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作者：Piskorski, Tomasz; Seru, Amit; Witkin, James
作者单位：Columbia University; University of Chicago; National Bureau of Economic Research
摘要：We document that contractual disclosures by intermediaries during the sale of mortgages contained false information about the borrower's housing equity in 7-14% of loans. The rate of misrepresented loan default was 70% higher than for similar loans. These misrepresentations likely occurred late in the intermediation and exist among securities sold by all reputable intermediaries. Investorsincluding large institutionsholding securities with misrepresented collateral suffered severe losses due t...
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作者：Ellul, Andrew; Jotikasthira, Chotibhak; Lundblad, Christian T.; Wang, Yihui
作者单位：Indiana University System; Indiana University Bloomington; Center for Economic & Policy Research (CEPR); University of London; London Business School; University of North Carolina; University of North Carolina Chapel Hill; Fordham University
摘要：Accounting rules, through their interactions with capital regulations, affect financial institutions' trading behavior. The insurance industry provides a laboratory to explore these interactions: life insurers have greater flexibility than property and casualty insurers to hold speculative-grade assets at historical cost, and the degree to which life insurers recognize market values differs across U.S. states. During the financial crisis, insurers facing a lesser degree of market value recogni...
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作者：Bessembinder, Hendrik; Hao, Jia; Zheng, Kuncheng
作者单位：Arizona State University; Arizona State University-Tempe; Utah System of Higher Education; University of Utah; Chinese University of Hong Kong; Northeastern University
摘要：We examine the effects of secondary market liquidity on firm value and the IPO decision. Competitive aftermarket liquidity provision is associated with reduced welfare and a discounted secondary market price that can dissuade IPOs. The competitive market fails in particular for firms or at times when uncertainty regarding fundamental value and asymmetric information are large in combination. In these cases, firm value and welfare are improved by a contract where the firm engages a designated m...
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作者：Giannetti, Mariassunta; Liao, Guanmin; Yu, Xiaoyun
作者单位：Stockholm School of Economics; Central University of Finance & Economics; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We study the impact of directors with foreign experience on firm performance in emerging markets. Using a unique data set from China, we exploit the introduction of policies to attract talented emigrants and increase the supply of individuals with foreign experience in different provinces at different times. We document that performance increases after firms hire directors with foreign experience and identify the channels through which the emigration of talent may lead to a brain gain. Our fin...
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作者：DeAngelo, Harry; Roll, Richard
作者单位：University of Southern California; California Institute of Technology; University of California System; University of California Los Angeles
摘要：Leverage cross-sections more than a few years apart differ markedly, with similarities evaporating as the time between them lengthens. Many firms have high and low leverage at different times, but few keep debt-to-assets ratios consistently above 0.500. Capital structure stability is the exception, not the rule, occurs primarily at low leverage, and is virtually always temporary, with many firms abandoning low leverage during the post-war boom. Industry-median leverage varies widely over time....
