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作者：Celikyurt, Ugur; Sevilir, Merih; Shivdasani, Anil
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Koc University
摘要：Newly public firms make acquisitions at a torrid pace. Their large acquisition appetites reflect the concentration of initial public offerings (IPOs) in mergers and acquisitions(M&A-) intensive industries, but acquisitions by IPO firms also outpace those by mature firms in the same industry. IPO firms' acquisition activity is fueled by the initial capital infusion at the IPO and through the creation of an acquisition currency used to raise capital for both cash- and stock-financed acquisitions...
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作者：Houston, Joel F.; Lin, Chen; Lin, Ping; Ma, Yue
作者单位：State University System of Florida; University of Florida; City University of Hong Kong; Lingnan University
摘要：Looking at a sample of nearly 2,400 banks in 69 countries, we find that stronger creditor rights tend to promote greater bank risk taking. Consistent with this finding, we also show that stronger creditor rights increase the likelihood of financial crisis. On the plus side, we find that stronger creditor rights are associated with higher growth. In contrast, we find that the benefits of information sharing among creditors appear to be universally positive. Greater information sharing leads to ...
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作者：Gompers, Paul; Kovner, Anna; Lerner, Josh; Scharfstein, David
作者单位：Harvard University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper presents evidence of performance persistence in entrepreneurship. We show that entrepreneurs with a track record of success are much more likely to succeed than first-time entrepreneurs and those who have previously failed. In particular, they exhibit persistence in selecting the right industry and time to start new ventures. Entrepreneurs with demonstrated market timing skill are also more likely to outperform industry peers in their subsequent ventures. This is consistent with the...
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作者：Piskorski, Tomasz; Seru, Amit; Vig, Vikrant
作者单位：University of Chicago; Columbia University; University of London; London Business School
摘要：We examine whether securitization impacts renegotiation decisions of loan servicers, focusing on their decision to foreclose a delinquent loan. Conditional on a loan becoming seriously delinquent, we find a significantly lower foreclosure rate associated with bank-held loans when compared to similar securitized loans: across various specifications and origination vintages, the foreclosure rate of delinquent bank-held loans is 3% to 7% lower in absolute terms (13% to 32% in relative terms). The...
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作者：Gagnon, Louis; Karolyi, G. Andrew
作者单位：Cornell University; Queens University - Canada
摘要：We measure arbitrage opportunities by comparing the intraday prices and quotes of American Depositary Receipts (ADRs) and other types of cross-listed shares in U.S. markets with synchronous prices of their home-market shares on a currency-adjusted basis for a sample of 506 U.S. cross-listed stocks from 35 different countries. Deviations from price parity average an economically small 4.9 basis points, but they are volatile and can reach large extremes. Price parity deviations and their daily c...
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作者：Faulkender, Michael; Yang, Jun
作者单位：University System of Maryland; University of Maryland College Park; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：This paper considers the features of the newly disclosed compensation peer groups and demonstrates their significant role in explaining variations in chief executive officer (CEO) compensation beyond that of other benchmarks such as the industry-size peers. After controlling for industry, size, visibility, CEO responsibility, and talent flows, we find that firms appear to select highly paid peers to justify their CEO compensation and this effect is stronger in firms where the compensation peer...
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作者：Duarte-Silva, Tiago
作者单位：Charles River Associates
摘要：This paper provides evidence that an underwriter is better able to certify an equity issue if it has a lending relationship with the firm. An announcement of being underwritten by the firm's lending-relationship bank reduces ex post information asymmetry, thereby improving the announcement return. Further, because this reduction in information asymmetry effectively disseminates what was previously the lending bank's private information, it decreases its affiliated market maker's information ad...
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作者：Ait-Sahalia, Yacine; Kimmel, Robert L.
作者单位：Princeton University; National Bureau of Economic Research; Princeton University; Universite Catholique de Lille; EDHEC Business School
摘要：We develop and implement a technique for closed-form maximum likelihood estimation (MLE) of multifactor affine yield models. We derive closed-form approximations to likelihoods for nine Dai and Singleton (2000) affine models. Simulations show our technique very accurately approximates true (but infeasible) MLE. Using US Treasury data, we estimate nine affine yield models with different market price of risk specifications. MLE allows non-nested model comparison using likelihood ratio tests; the...
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作者：Ivashina, Victoria; Scharfstein, David
作者单位：Harvard University; National Bureau of Economic Research
摘要：This paper shows that new loans to large borrowers fell by 47% during the peak period of the financial crisis (fourth quarter of 2008) relative to the prior quarter and by 79% relative to the peak of the credit boom (second quarter of 2007). New lending for real investment (such as working capital and capital expenditures) fell by only 14% in the last quarter of 2008, but contracted nearly as much as new lending for restructuring (LBO5, M&As, share repurchases) relative to the peak of the cred...
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作者：Bakshi, Gurdip; Skoulakis, Georgios
作者单位：University System of Maryland; University of Maryland College Park
摘要：The structural uncertainty model with Bayesian learning, advanced by Weitzman (AER 2007), provides a framework for gauging the effect of structural uncertainty on asset prices and risk premiums. This paper provides an operational version of this approach that incorporates realistic priors about consumption growth volatility, while guaranteeing finite asset pricing quantities. In contrast to the extant literature, the resulting asset pricing model with subjective expectations yields well-define...
