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作者：Kim, E. Han; Ouimet, Paige
作者单位：University of Michigan System; University of Michigan; University of North Carolina; University of North Carolina Chapel Hill
摘要：Firms initiating broad-based employee share ownership plans often claim employee stock ownership plans (ESOPs) increase productivity by improving employee incentives. Do they? Small ESOPs comprising less than 5% of shares, granted by firms with moderate employee size, increase the economic pie, benefiting both employees and shareholders. The effects are weaker when there are too many employees to mitigate free-riding. Although some large ESOPs increase productivity and employee compensation, t...
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作者：Joslin, Scott; Priebsch, Marcel; Singleton, Kenneth J.
作者单位：University of Southern California; Federal Reserve System - USA; Federal Reserve System Board of Governors; Stanford University; National Bureau of Economic Research
摘要：This paper quantifies how variation in economic activity and inflation in the United States influences the market prices of level, slope, and curvature risks in Treasury markets. We develop a novel arbitrage-free dynamic term structure model in which bond investment decisions are influenced by output and inflation risks that are unspanned by (imperfectly correlated with) information about the shape of the yield curve. Our model reveals that, between 1985 and 2007, these risks accounted for a l...
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作者：Mclean, R. David; Zhao, Mengxin
作者单位：University of Alberta; Massachusetts Institute of Technology (MIT)
摘要：The recent financial crisis shows that financial markets can impact the real economy. We investigate whether access to finance typically time-varies and, if so, what are the real effects. Consistent with time-varying external finance costs, both investment and employment are less sensitive to Tobin's q and more sensitive to cash flow during recessions and low investor sentiment periods. Share issuance plays a bigger role than debt issuance in causing these effects. Alternative tests that do no...
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作者：Koijen, Ralph S. J.
作者单位：University of Chicago; National Bureau of Economic Research; Tilburg University
摘要：I estimate a dynamic investment model for mutual managers to study the cross-sectional distribution of ability, incentives, and risk preferences. The manager's compensation depends on the size of the fund, which fluctuates due to fund returns and due to fund flows that respond to the fund's relative performance. The model provides an economic interpretation of time-varying coefficients in performance regressions in terms of the structural parameters. I document that the estimates of fund alpha...
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作者：Anton, Miguel; Polk, Christopher
作者单位：University of Navarra; IESE Business School; University of London; London School Economics & Political Science
摘要：We connect stocks through their common active mutual fund owners. We show that the degree of shared ownership forecasts cross-sectional variation in return correlation, controlling for exposure to systematic return factors, style and sector similarity, and many other pair characteristics. We argue that shared ownership causes this excess comovement based on evidence from a natural experimentthe 2003 mutual fund trading scandal. These results motivate a novel cross-stock-reversal trading strate...
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作者：[Anonymous]
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作者：Donangelo, Andres
作者单位：University of Texas System; University of Texas Austin
摘要：Labor mobility is the flexibility of workers to walk away from an industry in response to better opportunities. I develop a model in which labor flows make bad times worse for shareholders who are left with capital that is less productive. The model shows that firms face greater operating leverage by providing flexibility to mobile workers. I construct an empirical measure of labor mobility consistent with the model and document an economically significant cross-sectional relation between mobi...
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作者：Burkart, Mike; Gromb, Denis; Mueller, Holger M.; Panunzi, Fausto
作者单位：Stockholm School of Economics; INSEAD Business School; European Corporate Governance Institute; Center for Economic & Policy Research (CEPR); New York University; National Bureau of Economic Research; Bocconi University
摘要：This paper examines the role of legal investor protection for the efficiency of the market for corporate control when bidders are financially constrained. In the model, stronger legal investor protection increases bidders' outside funding capacity. However, absent effective bidding competition, this does not improve efficiency, as the bid price, and thus bidders' need for funds, increases one-for-one with the pledgeable income. In contrast, under effective competition for the target, the incre...
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作者：Bruhn, Miriam; Love, Inessa
作者单位：The World Bank; University of Hawaii System; University of Hawaii Manoa; The World Bank
摘要：This paper provides new evidence on the impact of access to finance on poverty. It highlights an important channel through which access affects povertythe labor market. The paper exploits the opening of Banco Azteca in Mexico, a unique natural experiment in which over 800 bank branches opened almost simultaneously in preexisting Elektra stores. Importantly, the bank has focused on previously underserved low-income clients. Our key finding is a sizeable effect of access to finance on labor mark...
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作者：Harford, Jarrad; Klasa, Sandy; Maxwell, William F.
作者单位：University of Washington; University of Washington Seattle; University of Arizona; Southern Methodist University
摘要：We find that firms mitigate refinancing risk by increasing their cash holdings and saving cash from cash flows. The maturity of firms' long-term debt has shortened markedly, and this shortening explains a large fraction of the increase in cash holdings over time. Consistent with the inference that cash reserves are particularly valuable for firms with refinancing risk, we document that the value of these reserves is higher for such firms and that they mitigate underinvestment problems. Our fin...
