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作者：Cook, Lisa d.; Marx, Matt; Yimfor, Emmanuel
作者单位：Michigan State University; National Bureau of Economic Research; Cornell University; Columbia University
摘要：We classify the race of over 160,000 U.S. founders and investors and study the venture capital (VC) funding gap for Black entrepreneurs. Only 3.1% of VC-funded startups are Black-owned, and they raise half as much VC funding as others. We attribute much of this gap to Black founders having fewer traditional success markers, like patents or entrepreneurial experience. This disparity also affects matching: Black VC partners invest more in Black founders, and these investments have higher success...
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作者：Antill, Samuel; Hunter, Megan
作者单位：Harvard University
摘要：We estimate the indirect costs of corporate bankruptcy associated with lost customers. In incentivized experiments, randomly informing consumers about a firm's Chapter 11 reorganization lowers their willingness to pay for the firm's products by 17% to 28%. Consumers worry that bankruptcy could reduce product quality or prevent future interactions with the bankrupt firm. On average, 38% of consumers are aware of major bankruptcies. Using our experiments to estimate a structural model, we show t...
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作者：Blickle, Kristian; Parlatore, Cecilia; Saunders, Anthony
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Center for Economic & Policy Research (CEPR); New York University; National Bureau of Economic Research; New York University
摘要：Using supervisory data on the loan portfolios of large U.S. banks, we document that these banks specialize by concentrating their lending disproportionately in a few industries. This specialization is consistent with banks having industry-specific knowledge, reflected in reduced risk of loan defaults, lower aggregate charge-offs, and higher propensity to lend to opaque firms in the preferred industry. Banks attract high-quality borrowers by offering generous loan terms in their specialized ind...
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作者：Hendershott, Terrence; Li, Dan; Livdan, Dmitry; Schurhoff, Norman; Venkataraman, Kumar
作者单位：University of California System; University of California Berkeley; Federal Reserve System - USA; Federal Reserve System Board of Governors; Center for Economic & Policy Research (CEPR); University of Lausanne; University of Lausanne; Swiss Finance Institute (SFI); Southern Methodist University
摘要：Dealer quotes in corporate bonds, though indicative, lower trading costs and increase trading volume. Dealers offering higher quality quotes attract more order flow and execute trades at favorable prices. Dealers advertise quotes to manage their inventories and attract orders from nonrelationship clients. However, quote competition is imperfect. The best quotes often fail to attract orders, and trade-throughs are common. Nevertheless, quote competition is important as clients exploit quotes fr...
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作者：Braun, Reiner; Dorau, Nils; Jenkinson, Tim; Urban, Daniel
作者单位：Technical University of Munich; University of Oxford; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Using a novel data set linking private equity (PE) deals to individual managers, we document evidence of manager skill in terms of generating net present value (NPV), a performance measure that captures both scale and returns. PE firms have strong economic incentives to raise larger funds and execute larger deals. While relative returns decline with scale, NPV persists and even increases. Skilled managers are entrusted with more capital and achieve better career outcomes, and approximately 40%...
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作者：Cicero, David; Shen, Mo; Shenoy, Jaideep
作者单位：Auburn University System; Auburn University; University of Connecticut
摘要：Mergers of firms that share labor markets increase labor market concentration which can lead to labor efficiency gains and/or create labor market power for the merged firms. Using a novel measure based on establishment-level employment data, we find that merger-induced increases in labor market concentration explain value creation in a sample of completed U.S. public firm mergers from 1991 to 2016. Analysis of the stock market reactions of rival, supplier, and customer firms, as well as firm- ...
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作者：Kepler, John D.; Mcclure, Charles G.; Stewart, Christopher R.
作者单位：Stanford University; University of Chicago
摘要：Antitrust laws mandate review of mergers and acquisitions (M&As) that exceed an asset size threshold based on accounting standards that exclude most intangible capital. We show that this exclusion leads to thousands of intangible-intensive M&As being nonreportable. Acquirers in nonreportable deals achieve higher equity values and price markups, especially when consolidating product markets. Furthermore, nonreportable pharmaceutical deals are three times more likely to involve overlapping drug ...
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作者：Allcott, Hunt; Montanari, Giovanni; Ozaltun, Bora; Tan, Brandon
作者单位：Stanford University; National Bureau of Economic Research; New York University; University of California System; University of California Berkeley; Harvard University
摘要：Growing discussions of impact investing and stakeholder capitalism have increased interest in measuring companies' social impact. We conceptualize corporate social impact as the welfare loss that would be caused by a firm's exit. To illustrate, we quantify the social impacts of 74 firms in 12 industries using a new survey measuring consumer and worker substitution patterns combined with models of product and labor markets. We find that consumer surplus is the primary component of social impact...
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作者：Beyhaghi, Mehdi; Fracassi, Cesare; Weitzner, Gregory
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Texas System; University of Texas Austin; McGill University
摘要：Theories of competition typically predict a positive relationship between market concentration and prices. However, in loan markets, adverse selection can reverse this relationship as riskier borrowers become more likely to receive funding. Using supervisory data, we show that interest rates, borrower risk, and lending volume are higher in markets with more banks. We also create a novel measure of markup that is orthogonal to borrower risk, and find that, consistent with adverse selection, mar...
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作者：Hotchkiss, Edith; Iverson, Benjamin; Zheng, Xiang
作者单位：Boston College; Brigham Young University; University of Connecticut
摘要：A majority of small U.S. businesses attempting to reorganize in bankruptcy fail to do so. Subchapter V of Chapter 11 (SubV) streamlines bankruptcy for small firms by reducing bankruptcy costs and negotiation frictions, and enables entrepreneurs to retain ownership. We show that many businesses reorganize under SubV that otherwise would liquidate. Creditor recoveries and postbankruptcy survival rates are at least as high in SubV as in traditional Chapter 11s. Our results show the increase in re...
