{"title":"What Determines the Structure of Corporate Debt Issues?","authors":"Brandon Julio, Woojin Kim, M. Weisbach","doi":"10.2139/ssrn.1093302","DOIUrl":"https://doi.org/10.2139/ssrn.1093302","url":null,"abstract":"Publicly-traded debt securities differ on a number of dimensions, including quality, maturity, seniority, security, and convertibility. Finance research has provided a number of theories as to why firms should issue debt with different features; yet, there is very little empirical work testing these theories. We consider a sample of 14,867 debt issues in the U.S. between 1971 and 2004. Our goal is to test the implications of these theories, and, more generally, to establish a set of stylized facts regarding the circumstances under which firms issue different types of debt. Our results suggest that there are three main types of factors that affect the structure of debt issues: First, firm-specific factors such as leverage, growth opportunities and cash holdings are related with the convertibility, maturity and security structure of issued bonds. Second, economy-wide factors, in particular the state of the macroeconomy, affect the quality distribution of securities offered; in particular, during recessions, firms issue fewer poor quality bonds than in good times but similar numbers of high-quality bonds. Finally, controlling for firm characteristics and economy-wide factors, project specific factors appear to influence the types of securities that are issued. Consistent with commonly stated 'maturity-matching' arguments, long-term, nonconvertible bonds are more likely to be issued by firms investing in fixed assets, while convertible and short-term bonds are more likely to finance investment in R&D.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133185334","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Bank Profitability and Taxation","authors":"Ugo Albertazzi, L. Gambacorta","doi":"10.2139/ssrn.1075243","DOIUrl":"https://doi.org/10.2139/ssrn.1075243","url":null,"abstract":"This paper investigates how bank profitability is affected by the corporate income tax (CIT). For this purpose it uses aggregate data of the banking sector of the main industrialized countries, for the period 1980-2003. The main novelties with respect to the existing literature are two. First, it explicitly considers that the CIT is not specific to the banking sector so that changes in CIT rate can affect both banks and borrowing firms. With the help of a simple theoretical model we derive a set of predictions about the impact of the CIT on banks’ income statement. Second, we consider all main components of banks’ profit and loss accounts: net interest income, interest expenses, non-interest income, operating costs, and provisions. In this way, we are able to disentangle the extent to which a bank is able to shift its tax-burden forward to its lenders, depositors, and purchasers of fee-generating services","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130055710","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Does the Underground Economy Hold Back Financial Deepening? Evidence from the Italian Credit Market","authors":"G. Gobbi, R. Zizza","doi":"10.2139/ssrn.1075182","DOIUrl":"https://doi.org/10.2139/ssrn.1075182","url":null,"abstract":"The paper investigates the relationship between underground activities and financial deepening. We find a strong negative impact of the share of irregular employment on outstanding credit to the private sector. A shift of 1 per cent of employees from regular activities to irregular ones corresponds to a decline of 1-2 percentage points in lending and of 0.3 percentage points in outstanding credit to households, both expressed as ratios to GDP. By analysing the 2002 regularisation programme for immigrant workers, we also find that irregular labour has a negative effect on banks' decisions entry into local credit markets. [Il lavoro studia la relazione tra economia sommersa e sviluppo del sistema finanziario. I risultati indicano che la diffusione del lavoro irregolare ha un impatto negativo molto forte sul credito al settore privato. Uno spostamento di un punto percentuale della quota di occupati da attivita' regolari al sommerso corrisponde a un calo dei prestiti in rapporto al valore aggiunto dell'ordine di 1-2 punti percentuali per le imprese e di 0,3 punti per le famiglie. Dall'analisi degli effetti delle misure di regolarizzazione degli immigrati introdotte nel 2002 emerge che l'incidenza del lavoro sommerso ha effetti negativi anche sulle decisioni delle banche di aprire dipendenze nei mercati bancari locali.]","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127033746","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Christopher T. Taylor, Paul R. Zimmerman, Nicholas Kreisle
{"title":"Vertical Relationships and Competition in Retail Gasoline Markets: Comment","authors":"Christopher T. Taylor, Paul R. Zimmerman, Nicholas Kreisle","doi":"10.2139/ssrn.1017567","DOIUrl":"https://doi.org/10.2139/ssrn.1017567","url":null,"abstract":"In a paper in the March 2004 AER, Justine Hastings concludes that the acquisition of an independent gasoline retailer, Thrifty, by a vertically integrated firm, ARCO, is associated with sizable price increases at competing stations. To better understand the novel mechanism to which she attributes this effect - which combines vertical integration and rebranding - we attempted but ultimately failed to reproduce the results using alternative data. In addition, we show that the welfare effects of the transaction are ambiguous in the theoretical model which she posits as underlying the empirical results.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133056857","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Earnings Quality Based on Corporate Investment Decisions","authors":"Feng Li","doi":"10.2139/ssrn.1002949","DOIUrl":"https://doi.org/10.2139/ssrn.1002949","url":null,"abstract":"This paper examines a new approach of measuring earnings quality based on firms' capital and labor investment decisions. More specifically, I measure earnings quality as the contemporaneous association between the changes in the level of capital and labor investment and the change in reported earnings. The approach relies on the following intuition: (1) firms make investment decisions based on the net present value (NPV) of the investment projects; and (2) a reported earnings with higher quality (i.e., it is closer to the permanent earnings or the annuitized NPV) should be more associated with the real investment decisions. I find that the measures of earnings quality based on managerial labor and capital decisions are positively correlated with earnings persistence and have incremental explanatory power relative to the earnings quality measures used in the literature.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"126 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132052904","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Corporate Cash Holdings, National Culture, and Multinationality","authors":"A. Ramirez, S. Tadesse","doi":"10.2139/ssrn.1017367","DOIUrl":"https://doi.org/10.2139/ssrn.1017367","url":null,"abstract":"We examine the relations between national cultures, the multinationality of the firm and its holdings of cash. We develop several hypotheses from well known corporate finance theories and theories of the multinational firm, positing that cultural factors as well as the degree of multinationality of firms influence their decisions to hold cash. In particular, firms in countries with high uncertainty avoidance, as a national culture, hold more cash as a way to hedge against undesired states of nature. Furthermore, as a reflection of their longer business cycles, multinational firms typically hold more cash. At the same time, however, the multinationality of the firm moderates the effects of culture on the firm???s decision to hold liquid assets. Based on a large panel of firms in forty countries, we present evidence consistent with these hypotheses. While firms in countries with high levels of uncertainty avoidance tend to hold more cash, the degree of multinationality of the firm is positively correlated with holdings of cash. On the other hand, the effect of national culture on firm???s cash holdings is lower for multinationals.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130844156","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Benedikt Goderis, I. Marsh, J. Castello, W. Wagner
{"title":"Bank Behaviour with Access to Credit Risk Transfer Markets","authors":"Benedikt Goderis, I. Marsh, J. Castello, W. Wagner","doi":"10.2139/ssrn.1010101","DOIUrl":"https://doi.org/10.2139/ssrn.1010101","url":null,"abstract":"One of the most important recent innovations in financial markets has been the development of credit derivative products that allow banks to more actively manage their credit portfolios than ever before.We analyze the effect that access to these markets has had on the lending behavior of a sample of banks, using a sample of banks that have not accessed these markets as a control group. We find that banks that adopt advanced credit risk management techniques (proxied by the issuance of at least one collateralized loan obligation) experience a permanent increase in their target loan levels of around 50%. Partial adjustment to this target, however, means that the impact on actual loan levels is spread over several years.Our findings confirm the general efficiency enhancing implications of new risk management techniques in a world with frictions suggested in the theoretical literature.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127684869","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Balance Sheet Approach to Financial Crises in Emerging Markets","authors":"J. Toporowski, G. Cozzi","doi":"10.2139/ssrn.951751","DOIUrl":"https://doi.org/10.2139/ssrn.951751","url":null,"abstract":"This paper contrasts the conventional balance sheet approach to the analysis of economic disturbances in emerging markets with the alternative balance sheet approach that applies and extends Minsky's Financial Instability Hypothesis to (open) emerging market economies. Earlier balance sheet studies are found to be flawed because of a failure to disaggregate firms' balance sheets. Examination of such balance sheets in Thailand, Malaysia, Indonesia, Singapore, and Hong Kong suggests that firms in the three crisis countries did share common causes of financial fragility, but that the level of financial development and the particular domestic economic and political situation also affected their situation.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130949044","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Ownership, Control and Liquidity","authors":"Ronald W. Anderson, M. Hamadi","doi":"10.2139/ssrn.968008","DOIUrl":"https://doi.org/10.2139/ssrn.968008","url":null,"abstract":"In this paper we study the ways in which the firm's choice of liquid assets is affected by the pattern of share ownership and by the control structures within the firm. We distinguish between three separate ways in which these relationships can affect liquid- ity. First, ownership concentration may be associated with risk aversion which leads the firm to hold greater amounts of liquidity. Second, greater power for insiders will lead the firm to hold more liquid assets as these may be more readily transformed in ways that are advantageous to insiders. Third, firms with close association to an industrial group reinforced through cross share holding will tend to hold fewer liquid assets than will a firm without such relationships. We explore these explanations using a data set of Belgian firms that is particularly well suited to studying the institutions of control oriented finance. The data includes information on ownership concentration, managerial ownership, voting alliances, membership in family groups, association with holding companies, associations with coordination centers, and institutional cross-share holdings. Our results provide support for all three of the effects identified above. The effects of risk aversion and the industrial cross share holding appear to be statistically and economically most significant.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124097569","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"How Local are it Outsourcing Markets: Proximity and Software Programming","authors":"A. Arora, Chris M. Forman","doi":"10.2139/ssrn.953254","DOIUrl":"https://doi.org/10.2139/ssrn.953254","url":null,"abstract":"We examine the question of which services are tradable within a concrete setting: the outsourcing of IT services across a broad cross-section of establishments in the US. If markets for IT services are local, then we should expect increases in local supply should increase the likelihood of outsourcing by lowering the cost of outsourcing. If markets are not local then local supply will not affect outsourcing demand. We analyze the outsourcing decisions of a large sample of 99,775 establishments in 2002 and 2004, for two types of IT services: programming and design and hosting. Programming and design projects require communication of detailed user requirements whereas hosting requires less coordination between client and service provider than programming and design. Our empirical results bear out this intuition: The probability of outsourcing programming and design is increasing in the local supply of outsourcing, and this sensitivity to local supply conditions has been increasing over time. This suggests there is some non-tradable or \"local\" component to programming and design services that cannot be easily removed. In contrast, the decision to outsource hosting is sensitive to local supply only for a minority of firms for which network uptime and security concerns are particularly acute.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125267902","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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