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Common Venture Capital Investors and Startup Growth 普通风险资本投资者和创业公司的成长
IF 8.2 1区 经济学
Review of Financial Studies Pub Date : 2023-09-09 DOI: 10.1093/rfs/hhad071
Ofer Eldar, Jillian Grennan
{"title":"Common Venture Capital Investors and Startup Growth","authors":"Ofer Eldar, Jillian Grennan","doi":"10.1093/rfs/hhad071","DOIUrl":"https://doi.org/10.1093/rfs/hhad071","url":null,"abstract":"We exploit the staggered introduction of liability waivers when investors hold stakes in conflicting business opportunities as a shock to venture capital (VC) investment and director networks. After the law changes, we find increases in within-industry VC investment and common directors serving on startup boards. Despite the potential for rent extraction, same-industry startups inside VC portfolios benefit by raising more capital, failing less, and exiting more successfully. VC directors serving on other startup boards are the primary mechanism associated with positive outcomes, consistent with common VC investment facilitating informational exchanges in VC portfolios.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":"38 3","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50166790","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Existence of the Wealth-Consumption Ratio in Asset Pricing Models with Recursive Preferences 具有递归偏好的资产定价模型中财富-消费比率的存在性
IF 8.2 1区 经济学
Review of Financial Studies Pub Date : 2023-08-31 DOI: 10.1093/rfs/hhad069
W. Pohl, K. Schmedders, Ole Wilms
{"title":"Existence of the Wealth-Consumption Ratio in Asset Pricing Models with Recursive Preferences","authors":"W. Pohl, K. Schmedders, Ole Wilms","doi":"10.1093/rfs/hhad069","DOIUrl":"https://doi.org/10.1093/rfs/hhad069","url":null,"abstract":"\u0000 Modern asset pricing models combine recursive preferences with complex dynamics for the underlying consumption process. The existence of solutions is for many of these models an unsettled question. This paper introduces a novel technique to prove existence and nonexistence, as well as uniqueness for models with recursive preferences. The approach applies to many models of interest, including those with long-run consumption risks, with stochastic volatility and jumps, with time-varying consumption disasters, and with smooth ambiguity aversion and learning. Collectively, the proven results settle the existence question for many of today’s leading asset pricing models.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41805088","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Scale or Yield? A Present-Value Identity 规模还是产量?现在价值同一性
1区 经济学
Review of Financial Studies Pub Date : 2023-08-31 DOI: 10.1093/rfs/hhad068
Thummim Cho, Lukas Kremens, Dongryeol Lee, Christopher Polk
{"title":"Scale or Yield? A Present-Value Identity","authors":"Thummim Cho, Lukas Kremens, Dongryeol Lee, Christopher Polk","doi":"10.1093/rfs/hhad068","DOIUrl":"https://doi.org/10.1093/rfs/hhad068","url":null,"abstract":"Abstract We propose a loglinear present-value identity in which investment (“scale”), profitability (“yield”), and discount rates determine a firm’s market-to-book ratio. Our identity reconciles existing influential market-to-book decompositions and facilitates novel insights from three empirical applications: (1) Both investment and profitability are important contributors to the value spread and stock return news variance. (2) Any cross-sectional return predictability has a mirror image in cash-flow fundamentals, providing asset pricing theories with additional moments to match. (3) The investment spread significantly improves the predictability of time-series variation in the value premium and justifies the poor performance of value in recent years. Received January 30, 2022; editorial decision June 6, 2023 by Editor Itay Goldstein. 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","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135890504","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Local Effects of Global Capital Flows: A China Shock in the U.S. Housing Market 全球资本流动的局部效应:中国对美国房地产市场的冲击
1区 经济学
Review of Financial Studies Pub Date : 2023-08-21 DOI: 10.1093/rfs/hhad067
Zhimin Li, Leslie Sheng Shen, Calvin Zhang
{"title":"Local Effects of Global Capital Flows: A China Shock in the U.S. Housing Market","authors":"Zhimin Li, Leslie Sheng Shen, Calvin Zhang","doi":"10.1093/rfs/hhad067","DOIUrl":"https://doi.org/10.1093/rfs/hhad067","url":null,"abstract":"Abstract This paper studies the real effects of foreign real estate capital inflows. Using transaction-level data, we document (i) a “China shock” in the U.S. housing market characterized by surging foreign Chinese housing purchases after 2008, and (ii) “home bias” in these purchases, as they concentrate in neighborhoods historically populated by ethnic Chinese. Exploiting their temporal and spatial variation, we find that these capital inflows raise local employment, with the effect transmitted through a housing net worth channel. However, they displace local lower-income residents. Our results show that real estate capital inflows can both stimulate the real economy and induce gentrification. Received March 2, 2021; editorial decision June 30, 2023 by Editor . 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","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135772370","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Dynamic Equilibrium with Costly Short-Selling and Lending Market 高成本卖空和借贷市场的动态均衡
IF 8.2 1区 经济学
Review of Financial Studies Pub Date : 2023-08-16 DOI: 10.1093/rfs/hhad060
Adem Atmaz, Suleyman Basak, Fangcheng Ruan
{"title":"Dynamic Equilibrium with Costly Short-Selling and Lending Market","authors":"Adem Atmaz, Suleyman Basak, Fangcheng Ruan","doi":"10.1093/rfs/hhad060","DOIUrl":"https://doi.org/10.1093/rfs/hhad060","url":null,"abstract":"We develop a dynamic model of costly stock short-selling and lending market and obtain implications that simultaneously support many empirical regularities related to short-selling. In our model, investors’ belief disagreement leads to shorting demand, whereby short-sellers pay shorting fees to borrow stocks from lenders. Our main novel results are as follows. Short interest is positively related to shorting fee and predicts stock returns negatively. Higher short-selling risk can be associated with lower stock returns and less short-selling activity. Stock volatility is increased under costly short-selling. An application to GameStop episode yields implications consistent with observed patterns.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":"36 2","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50167371","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Diverse Hedge Funds 多样化的对冲基金
IF 8.2 1区 经济学
Review of Financial Studies Pub Date : 2023-08-12 DOI: 10.1093/rfs/hhad064
Yan Lu, Narayan Y Naik, Melvyn Teo
{"title":"Diverse Hedge Funds","authors":"Yan Lu, Narayan Y Naik, Melvyn Teo","doi":"10.1093/rfs/hhad064","DOIUrl":"https://doi.org/10.1093/rfs/hhad064","url":null,"abstract":"Hedge fund teams with heterogeneous educational backgrounds, academic specializations, work experiences, genders, and races, outperform homogeneous teams after adjusting for risk and fund characteristics. An event study of manager team transitions, instrumental variable regressions, and an analysis of managers who simultaneously operate solo- and team-managed funds address endogeneity concerns. Diverse teams deliver superior returns by arbitraging more stock anomalies, avoiding behavioral biases, and minimizing downside risks. Moreover, diversity allows hedge funds to circumvent capacity constraints and generate persistent performance. Our results suggest that diversity adds value in asset management.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":"34 4","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50167375","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Shareholder Monitoring through Voting: New Evidence from Proxy Contests 股东投票监督:代理权竞争的新证据
IF 8.2 1区 经济学
Review of Financial Studies Pub Date : 2023-08-12 DOI: 10.1093/rfs/hhad066
Alon Brav, Wei Jiang, Tao Li, James Pinnington
{"title":"Shareholder Monitoring through Voting: New Evidence from Proxy Contests","authors":"Alon Brav, Wei Jiang, Tao Li, James Pinnington","doi":"10.1093/rfs/hhad066","DOIUrl":"https://doi.org/10.1093/rfs/hhad066","url":null,"abstract":"\u0000 We present the first comprehensive study of mutual fund voting in proxy contests. Among contests where voting takes place, passive funds are 10 percentage points less likely than active funds to vote for dissidents. The gap shrinks significantly when accounting for votes withheld from management nominees, settled contests, and votes by non- “Big-Three” fund families. Passive and active funds are equally informed about firm fundamentals, although passive funds view contest-related SEC filings more often than active funds during contests, in absolute levels and incrementally relative to noncontest periods. We conclude that passive funds are engaged shareholders in high-stakes voting events.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44587533","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Rise of Star Firms: Intangible Capital and Competition 明星企业的崛起:无形资本与竞争
IF 8.2 1区 经济学
Review of Financial Studies Pub Date : 2023-08-11 DOI: 10.1093/rfs/hhad065
Meghana Ayyagari, Asli Demirguc-Kunt, Vojislav Maksimovic
{"title":"The Rise of Star Firms: Intangible Capital and Competition","authors":"Meghana Ayyagari, Asli Demirguc-Kunt, Vojislav Maksimovic","doi":"10.1093/rfs/hhad065","DOIUrl":"https://doi.org/10.1093/rfs/hhad065","url":null,"abstract":"The large divergence in the returns of top-performing star firms and the rest of the economy is substantially reduced when we account for the mismeasurement of intangible capital. Star firms produce and invest more per dollar in invested capital, have more valuable innovations as measured by the market value of patents, and are as exposed to competitive shocks as nonstars. Star firms have higher markups that are predicted early in their life cycle at a time when they are small. Overall, after we correct for the mismeasurement of intangibles, the evidence points to the superior ability of star firms.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":"34 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50167377","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Cross-Selling in Bank-Household Relationships: Mechanisms and Implications for Pricing 银行-家庭关系中的交叉销售：定价机制及其启示
IF 8.2 1区 经济学
Review of Financial Studies Pub Date : 2023-08-11 DOI: 10.1093/rfs/hhad062
Christoph Basten, Ragnar E. Juelsrud
{"title":"Cross-Selling in Bank-Household Relationships: Mechanisms and Implications for Pricing","authors":"Christoph Basten, Ragnar E. Juelsrud","doi":"10.1093/rfs/hhad062","DOIUrl":"https://doi.org/10.1093/rfs/hhad062","url":null,"abstract":"\u0000 We show that banks cross-sell future deposits and loans to existing household depositors. A bank is 20-percentage-points more likely to sell a loan to an existing depositor than to an otherwise comparable household. Existing depositors pay a premium when borrowing, and we find no indication that banks obtain an informational advantage on such borrowers, suggesting that the cross-selling is driven more by demand than by supply complementarities. These demand complementarities are in turn driven more by stickiness rather than by unobserved persistent preferences. Finally, banks internalize future cross-selling potential when setting deposit rates.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41500730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Seller Debt in Acquisitions of Private Firms: A Security Design Approach 私营企业收购中的卖方债务:一种安全设计方法
IF 8.2 1区 经济学
Review of Financial Studies Pub Date : 2023-08-10 DOI: 10.1093/rfs/hhad063
Mark Jansen, Ludovic Phallipou, Thomas Noe
{"title":"Seller Debt in Acquisitions of Private Firms: A Security Design Approach","authors":"Mark Jansen, Ludovic Phallipou, Thomas Noe","doi":"10.1093/rfs/hhad063","DOIUrl":"https://doi.org/10.1093/rfs/hhad063","url":null,"abstract":"We propose a security design model in which a potential acquirer approaches a firm with a value-add plan. The target has a single owner, who possesses private information: he alone knows whether his firm is compatible with the plan. The owner agrees that the acquirer will add value but believes that the value-add will not be as much as what the acquirer expects. Although the acquirer can choose any monotone limited liability security to offer along with cash, we show that, under general conditions, any security that is employed always takes the form of nonrecourse debt provided by the seller.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":"33 3","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50167379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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