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作者：Baloria, Vishal P.; Klassen, Kenneth J.
作者单位：Boston College; University of Waterloo
摘要：Some corporations attempt to lessen their tax burden through involvement in the legislative process. We identify firms that contributed to congressional candidates who favor reductions in the U.S. corporate statutory tax rate. This support created a temporary incentive to manage effective tax rates (ETRs) up. We document that these firms increased their reported effective tax rate in the two calendar quarters preceding the 2012 election relative to adjacent periods and other firms supporting c...
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作者：Deguest, Romain; Martellini, Lionel; Milhau, Vincent
作者单位：Universite Catholique de Lille; EDHEC Business School
摘要：In a continuous-time portfolio selection model with N risky assets and K state variables driving their risk and return parameters, we derive simple expressions for the allocation to each asset in the K + 1 risky funds of the (K + 2)-fund separation theorem. We show that the allocation to any given risky asset in each fund can be written in terms of the parameters of a regression of the excess returns of this asset on those of the N - 1 remaining assets. We also use these parameters to provide ...
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作者：Guo, Liang; Wu, Xiaole
作者单位：Chinese University of Hong Kong; Fudan University
摘要：Market competition may lead to mismatch between supply and demand. That is, overpricing may give rise to underselling, and underpricing may yield stockout. Capacity sharing is a common practice to align excessive capacity with excessive demand. Yet, the strategic interaction between competition and capacity sharing has not been adequately addressed. In this paper, we investigate optimal strategies and firm profitability of capacity sharing between competing firms under both ex ante and ex post...
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作者：Lyandres, Evgeny; Fu, Fangjian; Li, Erica X. N.
作者单位：Boston University; Singapore Management University
摘要：We propose and implement a direct test of the hypothesis of oligopolistic competition in the U.S. underwriting market against the alternative of implicit collusion among underwriters. We construct a simple model of interaction between heterogeneous underwriters and heterogeneous firms and solve it under two alternative assumptions: oligopolistic competition among underwriters and implicit collusion among them. The two solutions lead to different equilibrium relations between the compensation o...
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作者：Bartha, Daniel
作者单位：Office of Financial Research; United States Department of the Treasury
摘要：This paper develops and estimates an economic model of the costs and beliefs required to rationalize household direct stock ownership. In the model, investors believe they can learn information about individual stock returns through costly research. The model identifies the distributions of both research costs and beliefs about the predictability of individual stock returns. Identification depends only on households' wealth and portfolio choices. The model also provides a novel explanation for...
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作者：Esteves-Sorenson, Constanca
作者单位：Yale University
摘要：Tests of gift exchange, wherein agents receive excess wages which are noncontingent on performance in one-shot settings, have yielded contradictory evidence: they sometimes find effort boosts, consistent with gift exchange, whereas they sometimes find no effort increases, consistent with a standard model. We identify eight confounds that could have led to the mixed evidence-agent disutility from being viewed as selfish, small samples, insufficient wage raises, an effort ceiling, fatigue, selec...
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作者：Ertimur, Yonca; Ferri, Fabrizio; Oesch, David
作者单位：University of Colorado System; University of Colorado Boulder; Columbia University; University of Zurich
摘要：We examine the determinants and consequences of voting outcomes in uncontested director elections. Exploiting a unique hand-collected data set of the rationale behind proxy advisors' recommendations-the primary driver of voting outcomes-we document the director and board characteristics on which voting shareholders focus (as well as those that they neglect), their evolution over time, and their relative importance. Absent a negative recommendation, high votes withheld are infrequent, highlight...
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作者：Tham, Wing Wah; Sojli, Elvira; Skjeltorp, Johannes A.
作者单位：University of New South Wales Sydney
摘要：We study the empirical relevance of the participation externality between liquidity suppliers (makers) and demanders (takers), i.e., whether liquidity demand attracts or reduces liquidity supply, and vice versa. We use exogenous shocks to exchange fees and technology as experiments to identify cross-sided complementarities between liquidity suppliers and demanders in the U.S. equity market. We find that the externality is large and positive, on average. However, the externality is negative in ...
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作者：Banal-Estanol, Albert; Macho-Stadler, Ines; Perez-Castrillo, David
作者单位：Pompeu Fabra University; City St Georges, University of London; Autonomous University of Barcelona
摘要：We use a two-sided matching framework to analyze collaboration between heterogeneous academics and firms. We consider both horizontal and vertical characteristics-those related to affinity (e.g., preferences for a type of scientific research) and those related to ability (e.g., capacity to produce high-quality scientific output). We build a unique data set based on the teams of academics and firms that proposed research projects to the UK's Engineering and Physical Sciences Research Council. O...
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作者：Joslin, Scott
作者单位：University of Southern California
摘要：In fixed income markets, volatility is unspanned if volatility risk cannot be hedged with bonds. We first show that all affine term structure models with state space R-+(M) x RN-M can be drift normalized and show when the standard variance normalization can be obtained. Using this normalization, we find conditions for a wide class of affine term structure models to exhibit unspanned stochastic volatility (USV). We show that the USV conditions restrict both the mean reversions of risk factors a...
