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作者：Ioannidou, Vasso; Ongena, Steven
作者单位：Tilburg University; European Central Bank
摘要：This paper studies loan conditions when firms switch banks. Recent theoretical work on bank-firm relationships motivates our matching models. The dynamic cycle of the loan rate that we uncover is as follows: a loan granted by a new (outside) bank carries a loan rate that is significantly lower than the rates on comparable new loans from the firm's current (inside) banks. The new bank initially decreases the loan rate further but eventually ratchets it up sharply. Other loan conditions follow a...
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作者：Fresard, Laurent
作者单位：Hautes Etudes Commerciales (HEC) Paris
摘要：This paper shows that large cash reserves lead to systematic future market share gains at the expense of industry rivals. Using shifts in import tariffs to identify exogenous intensification of competition, difference-in-difference estimations support the causal impact of cash on product market performance. Moreover, the analysis reveals that the competitive effect of cash is markedly distinct from the strategic effect of debt on product market outcomes. This effect is stronger when rivals fac...
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作者：Ang, Andrew; Bhansali, Vineer; Xing, Yuhang
作者单位：Columbia University; National Bureau of Economic Research; Rice University
摘要：Implicit tax rates priced in the cross section of municipal bonds are approximately two to three times as high as statutory income tax rates, with implicit tax rates close to 100% using retail trades and above 70% for interdealer trades. These implied tax rates can be identified because a portion of secondary market municipal bond trades involves income taxes. After valuing the tax payments, market discount bonds, which carry income tax liabilities, trade at yields around 25 basis points highe...
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作者：Hoberg, Gerard; Phillips, Gordon
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
摘要：We examine how product market competition affects firm cash flows and stock returns in industry booms and busts. Our results show how real and financial factors interact in industry business cycles. In competitive industries, we find that high industry-level stock market valuation, investment, and financing are followed by sharply lower operating cash flows and abnormal stock returns. Analyst estimates are positively biased and returns comove more. In concentrated industries these relations ar...
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作者：Liberti, Jose M.; Mian, Atif R.
作者单位：DePaul University; University of Chicago; National Bureau of Economic Research
摘要：We show that institutions that promote financial development ease borrowing constraints by lowering the collateral spread and shifting the composition of acceptable collateral towards firm-specific assets. Collateral spread is defined as the difference in collateralization rates between high- and low-risk borrowers. The average collateral spread is large but declines rapidly with improvements in financial development driven by stronger institutions. We also show that the composition of collate...
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作者：Verdelhan, Adrien
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：This paper presents a model that reproduces the uncovered interest rate parity puzzle. Investors have preferences with external habits. Countercyclical risk premia and procyclical real interest rates arise endogenously. During bad times at home, when domestic consumption is close to the habit level, the representative investor is very risk averse. When the domestic investor is more risk averse than her foreign counterpart, the exchange rate is closely tied to domestic consumption growth shocks...
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作者：Roussanov, Nikolai
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：Social status concerns influence investors' decisions by driving a wedge in attitudes toward aggregate and idiosyncratic risks. I model such concerns by emphasizing the desire to get ahead of the Joneses, which implies that aversion to idiosyncratic risk is lower than aversion to aggregate risk. The model predicts that investors hold concentrated portfolios in equilibrium, which helps rationalize the small premium for undiversified entrepreneurial risk. In the model, status concerns are more i...
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作者：Dick, Astrid A.; Lehnert, Andreas
摘要：We document a link between U.S. credit supply and rising personal bankruptcy rates. We exploit the exogenous variation in market contestability brought on by banking deregulation-the relaxation of entry restrictions in the 1980s and 1990s-at the state level. We find deregulation explains at least 10% of the rise in bankruptcy rates. We also find that deregulation leads to increased lending, lower loss rates on loans, and higher lending productivity. Our findings indicate that increased competi...
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作者：Hertzberg, Andrew; Liberti, Jose Maria; Paravisini, Daniel
作者单位：Columbia University; DePaul University
摘要：We present evidence that reassigning tasks among agents can alleviate moral hazard in communication. A rotation policy that routinely reassigns loan officers to borrowers of a commercial bank affects the officers' reporting behavior. When an officer anticipates rotation, reports are more accurate and contain more bad news about the borrower's repayment prospects. As a result, the rotation policy makes bank lending decisions more sensitive to officer reports. The threat of rotation improves com...
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作者：Lowry, Michelle; Officer, Micah S.; Schwert, G. William
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Loyola Marymount University; University of Rochester; National Bureau of Economic Research
摘要：The monthly volatility of IPO initial returns is substantial, fluctuates dramatically over time, and is considerably larger during hot IPO markets. Consistent with IPO theory, the volatility of initial returns is higher for firms that are more difficult to value because of higher information asymmetry. Our findings highlight underwriters' difficulty in valuing companies characterized by high uncertainty, and raise serious questions about the efficacy of the traditional firm-commitment IPO proc...
