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作者：Becker, Bo
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：Demographic variation in savings behavior can be exploited to provide evidence on segmentation in US bank loan markets. Cities with a large fraction of seniors have higher volumes of bank deposits. Since many banks rely heavily on deposit financing, this affects local loan supply and economic activity. I show a positive effect of local deposit supply on local outcomes, including the number of firms, the number of manufacturing firms, and the number of new firms started. The effect is stronger ...
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作者：Bergman, Nittai K.; Jenter, Dirk
作者单位：Massachusetts Institute of Technology (MIT)
摘要：The use of equity-based compensation for rank-and-file employees is a puzzle. We analyze whether the popularity of option compensation may be driven by employee optimism, and show that optimism by itself is insufficient to make option compensation optimal. The crucial insight is that firms compete with financial markets as suppliers of equity to employees and that employees' access to the equity market restricts firms' ability to profit from employee optimism. Firms must be able to extract som...
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作者：Kalay, Avner; Singhal, Rajeev; Tashjian, Elizabeth
作者单位：Utah System of Higher Education; University of Utah; Tel Aviv University; Oakland University
摘要：We examine a sample of 459 firms filing for Chapter 11 during the period 1991-1998 and find that our sample firms experience significant improvements in their operating performance during Chapter 11. Our evidence is consistent with the hypothesis that Chapter 11, if anything, provides net benefits to bankrupt firms. In the cross section, firms with higher debt ratios experience greater improvements in operating performance, and the complexity of the renegotiation process negatively affects the...
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作者：Djankov, Simeon; McLiesh, Caralee; Shleifer, Andrei
作者单位：Harvard University; The World Bank
摘要：We investigate cross-country determinants of private credit, using new data on legal creditor rights and private and public credit registries in 129 countries. Both creditor protection through the legal system and information-sharing institutions are associated with higher ratios of private credit to gross domestic product, but the former is relatively more important in the richer countries. An analysis of legal reforms shows that credit rises after improvements in creditor rights and in infor...
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作者：Livingston, Miles; Williams, Glenn
作者单位：State University System of Florida; University of Florida; State University System of Florida; Florida Atlantic University
摘要：In the 1980s, Drexel Burnham Lambert dominated the underwriting of junk bonds with close to a 50% market share. In 1990, Drexel went bankrupt and was liquidated, and the percentage underwriting fees for junk bonds subsequently dropped dramatically. We present strong evidence that the exit of Drexel Burnham Lambert and the resulting increase in competition for market share were major contributing factors to the decline in junk bond underwriter fees. (c) 2006 Elsevier B.V. All rights reserved.
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作者：Sengupta, Rajdeep
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：Foreign entry and bank competition are modeled as the interaction between asymmetrically informed principals: The entrant uses collateral as a screening device to contest the incumbent's informational advantage. Both better information ex ante and stronger legal protection ex post are shown to facilitate the entry of low-cost outside competitors into credit markets. The entrant's success in gaining borrowers of higher quality by offering cheaper loans increases with its efficiency (cost) advan...
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作者：Hong, Harrison; Torous, Walter; Valkanov, Rossen
作者单位：Princeton University; University of California System; University of California Los Angeles
摘要：We investigate whether the returns of industry portfolios predict stock market movements. In the US, a significant number of industry returns, including retail, services, commercial real estate, metal, and petroleum, forecast the stock market by up to two months. Moreover, the propensity of an industry to predict the market is correlated with its propensity to forecast various indicators of economic activity. The eight largest non-US stock markets show remarkably similar patterns. These findin...
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作者：Downing, Chris; Oliner, Stephen
作者单位：Rice University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper tests a generalized version of the expectations hypothesis in the market for commercial paper. Our main data set, which is new to the literature, consists of daily yield indexes constructed from the market yields for nearly all commercial paper issued by US corporations between 1998 and 2004. We show that term premia for commercial paper often rise dramatically at year-end. However, once we control for these year-end effects, we find considerable support for the generalized expectat...
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作者：Wald, John K.; Long, Michael S.
作者单位：University of Texas System; University of Texas at San Antonio; Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; Rutgers University System; Rutgers University New Brunswick
摘要：US manufacturing firms incorporated in states with stronger payout restrictions use less debt, while antitakeover statutes do not significantly reduce long-run leverage. Correcting for the endogenously determined choice of where to incorporate, we find that firms sort themselves according to state laws and capital structure needs. After accounting for self-selection, state antitakeover laws are positively associated with debt as a fraction of market value, possibly due to lower market values f...
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作者：Kayhan, Ayla; Titman, Sheridan
作者单位：Louisiana State University System; Louisiana State University; University of Texas System; University of Texas Austin; National Bureau of Economic Research
摘要：This paper examines how cash flows, investment expenditures, and stock price histories affect debt ratios. Consistent with earlier work, we find that these variables have a substantial influence on changes in capital structure. Specifically, stock price changes and financial deficits (i.e., the amount of external capital raised) have strong influences on capital Structure changes, but in contrast to previous conclusions, we find that over long horizons their effects are partially reversed. The...
