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作者：Kolasinski, Adam C.
作者单位：University of Washington; University of Washington Seattle
摘要：I study external debt issued by operating subsidiaries of diversified firms. Consistent with Kahn and Winton's [2004. Moral hazard and optimal subsidiary structure for financial institutions. Journal of Finance 59,2537-2575] model, where subsidiary debt mitigates asset substitution, I find firms are more likely to use subsidiary debt when their divisions vary more in risk. Consistent with subsidiary debt mitigating the free cash flow problem, I find that subsidiaries are more likely to have th...
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作者：Berger, David; Chaboud, Alain; Hjalmarsson, Erik
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Yale University
摘要：We propose a new empirical specification of volatility that links volatility to the information flow, measured as the order flow in the market, and to the price sensitivity to that information. The time-varying market sensitivity to information is estimated from high-frequency data, and movements in volatilitycanthereforebedirectlyrelated to movements in order flow and market sensitivity. Empirically, the model explains a large share of the long-run variation involatility. Importantly, the tim...
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作者：Inderst, Roman; Mueller, Holger M.
作者单位：New York University; Goethe University Frankfurt; Centre for Economic Policy Research - UK; European Corporate Governance Institute; National Bureau of Economic Research
摘要：This paper shows that active investors, such as venture capitalists, can affect the speed at which new ventures grow. in the absence of product market competition, new ventures financed by active investors grow faster initially, though in the long run those financed by passive investors are able to catch up. By contrast, in a competitive product market, new ventures financed by active investors may prey on rivals that are financed by passive investors by strategically overinvesting early on, r...
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作者：Betton, Sandra; Eckbo, B. Espen; Thorburn, Karin S.
作者单位：Dartmouth College; Concordia University - Canada
摘要：The substantial control premium typically observed in corporate takeovers makes a compelling case for acquiring target shares (a toehold) in the market prior to launching a bid. Moreover, auction theory suggests that toehold bidding may yield a competitive advantage over rival bidders. Nevertheless. with a sample exceeding 10,000 initial control bids for US public targets, we show that toehold bidding has declined steadily since the early 1980s and is now surprisingly rare. At the same time, t...
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作者：Mixon, Scott
摘要：Traders in the nineteenth century appear to have priced options the same way that twenty-first-century traders price options. Empirical regularities relating implied volatility to realized volatility, stock prices, and other implied volatilities (including the volatility skew) are qualitatively the same in both eras. Modern pricing models and centralized exchanges have not fundamentally altered pricing behavior, but they have generated increased trading volume and a much closer conformity in t...
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作者：Hale, Galina; Santos, Joao A. C.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：Theory suggests that banks' private information lets them hold up borrowers for higher interest rates. Since new information about a firm is revealed at the time of its bond IPO, it follows that banks will be forced to adjust their loan interest rates downwards after firms undertake their bond IPO. We test this hypothesis and find that firms are able to borrow at lower interest rates after their bond IPO. Importantly, firms that get their first credit rating at the time of their bond IPO benef...
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作者：Khanna, Tarun; Thomas, Catherine
作者单位：Columbia University; Harvard University
摘要：Stock price synchronicity has been attributed to poor corporate governance and a lack of firm-level transparency. This paper investigates the association between different kinds of firm interlocks, control groups, and synchronicity in Chile. A unique data set containing equity cross-holdings, common individual owners, and director interlocks is used to map out firm ties and control groups. While there is a correlation between synchronicity and share ownership and equity ties, synchronicity is ...
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作者：Roberts, Michael R.; Sufi, Amir
作者单位：University of Pennsylvania; University of Chicago
摘要：Using a large sample of private credit agreements between U.S. publicly traded firms and financial institutions, we show that over 90% of long-term debt contracts are renegotiated prior to their stated maturity. Renegotiations result in large changes to the amount, maturity, and pricing of the contract, occur relatively early in the life of the contract, and are rarely a consequence of distress or default. The accrual of new information concerning the credit quality, investment opportunities, ...
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作者：Laeven, Luc; Levine, Ross
作者单位：International Monetary Fund; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Tilburg University; Brown University; National Bureau of Economic Research
摘要：This paper conducts the first empirical assessment of theories concerning risk taking by banks, their ownership structures, and national bank regulations. We focus on conflicts between bank managers and owners over risk, and we show that bank risk taking varies positively with the comparative power of shareholders within the corporate governance structure of each bank. Moreover, we show that the relation between bank risk and capital regulations, deposit insurance policies, and restrictions on...
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作者：Adam, Tim
作者单位：Humboldt University of Berlin; National University of Singapore
摘要：This paper analyzes why gold mining firms use options instead of linear strategies to hedge their gold price risk. Consistent with financial constraints based theories, the largest and least financially constrained firms are the most likely to hedge with insurance strategies (Put options), while more constrained firms finance the purchase of puts by selling calls (collars). The most financially constrained firms use strategies that involve selling calls. Firms with large investment programs ar...
