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作者：Beck, Thorsten; Lin, Chen; Ma, Yue
作者单位：City St Georges, University of London; Tilburg University; Centre for Economic Policy Research - UK; University of Hong Kong; City University of Hong Kong
摘要：Tax evasion is a widespread phenomenon across the globe and even an important factor in the ongoing sovereign debt crisis. We show that firms in countries with better credit information-sharing systems and higher branch penetration evade taxes to a lesser degree. This effect is stronger for smaller firms, firms in smaller cities and towns, firms in industries relying more on external financing, and firms in industries and countries with greater growth potential. This effect is robust to instru...
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作者：Carvalho, Daniel
作者单位：University of Southern California
摘要：Using plant-level data for Brazilian manufacturing firms, this paper provides evidence that government control over banks leads to significant political influence over the real decisions of firms. I find that firms eligible for government bank lending expand employment in politically attractive regions near elections. These expansions are associated with additional (favorable) borrowing from government banks. Further, these persistent expansions take place just before competitive elections, an...
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作者：Frydman, Cary; Barberis, Nicholas; Camerer, Colin; Bossaerts, Peter; Rangel, Antonio
作者单位：University of Southern California; Yale University; California Institute of Technology; Utah System of Higher Education; University of Utah
摘要：We conduct a study in which subjects trade stocks in an experimental market while we measure their brain activity using functional magnetic resonance imaging. All of the subjects trade in a suboptimal way. We use the neural data to test a 'realization utility' explanation for their behavior. We find that activity in two areas of the brain that are important for economic decision-making exhibit activity consistent with the predictions of realization utility. These results provide support for th...
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作者：Kogan, Leonid; Papanikolaou, Dimitris
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Northwestern University
摘要：We explore the impact of investment-specific technology (IST) shocks on the cross section of stock returns. Using a structural model, we show that IST shocks have a differential effect on the value of assets in place and the value of growth opportunities. This differential sensitivity to IST shocks has two main implications. First, firm risk premia depend on the contribution of growth opportunities to firm value. Second, firms with similar levels of growth opportunities comove with each other,...
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作者：Bradley, Daniel; Clarke, Jonathan; Lee, Suzanne; Ornthanalai, Chayawat
作者单位：State University System of Florida; University of South Florida; University System of Georgia; Georgia Institute of Technology; University of Toronto
摘要：We demonstrate that time stamps reported in I/B/E/S for analysts' recommendations released during trading hours are systematically delayed. Using newswire-reported time stamps, we find 30-minute returns of 1.83% (-2.10%) for upgrades (downgrades), but for this subset of recommendations we find corresponding returns of -0.07% (-0.09%) using I/B/E/S-reported time stamps. We also examine the information content of recommendations relative to management guidance and earnings announcements. Our evi...
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作者：Johannes, Michael; Korteweg, Arthur; Polson, Nicholas
作者单位：Columbia University; Stanford University; University of Chicago
摘要：This paper finds statistically and economically significant out-of-sample portfolio benefits for an investor who uses models of return predictability when forming optimal portfolios. Investors must account for estimation risk, and incorporate an ensemble of important features, including time-varying volatility, and time-varying expected returns driven by payout yield measures that include share repurchase and issuance. Prior research documents a lack of benefits to return predictability, and o...
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作者：Calvet, Laurent E.; Sodini, Paolo
作者单位：Hautes Etudes Commerciales (HEC) Paris; Stockholm School of Economics
摘要：This paper investigates risk-taking in the liquid portfolios held by a large panel of Swedish twins. We document that the portfolio share invested in risky assets is an increasing and concave function of financial wealth, leading to different risk sensitivities across investors. Human capital, which we estimate directly from individual labor income, also affects risk-taking positively, while internal habit and expenditure commitments tend to reduce it. Our microfindings lend strong support to ...
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作者：Peng, Lin; Roeell, Ailsa
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Columbia University; Center for Economic & Policy Research (CEPR)
摘要：We present a rational expectations model of optimal executive compensation in a setting where managers are in a position to manipulate short-term stock prices and the manipulation propensity is uncertain. We analyze the tradeoffs involved in conditioning pay on long- versus short-term performance and show how manipulation, and investors' uncertainty about it, affects the equilibrium pay contract and the informativeness of prices. Firm and manager characteristics determine the optimal compensat...
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作者：Malherbe, Frederic
作者单位：University of London; London Business School
摘要：I analyze a model in which holding cash imposes a negative externality: it worsens future adverse selection in markets for long-term assets, which impairs their role for liquidity provision. Adverse selection worsens when potential sellers of long-term assets hold more cash because then fewer sales reflect cash needs, and proportionally more sales reflect private information. Moreover, future market illiquidity makes current cash holding more appealing. This feedback effect may result in hoard...
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作者：Ahern, Kenneth R.; Harford, Jarrad
作者单位：University of Southern California; University of Washington; University of Washington Seattle
摘要：We represent the economy as a network of industries connected through customer and supplier trade flows. Using this network topology, we find that stronger product market connections lead to a greater incidence of cross-industry mergers. Furthermore, mergers propagate in waves across the network through customer-supplier links. Merger activity transmits to close industries quickly and to distant industries with a delay. Finally, economy-wide merger waves are driven by merger activity in indust...
