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作者：Agarwal, Vikas; Mullally, Kevin A.; Tang, Yuehua; Yang, Baozhong
作者单位：University System of Georgia; Georgia State University; University of Cologne; University System of Georgia; Georgia State University; Singapore Management University
摘要：We examine the impact of mandatory portfolio disclosure by mutual funds on stock liquidity and fund performance. We develop a model of informed trading with disclosure and test its predictions using the May 2004 SEC regulation requiring more frequent disclosure. Stocks with higher fund ownership, especially those held by more informed funds or subject to greater information asymmetry, experience larger increases in liquidity after the regulation change. More informed funds, especially those ho...
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作者：Bond, Philip; Goldstein, Itay
作者单位：University of Washington; University of Washington Seattle; University of Pennsylvania
摘要：Governments intervene in firms' lives in a variety of ways. To enhance the efficiency of government intervention, many researchers and policy makers call for governments to make use of information contained in stock market prices. However, price informativeness is endogenous to government policy. We analyze government policy in light of this endogeneity. In some cases, it is optimal for a government to commit to limit its reliance on market prices to avoid harming the aggregation of informatio...
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作者：Pool, Veronika K.; Stoffman, Noah; Yonker, Scott E.
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Cornell University
摘要：We find that socially connected fund managers have more similar holdings and trades. The overlap of funds whose managers reside in the same neighborhood is considerably higher than that of funds whose managers live in the same city but in different neighborhoods. These effects are larger when managers share a similar ethnic background, and are not explained by preferences. Valuable information is transmitted through these peer networks: a long-short strategy composed of stocks purchased minus ...
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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：Deyoung, Robert; Gron, Anne; Torna, Goekhan; Winton, Andrew
作者单位：University of Kansas; State University of New York (SUNY) System; Stony Brook University; University of Minnesota System; University of Minnesota Twin Cities
摘要：We estimate a structural model of bank portfolio lending and find that the typical U.S. community bank reduced its business lending during the global financial crisis. The decline in business credit was driven by increased risk overhang effects (consistent with a reduction in the liquidity of assets held on bank balance sheets) and by reduced loan supply elasticities suggestive of credit rationing (consistent with an increase in lender risk aversion). Nevertheless, we identify a group of strat...
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作者：Karolyi, G. Andrew; Taboada, Alvaro G.
作者单位：Cornell University; University of Tennessee System; University of Tennessee Knoxville
摘要：We study how differences in bank regulation influence cross-border bank acquisition flows and share price reactions to cross-border deal announcements. Using a sample of 7,297 domestic and 916 majority cross-border deals announced between 1995 and 2012, we find evidence of a form of regulatory arbitrage whereby acquisition flows involve acquirers from countries with stronger regulations than their targets. Target and aggregate abnormal returns around deal announcements are positive and larger ...
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作者：Mian, Atif; Sufi, Amir; Trebbi, Francesco
作者单位：Princeton University; National Bureau of Economic Research; University of Chicago; University of British Columbia; Canadian Institute for Advanced Research (CIFAR)
摘要：From 2007 to 2009, states without a judicial requirement for foreclosures were twice as likely to foreclose on delinquent homeowners. Analysis of borders of states with differing foreclosure laws reveals a discrete jump in foreclosure propensity as one enters nonjudicial states. Using state judicial requirement as an instrument for foreclosures, we show that foreclosures led to a large decline in house prices, residential investment, and consumer demand from 2007 to 2009. As foreclosures subsi...
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作者：Jenter, Dirk; Lewellen, Katharina
作者单位：University of London; London School Economics & Political Science; Stanford University; National Bureau of Economic Research
摘要：This paper explores the impact of target CEOs' retirement preferences on takeovers. Using retirement age as a proxy for CEOs' private merger costs, we find strong evidence that target CEOs' preferences affect merger activity. The likelihood of receiving a successful takeover bid is sharply higher when target CEOs are close to age 65. Takeover premiums and target announcement returns are similar for retirement-age and younger CEOs, implying that retirement-age CEOs increase firm sales without s...
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作者：Aggarwal, Reena; Saffi, Pedro A. C.; Sturgess, Jason
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作者：Albuquerque, Rui; Schroth, Enrique
