-
作者：Hilary, Gilles; Hui, Kai Wai
作者单位：Hong Kong University of Science & Technology; Hautes Etudes Commerciales (HEC) Paris
摘要：We examine how corporate culture influences firm behavior. Prior research suggests a link between individual religiosity and risk a version. We find that this relationship also influences organizational behavior. Firms located in counties with higher levels of religiosity display lower degrees of risk exposure, as measured by variances in equity returns or returns on assets. They exhibit a lower investment rate and less growth, but generate a more positive market reaction, when they announce n...
-
作者：Kim, E. Han; Morse, Adair; Zingales, Luigi
作者单位：National Bureau of Economic Research; University of Chicago; University of Michigan System; University of Michigan
摘要：We study the location-specific component of research productivity for economics and finance faculty over the last three decades. We find that there was a positive effect of being affiliated with a top 25 university in the 1970s; this effect weakened in the 1980s and disappeared in the 1990s. The decline in elite university fixed effect is due to the reduced importance of physical access to productive research colleagues, which in turn seems due to innovations in communication technology. One i...
-
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...
-
作者：[Anonymous]
-
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...
-
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...
-
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...
-
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...
-
作者：Franzoni, Francesco
作者单位：Universita della Svizzera Italiana; Swiss Finance Institute (SFI)
摘要：Mandatory contributions to defined benefit pension plans provide a unique identification strategy to estimate the market's assessment of the value of internal resources controlling for investment opportunities. The price decrease following a pension-induced drop in cash is magnified for firms that appear a priori more financially constrained, suggesting a negative effect of financing frictions on investment. In contrast, low control on managerial discretion attenuates the negative price reacti...
-
作者：Choi, Nicole; Sias, Richard W.
作者单位：Washington State University; University of Wyoming
摘要：We examine whether institutional investors follow each other into and out of the same industries. Our empirical results reveal strong evidence of institutional industry herding. The cross-sectional correlation between the fraction of institutional traders buying an industry this quarter and the fraction buying last quarter, for example, averages 40%. Additional tests suggest that correlated signals primarily drive institutional industry herding. Our results also provide empirical support for s...
