作者：Dobbie, Will; Goldsmith-Pinkham, Paul; Mahoney, Neale; Song, Jae
作者单位：Harvard University; National Bureau of Economic Research; Yale University; Stanford University
摘要：We study the financial and labor market impacts of bad credit reports. Using difference-in-differences variation from the staggered removal of bankruptcy flags, we show that bankruptcy flag removal leads to economically large increases in credit limits and borrowing. Using administrative tax records linked to personal bankruptcy records, we estimate economically small effects of flag removal on employment and earnings outcomes. We rationalize these contrasting results by showing that, conditio...
作者：Cunat, Vicente; Gine, Mireia; Guadalupe, Maria
作者单位：University of Pennsylvania; University of Navarra; IESE Business School; INSEAD Business School
摘要：We study the effects of anti-takeover provisions (ATPs) on the takeover probability, the takeover premium, and target selection. Voting to remove an ATP increases both the takeover probability and the takeover premium, that is, there is no evidence of a trade-off between premiums and takeover probabilities. We provide causal estimates based on shareholder proposals to remove ATPs and address the endogenous selection of targets through bounding techniques. The positive premium effect in less pr...
