MoneyScience News |
- Blog Post: TheFinancialServicesClub: Predictive, proactive, proximity based payments
- Published / Preprint: Shackling Short Sellers: The 2008 Shorting Ban
- Published / Preprint: Executive Networks and Firm Policies: Evidence from the Random Assignment of MBA Peers
- Published / Preprint: The Effect of Liquidity on Governance
- Published / Preprint: Issuer Quality and Corporate Bond Returns
- Published / Preprint: Sovereign Debt, Government Myopia, and the Financial Sector
- Published / Preprint: The Supply of Corporate Directors and Board Independence
- Blog Post: TheAlephBlog: Best of the Aleph Blog, Part 19
- Blog Post: iMFdirect: After a Golden Decade, Can Latin America Keep Its Luster?
| Blog Post: TheFinancialServicesClub: Predictive, proactive, proximity based payments Posted: 07 May 2013 01:19 AM PDT After my discussion about the augmented economy which focused upon customer service, I thought about it from the other side: transactiosns.read more... Visit MoneyScience for the Complete Article.      |
| Published / Preprint: Shackling Short Sellers: The 2008 Shorting Ban Posted: 07 May 2013 12:15 AM PDT In September 2008, the U.S. Securities and Exchange Commission (SEC) temporarily banned most short sales in nearly 1,000 financial stocks. We examine the ban's effect on market quality, shorting activity, the aggressiveness of short sellers, and stock prices. The ban's effects are concentrated in larger stocks; there is little effect on firms in the lower half of the size distribution. Although... Visit MoneyScience for the Complete Article.    |
| Posted: 07 May 2013 12:15 AM PDT Using the historical random assignment of MBA students to sections at Harvard Business School (HBS), I explore how executive peer networks can affect managerial decision making. Within an HBS class, firm outcomes are significantly more similar among graduates from the same section than among graduates from different sections, with the strongest effects in executive compensation and acquisitions... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: The Effect of Liquidity on Governance Posted: 07 May 2013 12:15 AM PDT This paper demonstrates a positive effect of stock liquidity on blockholder governance. Liquidity increases the likelihood of block formation. Conditional upon acquiring a stake, liquidity reduces the likelihood that the blockholder governs through voice (intervention)—as shown by the lower propensity for active investment (filing Schedule 13D) than passive investment (filing Schedule 13G).... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: Issuer Quality and Corporate Bond Returns Posted: 07 May 2013 12:15 AM PDT We show that the credit quality of corporate debt issuers deteriorates during credit booms and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the financing costs faced by low-quality firms, so debt issuance of low-quality firms is particularly useful for forecasting bond... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: Sovereign Debt, Government Myopia, and the Financial Sector Posted: 07 May 2013 12:15 AM PDT What determines the sustainability of sovereign debt? We develop a model where myopic governments seek popularity but can nevertheless commit credibly to service external debt. They do not default when debt is low because they would lose access to debt markets and be forced to reduce spending; they do not default as debt builds up and net new borrowing becomes difficult, because of the adverse... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: The Supply of Corporate Directors and Board Independence Posted: 07 May 2013 12:15 AM PDT Empirical evidence on the relations between board independence and board decisions and firm performance is generally confounded by serious endogeneity issues. We circumvent these endogeneity problems by demonstrating the strong impact of the local director labor market on board composition. Specifically, we show that proximity to larger pools of local director talent leads to more independent... Visit MoneyScience for the Complete Article.    |
| Blog Post: TheAlephBlog: Best of the Aleph Blog, Part 19 Posted: 06 May 2013 11:34 PM PDT These articles appeared between August and October 2011:read more... Visit MoneyScience for the Complete Article.    |
| Blog Post: iMFdirect: After a Golden Decade, Can Latin America Keep Its Luster? Posted: 06 May 2013 09:54 AM PDT By Alejandro Wernerread more... Visit MoneyScience for the Complete Article.    |
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