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作者：Bolton, Patrick; Freixas, Xavier; Shapiro, Joel
作者单位：Columbia University; Pompeu Fabra University; University of Oxford
摘要：The collapse of AAA-rated structured finance products in 2007 to 2008 has brought renewed attention to conflicts of interest in credit rating agencies (CRAs). We model competition among CRAs with three sources of conflicts: (1) CRAs conflict of understating risk to attract business, (2) issuers ability to purchase only the most favorable ratings, and (3) the trusting nature of some investor clienteles. These conflicts create two distortions. First, competition can reduce efficiency, as it faci...
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作者：Puri, Manju; Zarutskie, Rebecca
作者单位：Duke University; National Bureau of Economic Research
摘要：We use data over 25 years to understand the life cycle dynamics of VC- and non-VC-financed firms. We find successful and failed VC-financed firms achieve larger scale but are not more profitable at exit than matched non-VC-financed firms. Cumulative failure rates of VC-financed firms are lower, with the difference driven largely by lower failure rates in the initial years after receiving VC. Our results are not driven by VCs disguising failures as acquisitions or by certain types of VCs. The p...
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作者：Bakke, Tor-Erik; Whited, Toni M.
作者单位：University of Oklahoma System; University of Oklahoma - Norman; University of Rochester
摘要：Threshold events are discrete events triggered when an observable continuous variable passes a known threshold. We demonstrate how to use threshold events as identification strategies by revisiting the evidence in Rauh (2006, Investment and financing constraints: Evidence from the funding of corporate pension plans, Journal of Finance 61, 3371) that mandatory pension contributions cause investment declines. Rauhs result stems from heavily underfunded firms that constitute a small fraction of t...
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作者：Erel, Isil; Liao, Rose C.; Weisbach, Michael S.
作者单位：University System of Ohio; Ohio University; Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; Rutgers University System; Rutgers University New Brunswick
摘要：The vast majority of cross-border mergers involve private firms outside of the United States. We analyze a sample of 56,978 cross-border mergers between 1990 and 2007. We find that geography, the quality of accounting disclosure, and bilateral trade increase the likelihood of mergers between two countries. Valuation appears to play a role in motivating mergers: firms in countries whose stock market has increased in value, whose currency has recently appreciated, and that have a relatively high...
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作者：Schnabl, Philipp
作者单位：New York University
摘要：I exploit the 1998 Russian default as a negative liquidity shock to international banks and analyze its transmission to Peru. I find that after the shock international banks reduce bank-to-bank lending to Peruvian banks and Peruvian banks reduce lending to Peruvian firms. The effect is strongest for domestically owned banks that borrow internationally, intermediate for foreign-owned banks, and weakest for locally funded banks. I control for credit demand by examining firms that borrow from sev...
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作者：Parlour, Christine A.; Stanton, Richard; Walden, Johan
作者单位：University of California System; University of California Berkeley
摘要：In our parsimonious general-equilibrium model of banking and asset pricing, intermediaries have the expertise to monitor and reallocate capital. We study financial development, intraeconomy capital flows, the size of the banking sector, the value of intermediation, expected market returns, and the risk of bank crashes. Asset pricing implications include: a markets dividend yield is related to its financial flexibility, and capital flows should be important in explaining expected returns and th...
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作者：Khan, Mozaffar; Kogan, Leonid; Serafeim, George
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Massachusetts Institute of Technology (MIT); Harvard University
摘要：We use price pressure resulting from purchases by mutual funds with large capital inflows to identify overvalued equity. This is a relatively exogenous overvaluation indicator as it is associated with who is buyingbuyers with excess liquidityrather than what is being purchased. We document substantial stock price impact associated with purchases by high-inflow mutual funds, and find the probability of a seasoned equity offering (SEO), insider sales, and the probability of a stock-based acquisi...
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作者：Rajan, Raghuram G.
作者单位：University of Chicago; University of Chicago; National Bureau of Economic Research
摘要：To produce significant net present value, an entrepreneur has to differentiate her enterprise from the ordinary. To take collaborators with her, she needs to have substantial ownership, and thus financing. But it is hard to raise finance against differentiated assets. So an entrepreneur has to commit to undertake a second transformation, standardization, that will make the human capital in the firm, including her own, replaceable, so that outside financiers obtain control rights that will allo...
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作者：Cohen, Lauren; Malloy, Christopher; Pomorski, Lukasz
作者单位：Harvard University; National Bureau of Economic Research; University of Toronto
摘要：Exploiting the fact that insiders trade for a variety of reasons, we show that there is predictable, identifiable routine insider trading that is not informative about firms futures. A portfolio strategy that focuses solely on the remaining opportunistic traders yields value-weighted abnormal returns of 82 basis points per month, while abnormal returns associated with routine traders are essentially zero. The most informed opportunistic traders are local, nonexecutive insiders from geographica...
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作者：He, Zhiguo; Xiong, Wei
作者单位：University of Chicago; Princeton University; National Bureau of Economic Research
摘要：Our model shows that deterioration in debt market liquidity leads to an increase in not only the liquidity premium of corporate bonds but also credit risk. The latter effect originates from firms debt rollover. When liquidity deterioration causes a firm to suffer losses in rolling over its maturing debt, equity holders bear the losses while maturing debt holders are paid in full. This conflict leads the firm to default at a higher fundamental threshold. Our model demonstrates an intricate inte...
