NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Papers in Corporate Finance

NBER Papers in Corporate Finance

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2009
w15538 Marcin Kacperczyk
Philipp Schnabl

When Safe Proved Risky: Commercial Paper During the Financial Crisis of 2007-2009

w15537 Lucian A. Bebchuk
Michael S. Weisbach

The State of Corporate Governance Research

w15515 Christian Laux
Christian Leuz

Did Fair-Value Accounting Contribute to the Financial Crisis?

w15504 Ravi Bansal
Dana Kiku
Amir Yaron

An Empirical Evaluation of the Long-Run Risks Model for Asset Prices

w15482 Zhiguo He
Wei Xiong

Dynamic Debt Runs

w15479 Ricardo J. Caballero
Alp Simsek

Fire Sales in a Model of Complexity

w15458 Pietro Veronesi
Luigi Zingales

Paulson's Gift

w15449 Martijn Cremers
Roberta Romano

Institutional Investors and Proxy Voting on Compensation Plans: The Impact of the 2003 Mutual Fund Voting Disclosure Regulation

w15448 Laura Alfaro
Anusha Chari

India Transformed? Insights from the Firm Level 1988-2005

w15447 Santiago Carbo-Valverde
Edward J. Kane
Francisco Rodriguez-Fernandez

Evidence of Regulatory Arbitrage in Cross-Border Mergers of Banks in the EU

w15426 Gian Luca Clementi
Thomas F. Cooley

Executive Compensation: Facts

w15403 Charles Calomiris
Banking Crises and the Rules of the Game

w15384 René M. Stulz
Credit Default Swaps and the Credit Crisis

w15356 Stelios Michalopoulos
Luc Laeven
Ross Levine

Financial Innovation and Endogenous Growth

w15331 Dion Bongaerts
K.J. Martijn Cremers
William N. Goetzmann

Multiple Ratings and Credit Spreads

w15325 Bronwyn H. Hall
Josh Lerner

The Financing of R&D and Innovation

w15324 Alex Edmans
Xavier Gabaix
Tomasz Sadzik
Yuliy Sannikov

Dynamic Incentive Accounts

w15319 Diego A. Comin
Bart Hobijn

The CHAT Dataset

w15304 Sharon Belenzon
Tomer Berkovitz
Patrick Bolton

Intracompany Governance and Innovation

w15283 Atif R. Mian
Amir Sufi

House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis

w15273 Gary B. Gorton
Andrew Metrick

Haircuts

w15248 Michael Faulkender
Mitchell Petersen

Investment and Capital Constraints: Repatriations Under the American Jobs Creation Act

w15242 Rajkamal Iyer
Asim Ijaz Khwaja
Erzo F.P. Luttmer
Kelly Shue

Screening in New Credit Markets: Can Individual Lenders Infer Borrower Creditworthiness in Peer-to-Peer Lending?

w15223 Gary B. Gorton
Andrew Metrick

Securitized Banking and the Run on Repo

w15212 Rüdiger Fahlenbrach
René M. Stulz

Bank CEO Incentives and the Credit Crisis

w15207 Hui Tong
Shang-Jin Wei

The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis

w15197 Douglas W. Diamond
Raghuram G. Rajan

Illiquidity and Interest Rate Policy

w15192 Gian Luca Clementi
Thomas F. Cooley
Sonia Di Giannatale

A Theory of Firm Decline

w15184 Stefano DellaVigna
Joshua M. Pollet

Capital Budgeting vs. Market Timing: An Evaluation Using Demographics

w15180 Andrea Beltratti
René M. Stulz

Why Did Some Banks Perform Better During the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation

w15177 John R. Graham
Hyunseob Kim

The Effects of the Length of the Tax-Loss Carryback Period on Tax Receipts and Corporate Marginal Tax Rates

w15175 Bo Becker
Zoran Ivkovich
Scott Weisbenner

Local Dividend Clienteles

w15145 Luigi Guiso
Paola Sapienza
Luigi Zingales

Moral and Social Constraints to Strategic Default on Mortgages

w15143 Cindy R. Alexander
Mark A. Chen
Duane J. Seppi
Chester S. Spatt

The Role of Advisory Services in Proxy Voting

w15139 Bruce Ian Carlin
Simon Gervais
Gustavo Manso

When Does Libertarian Paternalism Work?

w15132 Isil Erel
Rose C. Liao
Michael S. Weisbach

World Markets for Mergers and Acquisitions

w15102 Henry Chen
Paul Gompers
Anna Kovner
Josh Lerner

Buy Local? The Geography of Successful and Unsuccessful Venture Capital Expansion

w15084 Nicola Gennaioli
Andrei Shleifer

What Comes to Mind

w15083 Raghuram G. Rajan
Rodney Ramcharan

Land and Credit: A Study of the Political Economy of Banking in the United States in the Early 20th Century

w15058 Stavros Panageas
Bailouts, the Incentive to Manage Risk, and Financial Crises

w15051 Randall Morck
Generalized Agency Problems

w15045 Efraim Benmelech
Jennifer Dlugosz

The Credit Rating Crisis

w15044 Francois Gourio
Jianjun Miao

Firm Heterogeneity and the Long-run Effects of Dividend Tax Reform

w15042 Randall Morck
Bernard Yeung

Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance

w15040 Arvind Krishnamurthy
Amplification Mechanisms in Liquidity Crises

w15038 Vincent Glode
Burton Hollifield
Marcin Kacperczyk
Shimon Kogan

Is Investor Rationality Time Varying? Evidence from the Mutual Fund Industry

w15023 Dhammika Dharmapala
C. Fritz Foley
Kristin J. Forbes

Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act

w14997 Ricardo J. Caballero
Alp Simsek

Complexity and Financial Panics

w14990 Heitor Almeida
Murillo Campello
Bruno Laranjeira
Scott Weisbenner

Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis

w14983 Heitor Almeida
Sang Yong Park
Marti Subrahmanyam
Daniel Wolfenzon

The Structure and Formation of Business Groups: Evidence from Korean Chaebols

w14972 Bruce I. Carlin
Simon Gervais

Legal Protection in Retail Financial Markets

w14971 Roger K. Loh
René M. Stulz

When are Analyst Recommendation Changes Influential?

w14961 Juan Carlos Gozzi
Ross Levine
Sergio L. Schmukler

Patterns of International Capital Raisings

w14955 Bruce Ian Carlin
David T. Robinson

Fear and Loathing in Las Vegas: Evidence from Blackjack Tables

w14954 Bruce Ian Carlin
Gustavo Manso

Obfuscation, Learning, and the Evolution of Investor Sophistication

w14952 Isil Erel
Brandon Julio
Woojin Kim
Michael Weisbach

Market Conditions and the Structure of Securities

w14944 Gary B. Gorton
Lixin Huang
Qiang Kang

The Limitations of Stock Market Efficiency: Price Informativeness and CEO Turnover

w14943 Andrei Shleifer
Robert W. Vishny

Unstable Banking

w14931 Söhnke M. Bartram
Gregory Brown
René M. Stulz

Why Do Foreign Firms Have Less Idiosyncratic Risk than U.S. Firms?

w14929 Thomas Philippon
Philipp Schnabl

Efficient Recapitalization

w14925 Douglas W. Diamond
Raghuram G. Rajan

Fear of Fire Sales and the Credit Freeze

w14903 Jennifer Huang
Clemens Sialm
Hanjiang Zhang

Risk Shifting and Mutual Fund Performance

w14898 Veronica Guerrieri
Péter Kondor

Fund Managers, Career Concerns, and Asset Price Volatility

w14897 Christian Leuz
Catherine Schrand

Disclosure and the Cost of Capital: Evidence from Firms’ Responses to the Enron Shock

w14892 Eric Hilt
Wall Street's First Corporate Governance Crisis: The Panic of 1826

w14890 Darren J. Kisgen
Philip E. Strahan

Do Regulations Based on Credit Ratings Affect a Firm's Cost of Capital?

w14881 Richard A. Lambert
Christian Leuz
Robert E. Verrecchia

Information Asymmetry, Information Precision, and the Cost of Capital

w14878 Efraim Benmelech
Jennifer Dlugosz

The Alchemy of CDO Credit Ratings

w14877 Xavier Giroud
Holger M. Mueller

Does Corporate Governance Matter in Competitive Industries?

w14867 Patrick Bolton
Tano Santos
Jose A. Scheinkman

Outside and Inside Liquidity

w14861 Shai Bernstein
Josh Lerner
Antoinette Schoar

The Investment Strategies of Sovereign Wealth Funds

w14858 Randall Morck
The Riddle of the Great Pyramids

w14848 Hui Chen
Jianjun Miao
Neng Wang

Entrepreneurial Finance and Non-diversifiable Risk

w14845 Patrick Bolton
Hui Chen
Neng Wang

A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management

w14815 Ravi Bansal
Ivan Shaliastovich

Confidence Risk and Asset Prices

w14814 Ravi Bansal
Ivan Shaliastovich

Learning and Asset-Price Jumps

w14813 Ulrike Malmendier
Stefan Nagel

Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?

w14769 Philippe Aghion
John Van Reenen
Luigi Zingales

Innovation and Institutional Ownership

w14761 Vasiliki Skreta
Laura Veldkamp

Ratings Shopping and Asset Complexity: A Theory of Ratings Inflation

w14739 Douglas W. Diamond
Raghuram Rajan

The Credit Crisis: Conjectures about Causes and Remedies

w14735 Reint Gropp
Anil Kashyap

A New Metric for Banking Integration in Europe

w14733 Jung-Wook Kim
Jason Lee
Randall Morck

Characteristics of Observed Limit Order Demand and Supply Schedules for Individual Stocks

w14727 Markus K. Brunnermeier
Motohiro Yogo

A Note on Liquidity Risk Management

w14724 Leonce L. Bargeron
Frederik P. Schlingemann
René M. Stulz
Chad J. Zutter

Do Target CEOs Sell Out Their Shareholders to Keep Their Job in a Merger?

w14712 Patrick Bolton
Xavier Freixas
Joel Shapiro

The Credit Ratings Game

w14671 Phillip B. Levine
Diane Whitmore Schanzenbach

The Impact of Children's Public Health Insurance Expansions on Educational Outcomes

w14661 Hanno Lustig
Chad Syverson
Stijn Van Nieuwerburgh

Technological Change and the Growing Inequality in Managerial Compensation

w14654 Patrick Bolton
Antoine Faure-Grimaud

Satisficing Contracts

w14650 Joseph P.H. Fan
Jun Huang
Randall Morck
Bernard Yeung

Vertical Integration, Institutional Determinants and Impact: Evidence from China

w14649 Gary B. Gorton
Information, Liquidity, and the (Ongoing) Panic of 2007

w14648 Philippe Aghion
Yann Algan
Pierre Cahuc
Andrei Shleifer

Regulation and Distrust

w14646 Lubos Pastor
Pietro Veronesi

Learning in Financial Markets

w14644 Thomas Philippon
Ariell Reshef

Wages and Human Capital in the U.S. Financial Industry: 1909-2006


2008
w14623 Josh Lerner
Morten Sørensen
Per Strömberg

Private Equity and Long-Run Investment: The Case of Innovation

w14613 Oliver Hart
Bengt Holmstrom

A Theory of Firm Scope

w14612 Markus K. Brunnermeier
Deciphering the Liquidity and Credit Crunch 2007-08

w14576 Edward J. Kane
Rosalind Bennett
Robert Oshinsky

Evidence of Improved Monitoring and Insolvency Resolution after FDICIA

w14574 Zhiguo He
Wei Xiong

Multi-market Delegated Asset Management

w14557 C. Fritz Foley
Robin Greenwood

The Evolution of Corporate Ownership After IPO: The Impact of Investor Protection

w14517 Zhiguo He
Arvind Krishnamurthy

Intermediary Asset Pricing

w14501 Ernst Fehr
Oliver D. Hart
Christian Zehnder

Contracts as Reference Points - Experimental Evidence

w14488 Joshua D. Rauh
Amir Sufi

Capital Structure and Debt Structure

w14486 Renée Adams
Benjamin E. Hermalin
Michael S. Weisbach

The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey

w14457 Emmanuel Farhi
Josh Lerner
Jean Tirole

Fear of Rejection? Tiered Certification and Transparency

w14424 Geetesh Bhardwaj
Gary B. Gorton
K. Geert Rouwenhorst

Fooling Some of the People All of the Time: The Inefficient Performance and Persistence of Commodity Trading Advisors

w14408 Daron Acemoglu
Kostas Bimpikis
Asuman Ozdaglar

Experimentation, Patents, and Innovation

w14401 Takeo Hoshi
Anil K Kashyap

Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan

w14398 Gary B. Gorton
The Subprime Panic

w14366 Zhiguo He
Arvind Krishnamurthy

A Model of Capital and Crises

w14358 Gary B. Gorton
The Panic of 2007

w14347 Raghuram G. Rajan
Rodney Ramcharan

Landed Interests and Financial Underdevelopment in the United States

w14343 Robert Novy-Marx
Joshua D. Rauh

The Intergenerational Transfer of Public Pension Promises

w14342 Dongmei Li
Lu Zhang

Costly External Finance: Implications for Capital Markets Anomalies

w14341 Josh Lerner
Antoinette Schoar
Jialan Wang

Secrets of the Academy: The Drivers of University Endowment Success

w14339 Patrick Bolton
Markus K. Brunnermeier
Laura Veldkamp

Leadership, Coordination and Mission-Driven Management

w14331 Phillip Leslie
Paul Oyer

Managerial Incentives and Value Creation: Evidence from Private Equity

w14324 Josh Lerner
The Litigation of Financial Innovations

w14291 Vojislav Maksimovic
Gordon Phillips
N. R. Prabhala

Post-Merger Restructuring and the Boundaries of the Firm

w14290 Gerard Hoberg
Gordon M. Phillips

Real and Financial Industry Booms and Busts

w14289 Gerard Hoberg
Gordon M. Phillips

Product Market Synergies and Competition in Mergers and Acquisitions

w14280 Rajkamal Iyer
Manju Puri

Understanding Bank Runs: The Importance of Depositor-Bank Relationships and Networks

w14273 Ross Levine
Alexey Levkov
Yona Rubinstein

Racial Discrimination and Competition

w14250 Manju Puri
Rebecca Zarutskie

On the Lifecycle Dynamics of Venture-Capital- and Non-Venture-Capital-Financed Firms

w14245 Craig Doidge
G. Andrew Karolyi
René M. Stulz

Why Do Foreign Firms Leave U.S. Equity Markets?

w14232 Lauren Cohen
Andrea Frazzini
Christopher Malloy

Hiring Cheerleaders: Board Appointments of "Independent" Directors

w14218 René M. Stulz
Securities Laws, Disclosure, and National Capital Markets in the Age of Financial Globalization

w14207 Steven N. Kaplan
Per Strömberg

Leveraged Buyouts and Private Equity

w14205 Hui Tong
Shang-Jin Wei

Real Effects of the Subprime Mortgage Crisis: Is it a Demand or a Finance Shock?

w14202 Alberto F. Alesina
Francesca Lotti
Paolo Emilio Mistrulli

Do Women Pay More for Credit? Evidence from Italy

w14195 Steven N. Kaplan
Mark M. Klebanov
Morten Sorensen

Which CEO Characteristics and Abilities Matter?

w14189 Toby Stuart
Soojin Yim

Board Interlocks and the Propensity to be Targeted in Private Equity Transactions

w14187 Shourun Guo
Edie S. Hotchkiss
Weihong Song

Do Buyouts (Still) Create Value?

w14180 Alexander Ljungqvist
Matthew Richardson
Daniel Wolfenzon

The Investment Behavior of Buyout Funds: Theory and Evidence

w14145 Carola Frydman
Raven E. Saks

Executive Compensation: A New View from a Long-Term Perspective, 1936-2005

w14144 Joost Driessen
Tse-Chun Lin
Ludovic Phalippou

A New Method to Estimate Risk and Return of Non-Traded Assets from Cash Flows: The Case of Private Equity Funds

w14140 Ulrike Malmendier
Geoffrey Tate

Superstar CEOs

w14113 Luc Laeven
Ross Levine

Bank Governance, Regulation, and Risk Taking

w14087 Robin Greenwood
Samuel Hanson
Jeremy C. Stein

A Gap-Filling Theory of Corporate Debt Maturity Choice

w14085 Sharon Katz
Earnings Quality and Ownership Structure: The Role of Private Equity Sponsors

w14083 Christopher J. Mayer
Karen Pence

Subprime Mortgages: What, Where, and to Whom?

w14068 Nicole M. Boyson
Christof W. Stahel
Rene M. Stulz

Hedge Fund Contagion and Liquidity

w14059 Efraim Benmelech
Nittai K. Bergman

Liquidation Values and the Credibility of Financial Contract Renegotiation: Evidence from U.S. Airlines

w14051 Eswar S. Prasad
Raghuram Rajan

A Pragmatic Approach to Capital Account Liberalization

w14029 James A. Brander
Edward J. Egan
Thomas F. Hellmann

Government Sponsored versus Private Venture Capital: Canadian Evidence

w14027 Kathy Fogel
Randall Morck
Bernard Yeung

Big Business Stability and Social Welfare

w13984 Jiandong Ju
Shang-Jin Wei

When Is Quality of Financial System a Source of Comparative Advantage?

w13936 Atif Mian
Amir Sufi

The Consequences of Mortgage Credit Expansion: Evidence from the 2007 Mortgage Default Crisis

w13914 Susan Perkins
Randall Morck
Bernard Yeung

Innocents Abroad: The Hazards of International Joint Ventures with Pyramidal Group Firms

w13908 Kristin J. Forbes
Why do Foreigners Invest in the United States?

w13880 Peter Blair Henry
Diego Sasson

Capital Account Liberalization, Real Wages, and Productivity

w13874 Efraim Benmelech
Nittai K. Bergman

Collateral Pricing

w13802 Evan Gatev
Philip Strahan

Liquidity Risk and Syndicate Structure

w13798 Philip Strahan
Liquidity Production in 21st Century Banking

w13786 Joseph Chen
Samuel Hanson
Harrison Hong
Jeremy C. Stein

Do Hedge Funds Profit From Mutual-Fund Distress?

w13774 Charles Calomiris
Raymond Fisman
Yongxiang Wang

Profiting from Government Stakes in a Command Economy: Evidence from Chinese Asset Sales

w13762 Malcolm Baker
Robin Greenwood
Jeffrey Wurgler

Catering Through Nominal Share Prices

w13756 Simeon Djankov
Tim Ganser
Caralee McLiesh
Rita Ramalho
Andrei Shleifer

The Effect of Corporate Taxes on Investment and Entrepreneurship

w13738 Marianne Bertrand
Simon Johnson
Krislert Samphantharak
Antoinette Schoar

Mixing Family With Business: A Study of Thai Business Groups and the Families Behind Them

w13732 Efraim Benmelech
Eugene Kandel
Pietro Veronesi

Stock-Based Compensation and CEO (Dis)Incentives

w13721 Woochan Kim
Taeyoon Sung
Shang-Jin Wei

How Does Corporate Governance Risk at Home Affect Investment Choices Abroad?


Generated Fri Nov 20 04:33:14 2009

 
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