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作者：Stoll, HR; Schenzler, C
作者单位：Vanderbilt University
摘要：In the period 1993 through 2002 examined in this study, quoted and effective spreads declined substantially on Nasdaq and to a lesser degree on the NYSE. At the same time, however, trades outside the quotes increased dramatically on Nasdaq. Because investors would prefer to trade at the quotes rather than outside the quotes, we examine why trades outside the quotes are observed. We focus on how the continuous market mechanism itself influences the outcome of orders and the reporting of trades,...
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作者：Raddatz, Claudio
作者单位：The World Bank
摘要：This paper provides evidence that financial development has a large causal effect in the reduction of macroeconomic volatility resulting from the role of the financial system in liquidity provision. In particular, financial system development leads to a comparatively larger reduction in the volatility of output in sectors with high liquidity needs. Most of this decline results from the stabilization of the output of existing firms, although the volatility of the number of firms also drops sign...
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作者：Bernardo, AE; Luo, J; Wang, JJD
作者单位：University of California System; University of California Los Angeles; Hong Kong University of Science & Technology; City University of Hong Kong
摘要：We develop a model of a two-division firm in which the strong division has, on average, higher quality investment opportunities than the weak division. We show that, in the presence of agency and information problems, optimal effort incentives are less powerful and thus managerial effort is lower in the strong division. This leads the firm to bias its project selection policy against the strong division. The selection bias is more severe when there is a larger spread in the average quality of ...
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作者：Klapper, Leora; Laeven, Luc; Rajan, Raghuram
作者单位：International Monetary Fund; The World Bank; Centre for Economic Policy Research - UK; University of Chicago; National Bureau of Economic Research
摘要：Using a comprehensive database of European firms, we study the effect of market entry regulations on the creation of new limited-liability firms, the average size of entrants, and the growth of incumbent firms. We find that costly regulations hamper the creation of new firms, especially in industries that should naturally have high entry. These regulations also force new entrants to be larger and cause incumbent firms in naturally high-entry industries to grow more slowly. Our results hold eve...
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作者：Lewellen, Katharina
作者单位：Dartmouth College
摘要：Leverage raises stock volatility, driving a wedge between the cost of debt to shareholders and the cost to undiversified, risk-averse managers. I quantify these volatility costs of debt and examine their impact on financing decisions. I find that: (1) the volatility costs of debt can be large for executives exposed to firm-specific risk; (2) for a range of empirically relevant parameters, higher option ownership tends to increase, not decrease, the volatility costs of debt; and (3) for manager...
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作者：Bernhardt, Dan; Campello, Murillo; Kutsoati, Edward
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Illinois System; University of Illinois Urbana-Champaign; Tufts University
摘要：This paper develops a test for herding in forecasts by professional financial analysts that is robust to (a) correlated information amongst analysts; (b) common unforecasted industry-wide earnings shocks; (c) information arrival over the forecasting cycle; (d) the possibility that the earnings that analysts forecast differ from what the econometrician observes, and (e) systematic optimism or pessimism among analysts. We find that forecasts are biased, but that analysts do not herd. Instead, an...
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作者：Mitton, Todd
作者单位：Brigham Young University
摘要：I use firm-specific measures of openness to foreign investors to study the impact of stock market liberalization on firm-level operating performance. In a sample of over 1, 100 firms from 28 countries, firms with stocks that are open to foreign investors experience higher growth, greater investment, greater profitability, greater efficiency, and lower leverage. Strategies to address potential endogeneity suggest that the observed relation reflects, at least in part, a causal effect of openness...
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作者：Rangvid, Jesper
作者单位：Copenhagen Business School
摘要：This paper shows for 1929-2003 U.S. data and also for international G-7 data that the ratio of share prices to GDP tracks a large fraction of the variation over time in expected returns on the aggregate stock market, capturing more of that variation than do price-earnings and price-dividend ratios and often also providing additional information about excess returns. The price output ratio tracks long-term U.S. cumulative stock returns almost as well as the cay-ratio of Lettau and Ludvigson [20...
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作者：Goldman, E; Slezak, SL
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University System of Ohio; University of Cincinnati
摘要：This paper develops an agency model in which stock-based compensation is a double-edged sword, inducing managers to exert productive effort but also to divert valuable firm resources to misrepresent performance. We examine how the potential for manipulation affects the equilibrium level of pay-for-performance sensitivity and derive several new cross-sectional implications that are consistent with recent empirical studies. In addition, we analyze the impact of recent regulatory changes containe...
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作者：Graham, John R.; Tucker, Alan L.
作者单位：Duke University; Pace University
摘要：We gather a unique sample of 44 tax shelter cases to investigate the magnitude of tax shelter activity and whether participating in a shelter is related to corporate debt policy. The average annual deduction produced by the shelters in our sample is very large, equaling approximately nine percent of asset value. These deductions are more than three times as large as interest deductions for comparable companies. The firms in our sample use less debt when they engage in tax sheltering. Compared ...
