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作者：Ben-David, Itzhak; Bhattacharya, Utpal; Huang, Ruidi; Jacobsen, Stacey
作者单位：University System of Ohio; Ohio State University; National Bureau of Economic Research; Hong Kong University of Science & Technology; Southern Methodist University
摘要：Cumulative abnormal returns (CARs) computed around acquisition announcements are widely considered to be market-based assessments of expected value creation. We show, however, that announcement returns do not correlate with commonly used and new measures of ex post outcomes. A simple characteristics-based model using standard information known at the announcement date can predict these outcomes reasonably well, yet CAR even fails to capture the predictions from this model. Evidence suggests th...
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作者：Oh, Sangmin S.; Sen, Ishita; Tenekedjieva, Ana-Maria
作者单位：Columbia University; Harvard University; Centre for Economic Policy Research - UK; Arizona State University; Arizona State University-Tempe
摘要：Homeowners insurance is central to managing the rising losses from climate-related disasters. We show that insurance premiums are subject to starkly different regulations across states, creating persistent cross-subsidies and price distortions. We employ states' regulatory rules in an instrumental variable estimation and a border discontinuity design to show insurers do not adjust rates in highly regulated states and compensate by raising rates in less regulated states. Rates and risks diverge...
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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：Battiston, Diego; Blanes I Vidal, Jordi; Hortala-Vallve, Rafael; Lou, Dong
作者单位：University of Edinburgh; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Hong Kong University of Science & Technology
摘要：We use granular data from an investment firm and a credible identification strategy to estimate the effect of financial advisors' incentives on client investments. Exploiting a natural experiment triggered by the 2018 implementation of Markets in Financial Instruments Directive II (MiFID II), we find that clients' investments respond strongly to changes in advisor incentives. Advisors react through multiple mechanisms: (i) inducing existing clients to bring in new money, (ii) channeling it to ...
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作者：Maenhout, Pascal J.; Xing, Hao; Balter, Anne G.
作者单位：INSEAD Business School; Boston University; Tilburg University
摘要：We study aversion to model ambiguity and misspecification in dynamic portfolio choice. Risk-averse investors (relative risk aversion ) fear return persistence, while risk-tolerant investors () fear mean reversion, when confronting model misspecification concerns of identically and independently distributed (IID) returns. The intuition is that risk-averse investors, who want to hedge intertemporally, endogenously fear return persistence, which precludes hedging. A log investor is myopic and una...
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作者：Cetemen, Doruk; Cisternas, Gonzalo; Kolb, Aaron; Viswanathan, S.
作者单位：Luiss Guido Carli University; Federal Reserve System - USA; Federal Reserve Bank - New York; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Duke University
摘要：We propose a theory of coordination and influence among blockholders. Privately informed activists time their trades in sequence to lower acquisition costs, prompting a strategic use of order flows: leader activists create trading gains for their followers, ultimately influencing their willingness to bear greater value-enhancing intervention costs. Through this channel, informed trades can exhibit predictability, in sharp contrast with Kyle (1985, Econometrica 53, 1315-1335). We explain how th...
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作者：Drechsler, Itamar; Savov, Alexi; Schnabl, Philipp; Wang, Olivier
作者单位：University of Pennsylvania; National Bureau of Economic Research; New York University
摘要：The deposit franchise is valuable because banks pay below-market deposit rates. However, if depositors leave, its value vanishes. This can trigger runs by uninsured depositors, even if banks hold fully liquid assets. Because the franchise value increases with interest rates, runs are more harmful, and hence likelier, when rates are high. Banks can deter runs by shortening asset duration, but this risks insolvency if rates fall. Avoiding both runs and insolvency requires capital covering the po...
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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...
