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作者：Restrepo, Felipe; Cardona-Sosa, Lina; Strahan, Philip E.
作者单位：Western University (University of Western Ontario); Banco de la Republica Colombia; Boston College; National Bureau of Economic Research
摘要：In 2011, Colombia instituted a tax on repayment of bank loans, which increased the cost of short-term bank credit more than long-term credit. Firms responded by cutting short-term loans for liquidity management purposes and increasing the use of cash and trade credit. In industries in which trade credit is more accessible (based on U.S. Compustat firms), we find substitution into accounts payable and little effect on cash and investment. Where trade credit is less available, firms increase cas...
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作者：Golubov, Andrey; Konstantinidi, Theodosia
作者单位：University of Toronto; City St Georges, University of London
摘要：We study the value premium using the multiples-based market-to-book decomposition of Rhodes-Kropf, Robinson, and Viswanathan (2005). The market-to-value component drives all of the value strategy return, while the value-to-book component exhibits no return predictability in either portfolio sorts or firm-level regressions. Existing results linking market-to-book to operating leverage, duration, exposure to investment-specific technology shocks, and analysts' risk ratings derive from the unpric...
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作者：Alti, Aydogan; Titman, Sheridan
作者单位：University of Texas System; University of Texas Austin
摘要：We present a dynamic model that links characteristic-based return predictability to systematic factors that determine the evolution of firm fundamentals. In the model, an economy-wide disruption process reallocates profits from existing businesses to new projects and thus generates a source of systematic risk for portfolios of firms sorted on value, profitability, and asset growth. If investors are overconfident about their ability to evaluate the disruption climate, these characteristic-sorte...
