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Mandated Disclosure, Stock Returns, and the 1964 Securities Acts Amendments
Greenstone, Michael; Oyer, Paul; Vissing-Jorgensen, Annette - National Bureau of Economic Research (NBER) - 2005
The 1964 Securities Acts Amendments extended the mandatory disclosure requirements that had applied to listed firms since 1934 to large firms traded Over-the-Counter (OTC). We find several pieces of evidence indicating that investors valued these disclosure requirements, two of which are...
Persistent link: https://www.econbiz.de/10005829550
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Dividends and Bank Capital in the Financial Crisis of 2007-2009
Acharya, Viral V.; Gujral, Irvind; Kulkarni, Nirupama; … - National Bureau of Economic Research (NBER) - 2011
The headline numbers appear to show that even as banks and financial intermediaries suffered large credit losses in the financial crisis of 2007-09, they raised substantial amounts of new capital, both from private investors and through government-funded capital injections. However, on closer...
Persistent link: https://www.econbiz.de/10008868166
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Bank Capital and Dividend Externalities
Acharya, Viral V.; Le, Hanh; Shin, Hyun Song - National Bureau of Economic Research (NBER) - 2013
. This way, one bank's dividend payout policy affects the equity value and risk of default of other banks. When such negative …
Persistent link: https://www.econbiz.de/10010796717
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Financing as a Supply Chain: The Capital Structure of Banks and Borrowers
Gornall, William; Strebulaev, Ilya A. - National Bureau of Economic Research (NBER) - 2013
internalize the systematic risk costs they impose on their lenders. Because risk assessment techniques from the Basel II framework … leverage, firm leverage, and fragility. Deposit insurance and the expectation of government bailouts lead not only to risk … taking by banks, but increased risk taking by firms. Capital regulation lowers bank leverage but can lead to compensating …
Persistent link: https://www.econbiz.de/10010711816
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Safety-Net Benefits Conferred on Difficult-to-Fail-and-Unwind Banks in the US and EU Before and During the Great Recession
Kane, Edward J.; Carbo-Valverde, Santiago; … - National Bureau of Economic Research (NBER) - 2011
This paper models and estimates ex ante safety-net benefits at a sample of large banks in US and Europe during 2003-2008. Our results suggest that difficult-to-fail and unwind (DFU) banks enjoyed substantially higher ex ante benefits than other institutions. Safety-net benefits prove...
Persistent link: https://www.econbiz.de/10008836380
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Efficient Recapitalization
PHILIPPON, Thomas; Schnabl, Philipp - National Bureau of Economic Research (NBER) - 2009
lower credit risk because of other banks' participation. Efficient recapitalization is profitable if the benefits of lower … aggregate credit risk exceed the cost of implicit transfers to bank debt holders. …
Persistent link: https://www.econbiz.de/10005000616
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CEO Centrality
Bebchuk, Lucian; Peyer, Urs C.; Cremers, Martijn - National Bureau of Economic Research (NBER) - 2007
We investigate the relationship between CEO centrality -- the relative importance of the CEO within the top executive team in terms of ability, contribution, or power -- and the value and behavior of public firms. Our proxy for CEO centrality is the fraction of the top-five compensation captured...
Persistent link: https://www.econbiz.de/10005829072
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Shareholder Democracy in Canada
Morck, Randall - National Bureau of Economic Research (NBER) - 2010
The federal government stands poised to exercise its constitutional right to regulate financial markets, an area traditionally left to competing provincial securities commissions. The current state of securities regulation renders impotent US-style takeover defences, such as poison pills and...
Persistent link: https://www.econbiz.de/10008727855
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Spare Tire? Stock Markets, Banking Crises, and Economic Recoveries
Levine, Ross; Lin, Chen; Xie, Wensi - National Bureau of Economic Research (NBER) - 2015
Do stock markets act as a “spare tire” during banking crises, providing an alternative corporate financing channel and mitigating the economic severity of banking crises? Using firm-level data in 36 countries from 1990 through 2011, we find that the adverse consequences of banking crises on...
Persistent link: https://www.econbiz.de/10011123636
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Capital-Market Effects of Securities Regulation: Hysteresis, Implementation, and Enforcement
Leuz, Christian; Christensen, Hans B.; Hail, Luzi - National Bureau of Economic Research (NBER) - 2011
outcomes. We find that, on average, market liquidity increases as EU countries tighten market abuse and transparency regulation …
Persistent link: https://www.econbiz.de/10008804681