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作者：Tsoutsoura, Margarita
摘要：This paper provides causal evidence on the impact of succession taxes on firm investment decisions and transfer of control. Using a 2002 policy change in Greece that substantially reduced the tax on intrafamily transfers of businesses, I show that succession taxes lead to a more than 40% decline in investment around family successions, slow sales growth, and a depletion of cash reserves. Furthermore, succession taxes strongly affect the decision to sell or retain the firm within the family. I ...
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作者：Dasgupta, Amil; Piacentino, Giorgia
作者单位：University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); University of London; London Business School; Washington University (WUSTL)
摘要：Effective monitoring by equity blockholders is important for good corporate governance. A prominent theoretical literature argues that the threat of block sale (exit) can be an effective governance mechanism. Many blockholders are money managers. We show that, when money managers compete for investor capital, the threat of exit loses credibility, weakening its governance role. Money managers with more skin in the game will govern more successfully using exit. Allowing funds to engage in activi...
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作者：Axelson, Ulf; Bond, Philip
作者单位：University of London; London School Economics & Political Science; University of Washington; University of Washington Seattle
摘要：Many finance jobs entail the risk of large losses, and hard-to-monitor effort. We analyze the equilibrium consequences of these features in a model with optimal dynamic contracting. We show that finance jobs feature high compensation, up-or-out promotion, and long work hours, and are more attractive than other jobs. Moral hazard problems are exacerbated in booms, even though pay increases. Employees whose talent would be more valuable elsewhere can be lured into finance jobs, while the most ta...
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作者：Kung, Howard; Schmid, Lukas
作者单位：University of London; London Business School; Duke University; University of California System; University of California Los Angeles
摘要：We examine the asset pricing implications of a production economy whose long-term growth prospects are endogenously determined by innovation and R&D. In equilibrium, R&D endogenously drives a small, persistent component in productivity that generates long-run uncertainty about economic growth. With recursive preferences, households fear that persistent downturns in economic growth are accompanied by low asset valuations and command high-risk premia in asset markets. Empirically, we find substa...
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作者：Bloomfield, Robert; O'Hara, Maureen; Saar, Gideon
作者单位：Cornell University
摘要：Using a laboratory market, we investigate how the ability to hide orders affects traders' strategies and market outcomes in a limit order book environment. We find that order strategies are greatly affected by allowing hidden liquidity, with traders substituting nondisplayed for displayed shares and changing the aggressiveness of their trading. As traders adapt their behavior to the different opacity regimes, however, most aggregate market outcomes (such as liquidity and informational efficien...
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作者：Giroud, Xavier; Mueller, Holger M.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; New York University; Centre for Economic Policy Research - UK
摘要：We document how a positive shock to investment opportunities at one plant (treated plant) spills over to other plants within the same firm, but only if the firm is financially constrained. To provide the treated plant with resources, the firm's headquarters withdraws capital and labor from other plants, especially plants that are relatively less productive, not part of the firm's core industries, and located far away from headquarters. As a result of the resource reallocation, aggregate firm-w...
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作者：Greenwood, Robin; Hanson, Samuel G.; Stein, Jeremy C.
作者单位：Harvard University; Harvard University
摘要：We study optimal government debt maturity in a model where investors derive monetary services from holding riskless short-term securities. In a setting where the government is the only issuer of such riskless paper, it trades off the monetary premium associated with short-term debt against the refinancing risk implied by the need to roll over its debt more often. We extend the model to allow private financial intermediaries to compete with the government in the provision of short-term money-li...
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作者：Aggarwal, Reena; Saffi, Pedro A. C.; Sturgess, Jason
作者单位：Georgetown University; University of Cambridge; DePaul University
摘要：This paper investigates voting preferences of institutional investors using the unique setting of the securities lending market. Investors restrict lendable supply and/or recall loaned shares prior to the proxy record date to exercise voting rights. Recall is higher for investors with greater incentives to monitor, for firms with poor performance or weak governance, and for proposals where returns to governance are likely higher. At the subsequent vote, recall is associated with less support f...
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作者：Jurek, Jakub W.; Stafford, Erik
作者单位：Princeton University; National Bureau of Economic Research; Harvard University
摘要：Traditional risk factor models indicate that hedge funds capture pre-fee alphas of 6% to 10% per annum over the period from 1996 to 2012. At the same time, the hedge fund return series is not reliably distinguishable from the returns of mechanical S&P 500 put-writing strategies. We show that the high excess returns to hedge funds and put-writing are consistent with an equilibrium in which a small subset of investors specialize in bearing downside market risks. Required rates of return in such ...
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作者：Bernstein, Shai
作者单位：Stanford University
摘要：This paper investigates the effects of going public on innovation by comparing the innovation activity of firms that go public with firms that withdraw their initial public offering (IPO) filing and remain private. NASDAQ fluctuations during the book-building phase are used as an instrument for IPO completion. Using patent-based metrics, I find that the quality of internal innovation declines following the IPO, and firms experience both an exodus of skilled inventors and a decline in the produ...
