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作者：Vickery, James
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Although small firms are particularly sensitive to interest rates and other shocks, empirical work on corporate risk management has focused instead on large public companies. This paper studies fixed-rate and adjustable-rate loans to see how small firms manage their exposure to interest rate risk. Credit-constrained firms are found to match significantly more often with fixed-rate loans, consistent with prior research that shows the supply of credit shrinks during periods of rising interest ra...
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作者：Fernandes, Nuno; Ferreira, Miguel A.
作者单位：Universidade Catolica Portuguesa; Instituto Universitario de Lisboa
摘要：We investigate whether cross-listing in the U.S. affects the information environment for non-U.S. stocks. Our findings suggest cross-listing has an asymmetric impact on stock price informativeness around the world, as measured by firm-specific stock return variation. Cross-listing improves price informativeness for developed market firms. For firms in emerging markets, however, cross-listing decreases price informativeness. The added analyst coverage associated with cross-listing likely explai...
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作者：Kim, Woojin; Weisbach, Michael S.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Korea University; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：This paper examines the motivations for public equity offers, using a sample of 17,226 initial public offerings and 13,142 seasoned equity offerings from 38 countries between 1990 and 2003. We estimate the uses of funds raised in both initial and seasoned offerings. Firms appear to spend incremental dollars on both R&D and capital expenditures, consistent with the investment financing explanation of equity issues. However, consistent with the mispricing explanation, high market to book firms t...
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作者：Madureira, Leonardo; Underwood, Shane
作者单位：University System of Ohio; Case Western Reserve University; Rice University
摘要：The interaction between an investment bank's research and market making arms may have important implications for the trading of a firm's stock. We investigate the impact that research has on the liquidity provided by the bank's market maker. Utilizing a large sample of Nasdaq firms, we show that market makers whose banks also provide research coverage provide more liquidity and contribute more to price discovery than do market makers without such research coverage. Finally, we show that such a...
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作者：Benfratello, Luigi; Schiantarelli, Fabio; Sembenelli, Alessandro
作者单位：University of Turin; Consiglio Nazionale delle Ricerche (CNR); Boston College; IZA Institute Labor Economics; Collegio Carlo Alberto
摘要：In this paper we investigate the effect of local banking development on firms' innovative activities, using a rich data set on innovation for a large number of Italian firms over the 1990s. There is evidence that banking development affects the probability Of Process innovation, particularly for firms in high-tech sectors, in Sectors more dependent upon external finance, and for firms that are small. The evidence for product innovation is much weaker and not robust. There is also some evidence...
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作者：Francis, Bill B.; Hasan, Iftekhar; Hunter, Delroy M.
作者单位：Rensselaer Polytechnic Institute; Bank of Finland; State University System of Florida; University of South Florida
摘要：While the importance of currency movements to industry competitiveness is theoretically well established, there is little evidence that Currency risk impacts US industries. Applying a conditional asset pricing model to 36 US industries, we find that all industries have a Significant Currency premium that adds about 2.47 percentage points to the cost of equity and accounts for approximately 11.7% of total risk premium in absolute Value. Cross-industry Variation in the Currency premium is explai...
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作者：Bizjak, John M.; Lemmon, Michael L.; Naveen, Lalitha
作者单位：Portland State University; Utah System of Higher Education; University of Utah; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：We provide empirical evidence on how the practice of competitive benchmarking affects chief executive officer (CEO) pay. We find that the use of benchmarking is widespread and has a significant impact on CEO compensation. One view is that benchmarking is inefficient because it can lead to increases in executive pay not tied to firm performance. A contrasting view is that benchmarking is a practical and efficient mechanism used to gauge the market wage necessary to retain valuable human capital...
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作者：DeAngelo, Harry; DeAngelo, Linda
作者单位：University of Southern California
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作者：Balachandran, Balasingham; Faff, Robert; Theobald, Michael
作者单位：Monash University; University of Birmingham
摘要：Rights offerings in Australia provide valuable choices to the issuer in terms of both underwriting and renounceability. We formulate a set of hypotheses from a quality signaling perspective, affording an analysis of the key interrelations between quality, underwriting status, renounceability, takeup, and subscription price discount. We analyse rights offerings from two perspectives: market reaction to rights announcements and identification of the factors driving the choice of issue type. Evid...
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作者：Mahanti, Sriketan; Nashikkar, Amrut; Subrahmanyam, Marti; Chacko, George; Mallik, Gaurav
作者单位：New York University; State Street Global Advisors
摘要：We present a new measure of liquidity known as latent liquidity and apply it to a unique corporate bond database. Latent liquidity is defined as the weighted average turnover of investors who hold a bond, in which the weights are the fractional investor holdings. It can be used to measure liquidity in markets with sparse transactions data. For bonds that trade frequently, our measure has predictive power for both transaction costs and the price impact of trading, over and above trading activit...
