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作者：Aminadav, Gur; Papaioannou, Elias
作者单位：University of London; London Business School; Center for Economic & Policy Research (CEPR)
摘要：We study corporate control tracing controlling shareholders for thousands of listed firms from 127 countries over 2004 to 2012. Government and family control is pervasive in civil-law countries. Blocks are commonplace, but less so in common-law countries. These patterns apply to large, medium, and small firms. In contrast, the development-control nexus is heterogeneous; strong for large but absent for small firms. Control correlates strongly with shareholder protection, the stringency of emplo...
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作者：Hombert, Johan; Schoar, Antoinette; Sraer, David; Thesmar, David
作者单位：Hautes Etudes Commerciales (HEC) Paris; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of California System; University of California Berkeley
摘要：We evaluate the effect of downside insurance on self-employment. We exploit a large-scale reform of French unemployment benefits that insured unemployed workers starting businesses. The reform significantly increased firm creation without decreasing the quality of new entrants. Firms started postreform were initially smaller, but their employment growth, productivity, and survival rates are similar to those prereform. New entrepreneurs' characteristics and expectations are also similar. Finall...
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作者：Atanasov, Victoria; Moller, Stig V.; Priestley, Richard
作者单位：University of Mannheim; Aarhus University; CREATES; Danish Finance Institute; BI Norwegian Business School
摘要：This paper introduces a novel consumption-based variable, cyclical consumption, and examines its predictive properties for stock returns. Future expected stock returns are high (low) when aggregate consumption falls (rises) relative to its trend and marginal utility from current consumption is high (low). We show that the empirical evidence ties consumption decisions of agents to time variation in returns in a manner consistent with asset pricing models based on external habit formation. The p...
