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Solving Serial Acquirer Puzzles 解决连环收购难题
IF 11.3
Review of Corporate Finance Studies Pub Date : 2023-07-17 DOI: 10.1093/rcfs/cfad015
Antonio J. Macias, P. Rau, Aris Stouraitis
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引用次数: 0
Quasi-Insider Shareholder Activism: Corporate Governance at the Periphery of Control 准内部人股东激进主义:控制边缘的公司治理
IF 11.3
Review of Corporate Finance Studies Pub Date : 2023-07-14 DOI: 10.1093/rcfs/cfad016
Jonathan Cohn, Mitch Towner, Aazam Virani
{"title":"Quasi-Insider Shareholder Activism: Corporate Governance at the Periphery of Control","authors":"Jonathan Cohn, Mitch Towner, Aazam Virani","doi":"10.1093/rcfs/cfad016","DOIUrl":"https://doi.org/10.1093/rcfs/cfad016","url":null,"abstract":"We analyze shareholder activism by “quasi-insiders”: founders, former executives, and other individuals tangentially connected to a firm. These individuals seek control in their campaigns, use aggressive tactics, and target smaller, poorly performing firms. Their campaigns are associated with positive announcement returns. Former CEOs who engage in campaigns often depart from the target under negative circumstances before launching their campaigns soon afterward. Our results suggest that insiders at the periphery of control may intervene in firms too small for traditional activists to target.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"4 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2023-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138530551","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
Do Managers Do Good with Other People’s Money? 经理人会善用别人的钱吗?
IF 11.3
Review of Corporate Finance Studies Pub Date : 2023-04-06 DOI: 10.3386/w19432
Ing-Haw Cheng, Harrison G. Hong, K. Shue
{"title":"Do Managers Do Good with Other People’s Money?","authors":"Ing-Haw Cheng, Harrison G. Hong, K. Shue","doi":"10.3386/w19432","DOIUrl":"https://doi.org/10.3386/w19432","url":null,"abstract":"\u0000 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.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"1 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2023-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.3386/w19432","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43200310","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: 97
Do Short Sellers Affect Corporate Innovation? Evidence from a Policy Experiment 卖空者影响企业创新吗？政策实验的证据
IF 11.3
Review of Corporate Finance Studies Pub Date : 2023-03-27 DOI: 10.1093/rcfs/cfad007
Jie He, Xiao Ren, X. Tian
{"title":"Do Short Sellers Affect Corporate Innovation? Evidence from a Policy Experiment","authors":"Jie He, Xiao Ren, X. Tian","doi":"10.1093/rcfs/cfad007","DOIUrl":"https://doi.org/10.1093/rcfs/cfad007","url":null,"abstract":"\u0000 We examine the effect of short sellers on corporate innovation. To establish causality, we use a policy experiment that exogenously removes the short-selling constraint for a randomly selected subsample of Russell 3000 firms. We find that innovation quality, value, and efficiency of treatment firms improve significantly more than do control firms surrounding the policy shock. The exposure to patenting-related litigation initiated by short sellers is a plausible underlying mechanism through which short sellers discipline firm managers and enhance innovation. Our paper provides new insights into an unintended real effect of short sellers, specifically their improvement of technological innovation.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":" ","pages":""},"PeriodicalIF":11.3,"publicationDate":"2023-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43299918","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: 2
Deposit Insurance Premiums and Bank Risk 存款保险费与银行风险
IF 11.3
Review of Corporate Finance Studies Pub Date : 2023-02-14 DOI: 10.1093/rcfs/cfad004
Edward T. Kim, Marcelo Rezende
{"title":"Deposit Insurance Premiums and Bank Risk","authors":"Edward T. Kim, Marcelo Rezende","doi":"10.1093/rcfs/cfad004","DOIUrl":"https://doi.org/10.1093/rcfs/cfad004","url":null,"abstract":"\u0000 Deposit insurance premiums impose costs on banks' balance sheets, narrowing profit margins and inducing banks to “search for yield”. This paper estimates the effects of deposit insurance premiums on bank portfolio rebalancing using supervisory data and a kink in the insurance premium schedule. We show that deposit insurance premiums weaken banks' demand for reserves (a liquid asset with no credit risk) and strengthen the supply of short-term interbank loans (a less liquid asset with credit risk). We discuss the implications of these findings for optimal deposit insurance pricing.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"1 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2023-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"61068611","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: 1
Investigating the Academic Response to Cryptocurrencies: Insights from Research Diversification as Separated by Journal Ranking 调查学术对加密货币的反应:从期刊排名中分离的研究多样化的见解
Review of Corporate Finance Studies Pub Date : 2023-01-01 DOI: 10.1561/114.00000049
Shaen Corbet, Les Oxley
{"title":"Investigating the Academic Response to Cryptocurrencies: Insights from Research Diversification as Separated by Journal Ranking","authors":"Shaen Corbet, Les Oxley","doi":"10.1561/114.00000049","DOIUrl":"https://doi.org/10.1561/114.00000049","url":null,"abstract":"","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"224 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135361913","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
Payouts and Future Bank Profitability: The Role of Capital Distribution Plans 派息与未来银行盈利能力:资本分配计划的作用
IF 11.3
Review of Corporate Finance Studies Pub Date : 2023-01-01 DOI: 10.1561/114.00000044
Dimitris K. Chronopoulos, E. Johari, A. Sobiech, John O. S. Wilson
{"title":"Payouts and Future Bank Profitability: The Role of Capital Distribution Plans","authors":"Dimitris K. Chronopoulos, E. Johari, A. Sobiech, John O. S. Wilson","doi":"10.1561/114.00000044","DOIUrl":"https://doi.org/10.1561/114.00000044","url":null,"abstract":"","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"2 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89876513","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: 1
Comparing Search-Engine Intensity and Regulatory Attention Impacts on Cryptocurrencies: Uncovering Important Heterogeneities 比较搜索引擎强度和监管关注对加密货币的影响:揭示重要的异质性
Review of Corporate Finance Studies Pub Date : 2023-01-01 DOI: 10.1561/114.000000051
John W. Goodell, Andrea Paltrinieri, Stefano Piserà
{"title":"Comparing Search-Engine Intensity and Regulatory Attention Impacts on Cryptocurrencies: Uncovering Important Heterogeneities","authors":"John W. Goodell, Andrea Paltrinieri, Stefano Piserà","doi":"10.1561/114.000000051","DOIUrl":"https://doi.org/10.1561/114.000000051","url":null,"abstract":"","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135361661","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: 6
Monetary Policy and Venture Capital Markets 货币政策与风险资本市场
Review of Corporate Finance Studies Pub Date : 2023-01-01 DOI: 10.1561/114.00000053
Cristiano Bellavitis, Christian Fisch, Silvio Vismara
{"title":"Monetary Policy and Venture Capital Markets","authors":"Cristiano Bellavitis, Christian Fisch, Silvio Vismara","doi":"10.1561/114.00000053","DOIUrl":"https://doi.org/10.1561/114.00000053","url":null,"abstract":"","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135361927","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
Comparing Search-Engine Intensity and Regulatory Attention Impacts on Cryptocurrencies: Uncovering Important Heterogeneities 比较搜索引擎强度和监管关注对加密货币的影响:揭示重要的异质性
Review of Corporate Finance Studies Pub Date : 2023-01-01 DOI: 10.1561/114.00000051
John W. Goodell, Andrea Paltrinieri, Stefano Piserà
{"title":"Comparing Search-Engine Intensity and Regulatory Attention Impacts on Cryptocurrencies: Uncovering Important Heterogeneities","authors":"John W. Goodell, Andrea Paltrinieri, Stefano Piserà","doi":"10.1561/114.00000051","DOIUrl":"https://doi.org/10.1561/114.00000051","url":null,"abstract":"","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"238 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135784735","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: 1
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