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作者：de Vericourt, Francis; Gromb, Denis
作者单位：European School of Management & Technology; Hautes Etudes Commerciales (HEC) Paris
摘要：We study a firm's capacity choice under demand uncertainty given that it must finance this investment externally. Sharing profits with investors causes governance problems affecting both capacity and demand: the firm may steal capital, which reduces effective capacity, and shirk on market development, which reduces demand. We adopt an optimal contracting approach whereby the firm optimizes among feasible financial claims derived endogenously. We characterize its optimal financing and capacity ...
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作者：Quispe-Torreblanca, Edika G.; Stewart, Neil; Gathergood, John; Loewenstein, George
作者单位：University of Warwick; University of Warwick; University of Nottingham; Carnegie Mellon University
摘要：Using transaction data from a sample of 1.8 million credit card accounts, we provide the first field test of a major prediction of Prelec and Loewenstein's theory of mental accounting: that consumers will pay off expenditure on transient forms of consumption more quickly than expenditure on durables. According to the theory, this is because the pain of paying can be offset by the future anticipated pleasure of consumption only when money is spent on consumption that endures over time. Consiste...
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作者：Inderst, Roman; Vladimirov, Vladimir
作者单位：Goethe University Frankfurt; University of Amsterdam
摘要：We analyze how relationship finance, such as venture capital and relationship lending, affects growth firms' capital structure choices. We show that relationship investors that obtain a strong bargaining position because of their privileged information about the firm optimally cash in on their dominance by pushing it to finance follow-up investments with equity. The firm underinvests if its owner refuses to accept the associated dilution. However, this problem is mitigated if the firm's initia...
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作者：Maurer, Thomas A.; Thuy-Duong To; Ngoc-Khanh Tran
作者单位：University of Hong Kong; University of New South Wales Sydney; Washington University (WUSTL)
摘要：We use principal component analysis on 55 bilateral exchange rates of 11 developed currencies to identify two important global risk sources in foreign exchange (FX) markets. The risk sources are related to Carry and Dollar but are not spanned by these factors. We estimate the market prices associated with the two risk sources in the cross-section of FX market returns and construct FX market-implied country-specific stochastic discount factors (SDFs). The SDF volatilities are related to interes...
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作者：Sulaeman, Johan; Wei, Kelsey D.
作者单位：National University of Singapore; University of Texas System; University of Texas Dallas
摘要：Using the setting of extreme mutual fund flow-driven trading pressure, this paper examines sell-side analysts' role in stabilizing capital markets. We find that a select group of analysts persistently issue price-correcting recommendation changes for stocks experiencing mutual fund flow-driven mispricing. Such recommendation changes are accompanied by little change to their concurrent earnings forecasts and appear to be driven by the superior research skill of these mispricing-sensitive analys...
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作者：Kvaloy, Ola; Olsen, Trond E.
作者单位：Universitetet i Stavanger; Norwegian School of Economics (NHH)
摘要：We analyze relational contracts between a principal and a set of risk-neutral agents whose outputs are correlated. When only the agents' aggregate output can be observed, a team incentive scheme is shown to be optimal, where each agent is paid a bonus for aggregate output above a threshold. We show that the efficiency of the team incentive scheme depends on the way in which the team members' outputs are correlated. The reason is that correlation affects the variance of total output and thus, t...
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作者：Ackermann, Jeff
作者单位：Michigan State University
摘要：Although many franchisors choose to own some stores and franchise others, attempts to estimate the effect of franchising on store performance are hampered by an important selection issue: The franchisor may choose to assign the least desirable locations to franchisees. I overcome this issue by using a 2007 corporate sale that resulted in all franchisor-owned Applebee's stores in Texas being sold to franchisees as a source of exogenous variation. I first find evidence that both observable and u...
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作者：Gandhi, Priyank; Golez, Benjamin; Jackwerth, Jens Carsten; Plazzi, Alberto
作者单位：Rutgers University System; Rutgers University New Brunswick; University of Notre Dame; University of Konstanz; Universita della Svizzera Italiana; Swiss Finance Institute (SFI)
摘要：Using comprehensive data on London Interbank Offer Rate (Libor) submissions from 2001 through 2012, we provide evidence consistent with banks manipulating Libor to profit from Libor-related positions and to signal their creditworthiness during distressed times. Evidence of manipulation is stronger for banks that were eventually sanctioned by regulators and disappears for all banks in the aftermath of the Libor investigations that began in 2010. Our findings suggest that the threat of large pen...
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作者：Khan, Urooj; Lo, Alvis K.
作者单位：Columbia University; Boston College
摘要：Bank lending standards vary over time. Periods in which firms find it relatively easy to borrow are followed by periods in which banks scrutinize borrowers more and tighten lending. We predict that changes in lending standards affect the accounting conservatism of bank-dependent firms. Using (i) a natural experiment that leads to certain banks tightening lending standards for plausibly exogenous reasons and (ii) time series variation in economy-wide bank lending standards, we find that borrowe...
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作者：Bodnar, Gordon M.; Giambona, Erasmo; Graham, John R.; Harvey, Campbell R.
作者单位：Johns Hopkins University; Syracuse University; Duke University; National Bureau of Economic Research
摘要：Why do firms manage risk? According to various theories, firms hedge to mitigate credit rationing, to alleviate information asymmetry, and to reduce the risk of financial distress. However, empirical support for these theories is mixed. Our paper addresses the why by directly asking the managers that make risk management decisions. Our results suggest that personal risk aversion in combination with other executive traits plays a key role in hedging. Our analysis also indicates that risk-averse...
