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作者：Winton, Andrew; Yerramilli, Vijay
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We analyze how entrepreneurial firms choose between two funding institution: banks, which monitor less intensively and face liquidity demands from their own investors, and venture capitalists, who can monitor more intensively but face a higher cost of capital because of the liquidity constraints that they impose on their own investors. Because the firm's manager prefers continuing the firm over liquidating it and aggressive (risky) continuation strategies over conservative (safe) continuation ...
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作者：Fogel, Kathy; Morck, Randall; Yeung, Bernard
作者单位：University of Alberta; University of Arkansas System; University of Arkansas Fayetteville; National Bureau of Economic Research; New York University
摘要：What is good for a country may not be good for its big businesses, at least recently. More turnover in top businesses correlates with faster per capita gross domestic product, productivity, and capital growth; supporting Schumpeter's [1942. Capitalism, Socialism and Democracy, third ed., Harper & Bros., New York, NY] theory of creative destruction-innovative firms blooming as stagnant ones wither. These correlations are greater in more developed economies, supporting Aghion and Howitt's [1992....
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作者：Della Corte, Pasquale; Sarno, Lucio; Thornton, Daniel L.
作者单位：University of Warwick; AXA Group; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：This paper reexamines the validity of the expectation hypothesis (EH) of the term structure of US repo rates ranging in maturity from overnight to 3 months. We extend the work of Longstaff [2000b. The term Structure of very short term rates: new evidence for the expectations hypothesis. journal of Financial Economics 58, 397-415] in two directions: (1) we implement statistical tests designed to increase test power in this context; (2) more important, we assess the economic value of departures ...
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作者：Huizinga, Harry; Laeven, Luc; Nicodeme, Gaetan
作者单位：Tilburg University; International Monetary Fund; Universite Libre de Bruxelles
摘要：This paper presents a model of a multinational firm's optimal debt policy that incorporates international taxation factors. The model yields the prediction that a multinational firm's indebtedness in a country depends on a weighted average of national tax rates and differences between national and foreign tax rates. These differences matter as multinationals have an incentive to shift debt to high-tax countries. The predictions of the model are tested using a novel firm-level dataset for Europ...
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作者：Malmendier, Ulrike; Tate, Geoffrey
作者单位：University of California System; University of California Los Angeles; University of California System; University of California Berkeley
摘要：Does CEO overconfidence help to explain merger decisions? Overconfident CEOs overestimate their ability to generate returns. As a result, they overpay for target companies and undertake value-destroying mergers. The effects are strongest if they have access to internal financing. We test these predictions using two proxies for overconfidence: CEOs' personal over-investment in their company and their press portrayal. We find that the odds of making an acquisition are 65% higher if the CEO is cl...
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作者：Cheng, Shijun
作者单位：University System of Maryland; University of Maryland College Park
摘要：This study provides empirical evidence that firms with larger boards have lower variability of corporate performance. The results indicate that board size is negatively associated with the variability of monthly stock returns, annual accounting return on assets, Tobin's Q, accounting accruals, extraordinary items, analyst forecast inaccuracy, and R&D spending, the level of R&D expenditures, and the frequency of acquisition and restructuring activities. The results are consistent with the view ...
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作者：Yung, Chris; Colak, Goenuel; Wang, Wei
作者单位：University of Colorado System; University of Colorado Boulder; State University System of Florida; Florida State University
摘要：We develop a model in which time-varying real investment opportunities lead to time-varying adverse selection in the market for IPOs. The model is consistent with several stylized facts known about the IPO market: economic expansions are associated with a dramatic increase in the number of firms going public, which is in turn positively correlated with underpricing. Adverse selection is procyclical in the sense that dispersion in unobservable quality across firms should be more pronounced duri...
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作者：Dittmar, Amy K.; Dittmar, Robert F.
作者单位：University of Michigan System; University of Michigan
摘要：Why do corporate financing events occur in waves? We challenge recent evidence of the importance of valuation cycles in driving financing waves by documenting that the aggregate pattern of stock repurchases mirrors that of equity issuance and mergers, despite repurchases involving an opposite transaction. We then show that trends in financing decisions result from differing responses to the same economic stimulus: growth in GDP. Specifically, economic expansion reduces the cost of equity relat...
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作者：Chernykh, Lucy
作者单位：University System of Ohio; Bowling Green State University
摘要：I investigate ultimate control and ownership patterns in Russian publicly traded companies. I show that these companies are controlled either by the state or by anonymous private owners. Federal and regional governments' control is exercised through extensive use of pyramids. Private owners widely exploit legal loopholes that allow them to mask their holdings and identities through nominee and foreign offshore arrangements. The comparison of formal and informal ownership disclosure reveals tha...
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作者：Odders-White, Elizabeth R.; Ready, Mark J.
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：Models of adverse selection risk generally assume that market makers offset expected losses to informed traders with expected gains from the uninformed. We recognize that the expected loss captures a combination of two effects: (1) the probability that some traders have private information, and (2) the likely magnitude of that information. We use a maximum-likelihood approach to separately estimate the probability and magnitude of private information events for NYSE-listed stocks from 1993 thr...
