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作者：Barrot, Jean-Noel
作者单位：Massachusetts Institute of Technology (MIT); Center for Economic & Policy Research (CEPR)
摘要：Long payment terms are a strong impediment to the entry and survival of liquidity-constrained firms. To test this idea and its implications, I consider the effect of a reform restricting the trade credit supply of French trucking firms. In a difference-in-differences setting, I find that trucking firms' corporate default probability decreases by 25% following the restriction. The effect is persistent, concentrated among liquidity-constrained firms, and not offset by a decrease in profits. The ...
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作者：Kumar, Praveen; Li, Dongmei
作者单位：University of Houston System; University of Houston; University of South Carolina System; University of South Carolina Columbia
摘要：We study the dynamic implications of capital investment in innovative capacity (IC) on future stock returns, investment, and profitability bymodeling the unique effects of IC investment on uncertain option generation/exercise and postexercise revenue. The model highlights the diverse effects of IC investment on expected returns in different postinvestment regimes and yields the novel prediction that, under the neoclassical assumption of nonincreasing revenue returns, IC investment is positivel...
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作者：Serfling, Matthew
作者单位：University of Tennessee System; University of Tennessee Knoxville
摘要：I exploit the adoption of state-level labor protection laws as an exogenous increase in employee firing costs to examine how the costs associated with discharging workers affect capital structure decisions. I find that firms reduce debt ratios following the adoption of these laws, with this result stronger for firms that experience larger increases in firing costs. I also document that, following the adoption of these laws, a firm's degree of operating leverage rises, earnings variability incr...
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作者：Hong, Harrison; Sraer, David A.
作者单位：Princeton University; University of California System; University of California Berkeley; University of California System; University of California Berkeley
摘要：The risk and return trade-off, the cornerstone of modern asset pricing theory, is often of the wrong sign. Our explanation is that high-beta assets are prone to speculative overpricing. When investors disagree about the stock market's prospects, high-beta assets are more sensitive to this aggregate disagreement, experience greater divergence of opinion about their payoffs, and are overpriced due to short-sales constraints. When aggregate disagreement is low, the Security Market Line is upward-...
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作者：Cohn, Jonathan B.; Wardlaw, Malcolm I.
作者单位：University of Texas System; University of Texas Austin; University of Texas System; University of Texas Dallas
摘要：We present evidence that financing frictions adversely impact investment in work-place safety, with implications for worker welfare and firm value. Using several identification strategies, we find that injury rates increase with leverage and negative cash flow shocks, and decrease with positive cash flow shocks. We show that firm value decreases substantially with injury rates. Our findings suggest that investment in worker safety is an economically important margin on which firms respond to f...
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作者：Povel, Paul; Sertsios, Giorgo; Kosova, Renata; Kumar, Praveen
作者单位：University of Houston System; University of Houston; Universidad de los Andes - Chile; Imperial College London; University of Houston System; University of Houston
摘要：We study the performance of investments made at different points of an investment cycle. We use a large data set covering hotels in the United States, with rich details on their location, characteristics, and performance. We find that hotels built during hotel construction booms underperform their peers. For hotels built during local hotel construction booms, this underperformance persists for several decades. We examine possible explanations for this long-lasting underperformance. The evidenc...
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作者：Ghysels, Eric; Plazzi, Alberto; Valkanov, Rossen
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Center for Economic & Policy Research (CEPR); Universita della Svizzera Italiana; Swiss Finance Institute (SFI); University of California System; University of California San Diego
摘要：We propose a quantile-based measure of conditional skewness, particularly suitable for handling recalcitrant emerging market (EM) returns. The skewness of international stock market returns varies significantly across countries over time, and persists at long horizons. In EMs, skewness is mostly positive and idiosyncratic, and significantly relates to a country's financial and trade openness and balance of payments. In an international portfolio setting, return asymmetry leads to sizeable cert...
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作者：Gurun, Umit G.; Matvos, Gregor; Seru, Amit
作者单位：University of Texas System; University of Texas Dallas; University of Chicago; National Bureau of Economic Research
摘要：Using information on advertising and mortgages originated by subprime lenders, we study whether advertising helped consumers find cheaper mortgages. Lenders that advertise more within a region sell more expensive mortgages, measured as the excess rate of a mortgage after accounting for borrower, contract, and regional characteristics. These effects are stronger for mortgages sold to less sophisticated consumers. We exploit regional variation in mortgage advertising induced by the entry of Crai...
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作者：Jenkinson, Tim; Jones, Howard; Martinez, Jose Vicente
作者单位：University of Oxford; Center for Economic & Policy Research (CEPR); University of Connecticut
摘要：Investment consultants advise institutional investors on their choice of fund manager. Focusing on U.S. actively managed equity funds, we analyze the factors that drive consultants' recommendations, what impact these recommendations have on flows, and how well the recommended funds perform. We find that investment consultants' recommendations of funds are driven largely by soft factors, rather than the funds' past performance, and that their recommendations have a significant effect on fund fl...
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作者：Battalio, Robert; Corwin, Shane A.; Jennings, Robert
作者单位：University of Notre Dame; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We identify retail brokers that seemingly route orders to maximize order flow payments, by selling market orders and sending limit orders to venues paying large liquidity rebates. Angel, Harris, and Spatt argue that such routing may not always be in customers' best interests. For both proprietary limit order data and a broad sample of trades from TAQ, we document a negative relation between several measures of limit order execution quality and rebate/fee level. This finding suggests that order...
