American Finance Association Meetings (AFA)最新文献_第10页

American Finance Association Meetings (AFA) Pub Date : 2012-05-10 DOI: 10.2139/ssrn.1720502

Robert Ready

引用次数: 18

The Perils of Free Cash Flow, Avoidance of Outside Monitoring, and the Exploitation of the Internal Capital Market 自由现金流的风险、逃避外部监督与内部资本市场的开发

American Finance Association Meetings (AFA) Pub Date : 2012-05-01 DOI: 10.2139/ssrn.1027224

Brandon N. Cline, J. L. Garner, Adam S. Yore

{"title":"The Perils of Free Cash Flow, Avoidance of Outside Monitoring, and the Exploitation of the Internal Capital Market","authors":"Brandon N. Cline, J. L. Garner, Adam S. Yore","doi":"10.2139/ssrn.1027224","DOIUrl":"https://doi.org/10.2139/ssrn.1027224","url":null,"abstract":"While internal capital markets may afford firms a real option to avoid costly outside financing [Matsusaka and Nanda (2002)], we show that they also provide an option to avoid the monitoring that accompanies the raising of capital. Consistent with this view, we find conglomerates which cross-subsidize divisions or engage in value-destroying investment avoid oversight from the external capital markets by refraining from issuing capital or paying dividends. We further show that firms that issue capital while operating inefficient internal capital markets suffer significant negative abnormal SEO announcement returns in excess of other diversified firms conducting SEOs. Evidence likewise indicates that these firms suffer from a free cash flow problem. High coincident levels of free cash flow and investment are responsible for these inefficient capital allocations, the acceptance of value-destroying investments, and overall lower long-run firm value. However, we show that the issuance of capital is associated with additional oversight and those firms issuing capital garner significantly more attention from the analyst community. The additional analyst oversight significantly mitigates the free cash flow problem and is ultimately linked to higher firm value.","PeriodicalId":369344,"journal":{"name":"American Finance Association Meetings (AFA)","volume":"105 19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127454015","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}

引用次数: 4

Solving Constrained Consumption-Investment Problems by Simulation of Artificial Market Strategies 模拟人工市场策略求解约束消费-投资问题

American Finance Association Meetings (AFA) Pub Date : 2012-04-17 DOI: 10.2139/ssrn.1357339

B. Bick, H. Kraft, Claus Munk

引用次数: 35

Systemic Risk Measures: The Simpler the Better? 系统性风险措施:越简单越好?

American Finance Association Meetings (AFA) Pub Date : 2012-03-22 DOI: 10.2139/ssrn.1681087

María Rodríguez-Moreno, J. Peña

引用次数: 222

Shades of Grey: Capital Structure Decisions of Non-Sin vs. Sin Firms in the G20 Nations 灰色阴影:20国集团非罪恶与罪恶公司的资本结构决策

American Finance Association Meetings (AFA) Pub Date : 2012-03-15 DOI: 10.2139/ssrn.2017725

Michael B. McDonald, Larry Fauver

引用次数: 0

Runs on Money Market Mutual Funds 货币市场共同基金的挤兑

American Finance Association Meetings (AFA) Pub Date : 2012-03-15 DOI: 10.2139/ssrn.1784445

Russ Wermers

引用次数: 218

Informed Speculation About Trading Flows: Price Variability and Trading Volume 关于交易流量的知情投机:价格变异性和交易量

American Finance Association Meetings (AFA) Pub Date : 2012-03-15 DOI: 10.2139/ssrn.2022951

Qiang Li, Hua Sun

引用次数: 0

The Wasteful 'Money Creation' Aspect of Financial Intermediation 金融中介中浪费的“货币创造”方面

American Finance Association Meetings (AFA) Pub Date : 2012-03-15 DOI: 10.2139/ssrn.2023514

Maya Eden

引用次数: 1

The Effect of Tarp Funding on Recipient Credit Unions 不良资产救助计划资金对信用合作社的影响

American Finance Association Meetings (AFA) Pub Date : 2012-03-15 DOI: 10.2139/SSRN.2024335

Keldon Bauer

{"title":"The Effect of Tarp Funding on Recipient Credit Unions","authors":"Keldon Bauer","doi":"10.2139/SSRN.2024335","DOIUrl":"https://doi.org/10.2139/SSRN.2024335","url":null,"abstract":"Credit unions have become an important component of the American financial system, with more than 10% of all savings deposits and non-revolving consumer loans; as well as some 12% of all depository institution employees. With nearly any measure of depository institution market share, credit unions have been growing.Credit unions fared better than banks in the past two big financial crises (1980s and 2008-2010). But there were some institutions whose common bond forced them to take on more risk during that time period. In some of those cases, their members were underserved by other financial institutions, making the small credit union a systemically important financial institution for them. Therefore, in 2010, a TARP program was offered to shore up community development financial institutions (CDFIs). The Community Development Capital Initiative (CDCI) was the only direct TARP loan program offered to credit unions. Although nearly 200 credit unions qualified, only 48 received funding (all in late September 2010). The recipient credit unions borrowed less than $70 million total.This paper assesses the effectiveness of the TARP program for the recipient credit unions. We find that CDFI credit unions were far more likely to fail since the initiation of the TARP than other credit unions. We also find that recipient credit unions did not use funds to enrich members, but used the funds as they were intended, to improve capital and liquidity. We wonder if a special program needed to be established to generate these $70 million in loan funds because of the weakness among credit unions’ preferred lender, the corporate credit unions.","PeriodicalId":369344,"journal":{"name":"American Finance Association Meetings (AFA)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125374276","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}

引用次数: 3

Out-of-Sample Equity Premium Predictability and Sample Split Invariant Inference 样本外股票溢价的可预测性和样本分裂不变推断

American Finance Association Meetings (AFA) Pub Date : 2012-03-15 DOI: 10.2139/ssrn.2024573

Gueorgui I. Kolev, R. Karapandža

引用次数: 15