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作者：Lustig, Hanno; Syverson, Chad; Van Nieuwerburgh, Stijn
作者单位：University of California System; University of California Los Angeles; University of Chicago; New York University
摘要：Three of the most fundamental changes in US corporations since the early 1970s have been (1) the increased importance of organizational capital in production, (2) the increase in managerial income inequality and pay-performance sensitivity, and (3) the secular decrease in labor market reallocation. Our paper develops a simple explanation for these changes: a shift in the composition of productivity growth away from vintage-specific to general growth. This shift has stimulated the accumulation ...
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作者：Ibragimov, Rustam; Jaffee, Dwight; Walden, Johan
作者单位：University of California System; University of California Berkeley; Harvard University
摘要：The recent financial crisis has revealed significant externalities and systemic risks that arise from the interconnectedness of financial intermediaries' risk portfolios. We develop a model in which the negative externality arises because intermediaries' actions to diversify that are optimal for individual intermediaries may prove to be suboptimal for society. We show that the externality depends critically on the distributional properties of the risks. The optimal social outcome involves less...
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作者：Almeida, Heitor; Campello, Murillo; Hackbarth, Dirk
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; National Bureau of Economic Research; Cornell University
摘要：We study the interplay between corporate liquidity and asset reallocation. Our model shows that financially distressed firms are acquired by liquid firms in their industries even in the absence of operational synergies. We call these transactions liquidity mergers, since their purpose is to reallocate liquidity to firms that are otherwise inefficiently terminated. We show that liquidity mergers are more likely to occur when industry-level asset-specificity is high and firm-level asset-specific...
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作者：Tian, Xuan
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：This paper examines the causes and consequences of venture capital (VC) stage financing. Using information about the physical location of an entrepreneurial firm and the geographic distance between the VC investor and the firm, I show that VC investors located farther away from an entrepreneurial firm tend to finance the firm using a larger number of financing rounds, shorter durations between successive rounds, and investing a smaller amount in each round. However, VC investors' propensity to...
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作者：Ellul, Andrew; Jotikasthira, Chotibhak; Lundblad, Christian T.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Indiana University System; Indiana University Bloomington
摘要：This paper investigates fire sales of downgraded corporate bonds induced by regulatory constraints imposed on insurance companies. As insurance companies hold over one-third of investment-grade corporate bonds, the collective need to divest downgraded issues may be limited by a scarcity of counterparties. Using insurance company transaction data, we find that insurance companies that are relatively more constrained by regulation are more likely to sell downgraded bonds. Bonds subject to a high...
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作者：Edwards, Alexander; Shevlin, Terry
作者单位：University of Washington; University of Washington Seattle; University of Toronto
摘要：In an integrated corporate tax system, resident shareholders receive a tax credit for corporate tax paid that can be used to offset personal tax on dividend income. Nonresident and tax-exempt (pension plan) investors cannot use the tax credit on corporate dividends and thus prefer to invest in flow-through entities. We estimate the value of the flow-through entity to nonresident and pension plan investors by examining the price change around the date of an unexpected announcement of a change i...
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作者：Aggarwal, Reena; Erel, Isil; Ferreira, Miguel; Matos, Pedro
作者单位：Georgetown University; University System of Ohio; Ohio State University; Universidade Nova de Lisboa; University of Southern California
摘要：We examine whether institutional investors affect corporate governance by analyzing portfolio holdings of institutions in companies from 23 countries during the period 2003-2008. We find that firm-level governance is positively associated with international institutional investment. Changes in institutional ownership over time positively affect subsequent changes in firm-level governance, but the opposite is not true. Foreign institutions and institutions from countries with strong shareholder...
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作者：Cvitanic, Jaksa; Malamud, Semyon
作者单位：Swiss Finance Institute (SFI); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; California Institute of Technology
摘要：We study survival, price impact, and portfolio impact in heterogeneous economies. We show that, under the equilibrium risk-neutral measure, long-run price impact is in fact equivalent to survival, whereas long-run portfolio impact is equivalent to survival under an agent-specific, wealth-forward measure. These results allow us to show that price impact and portfolio impact are two independent concepts: a nonsurviving agent with no long-run price impact can have a significant long-run impact on...
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作者：Ferreira, Daniel; Ferreira, Miguel A.; Raposo, Clara C.
作者单位：Universidade Nova de Lisboa; University of London; London School Economics & Political Science; Universidade de Lisboa; European Corporate Governance Institute; Centre for Economic Policy Research - UK
摘要：We develop and test the hypothesis that stock price informativeness affects the structure of corporate boards. We find a negative relation between price informativeness and board independence. This finding is robust to the inclusion of many firm-level controls, including firm fixed effects, and to the choice of the measure of price informativeness. Consistent with the hypothesis that price informativeness and board monitoring are substitutes, this relation is particularly strong for firms more...
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作者：Bali, Turan G.; Brown, Stephen J.; Caglayan, Mustafa Onur
作者单位：Georgetown University; New York University; Ozyegin University
摘要：This paper investigates hedge funds' exposures to various financial and macroeconomic risk factors through alternative measures of factor betas and examines their performance in predicting the cross-sectional variation in hedge fund returns. Both parametric and non-parametric tests indicate a significantly positive (negative) link between default premium beta (inflation beta) and future hedge fund returns. The results are robust across different subsample periods and states of the economy, and...
