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Know Your Customer : Informed Trading by Banks
Haselmann, Rainer; Leuz, Christian; Schreiber, Sebastian - National Bureau of Economic Research - 2022
This study analyzes information production and trading behavior of banks with lending relationships. We combine trade-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of corporate events. We find that relationship...
Persistent link: https://www.econbiz.de/10013388877
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All Clear for Takeoff : Evidence from Airports on the Effects of Infrastructure Privatization
Howell, Sabrina T.; Jang, Yeejin; Kim, Hyeik; Weisbach, … - National Bureau of Economic Research - 2022
Infrastructure assets have undergone substantial privatization in recent decades. How do different types of owners … rather than operational changes. Overall, we find little evidence that privatization alone increases airport performance …; instead, infrastructure funds improve performance both in privatization and subsequent acquisitions from non-PE private firms …
Persistent link: https://www.econbiz.de/10013435106
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Investing with the Government : A Field Experiment in China
Colonnelli, Emanuele; Li, Bo; Liu, Ernest - National Bureau of Economic Research - 2022
We study the demand for government participation in China's venture capital and private equity market. We conduct a large-scale, non-deceptive field experiment in collaboration with the leading industry service provider, through which we survey both sides of the market: the capital investors and...
Persistent link: https://www.econbiz.de/10013334380
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Stress Relief? : Funding Structures and Resilience to the Covid Shock
Forbes, Kristin; Friedrich, Christian; Reinhardt, Dennis - National Bureau of Economic Research - 2023
This paper explores the relationship between different funding structures--including the source, instrument, currency, and counterparty location of funding--and the extent of financial stress experienced in different countries and sectors during the sharp risk-off shock in early 2020 when...
Persistent link: https://www.econbiz.de/10014287355
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Custom Proxy Voting Advice
Hu, Edwin; Malenko, Nadya; Zytnick, Jonathon - National Bureau of Economic Research - 2024
This paper studies institutional investors' decision-making using novel data from a major proxy advisor. We highlight the significant role of customized proxy advice in shaping shareholders' voting decisions. About 80% of funds receive customized advice, and custom recommendations differ...
Persistent link: https://www.econbiz.de/10014576588
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Selfish Corporations
Colonnelli, Emanuele; Gormsen, Niels; McQuade, Timothy - National Bureau of Economic Research - 2022
-making to illustrate how corporate and political communication can impact policy preferences. We test the predictions of our …
Persistent link: https://www.econbiz.de/10013435138
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CEO Compensation and Cash-Flow Shocks : Evidence from Changes in Environmental Regulations
Choi, Seungho; Levine, Ross; Park, Jonghyeon; Xu, Simon - National Bureau of Economic Research - 2024
This paper investigates how shocks to expected cash flows influence CEO incentive compensation. Exploiting changes in compliance with environmental regulations as shocks to expected future cash flows, we find that adverse shocks typically prompt corporate boards to recalibrate CEO compensation...
Persistent link: https://www.econbiz.de/10014486193
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CEO Compensation and Adverse Shocks : Evidence from Changes in Environmental Regulations
Choi, Seungho; Levine, Ross; Park, Jonghyeon; Xu, Simon - National Bureau of Economic Research - 2024
Although corporate finance theory suggests how adverse shocks influence shareholder preferences toward corporate risk-taking and executive compensation, few researchers explore this relationship empirically. We construct a firm-year measure of unexpected shocks to environmental regulatory...
Persistent link: https://www.econbiz.de/10014635626
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Information Acquisition and Rating Agencies
Cole, Harold L.; Cooley, Thomas F. - National Bureau of Economic Research - 2023
For decades credit rating agencies were viewed as trusted arbiters of creditworthiness and their ratings as important tools for managing risk. The common narrative is that the value of ratings was compromised by the evolution of the industry to a form where issuers pay for ratings. In this paper...
Persistent link: https://www.econbiz.de/10014322691
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(Almost) 200 Years of News-Based Economic Sentiment
Binsbergen, Jules H. van; Bryzgalova, Svetlana; … - National Bureau of Economic Research - 2024
Using text from 200 million pages of 13,000 US local newspapers and machine learning methods, we construct a 170-year-long measure of economic sentiment at the country and state levels, that expands existing measures in both the time series (by more than a century) and the cross-section. Our...
Persistent link: https://www.econbiz.de/10014468226