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作者：Beaumont, Paul; Tang, Huan; Vansteenberghe, Eric
作者单位：McGill University; University of Pennsylvania; Centre for Economic Policy Research - UK; European Central Bank; Bank of France
摘要：This paper investigates the impact of introducing junior unsecured loans (i.e., FinTech loans) into the small business lending market. Using French administrative data, we find that firms experience a 13% increase in bank credit after receiving a FinTech loan. We use propensity score matching procedures and a shift-share instrument to account for credit demand. The credit increase only occurs when FinTech borrowers invest in new assets, and Fintech borrowers are subsequently more likely to ple...
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作者：Filipovic, Zoran M.; Wagner, Alexander F.
作者单位：Universite PSL; Universite Paris-Dauphine; University of Zurich; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Swiss Finance Institute (SFI)
摘要：Mergers and acquisitions are often motivated by an intention to create value from intangible assets. We develop a word list of intangibles and apply it to takeover announcements. One standard deviation more in intangible-related language (intangibles talk) lowers announcement returns for the acquirer by 0.53 percentage points and predicts worse operating performance. Bidder managers appear to believe in the deals nonetheless, as evidenced by insider trades, payment choices, and completion prob...
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作者：Guenzel, Marius; Liu, Tong
作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT)
摘要：We document that firms exhibit excess commitment to R&D projects and examine its consequences for innovation outcomes. Using detailed data on pharmaceutical firms' clinical trial projects, we find that trial delays, empirically uncorrelated with multiple project-quality measures, substantially reduce firms' subsequent project-termination propensity. This result remains robust when we use variation in clinical trial site congestion to instrument for unexpected delays. Excess commitment intensif...
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作者：Gonzalez-Uribe, Juanita; Klingler-Vidra, Robyn; Wang, Su; Yin, Xiang
作者单位：University of London; London School Economics & Political Science; University of London; King's College London; ShanghaiTech University; Tsinghua University
摘要：Analyzing approximately 2,000 applicants to a U.K. seed fund, this study examines how venture capital (VC) due diligence affects startup outcomes independent of funding decisions. Leveraging random reviewer assignment, we find that due diligence increases 2-year growth but lowers continuation rates among nonfunded applicants, reflecting a dynamic of accelerated scaling or exit. Evidence points to a learning mechanism: due diligence exposes founders to advanced website technologies, prompting c...
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作者：Bonelli, Maxime
作者单位：University of London; London Business School
摘要：How does the increased use of data technologies, like machine learning, by financial intermediaries affect the allocation of capital towards innovation? I study this question in the context of startup financing by venture capitalists (VCs). While VCs adopting data technologies become better at screening startups similar to those in historical data, they tilt their investments towards this pool and become concurrently less likely to finance innovative startups that achieve rare major success. P...
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作者：Burkart, Mike; Lee, Samuel; Petri, Henrik
作者单位：University of London; London School Economics & Political Science; Swedish House of Finance; Centre for Economic Policy Research - UK; University of London; London Business School; Santa Clara University; University of Gothenburg
摘要：We study the structure of public firm buyouts in a model that features the Berle-Means problem (lack of incentives) and the Grossman-Hart problem (holdout). We find that bootstrapping, debt in excess of funding needs, and upfront fees to bidders are socially optimal and increase buyout premiums. These elements make LBO financing tantamount to a management contract arranged by an outside manager to receive cash and incentives to manage a firm-except the cash is funded by excess debt imposed on ...
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作者：Degryse, Hans; Roukny, Tarik; Tielens, Joris
作者单位：KU Leuven; Centre for Economic Policy Research - UK; European Central Bank; National Bank of Belgium
摘要：Investors face reduced incentives to finance technological change that devalues their legacy investments. We formalize this asset overhang and apply our framework to the climate-banking nexus. Leveraging (1) firm-level data on green innovation and diffusion and (2) the sets of product and technology market peers, we implement a shift-share design that identifies banks' credit facilities impacted by green firm activities. We find that green firms imposing an asset overhang across all lenders ar...
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作者：Hebert, Camille
作者单位：University of Toronto
摘要：I document a significant gender gap in entrepreneurs' access to early-stage equity financing. Using unique administrative data on French startups, I show that this gap is particularly pronounced in male-dominated sectors. Controlling for a comprehensive set of entrepreneur and startup characteristics-including demographics, backgrounds, and motivations-accounts for 42% of the average gender gap. However, in male-dominated sectors, 80% of the gap remains unexplained. Growth-oriented female entr...
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作者：Beaumont, Paul; Tang, Huan; Vansteenberghe, Eric
作者单位：McGill University; University of Pennsylvania; Centre for Economic Policy Research - UK; European Central Bank; Bank of France
摘要：This paper investigates the impact of introducing junior unsecured loans (i.e., FinTech loans) into the small business lending market. Using French administrative data, we find that firms experience a 13% increase in bank credit after receiving a FinTech loan. We use propensity score matching procedures and a shift-share instrument to account for credit demand. The credit increase only occurs when FinTech borrowers invest in new assets, and Fintech borrowers are subsequently more likely to ple...
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作者：Filipovic, Zoran M.; Wagner, Alexander F.
作者单位：Universite PSL; Universite Paris-Dauphine; University of Zurich; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Swiss Finance Institute (SFI)
摘要：Mergers and acquisitions are often motivated by an intention to create value from intangible assets. We develop a word list of intangibles and apply it to takeover announcements. One standard deviation more in intangible-related language (intangibles talk) lowers announcement returns for the acquirer by 0.53 percentage points and predicts worse operating performance. Bidder managers appear to believe in the deals nonetheless, as evidenced by insider trades, payment choices, and completion prob...
