Ditapis dengan
Preventing Zombie Lending
Because of limited liability, insolvent banks have an incentive to continue lending to insolvent borrowers, in order to hide losses and gamble for resurrection, even though this is socially inefficient. We suggest a scheme that regulators could use to solve this problem. The scheme would induce banks to reveal their bad loans, which can then be dealt with. Bank participation in the scheme would…
- Edisi
- Vol. 27 No. 3, Mar 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- 956 p.
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- TRFS2703
Speculation and Hedging in Segmented Markets
We analyze a model in which traders have different trading opportunities and learn information from prices. The difference in trading opportunities implies that different traders may have different trading motives when trading in the same market—some trade for speculation and others for hedging—and thus they may respond to the same information in opposite directions. This implies that addin…
- Edisi
- Vol. 27 No. 3, Mar 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- 956 p.
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- TRFS2703
Optimal Portfolio Choice with Predictability in House Prices and Transaction …
We develop and solve a model of optimal portfolio choice with transaction costs and predictability in house prices. We model house prices using a process with a time-varying expected growth rate. Housing adjustments are infrequent and characterized by both the wealth-to-housing ratio and the expected growth in house prices. We find that the housing portfolio share immediately after moving to a …
- Edisi
- Vol. 27 No. 3, Mar 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- 956 p.
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- TRFS2703
Expected Returns and Dividend Growth Rates Implied by Derivative Markets
The dividend-price ratio is a noisy proxy for expected returns when expected dividend growth is time-varying. This paper uses a new and forward-looking measure of dividend growth extracted from S&P 500 futures and options to correct the dividend-price ratio for changes in expected dividend growth. Over January 1994 through June 2011, dividend growth implied by derivative markets reliably foreca…
- Edisi
- Vol. 27 No. 3, Mar 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- 956 p.
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- TRFS2703
Do Dark Pools Harm Price Discovery?
Dark pools are equity trading systems that do not publicly display orders. Dark pools offer potential price improvements but do not guarantee execution. Informed traders tend to trade in the same direction, crowd on the heavy side of the market, and face a higher execution risk in the dark pool, relative to uninformed traders. Consequently, exchanges are more attractive to informed traders, and…
- Edisi
- Vol. 27 No. 3, Mar 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- 956 p.
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- TRFS2703
Expectations of Returns and Expected Returns
We analyze time series of investor expectations of future stock market returns from six data sources between 1963 and 2011. The six measures of expectations are highly positively correlated with each other, as well as with past stock returns and with the level of the stock market. However, investor expectations are strongly negatively correlated with model-based expected returns. The evidence i…
- Edisi
- Vol. 27 No. 3, Mar 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- 956 p.
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- TRFS2703
Bond Supply and Excess Bond Returns
We examine empirically how the supply and maturity structure of government debt affect bond yields and expected returns. We organize our investigation around a term-structure model in which risk-averse arbitrageurs absorb shocks to the demand and supply for bonds of different maturities. These shocks affect the term structure because they alter the price of duration risk. Consistent with the mo…
- Edisi
- Vol. 27 No. 3, Mar 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- 956 p.
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- TRFS2703
Interbank Liquidity Crunch and the Firm Credit Crunch: Evidence from the 2007…
We study the credit supply effects of the unexpected freeze of the European interbank market, using exhaustive Portuguese loan-level data. We find that banks that rely more on interbank borrowing before the crisis decrease their credit supply more during the crisis. The credit supply reduction is stronger for firms that are smaller, with weaker banking relationships. Small firms cannot compensa…
- Edisi
- Vol. 27 No. 1, Jan 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- 372 p.
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- RFS2701
Wrongful Discharge Laws and Innovation
We show that wrongful discharge laws—laws that protect employees against unjust dismissal—spur innovation and new firm creation. Wrongful discharge laws, particularly those that prohibit employers from acting in bad faith ex post, limit employers' ability to hold up innovating employees after the innovation is successful. By reducing the possibility of holdup, these laws enhance employees' …
- Edisi
- Vol. 27 No. 1, Jan 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- 372 p.
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- RFS2701
Incentives to innovate and the decision to go public or private
We model the impact of public and private ownership structures on firms' incentives to invest in innovative projects. We show that it is optimal to go public when exploiting existing ideas and optimal to go private when exploring new ideas. This result derives from the fact that private firms are less transparent to outside investors than are public firms. In private firms, insiders can time th…
- Edisi
- Vol. 27 No. 1, Jan 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- 372 p.
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- RFS2701
Tolerance for Failure and Corporate Innovation
Based on a sample of venture capital (VC)-backed IPO firms, we examine whether tolerance for failure spurs corporate innovation. We develop a novel measure of VC investors' failure tolerance by examining their willingness to continue investing in underperforming ventures. We find that IPO firms backed by more failure-tolerant VC investors are significantly more innovative and VC failure toleran…
- Edisi
- Vol. 27 No. 1, Jan 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- 327 p.
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- RFS2701
Real Option Financing Under Asymmetric Information
This study examines the financing of innovation in the presence of adverse selection in the capital market. An entrepreneur with private information needs outside funding for a project requiring costly experimentation. Equilibrium contracts use the duration of the experimentation period, together with pay-for-performance, to signal information to outside investors. As a result, investment is de…
- Edisi
- Vol. 27 No. 1, Jan 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- 372 p.
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- RFS2701
The Capital Structure Decisions of New Firms
We study capital structure choices that entrepreneurs make in their firms' initial year of operation, using restricted-access data from the Kauffman Firm Survey. Firms in our data rely heavily on external debt sources, such as bank financing, and less extensively on friends-and-family-based funding sources. Many startups receive debt financed through the personal balance sheets of the entrepren…
- Edisi
- Vol. 27 No. 1, Jan 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- 372 p.
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- RFS2701
Venture Capitalists on Boards of Mature Public Firms
Venture capitalists (VCs) often serve on the board of mature public firms long after their initial public offering (IPO), even for companies that were not VC-backed at the IPO. Board appointments of VC directors are followed by increases in research and development intensity, innovation output, and greater deal activity with other VC-backed firms. VC director appointments are associated with po…
- Edisi
- Vol. 27 No. 1, Jan 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- 372 p.
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- RFS2701
The Consequences of Entrepreneurial Finance: Evidence from Angel Financings
This article documents the fact that ventures funded by two successful angel groups experience superior outcomes to rejected ventures: They have improved survival, exits, employment, patenting, Web traffic, and financing. We use strong discontinuities in angel- funding behavior over small changes in their collective interest levels to implement a regression discontinuity approach. We confirm th…
- Edisi
- Vol. 27 No. 1, Jan 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- 372 p.
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- RFS2701
Entrepreneurial Finance and Innovation: An Introduction and Agenda for Future…
The increasingly large role played by financial intermediaries, such as venture capitalists and angels, in nurturing entrepreneurial firms and in promoting product market innovation has led to great research interest in the area of entrepreneurial finance and innovation. This paper introduces the special issue of the Review of Financial Studies dedicated to entrepreneurial finance and innovatio…
- Edisi
- Vol. 27 No. 1, Jan 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- 372 p.
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- RFS2701
Money Left on the Table: An Analysis of Participation in Employee Stock Purch…
We analyze participation decisions in employee stock purchase plans. These plans allow employees to buy company stock at a discount from the market price and resell it immediately for a sure profit. Although an average employee stands to gain $3,079 annually, only 30% of individuals take advantage of this risk-free opportunity. Participation is more likely among employees who are familiar with …
- Edisi
- Vol. 27, Number 12, Dec. 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- p. 3658
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- RFS2712
Cash-Flow Sensitivities and the Allocation of Internal Cash Flow
We study how firms allocate cash flow by estimating the cash-flow sensitivities of various uses of cash flow. We decompose cash flow into a transitory and a permanent component and focus on the allocation of the transitory component, which by construction contains little information about future growth opportunities. We find that more financially constrained firms allocate more transitory cash …
- Edisi
- Vol. 27, Number 12, Dec. 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- p. 3628
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- RFS2712
What Happens in Nevada? Self-Selecting into Lax Law
We find that Nevada, the second most popular state for out-of-state incorporations and a state with lax corporate law, attracts firms that are 30-40% more likely to report financial results that later require restatement than firms incorporated in other states, including Delaware. Our results suggest that firms favoring protections for insiders select Nevada as a corporate home, and these firms…
- Edisi
- Vol. 27, Number 12, Dec. 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- p. 3593
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- RFS2712
Strategic Complementarity, Fragility, and Regulation
The paper analyzes a very stylized model of crises and demonstrates how the degree of strategic complementarity in the actions of investors is a critical determinant of fragility. It is shown how the balance sheet composition of a financial intermediary, parameters of the information structure (precisions of public and private information), and the level of stress indicators in the market impin…
- Edisi
- Vol. 27, Number 12, Dec. 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- p. 3547
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- RFS2712
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