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作者：Almeida, Heitor; Kim, Chang-Soo; Kim, Hwanki Brian
作者单位：Yonsei University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper examines capital reallocation among firms in Korean business groups (chaebol) in the aftermath of the 1997 Asian financial crisis, and the consequences of this capital reallocation for the investment and performance of chaebol firms. We show that chaebol transferred cash from low-growth to high-growth member firms, using cross-firm equity investments. This capital reallocation allowed chaebol firms with greater investment opportunities to invest more than control firms after the cri...
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作者：Bolton, Patrick; Oehmke, Martin
作者单位：Columbia University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Derivatives enjoy special status in bankruptcy: they are exempt from the automatic stay and effectively senior to virtually all other claims. We propose a corporate finance model to assess the effect of these exemptions on a firm's cost of borrowing and incentives to engage in derivative transactions. While derivatives are value-enhancing risk management tools, seniority for derivatives can lead to inefficiencies: it transfers credit risk to debtholders, even though this risk is borne more eff...
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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...
