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作者：Puri, Manju; Robinson, David T.
作者单位：Duke University; National Bureau of Economic Research
摘要：We create a novel measure of optimism using the Survey of Consumer Finance by comparing selfreported life expectancy to that implied by statistical tables. This measure of optimism correlates with positive beliefs about future economic conditions and with psychometric tests of optimism. Optimism is related to numerous work/life choices: more optimistic people work harder, expect to retire later, are more likely to remarry, invest more in individual stocks, and save more. Interestingly, however...
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作者：Aragon, George O.
作者单位：Arizona State University; Arizona State University-Tempe
摘要：This paper presents evidence on the relation between hedge fund returns and restrictions imposed by funds that limit the liquidity of fund investors. The excess returns of funds with lockup restrictions are approximately 4-7% per year higher than those of nonlockup funds. The average alpha of all funds is negative or insignificant after controlling for lockups and other share restrictions. Also, a negative relation is found between share restrictions and the liquidity of the fund's portfolio. ...
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作者：Gonzalez, Laura; James, Christopher
作者单位：State University System of Florida; University of Florida
摘要：This paper examines the bank lending relations of a large sample of technology and nontechnology firms that went public during the 1996-2000 period. We use a unique hand-collected data set to examine the characteristics of firms that establish pre- Initial Public Offering (IPO) bank lending relations and whether post-IPO performance is related to the existence and size of pre-IPO banking relations. We find that the majority of IPO firms have banking relations before they go public. Firms with ...
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作者：Boone, Audra L.; Field, Laura Casares; Karpoff, Jonathan M.; Raheja, Charu G.
作者单位：University of Washington; University of Washington Seattle; University of Kansas; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Wake Forest University
摘要：Using a unique panel dataset that tracks corporate board development from a firm's IPO through 10 years later, we find that: (i) board size and independence increase as firms grow and diversify over time; (ii) board size-but not board independence-reflects a tradeoff between the firm-specific benefits and costs of monitoring; and (iii) board independence is negatively related to the manager's influence and positively related to constraints on that influence. These results indicate that economi...
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作者：Kroszner, Randall S.; Laeven, Luc; Klingebiel, Daniela
作者单位：International Monetary Fund; Federal Reserve System - USA; Federal Reserve System Board of Governors; Centre for Economic Policy Research - UK; The World Bank
摘要：This paper contributes to the literature that analyzes the mechanisms linking financial shocks and real activity. In particular, we investigate the growth impact of banking crises on industries with different levels of dependence on external finance. If banks are the key institutions allowing credit constraints to be relaxed, then a sudden loss of these intermediaries in a system in which such intermediaries are important should have a disproportionately contractionary impact on the sectors th...
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作者：Cheridito, Patrick; Filipovic, Damir; Kimmel, Robert L.
作者单位：University System of Ohio; Ohio State University; Princeton University; University of Munich
摘要：We extend the standard specification of the market price of risk for affine yield models, and apply it to U.S. Treasury data. Our specification often provides better fit, sometimes with very high statistical significance. The improved fit comes from the time-series rather than cross-sectional features of the yield curve. We derive conditions under which our specification does not admit arbitrage opportunities. The extension has extremely strong statistical significance For affine yield models ...
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作者：Herrera, Ana Maria; Minetti, Raoul
作者单位：Michigan State University
摘要：This paper empirically investigates the effect of informed finance on technological change. The theoretical literature offers conflicting predictions on whether the information of financiers fosters or inhibits firms' innovation. Using data from a sample of Italian manufacturing firms, we find that the information of firms' main banks, proxied by the duration of credit relationships, promotes innovation. This positive effect is economically and statistically more significant for product than f...
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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：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：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...
