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Review of Corporate Finance Studies最新文献

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Product Market Competition, Mergers and Acquisitions, and Covenant Redesign 产品市场竞争、并购和公约重新设计
IF 11.3
Review of Corporate Finance Studies Pub Date : 2024-09-09 DOI: 10.1093/rcfs/cfae019
Hadiye Aslan, Madhu Kalimipalli, Praveen Kumar, Buvaneshwaran Venugopal
{"title":"Product Market Competition, Mergers and Acquisitions, and Covenant Redesign","authors":"Hadiye Aslan, Madhu Kalimipalli, Praveen Kumar, Buvaneshwaran Venugopal","doi":"10.1093/rcfs/cfae019","DOIUrl":"https://doi.org/10.1093/rcfs/cfae019","url":null,"abstract":"Industry competition shocks are major drivers of mergers and acquisitions (M&A). We document strong positive effects of competition shocks on M&A-related covenant redesign. Acquiring firms in high-competition environments are significantly more likely to undertake tender offer bond repurchases and reduce restrictions on mergers, investments, payouts, and financing, but increase change-in-control covenants. This effect is stronger for larger, more profitable firms. Moreover, announcement returns from M&A transactions of redesigning firms in more competitive settings are significantly higher, while acquisition deal premiums are lower. Our study shows the significant effect of industry competition shocks on debt recontracting in M&A. (JEL G32, G34)","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"11 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2024-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142187337","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: 0
Higher Purpose, Employees, and the Firm 更高的目标、员工和企业
IF 11.3
Review of Corporate Finance Studies Pub Date : 2024-08-16 DOI: 10.1093/rcfs/cfae018
Anjan V Thakor
{"title":"Higher Purpose, Employees, and the Firm","authors":"Anjan V Thakor","doi":"10.1093/rcfs/cfae018","DOIUrl":"https://doi.org/10.1093/rcfs/cfae018","url":null,"abstract":"I present a theory of organizational higher purpose in which, in addition to profits, the firms’ owners and employees care about a purpose that guides decisions but transcends business goals. This purpose sacrifices profits but serves a greater good that generates positive utility for the owners and employees. Some purpose-driven firms insure employees against layoffs and may pay employees more or less than firms not offering such insurance. Whether purpose-driven firms offering layoff insurance pay employees more or less than purpose-driven firms not offering this insurance depends on the owner’s purpose-linked utility relative to the employee’s. (D01, D21, D24, G03, G32)","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"34 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2024-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142187339","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: 0
Employer Dominance and Worker Earnings in Finance 雇主主导与金融业工人收入
IF 11.3
Review of Corporate Finance Studies Pub Date : 2024-07-25 DOI: 10.1093/rcfs/cfae017
Wenting Ma
{"title":"Employer Dominance and Worker Earnings in Finance","authors":"Wenting Ma","doi":"10.1093/rcfs/cfae017","DOIUrl":"https://doi.org/10.1093/rcfs/cfae017","url":null,"abstract":"A few large firms in the U.S. financial system achieve substantial economic gains. Their dominance sets them apart while also raising concerns about the suppression of worker earnings. Utilizing administrative data, this study reveals that the largest financial firms pay workers an average of 30.2% more than their smallest counterparts, significantly exceeding the 7.9% disparity in nonfinance sectors. This positive size-earnings relationship is consistently more pronounced in finance, even during the 2008 crisis or compared to the high-tech sector. Evidence suggests that large financial firms’ excessive gains, coupled with their workers’ sought-after skills, explain this distinct relationship. (JEL G20, J31, J42, L11, L12, L13)","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"44 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2024-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141770655","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: 0
The Geography of Investor Attention 投资者关注的地理位置
IF 11.3
Review of Corporate Finance Studies Pub Date : 2024-06-28 DOI: 10.1093/rcfs/cfae016
Stefano Mengoli, Marco Pagano, Pierpaolo Pattitoni
{"title":"The Geography of Investor Attention","authors":"Stefano Mengoli, Marco Pagano, Pierpaolo Pattitoni","doi":"10.1093/rcfs/cfae016","DOIUrl":"https://doi.org/10.1093/rcfs/cfae016","url":null,"abstract":"Local companies attract significantly more attention from investors than nonlocal companies, especially at times of news releases and high volatility. This attention gap widens especially when news is firm-specific rather than aggregate, and in response to idiosyncratic rather than market risk. Attention is causally related to perceived proximity: after a firm is acquired by a nonlocal one, local investors, compared with nonlocal investors, are more likely to reallocate attention away from it; conversely, COVID-19 travel restrictions led investors to reallocate attention toward local companies and away from nonlocal ones, especially those difficult to reach. Finally, local attention predicts volatility, bid-ask spreads, and nonlocal attention, but not vice versa. Our findings suggest that the geography of attention matters and is shaped by local investors’ information-processing advantage, not familiarity bias. (JEL D83, G11, G12, G14, L86, R32)","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"8 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2024-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141511626","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: 0
Human Capital Reallocation across Firms: Evidence from Idiosyncratic Shocks 企业间的人力资本重新配置：来自非同步冲击的证据
IF 11.3
Review of Corporate Finance Studies Pub Date : 2024-05-09 DOI: 10.1093/rcfs/cfae014
Erik P Gilje, Jérôme P Taillard, Linghang Zeng
{"title":"Human Capital Reallocation across Firms: Evidence from Idiosyncratic Shocks","authors":"Erik P Gilje, Jérôme P Taillard, Linghang Zeng","doi":"10.1093/rcfs/cfae014","DOIUrl":"https://doi.org/10.1093/rcfs/cfae014","url":null,"abstract":"We study human capital reallocation following firm-specific idiosyncratic shocks. We analyze relegation battles in the English Premier League, a setting that offers well-identified idiosyncratic shocks as well as both individual-level and firm-level productivity metrics. Following a negative idiosyncratic shock, we find that relatively more productive players move to more productive clubs and maintain their long-term productivity. They get replaced with lower productivity players. Overall, our results show that in a setting with highly transferable and observable skills, idiosyncratic shocks lead to a reallocation of human capital that moves the industry toward a better overall match between individual-level and firm-level productivity. (JEL G31, G32, G33, J24)","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"8 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2024-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140938676","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: 0
Banks’ Market Power, Access to Finance, and Leverage 银行的市场力量、融资渠道和杠杆作用
IF 11.3
Review of Corporate Finance Studies Pub Date : 2024-05-07 DOI: 10.1093/rcfs/cfae013
M Cecilia Bustamante, Francesco D’Acunto
{"title":"Banks’ Market Power, Access to Finance, and Leverage","authors":"M Cecilia Bustamante, Francesco D’Acunto","doi":"10.1093/rcfs/cfae013","DOIUrl":"https://doi.org/10.1093/rcfs/cfae013","url":null,"abstract":"How does lending-market competitiveness shape new firms’ financing? Using a unique U.S. representative panel of new firms, we document that in more concentrated local lending markets: (a) new firms are less likely to access credit; (b) new firms have lower leverage; and (c) the best-performing firms are more severely affected by reduced debt financing. We develop a contingent-claims model with monopolistically competitive banks that rationalizes these facts and shows how credit-market conditions determine loan fees and concentration. Our findings highlight banks’ market power as a channel through which the financial sector influences firms’ development and, hence, economic growth. (JEL D82, G21, G32, G34, L26.)","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"22 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2024-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140938678","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: 0
Local Financial Structure and the Pandemic’s Effect on the Distribution of Employment 地方金融结构与大流行病对就业分布的影响
IF 11.3
Review of Corporate Finance Studies Pub Date : 2024-05-06 DOI: 10.1093/rcfs/cfae008
Ross Levine, Chen Lin, Wensi Xie
{"title":"Local Financial Structure and the Pandemic’s Effect on the Distribution of Employment","authors":"Ross Levine, Chen Lin, Wensi Xie","doi":"10.1093/rcfs/cfae008","DOIUrl":"https://doi.org/10.1093/rcfs/cfae008","url":null,"abstract":"Does the structure of financial systems influence the employment response to adverse shocks? Using (a) county-industry employment data differentiated by firm size and (b) high-frequency county employment data differentiated by income, we find that employment at small firms, employment of low-income workers, and overall employment fell less in counties with higher proportions of small banks in response to the pandemic. Furthermore, small banks lend more to small businesses than large banks, above and beyond government-guaranteed PPP loans. Evidence suggests that small banks cushioned small firms and low-income workers from the adverse effects of the pandemic.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"159 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2024-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140885822","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: 0
Cross-Market Effects of Consolidation: Evidence from Banking 合并的跨市场效应：银行业的证据
IF 11.3
Review of Corporate Finance Studies Pub Date : 2024-05-06 DOI: 10.1093/rcfs/cfae012
Andrew Bird, Ding Du, Stephen A Karolyi
{"title":"Cross-Market Effects of Consolidation: Evidence from Banking","authors":"Andrew Bird, Ding Du, Stephen A Karolyi","doi":"10.1093/rcfs/cfae012","DOIUrl":"https://doi.org/10.1093/rcfs/cfae012","url":null,"abstract":"The U.S. banking sector had nearly 70% fewer banks in 2022 relative to 1989, primarily because of mergers. We develop a methodology to estimate cross-market spillover effects of bank mergers and test whether the operations of incumbents facing consolidating competitors in one market are affected in other markets. We find that nonmerging banks within a market that are one standard deviation more exposed to mergers in other markets increase deposits by 2.1% relative to their less exposed competitors. Our methodology may be applied elsewhere to assess the aggregate impacts of industry consolidation and illustrates challenges with product-based or geographic market definitions. (JEL G21, G28, G34, L40)","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"54 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2024-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140885448","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: 0
Nonpecuniary Benefits: Evidence from the Location of Private Company Sales 非金钱利益：私营公司销售地点的证据
IF 11.3
Review of Corporate Finance Studies Pub Date : 2024-04-23 DOI: 10.1093/rcfs/cfae010
Mark Jansen, Adam Winegar
{"title":"Nonpecuniary Benefits: Evidence from the Location of Private Company Sales","authors":"Mark Jansen, Adam Winegar","doi":"10.1093/rcfs/cfae010","DOIUrl":"https://doi.org/10.1093/rcfs/cfae010","url":null,"abstract":"This paper investigates whether acquisition prices reflect a specific set of nonpecuniary benefits preferred by entrepreneurs: the quality of life (QOL) associated with the business location. Using data on private firm acquisitions, we find that target firms in high-QOL cities sell for a 14% to 20% premium. Traditional financial factors do not explain this premium, which dissipates when the buyer is unlikely to have preferences for high-QOL locations. Using wage-to-housing cost differentials to decompose local amenities and data on migration patterns, we find that QOL amenities have a greater impact on entrepreneurs’ location decisions relative to wage workers. (JEL G02, G32, G34, J32, L26, R39)","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"51 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2024-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140801710","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: 0
The Systemic Governance Influence of Expectation Documents: Evidence from a Universal Owner 期望文件的系统治理影响：来自通用业主的证据
IF 11.3
Review of Corporate Finance Studies Pub Date : 2024-04-18 DOI: 10.1093/rcfs/cfae009
Ruth V Aguilera, Vicente J Bermejo, Javier Capapé, Vicente Cuñat
{"title":"The Systemic Governance Influence of Expectation Documents: Evidence from a Universal Owner","authors":"Ruth V Aguilera, Vicente J Bermejo, Javier Capapé, Vicente Cuñat","doi":"10.1093/rcfs/cfae009","DOIUrl":"https://doi.org/10.1093/rcfs/cfae009","url":null,"abstract":"We examine expectation documents’ effectiveness as an activism tool. We use the Norwegian sovereign wealth fund’s release of a corporate governance expectation document as a natural experiment. We introduce a novel, three-way analytical decomposition of the firms, the fund, and their joint response to this document. Firms’ governance practices adapt to the fund’s new portfolio-wide governance preferences, with heterogeneous responses across ownership and firm characteristics. The fund’s investment policies also change, even at the expense of financial returns. Overall, our research demonstrates the potential effectiveness of expectation documents as an emerging, low-cost activism tool for universal investors.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"6 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140625879","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: 0
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