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作者：Baruch, Shmuel; Karolyi, G. Andrew; Lemmon, Michael L.
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作者：Chhaochharia, Vidhi; Grinstein, Yaniv
作者单位：University of Miami; Cornell University
摘要：The 2001 to 2002 corporate scandals led to the Sarbanes-Oxley Act and to various amendments to the US. stock exchanges'regulations. We find that the announcement of these rules has a significant effect on firm value. Firms that are less compliant with the provisions of the rules earn positive abnormal returns compared to firms that are more compliant. We also find variation in the response across firm size. Large firms that are less compliant earn positive abnormal returns but small firms that...
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作者：Hochberg, Yael V.; Ljungqvist, Alexander; Lu, Yang
作者单位：Northwestern University; New York University; Centre for Economic Policy Research - UK
摘要：Many financial markets are characterized by strong relationships and networks, rather than arm's-length, spot market transactions. We examine the performance consequences of this organizational structure in the context of relationships established when VCs syndicate portfolio company investments. We find that better-networked VC firms experience significantly better fund performance, as measured by the proportion of investments that are successfully exited through an IPO or a sale to another c...
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作者：Carlin, Bruce Ian; Lobo, Miguel Sousa; Viswanathan, S.
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作者：Geczy, Christopher C.; Minton, Bernadette A.; Schrand, Catherine M.
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作者：Carlson, Murray; Khokher, Zeigham; Titman, Sheridan
作者单位：University of British Columbia; Western University (University of Western Ontario); University Western Ontario Hospital; University of Texas System; University of Texas Dallas
摘要：\We develop equilibrium models of exhaustible resource markets with endogenous extraction choices and prices. Our analysis demonstrates how adjustment costs can generate oil and gas forward price dynamics with two factors, consistent with the behavior these commodities exhibit in the Schwartz and Smith (2000) calibration. Our two-factor model predicts that stochastic volatility will arise in these markets as a natural consequence of production adjustments, however, and we provide supporting em...
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作者：Ferreira, Miguel A.; Laux, Paul A.
作者单位：Instituto Universitario de Lisboa; University of Delaware
摘要：We study the relationship of corporate governance policy and idiosyncratic risk. Firms with fewer antitakeover provisions display higher levels of idiosyncratic risk, trading activity, private information flow, and information about future earnings in stock prices. Trading interest by institutions, especially those active in merger arbitrage, strengthens the relationship of governance to idiosyncratic risk. Our results indicate that openness to the market for corporate control leads to more in...
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作者：Dittmar, Amy; Thakor, Anjan
作者单位：University of Michigan System; University of Michigan; Washington University (WUSTL)
摘要：We develop and test a new theory of security issuance that is consistent with the puzzling stylized fact that firms issue equity when their stock prices are high. The theory also generates new predictions. Our theory predicts that managers use equity to finance projects when they believe that investors' views about project payoffs are likely to be aligned with theirs, thus maximizing the likelihood of agreement with investors. Otherwise, they use debt. We find strong empirical support for our ...
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作者：Almeida, Heitor; Philippon, Thomas
作者单位：New York University; National Bureau of Economic Research
摘要：Financial distress is more likely to happen in bad times. The present value of distress costs therefore depends on risk premia. We estimate this value using risk-adjusted default probabilities derived from corporate bond spreads. For a BBB-rated firm, our benchmark calculations show that the NPV of distress is 4.5% of predistress value. In contrast, a valuation that ignores risk premia generates an NPV of 1.4%. We show that marginal distress costs can be as large as the marginal tax benefits o...
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作者：Pouget, Sebastien
作者单位：Universite de Toulouse
摘要：This paper studies a financial market populated by adaptive traders. Learning is modeled following Camerer and Ho (1999). A call market and a Walrasian tatonnement are compared in an environment in which both institutions have the same Nash and competitive equilibrium outcomes. When traders learn via a belief-based model, equilibrium is discovered in both types of markets. In contrast, when traders learn via a reinforcement-based model, convergence to equilibrium is achieved in the Walrasian t...
