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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：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：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：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...
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作者：Kashyap, Anil K.; Zingales, Luigi
作者单位：University of Chicago; National Bureau of Economic Research
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作者：McConnell, John J.; Saretto, Alessio
作者单位：Purdue University System; Purdue University
摘要：The market for auction rate securities (ARS) made headlines during the second week of February 2008 when auctions at which the bonds' interest rates reset experienced a wave of failures. Contrary to headlines that attribute the failures to a frozen market or investors' irrationality, we find that (1) even at their height, less than 50% of ARS experienced auction failures, (2) the likelihood of auction failure was directly related to the level of the bonds' maximum auction rates, (3) the implie...
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作者：Giroud, Xavier; Mueller, Holger M.
作者单位：New York University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; European Corporate Governance Institute
摘要：By reducing the threat of a hostile takeover, business combination (BC) laws weaken corporate governance and increase the opportunity for managerial slack. Consistent with the notion that competition mitigates managerial slack, we find that while firms in non-competitive industries experience a significant drop in operating performance after the laws' passage, firms in competitive industries experience no significant effect. When we examine which agency problem competition mitigates, we find e...
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作者：DeAngelo, Harry; DeAngelo, Linda; Stulz, Rene M.
作者单位：University of Southern California; University System of Ohio; Ohio State University
摘要：Both a firm's market-timing opportunities and its corporate lifecycle stage exert statistically and economically significant influences on the probability that it conducts a seasoned equity offering (SEO), with the lifecycle effect empirically stronger. Neither effect adequately explains SEO decisions because a near-majority of issuers are not growth firms and the vast majority of firms with high M/B ratios and high recent and poor future stock returns fail to issue stock. Since without the of...
