Joan Farre-Mensa, Roni Michaely, and Martin Schmalz ♦ We find that 43% of firms that make payouts also raise capital during the same year, resulting in 31% of aggregate payouts being externally financed, primarily with debt. Most financed payouts cannot…
Benjamin L. Collier, Lawrence S. Powell, Marc A. Ragin, and Xuesong You ♦ We examine the effects of a severe climate event on local firms. Our data include 8,218 business credit reports and a detailed survey of 273 businesses in…
Matteo Binfarè and Robert S. Harris ♦ We examine compensation for endowment Chief Investment Officers (CIOs) overseeing portfolios with significant allocations to alternatives. We find widespread use of bonuses and that large endowments with high alternative allocations hire CIOs with…
Isil Erel and Eduard Inozemtsev ♦ Nonbank lenders have been playing an increasing role in supplying debt, especially after the Great Recession. How important are the distortions in the greater regulation of banks that differentially limit risk-taking across alternative providers…
Zhong Chen, Zicheng Lei, and Chunling Xia ♦ We investigate whether CFOs serving on U.S. corporate boards benefit shareholders in M&A transactions. We find that acquisitions made by firms with CFOs on boards have significantly better acquirer announcement returns. This…
Pekka Honkanen ♦ U.S. mutual funds that participate in the securities lending market extract information from stock borrowing. Active funds exploit this information, rebalancing away from borrowed stocks whose prices tend to decrease, whereas passive funds do not. Information spillovers…
