge...
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作者：Liu, Xiaoding; Ritter, Jay R.
作者单位：State University System of Florida; University of Florida
摘要：We develop a theory of initial public offering (IPO) underpricing based on differentiated underwriting services and localized competition. Even though a large number of investment banks compete for IPOs, if issuers care about non-price dimensions of underwriting, then the industry structure is best characterized as a series of local oligopolies. We test our model implications on all-star analyst coverage, industry expertise, and other non-price dimensions. Furthermore, we posit that venture ca...
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作者：Li, Feng; Srinivasan, Suraj
作者单位：University of Michigan System; University of Michigan; Harvard University
摘要：We examine chief executive officer (CEO) compensation, CEO retention policies, and mergers and acquisition (M&A) decisions in firms in which founders serve as a director with a nonfounder CEO (founder-director firms). We find that founder-director firms offer a different mix of incentives to their CEOs than other firms. Pay-for-performance sensitivity for nonfounder CEOs in founder-director firms is higher and the level of pay is lower than that of other CEOs. CEO turnover sensitivity to firm ...
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作者：Morck, Randall; Yavuz, M. Deniz; Yeung, Bernard
作者单位：Purdue University System; Purdue University; University of Alberta; National University of Singapore; Washington University (WUSTL); Arizona State University; Arizona State University-Tempe
摘要：We observe less efficient capital allocation in countries whose banking systems are more thoroughly controlled by tycoons or families. The magnitude of this effect is similar to that of state control over banking. Unlike state control, tycoon or family control also correlates with slower economic and productivity growth, greater financial instability, and worse income inequality. These findings are consistent with theories that elite-capture of a country's financial system can embed crony capi...
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作者：de Jong, Abe; Dutordoir, Marie; Verwijmeren, Patrick
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of Groningen; University of Manchester; University of Melbourne
摘要：Over recent years, a substantial fraction of US convertible bond issues have been combined with a stock repurchase. This paper explores the motivations for these combined transactions. We argue that convertible debt issuers repurchase their stock to facilitate arbitrage-related short selling. In line with this prediction, we show that convertibles combined with a stock repurchase are associated with lower offering discounts, lower stock price pressure, higher expected hedging demand, and lower...
