NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Papers in Corporate Finance


2013
w19120 Michael Ewens
Matthew Rhodes-Kropf

Is a VC Partnership Greater than the Sum of its Partners?

w19117 Nicola Gennaioli
Andrei Shleifer
Robert W. Vishny

Finance and the Preservation of Wealth

w19106 Dean Karlan
Jonathan Zinman

Long-Run Price Elasticities of Demand for Credit: Evidence from a Countrywide Field Experiment in Mexico

w19081 T. Christopher Borek
Angelo Frattarelli
Oliver Hart

Tax Shelters or Efficient Tax Planning? A Theory of The Firm Perspective On the Economic Substance Doctrine

w19078 Xavier Gabaix
Augustin Landier
Julien Sauvagnat

CEO Pay and Firm Size: an Update after the Crisis

w19076 Pedro Bordalo
Nicola Gennaioli
Andrei Shleifer

Competition for Attention

w19051 Tobias Berg
Manju Puri
Jorg Rocholl

Loan officer Incentives and the Limits of Hard Information

w19050 Rajkamal Iyer
Manju Puri
Nicholas Ryan

Do Depositors Monitor Banks?

w19039 Viral V. Acharya
Sascha Steffen

The “Greatest” Carry Trade Ever? Understanding Eurozone Bank Risks

w19038 Valentina Bruno
Hyun Song Shin

Capital Flows, Cross-Border Banking and Global Liquidity

w19018 Malcolm Baker
Jeffrey Wurgler

Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly

w19017 Randall Morck
Bernard Yeung
Wayne Yu

R-squared and the Economy

w19004 Randall Morck
M. Deniz Yavuz
Bernard Yeung

State-controlled Banks and the Effectiveness of Monetary Policy

w19001 Maija Halonen-Akatwijuka
Oliver D. Hart

More is Less: Why Parties May Deliberately Write Incomplete Contracts

w18984 Karthik Balakrishnan
Mary B. Billings
Bryan T. Kelly
Alexander Ljungqvist

Shaping Liquidity: On the Causal Effects of Voluntary Disclosure

w18968 Viral V. Acharya
Robert Engle
Diane Pierret

Testing Macroprudential Stress Tests: The Risk of Regulatory Risk Weights

w18955 Howard Bodenhorn
Large Block Shareholders, Institutional Investors, Boards of Directors and Bank Value in the Nineteenth Century

w18946 Martin Čihák
Asli Demirgüč-Kunt
Erik Feyen
Ross Levine

Financial Development in 205 Economies, 1960 to 2010

w18943 Tobias Adrian
Hyun Song Shin

Procyclical Leverage and Value-at-Risk

w18936 Roland Bénabou
Jean Tirole

Bonus Culture: Competitive Pay, Screening, and Multitasking

w18923 Anil K Kashyap
Natalia Kovrijnykh

Who Should Pay for Credit Ratings and How?

w18914 Stefano Giglio
Kelly Shue

No News is News: Do Markets Underreact to Nothing?

w18910 Umit G. Gurun
Gregor Matvos
Amit Seru

Advertising Expensive Mortgages

w18909 Bo Becker
Victoria Ivashina

Reaching for Yield in the Bond Market

w18904 Ing-Haw Cheng
Sahil Raina
Wei Xiong

Wall Street and the Housing Bubble

w18903 Jongha Lim
Berk A. Sensoy
Michael S. Weisbach

Indirect Incentives of Hedge Fund Managers

w18892 Viral V. Acharya
Heitor Almeida
Filippo Ippolito
Ander Perez

Credit Lines as Monitored Liquidity Insurance: Theory and Evidence

w18891 Viral V. Acharya
Marco Pagano
Paolo Volpin

Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent

w18890 Mary Amiti
David E. Weinstein

How Much do Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data

w18886 Tanja Artiga González
Markus Schmid
David Yermack

Smokescreen: How Managers Behave When They Have Something To Hide

w18882 Yihui Pan
Tracy Yue Wang
Michael S. Weisbach

Learning about CEO Ability and Stock Return Volatility

w18868 Manuel Adelino
Antoinette Schoar
Felipe Severino

House Prices, Collateral and Self-Employment

w18857 Augustin Landier
David Sraer
David Thesmar

Banks Exposure to Interest Rate Risk and The Transmission of Monetary Policy

w18843 Tomasz Piskorski
Amit Seru
James Witkin

Asset Quality Misrepresentation by Financial Intermediaries: Evidence from RMBS Market

w18840 Isil Erel
Yeejin Jang
Michael S. Weisbach

Do Acquisitions Relieve Target Firms’ Financial Constraints?

w18793 Berk A. Sensoy
Yingdi Wang
Michael S. Weisbach

Limited Partner Performance and the Maturing of the Private Equity Industry

w18766 Jaromir Nosal
Guillermo Ordoñez

Uncertainty as Commitment

w18764 Veronika K. Pool
Clemens Sialm
Irina Stefanescu

It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) Plans

w18762 Jing Wu
Joseph Gyourko
Yongheng Deng

Is There Evidence of a Real Estate Collateral Channel Effect on Listed Firm Investment in China?

w18754 Jing Wu
Yongheng Deng
Jun Huang
Randall Morck
Bernard Yeung

Incentives and Outcomes: China’s Environmental Policy

w18733 James R. Barth
Gerard Caprio
Jr.
Ross Levine

Bank Regulation and Supervision in 180 Countries from 1999 to 2011

w18732 Gary B. Gorton
Guillermo Ordoñez

The Supply and Demand for Safe Assets

w18727 Daron Acemoglu
Asuman Ozdaglar
Alireza Tahbaz-Salehi

Systemic Risk and Stability in Financial Networks

w18686 Robin Greenwood
Andrei Shleifer

Expectations of Returns and Expected Returns

w18677 Alex Edmans
William Mann

Financing Through Asset Sales

w18675 Olivier Jeanne
Anton Korinek

Macroprudential Regulation Versus Mopping Up After the Crash

w18665 David Card
Stefano DellaVigna

Nine Facts about Top Journals in Economics


2012
w18634 Nolan Miller
Alexander F. Wagner
Richard J. Zeckhauser

Solomonic Separation: Risk Decisions as Productivity Indicators

w18611 Gary Gorton
Andrew Metrick

Securitization

w18609 Sumit Agarwal
Efraim Benmelech
Nittai Bergman
Amit Seru

Did the Community Reinvestment Act (CRA) Lead to Risky Lending?

w18600 Jennie Bai
Shang-Jin Wei

When Is There a Strong Transfer Risk from the Sovereigns to the Corporates? Property Rights Gaps and CDS Spreads

w18592 Xavier Giroud
Holger M. Mueller

Capital and Labor Reallocation Inside Firms

w18561 Kalina Manova
Zhihong Yu

Firms and Credit Constraints along the Value-Added Chain: Processing Trade in China

w18549 Tobias Adrian
Brian Begalle
Adam Copeland
Antoine Martin

Repo and Securities Lending

w18548 Harrison Hong
David Sraer

Speculative Betas

w18547 Harrison Hong
David Sraer

Quiet Bubbles

w18537 Robin Greenwood
Augustin Landier
David Thesmar

Vulnerable Banks

w18528 Victoria Ivashina
David S. Scharfstein
Jeremy C. Stein

Dollar Funding and the Lending Behavior of Global Banks

w18516 Viral V. Acharya
Ramin P. Baghai
Krishnamurthy V. Subramanian

Wrongful Discharge Laws and Innovation

w18513 Zhiguo He
Asaf Manela

Information Acquisition in Rumor Based Bank Runs

w18505 Lars Peter Hansen
Challenges in Identifying and Measuring Systemic Risk

w18476 Harrison Hong
Jeffrey D. Kubik
Jose A. Scheinkman

Financial Constraints on Corporate Goodness

w18472 Jesse Edgerton
Investment, Accounting, and the Salience of the Corporate Income Tax

w18465 Kristin Forbes
The "Big C": Identifying Contagion

w18463 Dean Karlan
Robert Darko Osei
Isaac Osei-Akoto
Christopher Udry

Agricultural Decisions after Relaxing Credit and Risk Constraints

w18455 Gary B. Gorton
Andrew Metrick

Who Ran on Repo?

w18452 Pierre Collin-Dufresne
Vyacheslav Fos

Do prices reveal the presence of informed trading?

w18451 Pierre Collin-Dufresne
Vyacheslav Fos

Insider Trading, Stochastic Liquidity and Equilibrium Prices

w18450 Frederico Belo
Pierre Collin-Dufresne
Robert S. Goldstein

Endogenous Dividend Dynamics and the Term Structure of Dividend Strips

w18435 Kewei Hou
Chen Xue
Lu Zhang

Digesting Anomalies: An Investment Approach

w18428 Joon-Ho Hahm
Hyun Song Shin
Kwanho Shin

Non-Core Bank Liabilities and Financial Vulnerability

w18427 Charles W. Calomiris
Joseph R. Mason
Marc Weidenmier
Katherine Bobroff

The Effects of Reconstruction Finance Corporation Assistance on Michigan’s Banks’ Survival in the 1930s

w18408 Zhiguo He
Konstantin Milbradt

Endogenous Liquidity and Defaultable Bonds

w18398 Markus K. Brunnermeier
Martin Oehmke

Bubbles, Financial Crises, and Systemic Risk

w18397 Gary B. Gorton
Some Reflections on the Recent Financial Crisis

w18395 Steven N. Kaplan
Executive Compensation and Corporate Governance in the U.S.: Perceptions, Facts and Challenges

w18394 John Y. Campbell
Tarun Ramadorai
Benjamin Ranish

How Do Regulators Influence Mortgage Risk: Evidence from an Emerging Market

w18367 Hui Chen
Yu Xu
Jun Yang

Systematic Risk, Debt Maturity, and the Term Structure of Credit Spreads

w18358 Michael J. Fishman
Jonathan A. Parker

Valuation, Adverse Selection, and Market Collapses

w18356 Jongha Lim
Bernadette A. Minton
Michael Weisbach

Syndicated Loan Spreads and the Composition of the Syndicate

w18346 Gordon M. Phillips
Alexei Zhdanov

R&D and the Incentives from Merger and Acquisition Activity

w18335 Tobias Adrian
Paolo Colla
Hyun Song Shin

Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-9

w18311 Sumit Agarwal
Gene Amromin
Itzhak Ben-David
Souphala Chomsisengphet
Tomasz Piskorski
Amit Seru

Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program

w18339 John Y. Campbell
Mortgage Market Design

w18325 Dean Karlan
Ryan Knight
Christopher Udry

Hoping to Win, Expected to Lose: Theory and Lessons on Micro Enterprise Development

w18321 Ralph S.J. Koijen
Motohiro Yogo

The Cost of Financial Frictions for Life Insurers

w18304 Efraim Benmelech
An Empirical Analysis of the Fed's Term Auction Facility

w18270 Craig B. Merrill
Taylor D. Nadauld
René M. Stulz
Shane Sherlund

Did Capital Requirements and Fair Value Accounting Spark Fire Sales in Distressed Mortgage-Backed Securities?

w18264 Carola Frydman
Eric Hilt
Lily Y. Zhou

Economic Effects of Runs on Early 'Shadow Banks': Trust Companies and the Impact of the Panic of 1907

w18263 Florian Heider
Alexander Ljungqvist

As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from Exogenous State Tax Changes

w18242 Malcolm Baker
Jeffrey Wurgler

Dividends as Reference Points: A Behavioral Signaling Approach

w18241 Leonardo Bursztyn
Florian Ederer
Bruno Ferman
Noam Yuchtman

Understanding Peer Effects in Financial Decisions: Evidence from a Field Experiment

w18217 Zhiguo He
Péter Kondor

Inefficient Investment Waves

w18208 Jennifer Brown
David A. Matsa

Boarding a Sinking Ship? An Investigation of Job Applications to Distressed Firms

w18211 Ulrike Malmendier
Marcus Matthias Opp
Farzad Saidi

Cash is King - Revaluation of Targets after Merger Bids

w18174 Nicola Gennaioli
Andrei Shleifer
Robert W. Vishny

Money Doctors

w18160 Douglas W. Diamond
Zhiguo He

A Theory of Debt Maturity: The Long and Short of Debt Overhang

w18154 Loukas Karabarbounis
Brent Neiman

Declining Labor Shares and the Global Rise of Corporate Saving

w18148 Stewart C. Myers
James A. Read
Jr.

Real Options, Taxes and Financial Leverage

w18147 Murillo Campello
Erasmo Giambona

Real Assets and Capital Structure

w18141 Paul Gompers
Vladimir Mukharlyamov
Yuhai Xuan

The Cost of Friendship

w18120 Lee Pinkowitz
René M. Stulz
Rohan Williamson

Multinationals and the High Cash Holdings Puzzle

w18102 Markus K. Brunnermeier
Thomas M. Eisenbach
Yuliy Sannikov

Macroeconomics with Financial Frictions: A Survey

w18107 Mihir A. Desai
C. Fritz Foley
James R. Hines Jr.

Trade Credit and Taxes

w18096 Raymond Fisman
Daniel Paravisini
Vikrant Vig

Cultural Proximity and Loan Outcomes

w18095 Raymond Fisman
Florian Schulz
Vikrant Vig

Private Returns to Public Office

w18080 Edward Kutsoati
Randall Morck

Family Ties, Inheritance Rights, and Successful Poverty Alleviation: Evidence from Ghana

w18077 Thomas Philippon
Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation

w18063 Robert Novy-Marx
Pseudo-Predictability in Conditional Asset Pricing Tests: Explaining Anomaly Performance with Politics, the Weather, Global Warming, Sunspots, and the Stars

w18052 Kristin Forbes
Marcel Fratzscher
Thomas Kostka
Roland Straub

Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls

w18050 Martijn Cremers
Antti Petajisto
Eric Zitzewitz

Should Benchmark Indices Have Alpha? Revisiting Performance Evaluation

w18043 Armen Hovakimian
Edward J. Kane
Luc Laeven

Variation in Systemic Risk at US Banks During 1974-2010

w18027 Raghuram Rajan
Rodney Ramcharan

The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s.

w18024 Ulrike Malmendier
Enrico Moretti
Florian S. Peters

Winning by Losing: Evidence on the Long-Run Effects of Mergers

w18004 Asli Demirguc-Kunt
Erik Feyen
Ross Levine

The Evolving Importance of Banks and Securities Markets

w18001 Robert Davidson
Aiyesha Dey
Abbie J. Smith

Executives' "Off-The-Job" Behavior, Corporate Culture, and Financial Reporting Risk

w17952 Dean Karlan
Melanie Morten
Jonathan Zinman

A Personal Touch: Text Messaging for Loan Repayment

w17950 Robert G. Eccles
Ioannis Ioannou
George Serafeim

The Impact of a Corporate Culture of Sustainability on Corporate Behavior and Performance

w17947 Pedro Bordalo
Nicola Gennaioli
Andrei Shleifer

Salience and Consumer Choice

w17946 Ilya A. Strebulaev
Baozhong Yang

The Mystery of Zero-Leverage Firms

w17945 Steven Grenadier
Andrey Malenko
Ilya A. Strebulaev

Investment Busts, Reputation, and the Temptation to Blend in with the Crowd

w17942 David T. Robinson
Berk A. Sensoy

Do Private Equity Managers Earn Their Fees? Compensation, Ownership, and Cash Flow Performance

w17940 David Yermack
Tailspotting: How Disclosure, Stock Prices and Volatility Change When CEOs Fly to Their Vacation Homes

w17935 Zhiguo He
Wei Xiong

Debt Financing in Asset Markets

w17929 Sendhil Mullainathan
Markus Noeth
Antoinette Schoar

The Market for Financial Advice: An Audit Study

w17921 Ing-Haw Cheng
Andrei Kirilenko
Wei Xiong

Convective Risk Flows in Commodity Futures Markets

w17920 Zhiguo He
Gregor Matvos

Debt and Creative Destruction: Why Could Subsidizing Corporate Debt be Optimal?

w17909 Charles A.E. Goodhart
Anil K Kashyap
Dimitrios P. Tsomocos
Alexandros P. Vardoulakis

Financial Regulation in General Equilibrium

w17904 Nikolai Roussanov
Pavel G. Savor

Status, Marriage, and Managers' Attitudes To Risk

w17902 Diego A. Comin
An Exploration of Luxury Hotels in Tanzania

w17895 Bruce Ian Carlin
Florian Ederer

Search Fatigue

w17889 Timothy F. Bresnahan
Jonathan D. Levin

Vertical Integration and Market Structure

w17883 Gharad T. Bryan
Dean Karlan
Jonathan Zinman

Referrals: Peer Screening and Enforcement in a Consumer Credit Field Experiment

w17874 Robert S. Harris
Tim Jenkinson
Steven N. Kaplan

Private Equity Performance: What Do We Know?

w17868 Charles W. Calomiris
Doron Nissim

Crisis-Related Shifts in the Market Valuation of Banking Activities

w17867 Isil Erel
Yeejin Jang
Michael S. Weisbach

Financing-Motivated Acquisitions

w17858 Juliano J. Assunção
Efraim Benmelech
Fernando S. S. Silva

Repossession and the Democratization of Credit

w17856 Jongha Lim
Bernadette A. Minton
Michael S. Weisbach

Equity-Holding Institutional Lenders: Do they Receive Better Terms?

w17854 Kay Giesecke
Francis A. Longstaff
Stephen Schaefer
Ilya Strebulaev

Macroeconomic Effects of Corporate Default Crises: A Long-Term Perspective

w17846 Maria Guadalupe
Hongyi Li
Julie Wulf

Who Lives in the C-Suite? Organizational Structure and the Division of Labor in Top Management

w17838 Viral V. Acharya
Nada Mora

Are Banks Passive Liquidity Backstops? Deposit Rates and Flows during the 2007-2009 Crisis

w17832 Manuel Adelino
Antoinette Schoar
Felipe Severino

Credit Supply and House Prices: Evidence from Mortgage Market Segmentation

w17831 Atif R. Mian
Amir Sufi
Francesco Trebbi

Resolving Debt Overhang: Political Constraints in the Aftermath of Financial Crises

w17830 Atif R. Mian
Amir Sufi

What explains high unemployment? The aggregate demand channel

w17828 Franklin Allen
Jun “QJ” Qian
Chenying Zhang
Mengxin Zhao

China’s Financial System: Opportunities and Challenges

w17822 Shekhar Aiyar
Charles W. Calomiris
Tomasz Wieladek

Does Macro-Pru Leak? Evidence from a UK Policy Experiment

w17805 Murillo Campello
Dirk Hackbarth

The Firm-Level Credit Multiplier

w17797 Bo Becker
Daniel Bergstresser
Guhan Subramanian

Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge

w17778 Gary B. Gorton
Andrew Metrick

Getting up to Speed on the Financial Crisis: A One-Weekend-Reader's Guide

w17777 Gary B. Gorton
Stefan Lewellen
Andrew Metrick

The Safe-Asset Share

w17771 Gary B. Gorton
Guillermo Ordonez

Collateral Crises

w17770 Jason M. DeBacker
Bradley T. Heim
Anh Tran

Importing Corruption Culture from Overseas: Evidence from Corporate Tax Evasion in the United States

w17769 Leonid Kogan
Dimitris Papanikolaou
Amit Seru
Noah Stoffman

Technological Innovation, Resource Allocation, and Growth

w17768 Arvind Krishnamurthy
Stefan Nagel
Dmitry Orlov

Sizing Up Repo

w17763 Juan Carlos Gozzi
Ross Levine
Maria Soledad Martinez Peria
Sergio L. Schmukler

How Firms Use Domestic and International Corporate Bond Markets

w17761 Pedro Bordalo
Nicola Gennaioli
Andrei Shleifer

Salience in Experimental Tests of the Endowment Effect

w17760 Raghuram Rajan
The Corporation in Finance

w17736 Sumit Agarwal
David Lucca
Amit Seru
Francesco Trebbi

Inconsistent Regulators: Evidence From Banking

w17731 Serguey Braguinsky
Sergey V. Mityakov

Foreign Corporations and the Culture of Transparency: Evidence from Russian Administrative Data


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