-
作者：Giroud, Xavier; Mueller, Holger M.
作者单位：New York University; National Bureau of Economic Research
摘要：This paper examines whether firms in noncompetitive industries benefit more from good governance than do firms in competitive industries. We find that weak governance firms have lower equity returns, worse operating performance, and lower firm value, but only in noncompetitive industries. When exploring the causes of the inefficiency, we find that weak governance firms have lower labor productivity and higher input costs, and make more value-destroying acquisitions, but, again, only in noncomp...
-
作者：Guo, Shourun; Hotchkiss, Edith S.; Song, Weihong
作者单位：Duke University; Boston College; University System of Ohio; University of Cincinnati
摘要：We examine how leveraged buyouts from the most recent wave of public to private transactions created value. Buyouts completed between 1990 and 2006 are more conservatively priced and less levered than their predecessors from the 1980s. For deals with post-buyout data available, median market- and risk-adjusted returns to pre- (post-) buyout capital invested are 72.5% (40.9%). In contrast, gains in operating performance are either comparable to or slightly exceed those observed for benchmark fi...
-
作者：Hertzberg, Andrew; Liberti, Jose Maria; Paravisini, Daniel
作者单位：DePaul University; Tilburg University; National Bureau of Economic Research
摘要：This paper provides evidence that lenders to a firm close to distress have incentives to coordinate: lower financing by one lender reduces firm creditworthiness and causes other lenders to reduce financing. To isolate the coordination channel from lenders' joint reaction to new information, we exploit a natural experiment that forced lenders to share negative private assessments about their borrowers. We show that lenders, while learning nothing new about the firm, reduce credit in anticipatio...
-
作者：Lerner, Josh; Sorensen, Morten; Stroemberg, Per
作者单位：Harvard University; National Bureau of Economic Research; Columbia University; National Bureau of Economic Research; Stockholm School of Economics
摘要：A long-standing controversy is whether leveraged buyouts (LBOs) relieve managers from short-term pressures from public shareholders, or whether LBO funds themselves sacrifice long-term growth to boost short-term performance. We examine one form of long-run activity, namely, investments in innovation as measured by patenting activity. Based on 472 LBO transactions, we find no evidence that LBOs sacrifice long-term investments. LBO firm patents are more cited (a proxy for economic importance), s...
-
作者：Becker, Bo; Ivkovic, Zoran; Weisbenner, Scott
作者单位：Harvard University; Michigan State University; University of Illinois System; University of Illinois Urbana-Champaign; National Bureau of Economic Research
摘要：We exploit demographic variation to identify the effect of dividend demand on corporate payout policy. Retail investors tend to hold local stocks and older investors prefer dividend-paying stocks. Together, these tendencies generate geographically varying demand for dividends. Firms headquartered in areas in which seniors constitute a large fraction of the population are more likely to pay dividends, initiate dividends, and have higher dividend yields. We also provide indirect evidence as to w...
