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作者：Aggarwal, Reena; Saffi, Pedro A. C.; Sturgess, Jason
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作者：Albuquerque, Rui; Schroth, Enrique
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作者：Adelino, Manuel; Lewellen, Katharina; Sundaram, Anant
作者单位：Duke University
摘要：This paper examines investment choices of nonprofit hospitals. It tests how shocks to cash flows caused by the performance of the hospitals' financial assets affect hospital expenditures. Capital expenditures increase, on average, by 10 to 28 cents for every dollar received from financial assets. The sensitivity is similar to that found earlier for shareholder-owned corporations. Executive compensation, other salaries, and perks do not respond significantly to cash flow shocks. Hospitals with ...
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作者：Zingales, Luigi
作者单位：University of Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Academics' view of the benefits of finance vastly exceeds societal perception. This dissonance is at least partly explained by an underappreciation by academia of how, without proper rules, finance can easily degenerate into a rent-seeking activity. I outline what finance academics can do, from a research point of view and from an educational point of view, to promote good finance and minimize the bad.
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作者：Erel, Isil; Jang, Yeejin; Weisbach, Michael S.
作者单位：University System of Ohio; Ohio State University; Purdue University System; Purdue University; National Bureau of Economic Research; University System of Ohio; Ohio State University
摘要：Managers often claim that target firms are financially constrained prior to being acquired and that these constraints are eased following the acquisition. Using a large sample of European acquisitions, we document that the level of cash that target firms hold, the sensitivity of cash to cash flow, and the sensitivity of investment to cash flow all decline, while investment increases following the acquisition. These effects are stronger in deals that are more likely to be associated with financ...
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作者：Goldstein, Itay; Yang, Liyan
作者单位：University of Pennsylvania; University of Toronto
摘要：We analyze a model in which different traders are informed of different fundamentals that affect the security value. We identify a source for strategic complementarities in trading and information acquisition: aggressive trading on information about one fundamental reduces uncertainty in trading on information about the other fundamental, encouraging more trading and information acquisition on that fundamental. This tends to amplify the effect of exogenous changes in the underlying information...
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作者：Ewens, Michael; Rhodes-Kropf, Matthew
作者单位：Carnegie Mellon University; Harvard University
摘要：This paper investigates whether individual venture capitalists have repeatable investment skill and the extent to which their skill is impacted by the venture capital (VC) firm where they work. We examine a unique data set that tracks the performance of individual venture capitalists' investments over time and as they move between firms. We find evidence of skill and exit style differences even among venture partners investing at the same VC firm at the same time. Furthermore, our estimates su...
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作者：Krueger, Philipp; Landier, Augustin; Thesmar, David
作者单位：University of Geneva; University of Geneva; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Hautes Etudes Commerciales (HEC) Paris; Centre for Economic Policy Research - UK
摘要：In this paper, we test whether firms properly adjust for risk in their capital budgeting decisions. If managers use a single discount rate within firms, we expect that conglomerates underinvest (overinvest) in relatively safe (risky) divisions. We measure division relative risk as the difference between the division's asset beta and a firm-wide beta. We establish a robust and significant positive relationship between division-level investment and division relative risk. Next, we measure the va...
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作者：Cheng, Ing-Haw; Hong, Harrison; Scheinkman, Jose A.
作者单位：Dartmouth College; Princeton University; Columbia University
摘要：Many believe that compensation, misaligned from shareholders' value due to managerial entrenchment, caused financial firms to take risks before the financial crisis of 2008. We argue that, even in a classical principal-agent setting without entrenchment and with exogenous firm risk, riskier firms may offer higher total pay as compensation for the extra risk in equity stakes borne by risk-averse managers. Using long lags of stock price risk to capture exogenous firm risk, we confirm our conject...
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作者：Hendershott, Terrence; Madhavan, Ananth
作者单位：University of California System; University of California Berkeley
摘要：Over-the-counter (OTC) markets dominate trading in many asset classes. Will electronic trading displace traditional OTC voice trading? Can electronic and voice systems coexist? What types of securities and trades are best suited for electronic trading? We study these questions by focusing on an innovation in electronic trading technology that enables investors to simultaneously search many bond dealers. We show that periodic one-sided electronic auctions are a viable and important source of li...
