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作者：Pool, Veronika K.; Sialm, Clemens; Stefanescu, Irina
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Texas System; University of Texas Austin; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper investigates whether mutual fund families acting as service providers in 401(k) plans display favoritism toward their own affiliated funds. Using a hand-collected data set on the menu of investment options offered to plan participants, we show that fund deletions and additions are less sensitive to prior performance for affiliated than unaffiliated funds. We find no evidence that plan participants undo this affiliation bias through their investment choices. Finally, we find that the...
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作者：Cohn, Jonathan B.; Gillan, Stuart L.; Hartzell, Jay C.
作者单位：University of Texas System; University of Texas Austin; University System of Georgia; University of Georgia
摘要：We use events related to a proxy access rule passed by the Securities and Exchange Commission in 2010 as natural experiments to study the valuation effects of changes in shareholder control. We find that valuations increase (decrease) following increases (decreases) in perceived control, especially for firms that are poorly performing, have shareholders likely to exercise control, and where acquiring a stake is relatively inexpensive. These results suggest that an increase in shareholder contr...
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作者：Lee, Jongsub; Naranjo, Andy; Sirmans, Stace
作者单位：State University System of Florida; University of Florida; University of Arkansas System; University of Arkansas Fayetteville
摘要：Using five-year credit default swap (CDS) spreads on 2,364 companies in 54 countries from 2004 to 2011, we find that firms exposed to stronger property rights through their foreign asset positions (institutional channel) and firms cross-listed on exchanges with stricter disclosure requirements (informational channel) reduce their CDS spreads by 40 bps for a one-standard-deviation increase in their exposure to the two channels. These channels capture effects beyond those associated with firm- a...
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作者：van Binsbergen, Jules H.
作者单位：University of Pennsylvania
摘要：I study asset prices in a general equilibrium framework in which agents form habits over individual varieties of goods rather than over an aggregate consumption bundle. Goods are produced by monopolistically competitive firms whose elasticities of demand depend on consumers' habit formation. Firms that produce goods with a high habit level relative to consumption have low demand elasticities, set high prices for their product, have low expected returns on their stock, and have low asset pricin...
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作者：Biais, Bruno; Heider, Florian; Hoerova, Marie
作者单位：European Central Bank; Center for Economic & Policy Research (CEPR)
摘要：Derivatives activity, motivated by risk-sharing, can breed risk-taking. Bad news about the risk of an asset underlying a derivative increases protection sellers' expected liability and undermines their risk-prevention incentives. This limits risk-sharing, creates endogenous counterparty risk, and can lead to contagion from news about the hedged risk to the balance sheet of protection sellers. Margin calls after bad news can improve protection sellers' incentives and in turn enhance risk-sharin...
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作者：Gilje, Erik P.; Taillard, Jerome P.
作者单位：University of Pennsylvania; Babson College
摘要：We study how listing status affects investment behavior. Theory offers competing hypotheses on how listing-related frictions affect investment decisions. We use detailed data on 74,670 individual projects in the U.S. natural gas industry to show that private firms respond less than public firms to changes in investment opportunities. Private firms adjust drilling activity for low capital-intensity investments. However, they do not increase drilling in response to new capital-intensive growth o...
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作者：Bolton, Patrick
作者单位：Columbia University
摘要：Economic analyses of corporate finance, money, and sovereign debt are largely considered separately. I introduce a novel corporate finance framing of sovereign finance based on the analogy between fiat liabilities for sovereigns and equity for corporations. The analysis focuses on financial constraints at the country level, making explicit the trade-offs involved in relying on domestic versus foreign-currency debt to finance investments or government expenditures. This framing provides new ins...
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作者：Singleton, Kenneth J.
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作者：Basak, Suleyman; Pavlova, Anna
作者单位：University of London; London Business School; Center for Economic & Policy Research (CEPR)
摘要：We analyze how institutional investors entering commodity futures markets, referred to as the financialization of commodities, affect commodity prices. Institutional investors care about their performance relative to a commodity index. We find that all commodity futures prices, volatilities, and correlations go up with financialization, but more so for index futures than for nonindex futures. The equity-commodity correlations also increase. We demonstrate how financial markets transmit shocks ...
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作者：Yin, Chengdong
作者单位：Purdue University System; Purdue University
摘要：This study examines whether the standard compensation contract in the hedge fund industry aligns managers' incentives with investors' interests. I show empirically that managers' compensation increases when fund assets grow, even when diseconomies of scale in fund performance exist. Thus, managers' compensation is maximized at a much larger fund size than is optimal for fund performance. However, to avoid capital outflows, managers are also motivated to restrict fund growth to maintain style-a...
