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作者：Jiang, Erica xuewei; Yu, Gloria yang; Zhang, Jinyuan
作者单位：University of California System; University of California Los Angeles; Singapore Management University
摘要：We examine how digital disruption affects bank competition using the staggered rollout of 3G mobile networks. 3G expansion increased mobile banking adoption among tech-savvy households, reducing branch networks-especially in younger counties. Banks' strategies diverged: Less branch-reliant banks closed branches and competed on price, while more branch-reliant banks maintained branches but raised spreads. A structural model shows that perceived digital service improvements among younger consume...
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作者：Nielsen, Kasper Meisner
作者单位：Copenhagen Business School
摘要：This study examines the income loss following forced CEO turnovers using income data from the official records at the Danish Tax Authority. We find that dismissed CEOs' personal income is 40% lower in the five years following forced turnovers. The decline is driven by labor market outcomes: labor and entrepreneurial incomes decline, while other sources of income increase. We find larger declines in income for executives with poor performance during their tenures, consistent with the executive ...
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作者：Chen, Hui; Chen, Zhiyao; Li, Jun
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; City University of Hong Kong; University of Texas System; University of Texas Dallas
摘要：We propose a measure of the valuation gap between debt and equity-debt-equity spread (DES)-based on the difference between actual and equity-implied credit spreads. DES predicts cross-sectional stock and bond returns in opposite directions. This predictability is unique compared to existing mispricing measures and cannot be explained by exposures to various risk factors. High-DES firms are more likely to issue equity and retire debt, and have more insider equity selling. These findings are con...
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作者：Levit, Doron; Malenko, Nadya; Maug, Ernst
作者单位：University of Washington; University of Washington Seattle; Boston College; University of Mannheim
摘要：We develop a unified theory of blockholder governance and the voting premium in a setting without takeovers or controlling shareholders. A voting premium emerges when a minority blockholder can influence shareholder composition by accumulating votes and buying shares from dissenting shareholders. Our theory reconciles conflicting empirical findings by showing that standard measures of the voting premium often misrepresent the true value of voting rights, increased conflicts between the blockho...
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作者：Back, Kerry; Carlin, Bruce I.; Kazempour, Seyed M.; Xie, Chloe L.
作者单位：Rice University; Rice University; Louisiana State University System; Louisiana State University; Massachusetts Institute of Technology (MIT)
摘要：Discretionary announcement timing generates high conditional risk premia of stock returns and a pattern of negative drifts followed by positive jumps. Average announcement returns are much larger than unconditional risk premia. Capital Asset Pricing Model alphas turn negative when conditioning on nondisclosure because betas rise faster than risk premia prior to disclosures, but average announcement returns may appear to be too large relative to market risk when betas are estimated from past re...
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作者：Chong, Carsten H.; Todorov, Viktor
作者单位：Hong Kong University of Science & Technology; Northwestern University
摘要：We derive tight pricing kernel restrictions from options with same-day expiration (0DTEs). These restrictions concern the volatility of small and frequent asset price moves that the equity and options markets must agree on in a frictionless economy. Their violation leads to pseudo-arbitrage opportunities, characterized by nontrivial reward-to-risk ratios over arbitrarily short horizons and achieved by a combined position in 0DTEs and the underlying asset. Empirically, we find no evidence of fe...
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作者：Fang, Lily; Goldman, Jim; Roulet, Alexandra
作者单位：INSEAD Business School; McGill University
摘要：Using two decades of French administrative data, we find that post-leveraged buyout (LBO), target firms reduce within-firm pay gaps while increasing profitability relative to control firms. Employee turnover drives the pay-gap reduction. In target and control firms alike, turnovers reduce average pay more at the top of the wage distribution than at the bottom because separated employees are paid more-new joiners less-than similar employees, especially among skilled employees. LBOs amplify this...
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作者：Bryzgalova, Svetlana; Huang, Jiantao; Julliard, Christian
作者单位：University of London; London Business School; Centre for Economic Policy Research - UK; University of Hong Kong
摘要：Using information in returns, we identify the stochastic process of consumption. We find that aggregate consumption reacts over multiple quarters to innovations spanned by financial markets. This persistent component accounts for over a quarter of consumption variation. These shocks command a large and significant risk premium, driving a large share of stocks' and a small yet significant fraction of bonds' time-series variation. Nevertheless, we find no support for stochastic volatility of con...
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作者：Cookson, J. Anthony; Niessner, Marina; Schiller, Christoph
作者单位：University of Colorado System; University of Colorado Boulder; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Arizona State University; Arizona State University-Tempe
摘要：This paper studies whether social media sentiment predicts merger withdrawals. We find that a one-standard-deviation increase in social media sentiment after a merger announcement is associated with a 0.64 percentage point lower probability of withdrawal (16.6% of the average). This effect is unexplained by abnormal price reactions, traditional news, and analyst recommendations. Consistent with manager learning, the informativeness of social media strengthens after firms start corporate Twitte...
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作者：Schoar, Antoinette
