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作者：Desai, MA; Foley, CF; Hines, JR Jr
作者单位：Harvard University; National Bureau of Economic Research
摘要：This paper analyzes the capital structures of foreign affiliates and internal capital markets of multinational corporations. Ten percent higher local tax rates are associated with 2.8% higher debt/asset ratios, with internal borrowing being particularly sensitive to taxes. Multinational affiliates are financed with less external debt in countries with underdeveloped capital markets or weak creditor rights, reflecting significantly higher local borrowing costs. Instrumental variable analysis in...
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作者：Kahn, C; Winton, A
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Minnesota System; University of Minnesota Twin Cities
摘要：Banks and related financial institutions often have two separate subsidiaries that make loans of similar type but differing risk, for example, a bank and a finance company, or a good bank/bad bank structure. Such bipartite structures may prevent risk shifting, in which banks misuse their flexibility in choosing and monitoring loans to exploit their debt holders. By insulating safer loans from riskier loans, a bipartite structure reduces risk-shifting incentives in the safer subsidiary. Biparti...
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作者：Ang, A; Liu, J
作者单位：Columbia University; National Bureau of Economic Research; University of California System; University of California Los Angeles
摘要：While many studies document that the market risk premium is predictable and that betas are not constant, the dividend discount model ignores time-varying risk premiums and betas. We develop a model to consistently value cashflows with changing risk-free rates, predictable risk premiums, and conditional betas in the context of a conditional CAPM. Practical valuation is accomplished with an analytic term structure of discount rates, with different discount rates applied to expected cashflows at ...
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作者：Brandt, MW; Kavajecz, KA
作者单位：Duke University; University of Wisconsin System; University of Wisconsin Madison
摘要：We examine the role of price discovery in the U.S. Treasury market through the empirical relationship between orderflow, liquidity, and the yield curve. We find that orderflow imbalances (excess buying or selling pressure) account for up to 26% of the day-to-day variation in yields on days without major macroeconomic announcements. The effect of orderflow on yields is permanent and strongest when liquidity is low. All of the evidence points toward an important role of price discovery in unders...
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作者：Rhodes-Kropf, M; Viswanathan, S
作者单位：Columbia University; Duke University
摘要：Does valuation affect mergers? Data suggest that periods of stock merger activity are correlated with high market valuations. The naive explanation that over-valued bidders wish to use stock is incomplete because targets should not be eager to accept stock. However, we show that potential market value deviations from fundamental values on both sides of the transaction can rationally lead to a correlation between stock merger activity and market valuation. Merger waves and waves of cash and sto...
