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作者：Armstrong, Christopher; Glaeser, Stephen; Park, Stella Yeayeun; Timmermans, Oscar
作者单位：Stanford University; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Sogang University; University of London; London School Economics & Political Science
摘要：We study how the assignment of intellectual property rights between inventors and their employers affects innovation. Incomplete contracting theories predict that stronger employer property rights reduce the threat that employee inventors hold up their employers, thereby affecting inventor and invention outcomes. We test these predictions using a U.S. appellate court ruling that shifted the assignment of property rights from inventors to their employers. Within-employer-year analyses demonstra...
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作者：Zhang, Biwen
作者单位：University of California System; University of California Berkeley
摘要：Sell-side analysts commonly transition to buy-side money managers. I examine whether and how these career transitions shape sell-side analysts' behavior, relying on the granular career information of 6,310 analysts in the United States. I identify analysts who transition from the sell-side to the buy-side and find that these analysts issue inflated recommendations on stocks of interest to their future buy-side employers. This favoritism is (1) present only during the year preceding their trans...
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作者：Chen, Aj yuan; Phillips, Matthew a.; Wittenberg-moerman, Regina; Ye, Tiange
作者单位：University of British Columbia; Northwestern University; National University of Singapore
摘要：Prior studies predominantly examine fundamental performance-driven explanations of loan renegotiations. We contrast with this work by investigating the improvement in secondary loan market trading conditions as a non-fundamental driver of loan renegotiation. Exploiting a regression discontinuity design around the LSTA 100 Index reconstitution, we find that index-included loans are around five times more likely to receive interest-rate-reducing amendments than comparable loans just below the in...
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作者：Phillips, Matthew A.
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper investigates why commercial lenders make markets for the loans that they sell on the secondary market. Using loan-level data, I find that origination lenders with extensive borrower relationships and more reputational capital at stake are more likely to serve as market makers. Greater participation of origination lenders as market makers is associated with lower trading costs for their borrowers' loans. This association remains even in conditions where origination lenders could expl...
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作者：Volant, David
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：This study examines the capital market implications of common investor relations (IR) representation, a phenomenon in which multiple public firms share the same external IR representative. Using a difference-in-differences research design, I document that common IR representation is associated with greater overlap in institutional ownership and sell-side analyst coverage as well as similarities in disclosure practices among clients-even those operating in different industries. These effects cu...
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作者：Stice-lawrence, Lorien; Wong, Yu ting forester; Zhao, Wuyang
作者单位：University of Southern California; City University of Hong Kong; McGill University
摘要：We estimate the prevalence and drivers of short squeezes after short-selling attacks. Positive returns after attacks have a disproportionate tendency to fully reverse and are accompanied by heightened short covering, consistent with the presence of short squeezes. We assess and find no support for non-squeeze drivers of these positive return reversals and show they are more likely to be accompanied by squeeze-related news articles, increased stock volatility, and disruptions in the stock lendi...
