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作者：Barth, James R.; Lin, Chen; Lin, Ping; Song, Frank M.
作者单位：University of Hong Kong; Auburn University System; Auburn University; City University of Hong Kong; Lingnan University
摘要：Building on the important study by Beck, Demirguc-Kunt, and Levine [2006. Bank supervision and corruption in lending. journal of Monetary Economics 53, 2131-2163], we examine the effects of both borrower and lender competition as well as information sharing via credit bureaus/registries on corruption in bank lending. Using the unique World Bank data set (WBES) covering more than 4,000 firms across 56 countries with information on credit bureaus/registries, assembled by Djankov, McLiesh, and Sh...
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作者：[Anonymous]
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作者：Ivkovic, Zoran; Weisbenner, Scott
作者单位：Michigan State University; National Bureau of Economic Research
摘要：This paper studies the relation between individuals mutual fund flows and fund characteristics, establishing three key results. First, consistent with tax motivations, individual investors are reluctant to sell mutual funds that have appreciated in value and are willing to sell losing funds. Second, individuals pay attention to investment costs as redemption decisions are sensitive to both expense ratios and loads. Third, individuals fund-level inflows and outflows are sensitive to performance...
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作者：Massa, Massimo; Zhang, Lei
作者单位：INSEAD Business School
摘要：We study the impact of style investing'' on the market for corporate control. We argue that the choice of the bidder is influenced by the fact that the merge with a firm that belongs to an investment style more popular with the market may boost the bidder's value. By using data on the flows in mutual funds, we construct a measure of popularity, which relies directly on the identification of sentiment-induced investor demand, rather than being a direct transformation of stock market data. We sh...
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作者：Koijen, Ralph S. J.; Van Hemert, Otto; Van Nieuwerburgh, Stijn
作者单位：New York University; University of Chicago; Tilburg University; National Bureau of Economic Research
摘要：We study how the term structure of interest rates relates to mortgage choice at both household and aggregate levels. A simple utility framework of mortgage choice points to the long-term bond risk premium as distinct from the yield spread and the long yield as a theoretical determinant of mortgage choice: when the bond risk premium is high, fixed-rate mortgage payments are high, making adjustable-rate mortgages more attractive. We confirm empirically that the bulk of the time variation in both...
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作者：Greenwood, Robin; Schor, Michael
作者单位：Harvard University; Morgan Stanley
摘要：Recent work documents large positive abnormal returns when a hedge fund announces activist intentions regarding a publicly listed firm. We show that these returns are largely explained by the ability of activists to force target firms into a takeover. For a comprehensive sample of 13D filings by portfolio investors between 1993 and 2006, announcement returns and long-term abnormal returns are high for targets that are ultimately acquired, but not detectably different from zero for firms that r...
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作者：Greenwood, Robin; Nagel, Stefan
作者单位：Stanford University; Harvard University; National Bureau of Economic Research
摘要：We use mutual fund manager data from the technology bubble to examine the hypothesis that inexperienced investors play a role in the formation of asset price bubbles. Using age as a proxy for managers' investment experience, we find that around the peak of the technology bubble, mutual funds run by younger managers are more heavily invested in technology stocks, relative to their style benchmarks, than their older colleagues. Furthermore, young managers, but not old managers, exhibit trend-cha...
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作者：Klasa, Sandy; Maxwell, William F.; Ortiz-Molina, Hernan
作者单位：Southern Methodist University; University of Arizona; University of British Columbia
摘要：We provide evidence that firms in more unionized industries strategically hold less cash to gain bargaining advantages over labor unions and shelter corporate income from their demands. Specifically, we show that corporate cash holdings are negatively related with unionization. We also find that this relation is stronger for firms that are likely to place a higher value on gaining a bargaining advantage over unions and weaker for those firms in which lower cash holdings provide less credible e...
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作者：Bessembinder, Hendrik; Panayides, Marios; Venkataraman, Kumar
作者单位：Utah System of Higher Education; University of Utah; Southern Methodist University
摘要：Many stock exchanges choose to reduce market transparency by allowing traders to hide some or all of their order size. We study the costs and benefits of order exposure and test hypotheses regarding hidden order usage using a sample of Euronext-Paris stocks, where hidden orders represent 44% of the sample order volume. Our results support the hypothesis that hidden orders are associated with a decreased probability of full execution and increased average time to completion, and fail to support...
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作者：Adams, Renee B.; Ferreira, Daniel
作者单位：University of Queensland; University of London; London School Economics & Political Science; European Corporate Governance Institute; Centre for Economic Policy Research - UK
摘要：We show that female directors have a significant impact on board inputs and firm outcomes. In a sample of US firms, we find that female directors have better attendance records than male directors, male directors have fewer attendance problems the more gender-diverse the board is, and women are more likely to join monitoring committees. These results suggest that gender-diverse boards allocate more effort to monitoring. Accordingly, we find that chief executive officer turnover is more sensiti...
