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作者：Bayar, Onur; Chemmanur, Thomas J.; Liu, Mark H.
作者单位：Boston College; University of Texas System; University of Texas at San Antonio; University of Kentucky
摘要：We develop a theory of new-project financing and equity carve-outs under heterogeneous beliefs. In our model, an employee of a firm generates an idea for a new project that can be financed either by issuing equity against the cash flows of the entire firm (integration), or by undertaking an equity carve-out of the new project alone (non-integration). While the patent underlying the new project is owned by the firm, the employee generating the idea needs to be motivated to exert optimal effort ...
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作者：Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; Chomsisengphet, Souphala; Evanoff, Douglas D.
作者单位：University System of Ohio; Ohio State University; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We study the effects of securitization on renegotiation of distressed residential mortgages over the current financial crisis. Unlike prior studies, we employ unique data that directly observe lender renegotiation actions and cover more than 60% of the U.S. mortgage market. Exploiting within-servicer variation in these data, we find that bank-held loans are 26-36% more likely to be renegotiated than comparable securitized mortgages (4.2-5.7% in absolute terms). Also, modifications of bank-held...
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作者：Greenwood, Robin; Thesmar, David
作者单位：Hautes Etudes Commerciales (HEC) Paris; Harvard University; National Bureau of Economic Research
摘要：We study the relation between the ownership structure of financial assets and non-fundamental risk. We define an asset to be fragile if it is susceptible to non-fundamental shifts in demand. An asset can be fragile because of concentrated ownership, or because its owners face correlated or volatile liquidity shocks, i.e., they must buy or sell at the same time. We formalize this idea and apply it to mutual fund ownership of US stocks. Consistent with our predictions, fragility strongly predict...
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作者：Jain, Bharat A.; Kini, Omesh; Shenoy, Jaideep
作者单位：University System of Georgia; Georgia State University; University System of Maryland; Towson University; Tulane University
摘要：Using a product markets perspective to investigate the decision to vertically disintegrate, we find that vertical divestitures are more likely in response to positive industry demand shocks, favorable industry financing conditions, and lower parent firm relative productivity and are less likely when the potential for contracting problems is high. Conditional on vertical divestitures, equity carve-outs are more likely in environments in which relationship-specific investments are more prevalent...
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作者：Ivashina, Victoria; Sun, Zheng
作者单位：Harvard University; National Bureau of Economic Research; University of California System; University of California Irvine
摘要：Between 2001 and 2007, annual institutional funding in highly leveraged loans went up from $32 billion to $426 billion, accounting for nearly 70% of the jump in total syndicated loan issuance over the same period. Did the inflow of institutional funding in the syndicated loan market lead to mispricing of credit? To understand this relation, we look at the institutional demand pressure defined as the number of days a loan remains in syndication. Using market-level and cross-sectional variation ...
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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：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：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：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 ...
