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作者：Gompers, P; Lerner, J; Scharfstein, D
作者单位：Harvard University; National Bureau of Economic Research
摘要：We examine two views of the creation of venture-backed start-ups, or entrepreneurial spawning. In one, young firms prepare employees for entrepreneurship, educating them about the process, and exposing them to relevant networks. In the other, individuals become entrepreneurs when large bureaucratic employers do not fund their ideas. Controlling for firm size, patents, and industry, the most prolific spawners are originally venture-backed companies located in Silicon Valley and Massachusetts. U...
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作者：Butler, AW; Grullon, G; Weston, JP
作者单位：State University System of Florida; University of South Florida; Rice University
摘要：Previous studies have found that the proportion of equity in total new debt and equity issues is negatively correlated with future equity market returns. Researchers have interpreted this finding as evidence that corporate managers are able to predict the systematic component of their stock returns and to issue equity when the market is overvalued. In this article we show that the predictive power of the share of equity in total new issues stems from pseudo-market timing and not from any abnor...
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作者：Gomes, F; Michaelides, A
作者单位：University of London; London Business School; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：We show that a life-cycle model with realistically calibrated uninsurable labor income risk and moderate risk aversion can simultaneously match stock market participation rates and asset allocation decisions conditional on participation. The key ingredients of the model are Epstein-Zin preferences, a fixed stock market entry cost, and moderate heterogeneity in risk aversion. Households with low risk aversion smooth earnings shocks with a small buffer stock of assets, and consequently most of t...
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作者：Dvorák, T
摘要：Using transaction data from Indonesia, this paper shows that domestic investors have higher profits than foreign investors. In addition, clients of global brokerages have higher long-term and smaller medium (intramonth) and short (intraday) term profits than clients of local brokerages. This suggests that clients of local brokerages have a short-lived information advantage, but that clients of global brokerages are better at picking long-term winners. Finally, domestic clients of global broker...
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作者：Gupta, N
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：Most privatization programs begin with a period of partial privatization in which only non-controlling shares of firms are sold on the stock market. Since management control is not transferred to private owners it is widely contended that partial privatization has little impact. This perspective ignores the role that the stock market can play in monitoring and rewarding managerial performance even when the government remains the controlling owner. Using data on Indian state-owned enterprises w...
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作者：Malloy, CJ
作者单位：University of London; London Business School
摘要：I provide evidence that geographically proximate analysts are more accurate than other analysts. Stock returns immediately surrounding forecast revisions suggest that local analysts impact prices more than other analysts. These effects are strongest for firms located in small cities and remote areas. Collectively these results suggest that geographically proximate analysts possess an information advantage over other analysts, and that this advantage translates into better performance. The well...
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作者：Pagano, M; Volpin, PF
作者单位：University of Naples Federico II; Centre for Economic Policy Research - UK; University of London; London Business School
摘要：If management has high private benefits and a small equity stake, managers and workers are natural allies against takeover threats. Two forces are at play. First, managers can transform employees into a shark repellent through long-term labor contracts and thereby reduce the firm's attractiveness to raiders. Second, employees can act as white squires for the incumbent managers. To protect their high wages, they resist hostile takeovers by refusing to sell their shares to the raider or by lobby...
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作者：Faulkender, M
作者单位：Washington University (WUSTL)
摘要：This paper examines whether firms are hedging or timing the market when selecting the interest rate exposure of their new debt issuances. I use a more accurate measure of the interest rate exposure chosen by firms by combining the initial exposure of newly issued debt securities with their use of interest rate swaps. The results indicate that the final interest rate exposure is largely driven by the slope of the yield curve at the time the debt is issued. These results suggest that interest ra...
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作者：Bitler, MP; Moskowitz, TJ; Vissing-Jorgensen, A
作者单位：RAND Corporation; University of Chicago; National Bureau of Economic Research; Northwestern University
摘要：We develop a principal-agent model in an entrepreneurial setting and test the model's predictions using unique data on entrepreneurial effort and wealth in privately held firms. Accounting for unobserved firm heterogeneity using instrumental-variables techniques, we find that entrepreneurial ownership shares increase with outside wealth and decrease with firm risk; effort increases with ownership; and effort increases firm performance. The magnitude of the effects in the cross-section of firms...
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作者：Jackson, AR
作者单位：Barclays
摘要：This paper examines the trade-generation and reputation-building incentives facing sell-side analysts. Using a unique data set I demonstrate that optimistic analysts generate more trade for their brokerage firms, as do high reputation analysts. I also find that accurate analysts generate higher reputations. The analyst therefore faces a conflict between telling the truth to build her reputation versus misleading investors via optimistic forecasts to generate short-term increases in trading com...
