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Corporate Investment and Financing Dynamics 企业投融资动态
The review of corporate finance studies Pub Date : 2023-04-13 DOI: 10.1093/rcfs/cfad009
Dirk Hackbarth, Dongming Sun
{"title":"Corporate Investment and Financing Dynamics","authors":"Dirk Hackbarth, Dongming Sun","doi":"10.1093/rcfs/cfad009","DOIUrl":"https://doi.org/10.1093/rcfs/cfad009","url":null,"abstract":"Abstract We consider the behavior of leverage ratios in a trade-off model with investment. Debt underutilization to retain financial flexibility persists even when firms exercise their last investment options, and it is more (less) severe for more back-loaded (front-loaded) investment opportunities. Leverage paths crucially hinge on the structure of the investment process, which leads firms to have significantly different target leverage ratios. Structural estimation of key parameters reveals that simulated model moments can match data moments. In simulated panels, leverage regression results are in line with the evidence, and average leverage ratios are path-dependent and persistent for extended periods of time. (JEL G31, G32) Received June 11, 2018; editorial decision December 20, 2022 by Editor Uday Rajan","PeriodicalId":75179,"journal":{"name":"The review of corporate finance studies","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135184687","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
Creditor-Control Rights and the Nonsynchronicity of Global CDS Markets 债权人控制权与全球CDS市场的非同步性
The review of corporate finance studies Pub Date : 2023-04-13 DOI: 10.1093/rcfs/cfad010
Iftekhar Hasan, Miriam Marra, Eliza Wu, Gaiyan Zhang
{"title":"Creditor-Control Rights and the Nonsynchronicity of Global CDS Markets","authors":"Iftekhar Hasan, Miriam Marra, Eliza Wu, Gaiyan Zhang","doi":"10.1093/rcfs/cfad010","DOIUrl":"https://doi.org/10.1093/rcfs/cfad010","url":null,"abstract":"Abstract We analyze how creditor rights affect the nonsynchronicity of global corporate credit default swap spreads (CDS-NS). CDS-NS is negatively related to the country-level creditor-control rights, especially to the “restrictions on reorganization” component, where creditor-shareholder conflicts are high. The effect is concentrated in firms with high investment intensity, asset growth, information opacity, and risk. Pro-creditor bankruptcy reforms led to a decline in CDS-NS, indicating lower firm-specific idiosyncratic information being priced in credit markets. A strategic-disclosure incentive among debtors avoiding creditor intervention seems more dominant than the disciplining effect, suggesting how strengthening creditor rights affects power rebalancing between creditors and shareholders. (JEL G14, G15, G33, G34) Received September 21, 2021; editorial decision March 9, 2023 by Editor Isil Erel","PeriodicalId":75179,"journal":{"name":"The review of corporate finance studies","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135184462","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?
The review of corporate finance studies Pub Date : 2023-04-06 DOI: 10.1093/rcfs/cfad008
Ing-Haw Cheng, Harrison Hong, Kelly Shue
{"title":"Do Managers Do Good with Other People’s Money?","authors":"Ing-Haw Cheng, Harrison Hong, Kelly Shue","doi":"10.1093/rcfs/cfad008","DOIUrl":"https://doi.org/10.1093/rcfs/cfad008","url":null,"abstract":"Abstract 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. (JEL G30, G31, G35) 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":75179,"journal":{"name":"The review of corporate finance studies","volume":"113 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135792948","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: 10
Can Central Banks Boost Corporate Investment? Evidence from ECB Liquidity Injections 央行能刺激企业投资吗?来自欧洲央行流动性注入的证据
The review of corporate finance studies Pub Date : 2023-03-20 DOI: 10.1093/rcfs/cfad006
Stine Louise von Rüden, Marti G Subrahmanyam, Dragon Yongjun Tang, Sarah Qian Wang
{"title":"Can Central Banks Boost Corporate Investment? Evidence from ECB Liquidity Injections","authors":"Stine Louise von Rüden, Marti G Subrahmanyam, Dragon Yongjun Tang, Sarah Qian Wang","doi":"10.1093/rcfs/cfad006","DOIUrl":"https://doi.org/10.1093/rcfs/cfad006","url":null,"abstract":"Abstract Liquidity injections by central banks have become frequent and massive, but their real effects on corporate investment remain unclear. We examine the longer-term refinancing operations (LTROs) of the European Central Bank (ECB) during the eurozone sovereign crisis and show that greater LTRO funding to banks is associated with lower corporate investment. Riskier banks received funds through the LTROs and subsequently increased their holdings of risky sovereign debt. Corporate investment reductions are associated with these banks. Further, concurrent fiscal and regulatory policies impeded the effectiveness of the ECB liquidity injections. Our findings identify the contributing factors for these failures of monetary policy. (JEL E52, E58, G32) 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":75179,"journal":{"name":"The review of corporate finance studies","volume":"115 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135080924","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
Racial Concordance in the Market for Financial Advice 金融咨询市场中的种族一致性
The review of corporate finance studies Pub Date : 2023-02-23 DOI: 10.1093/rcfs/cfad005
Christopher P Clifford, William C Gerken, Tian Qiu
{"title":"Racial Concordance in the Market for Financial Advice","authors":"Christopher P Clifford, William C Gerken, Tian Qiu","doi":"10.1093/rcfs/cfad005","DOIUrl":"https://doi.org/10.1093/rcfs/cfad005","url":null,"abstract":"Abstract We examine the role of race and racial concordance between financial advisors and their local community. We document significant differences in stock market participation based on community racial composition, as well as differences in the characteristics of communities served by minority advisors. Notably, minority advisors are more likely to serve racially concordant communities, which tend to be poorer. We find that racial concordance has only a modest relation with local stock market participation. However, while minority advisors are more likely to leave the industry, this relation is mitigated among advisors located in more concordant communities. (JEL G20, G50, D14, J15)","PeriodicalId":75179,"journal":{"name":"The review of corporate finance studies","volume":"495 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136173533","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
How Does Corporate Governance Affect Equity Volatility? Worldwide Evidence and Theory 公司治理如何影响股票波动?世界范围的证据和理论
The review of corporate finance studies Pub Date : 2023-02-08 DOI: 10.1093/rcfs/cfad002
Louis Gagnon, Alexandre Jeanneret
{"title":"How Does Corporate Governance Affect Equity Volatility? Worldwide Evidence and Theory","authors":"Louis Gagnon, Alexandre Jeanneret","doi":"10.1093/rcfs/cfad002","DOIUrl":"https://doi.org/10.1093/rcfs/cfad002","url":null,"abstract":"Abstract We investigate the causal impact of corporate governance on equity volatility in a quasi-natural experimental setting by exploiting the staggered passage of governance reforms in the past 25 years. Using a sample of 33,831 firms from 48 countries, we find that equity volatility drops by one-fifth following the passage of reforms that increase board independence. This effect is driven by an adjustment in fixed operating costs as managerial expropriation decreases, rather than by changes in firms’ investments, profitability, asset risk, or financing decisions. We rationalize these findings with a model in which minority shareholders are subject to sticky managerial expropriation. (JEL G12, G32, G34) Received October 14, 2021; editorial decision July 26, 2022 by Editor Robert Marquez. 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":75179,"journal":{"name":"The review of corporate finance studies","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136176566","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
Clawback Provisions and Firm Risk 追回条款和公司风险
The review of corporate finance studies Pub Date : 2023-01-31 DOI: 10.1093/rcfs/cfad003
Ilona Babenko, Benjamin Bennett, John M Bizjak, Jeffrey L Coles, Jason J Sandvik
{"title":"Clawback Provisions and Firm Risk","authors":"Ilona Babenko, Benjamin Bennett, John M Bizjak, Jeffrey L Coles, Jason J Sandvik","doi":"10.1093/rcfs/cfad003","DOIUrl":"https://doi.org/10.1093/rcfs/cfad003","url":null,"abstract":"Abstract Many of the events that trigger clawback provisions are associated with risky corporate policies and variable performance outcomes. We propose and test the hypothesis that clawback provisions motivate managers to reduce firm risk. Panel ordinary least squares, general method of moments with instrumental variables, and propensity square matching models all indicate that clawback provisions decrease the volatility of stock returns. The channels that connect clawback presence to firm risk include more conservative investment and financial policies. The clawback-induced reduction in risk-taking appears to benefit shareholders on average. The gains from reduced risk-taking are larger for firms with fewer growth options, lower R&D, and prior wrongdoing. (JEL G32, G34, J33, M41, M52, M55)","PeriodicalId":75179,"journal":{"name":"The review of corporate finance studies","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135201610","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
Competing for Deal Flow in Local Mortgage Markets 争夺本地抵押贷款市场的交易流量
The review of corporate finance studies Pub Date : 2023-01-06 DOI: 10.1093/rcfs/cfad001
Darren J Aiello, Mark J Garmaise, Gabriel Natividad
{"title":"Competing for Deal Flow in Local Mortgage Markets","authors":"Darren J Aiello, Mark J Garmaise, Gabriel Natividad","doi":"10.1093/rcfs/cfad001","DOIUrl":"https://doi.org/10.1093/rcfs/cfad001","url":null,"abstract":"Abstract The U.S. mortgage market exhibits competitive instability in which some lenders rapidly emerge from the fringe to substantial market shares. Using inferred discontinuities in application acceptance models to generate local lending shocks, we analyze the impact on a lender of a surge in originations by its competitors. We show that the quickest-growing (but not the largest) competitors divert applications and originations from other lenders. Facing a quickly growing competitor, lenders charge higher interest rates, partially because of the increased risk of their loans. Loan performance suffers for other lenders as the quickest-growing competitor’s originations increase. (JEL G21, D40) 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":75179,"journal":{"name":"The review of corporate finance studies","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135276701","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
When Does Higher Firm Leverage Lead to Higher Employee Pay? 何时企业杠杆率越高，员工薪酬越高？
The review of corporate finance studies Pub Date : 2022-09-10 eCollection Date: 2023-02-01 DOI: 10.1093/rcfs/cfac032
Timothy E Dore, Rebecca Zarutskie
{"title":"When Does Higher Firm Leverage Lead to Higher Employee Pay?","authors":"Timothy E Dore, Rebecca Zarutskie","doi":"10.1093/rcfs/cfac032","DOIUrl":"10.1093/rcfs/cfac032","url":null,"abstract":"<p><p>We show that newly hired workers earn higher wages in response to higher firm leverage. Consistent with compensating differential models, these higher wages appear to reflect compensation for the risk of earnings losses in the event of financial distress. For tenured workers, increases in leverage are not associated with higher wages. Our findings suggest that the wage costs of debt and optimal capital structure for a firm depend on expected employee turnover, as well as on the firm's future growth and hiring plans. Variation in local labor market conditions also significantly affects the relationship between firm leverage and employee pay. (<i>JEL</i> G32, G33, J21, J31, J61) 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.</p>","PeriodicalId":75179,"journal":{"name":"The review of corporate finance studies","volume":"12 1","pages":"36-77"},"PeriodicalIF":0.0,"publicationDate":"2022-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9903401/pdf/cfac032.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"10766257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID. 成为堕落天使的风险以及企业在COVID期间的现金冲刺。
The review of corporate finance studies Pub Date : 2020-07-31 DOI: 10.1093/rcfs/cfaa013
Viral V Acharya, Sascha Steffen
{"title":"The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID.","authors":"Viral V Acharya, Sascha Steffen","doi":"10.1093/rcfs/cfaa013","DOIUrl":"https://doi.org/10.1093/rcfs/cfaa013","url":null,"abstract":"<p><p>Data on firm-loan-level daily credit line drawdowns in the United States expose a corporate \"dash for cash\" induced by the COVID-19 pandemic. In the first phase of the crisis, which was characterized by extreme precaution and heightened aggregate risk, <i>all</i> firms drew down bank credit lines and raised cash levels. In the second phase, which followed the adoption of stabilization policies, only the highest-rated firms switched to capital markets to raise cash. Consistent with the risk of becoming a fallen angel, the lowest-quality BBB-rated firms behaved more similarly to non-investment grade firms. The observed corporate behavior reveals the significant impact of credit risk on corporate cash holdings.</p>","PeriodicalId":75179,"journal":{"name":"The review of corporate finance studies","volume":" ","pages":"cfaa013"},"PeriodicalIF":0.0,"publicationDate":"2020-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7454892/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144276975","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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