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Does Greater Public Scrutiny Hurt a Firm's Performance?
Bennett, Benjamin; Stulz, René M.; Wang, Zexi - National Bureau of Economic Research - 2023
Public attention to a firm may provide valuable monitoring, but it may also have a dark side by constraining management's decisions and distracting it. We use inclusion in the S&P 500 index as a positive shock to public attention. Media coverage, Google searches, SEC downloads, SEC comment...
Persistent link: https://www.econbiz.de/10013537752
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Do Sell-Side Analysts Say "Buy" While Whispering "Sell"?
Hirshleifer, David; Shi, Yushui; Wu, Weili - National Bureau of Economic Research - 2022
We examine how sell-side equity analysts strategically disclose information of differing quality to the public versus the buy-side mutual fund managers to whom they are connected. We consider cases in which analysts recommend that the public buys a stock, but some fund managers sell it. We...
Persistent link: https://www.econbiz.de/10013210060
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Learning by Investing : Entrepreneurial Spillovers from Venture Capital
Lerner, Joshua; Li, Jinlin; Liu, Tong - National Bureau of Economic Research - 2023
China, we first document that individual LPs, on average, contribute about 50% of the capital of each fund in which they …
Persistent link: https://www.econbiz.de/10014437028
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Government as Venture Capitalists in AI
Beraja, Martin; Peng, Wenwei; Yang, David Y.; Yuchtman, Noam - National Bureau of Economic Research - 2024
and innovation community. China, in its pursuit of global leadership in AI innovation and technology, has set up … paper, we collect comprehensive data on China's government and private venture capital funds. We draw three important … funds' traditional role overcoming information frictions and China's unique institutional environment, which includes …
Persistent link: https://www.econbiz.de/10014635664
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Initial Public Offering and Corporate Governance in China's Transitional Economy
Hsun, Chen-Chien - 2003
that the only industries in which listed companies in China display strong performance are public utilities, transportation …
Persistent link: https://www.econbiz.de/10012469125
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Listing Delays and Innovation : Evidence from Chinese IPOs
Cong, Lin William - 2018
Regulators have suspended IPOs in China on numerous occasions, exposing firms already approved to IPO to indeterminate …
Persistent link: https://www.econbiz.de/10012453063
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Venture Debt
Morse, Adair - National Bureau of Economic Research - 2024
The provision of venture debt financing to growth-oriented startups which are backed by venture capital (VC) equity has been a bit of a puzzle given the lack of positive cash flows or traditional collateral of such startups. This short paper lays out the hurdles for debt to overcome to be a...
Persistent link: https://www.econbiz.de/10014512037
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Finance in a Time of Disruptive Growth
Garleanu, Nicolae; Panageas, Stauros - National Bureau of Economic Research - 2024
We propose a unified theory of asset price determination encompassing both "conventional" and "alternative" asset classes (private equity, real estate, etc.). The model features disruption of old by young firms and skewness in the distribution of innovative rents among the young innovators. The...
Persistent link: https://www.econbiz.de/10014512038
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Is There Information in Corporate Acquisition Plans?
Gokkaya, Sinan; Liu, Xi; Stulz, René M. - National Bureau of Economic Research - 2024
For many firms, the acquisition process begins with the development of an acquisition plan that is communicated to investors. We construct a comprehensive sample of acquisition plans to provide novel perspectives on the acquisition process and find that acquisition plans are informative to...
Persistent link: https://www.econbiz.de/10014512055
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Banks in Space
Oberfield, Ezra; Rossi-Hansberg, Esteban; Trachter, Nicholas - National Bureau of Economic Research - 2024
We study the spatial expansion of banks in response to banking deregulation in the 1980s and 90s. During this period, large banks expanded rapidly, mostly by adding new branches in new locations, while many small banks exited. We document that large banks sorted into the densest markets, but...
Persistent link: https://www.econbiz.de/10014512110