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Managerial Myopia and the Mortgage Meltdown
Kolasinski, Adam C. - 2019
Prominent policy makers assert that managerial short-termism was at the root of the subprime crisis of 2007-2009. Prior scholarly research, however, largely rejects this assertion. Using a more comprehensive measure of CEO incentives for short-termism, we uncover evidence that short-termism...
Persistent link: https://www.econbiz.de/10012903077
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Too Big to Be Activist
Morley, John - 2019
that make aggressive activism extremely difficult or even impossible.The largest managers operate hundreds of different …. This structure inhibits activism, because it turns activism into a source of internal conflict. Activism by one of a … conflict over the political and branding risks of activism and the allocation of costs and profits. Federal securities …
Persistent link: https://www.econbiz.de/10012898600
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Asset-Backed Securitization and Financial Stability : The Downgrading Delay Effect
2013
Asset-backed securitization (ABS) may contribute to generating instability in financial markets both through an 'inside effect' in the banking system – facilitating progressive deterioration of bank assets' quality – and through an ‘outside effect' – favoring credit risk transfer from...
Persistent link: https://www.econbiz.de/10013073655
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Liquidity Windfalls : The Consequences of Repo Rehypothecation
Infante, Sebastian - 2015
This paper presents a model of repo rehypothecation in which dealers intermediate funds and collateral between cash lenders (e.g., money market funds) and prime brokerage clients (e.g., hedge funds). Dealers take advantage of their position as intermediaries, setting different repo terms with...
Persistent link: https://www.econbiz.de/10013023815
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Financial intermediaries and the macroeconomy : evidence from a high-frequency identification
Ottonello, Pablo; Song, Wenting - 2022 - Last updated: May 20, 2022
We provide empirical evidence of the causal effects of changes in financial intermediaries' net worth on the aggregate economy. Our strategy identifies financial shocks as high-frequency changes in the market value of intermediaries' net worth in a narrow window around their earnings...
Persistent link: https://www.econbiz.de/10013252981
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Accounting conservatism and firm value : evidence from the global financial crisis
Watts, Ross L.; Zuo, Luo - 2011 - Current version: November 2011
This paper examines the effect of accounting conservatism on firm-level investment during the 2007-2008 global financial crisis. Using a differences-in-differences design, we find that firms with less conservative financial reporting experienced a sharper decline in investment activity following...
Persistent link: https://www.econbiz.de/10009579601
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Conglomerates on the Rise Again? A Cross-Regional Study on the Impact of the 2008-2009 Financial Crisis on the Diversi fication Discount
Schwetzler, Bernhard - 2014
This paper investigates how the 2008-2009 financial crisis affected the value of diversification in different regions of the world, thereby emphasizing the role of the institutional context. We show that the effect of the credit crunch upon the diversification discount varied with the regions'...
Persistent link: https://www.econbiz.de/10013067227
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Capital Market Access and Cash Flow Allocation During the Financial Crisis
Florysiak, David - 2016
Being a publicly listed firm is associated with costs and benefits related to investment, financing, and payout policies. To understand how a stock market listing influences the joint decisions on these corporate policies we analyze how European public and matched private firms adjust their cash...
Persistent link: https://www.econbiz.de/10012999926
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The Effect of Accounting Conservatism on Corporate Investment during the Global Financial Crisis
Balakrishnan, Karthik - 2016
This paper examines the effect of accounting conservatism on firm-level investment during the 2007-2008 global financial crisis. Using a differences-in-differences design, we find that firms with less conservative financial reporting experienced a sharper decline in investment activity following...
Persistent link: https://www.econbiz.de/10012987650
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Does Diversification Create Value in the Presence of External Financing Constraints? Evidence from the 2007–2009 Financial Crisis
Kuppuswamy, Venkat - 2010
We show that the value of corporate diversification increased during the 2007–2009 financial crisis. Diversification gave firms both financing and investment advantages. First, conglomerates became significantly more leveraged relative to comparable focused firms. Second, conglomerates' access...
Persistent link: https://www.econbiz.de/10013146762