The review of corporate finance studies最新文献

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Corporate Investment and Financing Dynamics 企业投融资动态

The review of corporate finance studies

Pub Date : 2023-04-13 DOI: 10.1093/rcfs/cfad009

Dirk Hackbarth, Dongming Sun

Abstract We consider the behavior of leverage ratios in a trade-off model with investment. Debt underutilization to retain financial flexibility persists even when firms exercise their last investment options, and it is more (less) severe for more back-loaded (front-loaded) investment opportunities. Leverage paths crucially hinge on the structure of the investment process, which leads firms to have significantly different target leverage ratios. Structural estimation of key parameters reveals that simulated model moments can match data moments. In simulated panels, leverage regression results are in line with the evidence, and average leverage ratios are path-dependent and persistent for extended periods of time. (JEL G31, G32) Received June 11, 2018; editorial decision December 20, 2022 by Editor Uday Rajan

摘要考虑了投资权衡模型中杠杆率的变化规律。即使在公司行使最后的投资选择权时，保持财务灵活性的债务利用不足仍然存在，对于更多的后负荷(前负荷)投资机会来说，这种情况更严重(不那么严重)。杠杆路径在很大程度上取决于投资过程的结构，这导致企业具有显著不同的目标杠杆率。关键参数的结构估计表明，模拟模型矩与数据矩匹配良好。在模拟面板中，杠杆回归结果与证据一致，平均杠杆率具有路径依赖性，并且在较长时间内持续存在。(JEL G31, G32)收稿2018年6月11日;编辑决定，2022年12月20日，编辑Uday Rajan

引用次数: 0

Creditor-Control Rights and the Nonsynchronicity of Global CDS Markets 债权人控制权与全球CDS市场的非同步性

The review of corporate finance studies

Pub Date : 2023-04-13 DOI: 10.1093/rcfs/cfad010

Iftekhar Hasan, Miriam Marra, Eliza Wu, Gaiyan Zhang

Abstract We analyze how creditor rights affect the nonsynchronicity of global corporate credit default swap spreads (CDS-NS). CDS-NS is negatively related to the country-level creditor-control rights, especially to the “restrictions on reorganization” component, where creditor-shareholder conflicts are high. The effect is concentrated in firms with high investment intensity, asset growth, information opacity, and risk. Pro-creditor bankruptcy reforms led to a decline in CDS-NS, indicating lower firm-specific idiosyncratic information being priced in credit markets. A strategic-disclosure incentive among debtors avoiding creditor intervention seems more dominant than the disciplining effect, suggesting how strengthening creditor rights affects power rebalancing between creditors and shareholders. (JEL G14, G15, G33, G34) Received September 21, 2021; editorial decision March 9, 2023 by Editor Isil Erel

摘要本文分析了债权对全球企业信用违约互换价差(CDS-NS)非同步性的影响。CDS-NS与国家一级的债权人控制权呈负相关，特别是与债权人-股东冲突高的“重组限制”部分。这种效应主要集中在投资强度高、资产增长快、信息不透明、风险大的企业。支持债权人的破产改革导致CDS-NS价格下跌，表明信贷市场定价的企业特定特质信息较低。避免债权人干预的债务人的战略披露激励似乎比约束效应更重要，这表明加强债权人权利如何影响债权人和股东之间的权力再平衡。(JEL G14, G15, G33, G34)收稿于2021年9月21日;编辑决定，2023年3月9日，编辑伊黎·厄尔

引用次数: 0

Do Managers Do Good with Other People’s Money? 经理人会善用别人的钱吗?

The review of corporate finance studies

Pub Date : 2023-04-06 DOI: 10.1093/rcfs/cfad008

Ing-Haw Cheng, Harrison Hong, Kelly Shue

Abstract There is mixed evidence on whether the marginal dollar spent on corporate social responsibility is due to agency problems. We propose an approach by modeling how the 2003 dividend tax cut, which increased after-tax insider ownership and better aligned managerial and shareholder interests, affected the marginal dollar spent on firm responsibility. We confirm key predictions of our agency model: following the tax cut, moderate insider-ownership firms experience larger declines in their responsibility ratings and increases in their valuations relative to other firms. We also confirm another implication regarding managerial misalignment using a regression-discontinuity design of close votes on shareholder-governance proposals. (JEL G30, G31, G35) Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

关于企业社会责任边际支出是否存在代理问题，证据不一。我们提出了一种方法，通过建模2003年股息税的削减，增加税后内部人所有权和更好地协调管理层和股东的利益，如何影响边际美元花费在企业责任。我们证实了代理模型的关键预测:在减税之后，相对于其他公司，适度的内部持股公司的责任评级下降幅度更大，估值上升幅度更大。我们还通过对股东治理提案进行紧密投票的回归不连续设计，确认了关于管理失调的另一个含义。(JEL G30, G31, G35)作者提供了一份互联网附录，可以在牛津大学出版社的网站上找到，紧邻在线发表的最终论文的链接。

引用次数: 10

Can Central Banks Boost Corporate Investment? Evidence from ECB Liquidity Injections 央行能刺激企业投资吗?来自欧洲央行流动性注入的证据

The review of corporate finance studies

Pub Date : 2023-03-20 DOI: 10.1093/rcfs/cfad006

Stine Louise von Rüden, Marti G Subrahmanyam, Dragon Yongjun Tang, Sarah Qian Wang

Abstract Liquidity injections by central banks have become frequent and massive, but their real effects on corporate investment remain unclear. We examine the longer-term refinancing operations (LTROs) of the European Central Bank (ECB) during the eurozone sovereign crisis and show that greater LTRO funding to banks is associated with lower corporate investment. Riskier banks received funds through the LTROs and subsequently increased their holdings of risky sovereign debt. Corporate investment reductions are associated with these banks. Further, concurrent fiscal and regulatory policies impeded the effectiveness of the ECB liquidity injections. Our findings identify the contributing factors for these failures of monetary policy. (JEL E52, E58, G32) Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

央行的流动性注入变得频繁和大规模，但它们对企业投资的实际影响尚不清楚。我们研究了欧元区主权危机期间欧洲央行(ECB)的长期再融资操作(LTRO)，并表明向银行提供更大的LTRO资金与更低的企业投资相关。风险较高的银行通过ltro获得资金，随后增加了对高风险主权债务的持有。企业投资的减少与这些银行有关。此外，同时实施的财政和监管政策阻碍了欧洲央行流动性注入的有效性。我们的研究结果确定了导致这些货币政策失败的因素。(JEL E52, E58, G32)作者提供了一份互联网附录，可以在牛津大学出版社的网站上找到，紧邻在线发表的最终论文的链接。

引用次数: 0

Racial Concordance in the Market for Financial Advice 金融咨询市场中的种族一致性

The review of corporate finance studies

Pub Date : 2023-02-23 DOI: 10.1093/rcfs/cfad005

Christopher P Clifford, William C Gerken, Tian Qiu

Abstract We examine the role of race and racial concordance between financial advisors and their local community. We document significant differences in stock market participation based on community racial composition, as well as differences in the characteristics of communities served by minority advisors. Notably, minority advisors are more likely to serve racially concordant communities, which tend to be poorer. We find that racial concordance has only a modest relation with local stock market participation. However, while minority advisors are more likely to leave the industry, this relation is mitigated among advisors located in more concordant communities. (JEL G20, G50, D14, J15)

摘要我们研究种族和种族和谐之间的财务顾问和他们的当地社区的作用。我们记录了基于社区种族构成的股票市场参与的显著差异，以及少数族裔顾问服务的社区特征的差异。值得注意的是，少数族裔顾问更有可能服务于种族和谐的社区，这些社区往往更贫穷。我们发现，种族一致性与地方股市参与只有适度的关系。然而，虽然少数族裔顾问更有可能离开这个行业，但在更和谐的社区中，这种关系会得到缓解。(j20, g50, d14, j15)

引用次数: 1

How Does Corporate Governance Affect Equity Volatility? Worldwide Evidence and Theory 公司治理如何影响股票波动?世界范围的证据和理论

The review of corporate finance studies

Pub Date : 2023-02-08 DOI: 10.1093/rcfs/cfad002

Louis Gagnon, Alexandre Jeanneret

Abstract We investigate the causal impact of corporate governance on equity volatility in a quasi-natural experimental setting by exploiting the staggered passage of governance reforms in the past 25 years. Using a sample of 33,831 firms from 48 countries, we find that equity volatility drops by one-fifth following the passage of reforms that increase board independence. This effect is driven by an adjustment in fixed operating costs as managerial expropriation decreases, rather than by changes in firms’ investments, profitability, asset risk, or financing decisions. We rationalize these findings with a model in which minority shareholders are subject to sticky managerial expropriation. (JEL G12, G32, G34) Received October 14, 2021; editorial decision July 26, 2022 by Editor Robert Marquez. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

摘要本文利用过去25年公司治理改革的交错过程，在准自然实验环境下研究了公司治理对股权波动的因果影响。通过对来自48个国家的33,831家公司的样本分析，我们发现，在提高董事会独立性的改革通过后，股票波动性下降了五分之一。这种效应是由管理征用减少时固定运营成本的调整所驱动的，而不是由企业投资、盈利能力、资产风险或融资决策的变化所驱动的。我们用一个模型来合理化这些发现，在这个模型中，小股东受到粘性管理征用。(JEL G12, G32, G34) 2021年10月14日收稿;编辑决定，2022年7月26日，编辑罗伯特·马尔克斯。作者们提供了一份互联网附录，可以在牛津大学出版社的网站上找到，就在最终发表论文的链接旁边。

引用次数: 0

Clawback Provisions and Firm Risk 追回条款和公司风险

The review of corporate finance studies

Pub Date : 2023-01-31 DOI: 10.1093/rcfs/cfad003

Ilona Babenko, Benjamin Bennett, John M Bizjak, Jeffrey L Coles, Jason J Sandvik

Abstract Many of the events that trigger clawback provisions are associated with risky corporate policies and variable performance outcomes. We propose and test the hypothesis that clawback provisions motivate managers to reduce firm risk. Panel ordinary least squares, general method of moments with instrumental variables, and propensity square matching models all indicate that clawback provisions decrease the volatility of stock returns. The channels that connect clawback presence to firm risk include more conservative investment and financial policies. The clawback-induced reduction in risk-taking appears to benefit shareholders on average. The gains from reduced risk-taking are larger for firms with fewer growth options, lower R&D, and prior wrongdoing. (JEL G32, G34, J33, M41, M52, M55)

许多触发追回条款的事件都与高风险的公司政策和可变的绩效结果有关。我们提出并检验了收回条款激励管理者降低企业风险的假设。面板普通最小二乘、工具变量矩的一般方法和倾向方匹配模型都表明，回拨准备金降低了股票收益的波动性。将回收存在与公司风险联系起来的渠道包括更保守的投资和金融政策。平均而言，由追回措施导致的风险降低似乎对股东有利。对于那些增长选择较少、研发水平较低、有过不当行为的公司来说，减少冒险的收益更大。(凝胶g32, g34, j33, m41, m52, m55)

引用次数: 1

Competing for Deal Flow in Local Mortgage Markets 争夺本地抵押贷款市场的交易流量

The review of corporate finance studies

Pub Date : 2023-01-06 DOI: 10.1093/rcfs/cfad001

Darren J Aiello, Mark J Garmaise, Gabriel Natividad

Abstract The U.S. mortgage market exhibits competitive instability in which some lenders rapidly emerge from the fringe to substantial market shares. Using inferred discontinuities in application acceptance models to generate local lending shocks, we analyze the impact on a lender of a surge in originations by its competitors. We show that the quickest-growing (but not the largest) competitors divert applications and originations from other lenders. Facing a quickly growing competitor, lenders charge higher interest rates, partially because of the increased risk of their loans. Loan performance suffers for other lenders as the quickest-growing competitor’s originations increase. (JEL G21, D40) Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

美国抵押贷款市场表现出竞争的不稳定性，其中一些贷款机构迅速从边缘出现到大量的市场份额。使用应用程序接受模型中的推断不连续性来产生本地贷款冲击，我们分析了竞争对手发起的贷款激增对贷款人的影响。我们表明，增长最快的(但不是最大的)竞争对手转移了其他贷款机构的申请和贷款。面对快速增长的竞争对手，贷款机构收取更高的利率，部分原因是贷款风险增加。随着增长最快的竞争对手的贷款增加，其他贷款机构的贷款表现也会受到影响。(JEL G21, D40)作者们提供了一个互联网附录，可以在牛津大学出版社的网站上找到，就在最终发表论文的链接旁边。

引用次数: 0

When Does Higher Firm Leverage Lead to Higher Employee Pay? 何时企业杠杆率越高，员工薪酬越高？

The review of corporate finance studies

Pub Date : 2022-09-10 eCollection Date: 2023-02-01 DOI: 10.1093/rcfs/cfac032

Timothy E Dore, Rebecca Zarutskie

We show that newly hired workers earn higher wages in response to higher firm leverage. Consistent with compensating differential models, these higher wages appear to reflect compensation for the risk of earnings losses in the event of financial distress. For tenured workers, increases in leverage are not associated with higher wages. Our findings suggest that the wage costs of debt and optimal capital structure for a firm depend on expected employee turnover, as well as on the firm's future growth and hiring plans. Variation in local labor market conditions also significantly affects the relationship between firm leverage and employee pay. (JEL G32, G33, J21, J31, J61) Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

我们表明，新雇佣的工人获得更高的工资，以响应更高的企业杠杆。与补偿差异模型一致，这些较高的工资似乎反映了对财务困境中收入损失风险的补偿。对于终身雇员来说，杠杆的增加与更高的工资无关。我们的研究结果表明，企业的债务工资成本和最优资本结构取决于预期的员工流动率，以及企业的未来增长和招聘计划。当地劳动力市场条件的变化也显著影响企业杠杆与员工薪酬的关系。（JEL G32, G33, J21, J31, J61）作者提供了一份互联网附录，可在牛津大学出版社网站的最终在线发表论文链接旁边获得。

引用次数: 0

The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID. 成为堕落天使的风险以及企业在COVID期间的现金冲刺。

The review of corporate finance studies

Pub Date : 2020-07-31 DOI: 10.1093/rcfs/cfaa013

Viral V Acharya, Sascha Steffen

Data on firm-loan-level daily credit line drawdowns in the United States expose a corporate "dash for cash" induced by the COVID-19 pandemic. In the first phase of the crisis, which was characterized by extreme precaution and heightened aggregate risk, all firms drew down bank credit lines and raised cash levels. In the second phase, which followed the adoption of stabilization policies, only the highest-rated firms switched to capital markets to raise cash. Consistent with the risk of becoming a fallen angel, the lowest-quality BBB-rated firms behaved more similarly to non-investment grade firms. The observed corporate behavior reveals the significant impact of credit risk on corporate cash holdings.

有关美国企业贷款级别的每日信贷额度缩减的数据显示，新冠肺炎大流行引发了企业的“现金抢购”。在危机的第一阶段，其特点是极度谨慎和总体风险增加，所有公司都减少了银行信贷额度，提高了现金水平。在采取稳定政策后的第二阶段，只有评级最高的公司才转向资本市场融资。与成为堕落天使的风险一致，质量最低的bbb评级公司的行为与非投资级公司更为相似。观察到的企业行为揭示了信用风险对企业现金持有量的显著影响。

引用次数: 0

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