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作者：Billett, Matthew T.; Garfinkel, Jon A.; Jiang, Yi
作者单位：University of Iowa; California State University System; California State University Fullerton
摘要：Does corporate governance affect the timing of large investment projects? Hazard model estimates suggest strong shareholder governance may deter managers from pursuing large investments. Controlling for investment opportunities, firms with good governance experience longer spells between large investments. However, in the presence of financial constraints or strong CEO incentives (high delta (a)), we find no such timing differences. Finally, these higher investment hazard firms exhibit signifi...
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作者：Uysal, Vahap B.
作者单位：University of Oklahoma System; University of Oklahoma - Norman
摘要：This study finds that managers take deviations from their target capital structures into account when planning and structuring acquisitions. Specifically, firms that are overleveraged relative to their target debt ratios are less likely to make acquisitions and are less likely to use cash in their offers. Furthermore, they acquire smaller targets and pay lower premiums. Managers of overleveraged firms also actively rebalance their capital structures when they anticipate a high likelihood of ma...
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作者：Becker, Bo; Milbourn, Todd
作者单位：Harvard University; Washington University (WUSTL)
摘要：The credit rating industry has historically been dominated by just two agencies, Moody's and Standard & Poor's, leading to long-standing legislative and regulatory calls for increased competition. The material entry of a third rating agency (Fitch) to the competitive landscape offers a unique experiment to empirically examine how increased competition affects the credit ratings market. What we find is relatively troubling. Specifically, we discover that increased competition from Fitch coincid...
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作者：Loutskina, Elena
作者单位：University of Virginia
摘要：This paper studies the role of securitization in bank management. I propose a new index of bank loan portfolio liquidity which can be thought of as a weighted average of the potential to securitize loans of a given type, where the weights reflect the composition of a bank loan portfolio. I use this new index to show that by allowing banks to convert illiquid loans into liquid funds, securitization reduces banks' holdings of liquid securities and increases their lending ability. Furthermore, se...
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作者：Bizjak, John; Lemmon, Michael; Thanh Nguyen
作者单位：Texas Christian University; Utah System of Higher Education; University of Utah; Hong Kong University of Science & Technology; California State University System; California State University Fullerton
摘要：Companies can potentially use compensation peer groups to inflate pay by choosing peers that are larger, choosing a high target pay percentile, or choosing peer firms with high pay. Although peers are largely selected based on characteristics that reflect the labor market for managerial talent, we find that peer groups are constructed in a manner that biases compensation upward, particularly in firms outside the Standard & Poor's (S&P) 500. Pay increases close only about one-third of the gap b...
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作者：Shivdasani, Anil; Song, Wei-Ling
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Louisiana State University System; Louisiana State University
摘要：We argue that the entry of commercial banks into bond underwriting led to the evolution of co-led underwriting arrangements and lowered the screening incentives of underwriters. Lead underwriters in co-led syndicates faced weaker incentives to screen issuer quality. In boom markets, issues underwritten by co-led syndicates were more likely to be involved in financial misrepresentation events. Underwriter incentives in co-led syndicates were particularly weak in industries where commercial bank...
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作者：Edmans, Alex
作者单位：University of Pennsylvania
摘要：This paper analyzes the relationship between employee satisfaction and long-run stock returns. A value-weighted portfolio of the 100 Best Companies to Work For in America earned an annual four-factor alpha of 3.5% from 1984 to 2009, and 2.1% above industry benchmarks. The results are robust to controls for firm characteristics, different weighting methodologies, and the removal of outliers. The Best Companies also exhibited significantly more positive earnings surprises and announcement return...
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作者：John, Kose; Knyazeva, Anzhela; Knyazeva, Diana
作者单位：University of Rochester; New York University
摘要：We investigate the impact of geography on agency costs and firm dividend policies. We argue that remote firm location increases the cost of shareholder oversight of managerial investment decisions. We hypothesize that remotely located firms facing free cash flow problems precommit to higher dividends to mitigate agency conflicts. We find that remotely located firms pay higher dividends. As expected, the effect of geography on dividends is most pronounced for firms with severe free cash flow pr...
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作者：Kandel, Eugene; Massa, Massimo; Simonov, Andrei
作者单位：INSEAD Business School; Hebrew University of Jerusalem; Michigan State University
摘要：We hypothesize that age similarity among small shareholders acts as an implicit coordinating device for their actions and, thus, could represent an indirect source of corporate governance in firms with dispersed ownership. We test this hypothesis on a sample of Swedish firms during the 1995-2000 period. Consistent with our hypothesis, we find that compared with shareholders of differing ages, same-age noncontrolling shareholders sell more aggressively following negative firm news; firms with m...
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作者：Maskara, Pankaj K.; Mullineaux, Donald J.
作者单位：University of Kentucky; Eastern Kentucky University
摘要：Event-study driven research has produced a consensus that loans are unique relative to other financial contracts. But these studies assume that small samples of loan announcements adequately represent the loan population. We find that loan announcements are rare and driven by factors such as information asymmetry and perceived materiality. We show that the sample used by Billett, Flannery, and Garfinkel (1995) fails to represent the loan universe and that significant abnormal announcement retu...
