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作者：Anderson, Ronald C.; Duru, Augustine; Reeb, David M.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; American University
摘要：We argue that information about firm activities can vary substantially in the presence of founder or heir ownership, thereby influencing the risks borne by minority investors. We explore two hypotheses with regard to these controlling shareholders and corporate transparency, focusing on their role as monitor in-place and their potential to exploit firm opacity to accrue private benefits of control. To test these notions, we create an opacity index that ranks the relative transparency of the tw...
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作者：Brockman, Paul; Unlu, Emre
作者单位：University of Missouri System; University of Missouri Columbia; University of Nebraska System; University of Nebraska Lincoln
摘要：We show that country-level creditor rights influence dividend policies around the world by establishing the balance of power between debt and equity claimants. Creditors demand and managers consent to a more restrictive Payout policy as a substitute for weak creditor rights in an effort to minimize the firm's agency costs of debt. Using a sample of 120,507 firm-years from 52 countries, we find that both the probability and amount of dividend payouts are significantly lower in countries with po...
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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：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; 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：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...
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作者：Goyenko, Ruslan Y.; Holden, Craig W.; Trzcinka, Charles A.
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; McGill University
摘要：Given the key role of liquidity in finance research, identifying high quality proxies based oil daily (as opposed to intraday) data Would permit liquidity to be studied over relatively long timeframes and across many countries. Using new measures and widely employed measures in the literature, we run horseraces of annual and monthly estimates of each measure against liquidity benchmarks. Our benchmarks are effective spread, realized spread, and price impact based on both Trade and Quote (TAQ) ...
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作者：Hayes, Rachel M.; Schaefer, Scott
作者单位：Utah System of Higher Education; University of Utah; Utah System of Higher Education; University of Utah
摘要：The Lake Wobegon Effect,'' which is widely cited as a potential cause for rising CEO pay, is said to occur because no firm wants to admit to having a CEO who is below average, and so no firm allows its CEO's pay package to lag market expectations. We develop a game-theoretic model of this Effect. In our model, a CEO's wage may serve as a signal of match surplus, and therefore affect the value of the firm. We compare equilibria of our model to a full-information case and derive conditions under...
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作者：Ivashina, Victoria
作者单位：Harvard University
摘要：This paper estimates the cost arising from information asymmetry between the lead bank and members of the lending syndicate. In a lending syndicate, the lead bank retains only a fraction of the loan but acts as the intermediary between the borrower and the syndicate participants. Theory predicts that asymmetric information will cause participants to demand a higher interest rate and that a large loan ownership by the lead bank should reduce this effect. In equilibrium, however, the asymmetric ...
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作者：Choi, Darwin; Getmansky, Mila; Tookes, Heather
作者单位：Yale University; University of Massachusetts System; University of Massachusetts Amherst
摘要：In the context of convertible bond issuance, we examine the impact of arbitrage activity on underlying equity markets. In particular, we use changes in equity short interest following convertible bond issuance to identify convertible bond arbitrage activity and analyze its impact on stock market liquidity and prices for the period 1993 to 2006. There is considerable evidence of arbitrage-induced short selling resulting from issuance. Moreover, we find strong evidence that this activity is syst...
