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作者：Garfinkel, Jon A.; Hankins, Kristine Watson
作者单位：University of Kentucky; University of Iowa
摘要：We show that merger activity and particularly waves are significantly driven by risk management considerations. Increases in cash flow uncertainty encourage firms to vertically integrate and this contributes to the start of merger waves. These effects are incremental to previously identified causes of wave activity. Our risk management hypothesis is further supported by cross-sectional differences in the likelihood that a firm vertically integrates, and by the post-acquisition characteristics ...
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作者：Glode, Vincent
作者单位：University of Pennsylvania
摘要：I propose a parsimonious model that reproduces the negative risk-adjusted performance of actively managed equity mutual funds. In the model, a fund manager can generate state-dependent active returns at a disutility. Negative expected performance and mutual fund investing simultaneously arise in equilibrium because the active return the fund manager generates covaries positively with a component of the pricing kernel that the performance measure omits, consistent with recent empirical evidence...
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作者：Kim, Jeong-Bon; Li, Yinghua; Zhang, Liandong
作者单位：Purdue University System; Purdue University; City University of Hong Kong
摘要：Using a large sample of U.S. firms for the period 1995-2008, we provide strong and robust evidence that corporate tax avoidance is positively associated with firm-specific stock price crash risk. This finding is consistent with the following view: Tax avoidance facilitates managerial rent extraction and bad news hoarding activities for extended periods by providing tools, masks, and justifications for these opportunistic behaviors. The hoarding and accumulation of bad news for extended periods...
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作者：Puri, Manju; Rocholl, Joerg; Steffen, Sascha
作者单位：Duke University; National Bureau of Economic Research; Duke University; European School of Management & Technology; University of Mannheim
摘要：This paper examines the broader effects of the US financial crisis on global lending to retail customers. In particular we examine retail bank lending in Germany using a unique data set of German savings banks during the period 2006 through 2008 for which we have the universe of loan applications and loans granted. Our experimental setting allows us to distinguish between savings banks affected by the US financial crisis through their holdings in Landesbanken with substantial subprime exposure...
