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Financial Frictions, Investment and Tobin's Q
Lorenzoni, Guido - 2007
We develop a model of investment with financial constraints and use it to investigate the relation between investment and Tobin's q. A firm is financed partly by insiders, who control its assets, and partly by outside investors. When their wealth is scarce, insiders earn a rate of return higher...
Persistent link: https://www.econbiz.de/10012776954
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Deposit Insurance and External Finance
Cecchetti, Stephen G. - 2004
Countries around the world differ substantially in the relative importance of their banks and capital markets in … providing investment financing. This paper examines one potential explanation for the cross-country differences in the … importance of banks and capital market financing of investment. It is our contention that much of the variation across countries …
Persistent link: https://www.econbiz.de/10012785359
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Offshore Jurisdictions (Including Cyprus), Corruption Money Laundering and Russian Round-Trip Investment
Ledyaeva, Svetlana - 2013
In this paper we analyze the link between corruption money laundering and round-trip investment via offshore jurisdictions utilizing Russian firm-level data. In particular we empirically explore location strategies of round-trip investors (namely, from Cyprus and British Virgin Islands) across...
Persistent link: https://www.econbiz.de/10013082421
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Debt Financing in Asset Markets
He, Zhiguo - 2012
We study rollover risk and collateral value in a dynamic asset pricing model with endogenous debt financing by … news. We demonstrate the optimality of the maximum riskless short-term debt financing for optimistic borrowers even in the …
Persistent link: https://www.econbiz.de/10013108308
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Systemic Risk and the Refinancing Ratchet Effect
Khandani, Amir - 2010
The confluence of three trends in the U.S. residential housing market---rising home prices, declining interest rates, and near-frictionless refinancing opportunities---led to vastly increased systemic risk in the financial system. Individually, each of these trends is benign, but when they occur...
Persistent link: https://www.econbiz.de/10013150910
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Economical Crime Control
Cook, Philip J. - 2010
This paper is the introductory chapter for the forthcoming NBER volume Controlling Crime: Strategies and Tradeoffs. The Great Recession has led to cuts in criminal justice expenditures, and the trend towards ever-higher incarceration rates that has been underway since the 1970s in the U.S....
Persistent link: https://www.econbiz.de/10013136359
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Trust and Cheating
Butler, Jeffrey V. - 2012
When we take a cab we may feel cheated if the driver takes an unnecessarily long route despite the lack of a contract or promise to take the shortest possible path. Is our decision to take the cab affected by our belief that we may end up feeling cheated? Is the behavior of the driver affected...
Persistent link: https://www.econbiz.de/10013098476
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Executives' "Off-the-Job" Behavior, Corporate Culture, and Financial Reporting Risk
Davidson, Robert H. - 2012
We examine how executives' behavior outside the workplace, as measured by their ownership of luxury goods (low "frugality") and prior legal infractions, is related to financial reporting risk. We predict and find that CEOs and CFOs with a legal record are more likely to perpetrate fraud. In...
Persistent link: https://www.econbiz.de/10013107519
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Smokescreen : How Managers Behave When They Have Something to Hide
Artiga González, Tanja - 2013
We study financial reporting and corporate governance in 218 companies accused of price fixing. These firms engage in evasive financial reporting strategies, including earnings smoothing, segment reclassification, and restatements. In corporate governance, cartel firms favor outside directors...
Persistent link: https://www.econbiz.de/10013085128
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The Dark Side of Outside Directors : Do They Quit When They are Most Needed?
Fahlenbrach, Rüdiger - 2015
Outside directors have incentives to resign to protect their reputation or to avoid an increase in their workload when they anticipate that the firm on whose board they sit will perform poorly or disclose adverse news. We call these incentives the dark side of outside directors. We find strong...
Persistent link: https://www.econbiz.de/10013038902