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价格灵活性与企业杠杆AI 解读

The frequency with which firms adjust output prices helps explain persistent differences in capital structure across firms. Unconditionally, the most flexible-price firms have a 19% higher long-term leverage ratio than the most sticky-price firms, controlling for known determinants of capital structure. Sticky-price firms increased leverage more than flexible-price firms following the staggered implementation of bank deregulation across states and over time, which we use in…

处理簇很少时的野生自助法AI 解读

Inference based on cluster‐robust standard errors in linear regression models, using either the Student's t‐distribution or the wild cluster bootstrap, is known to fail when the number of treated clusters is very small. We propose a family of new procedures called the subcluster wild bootstrap, which includes the ordinary wild bootstrap as a limiting case. In the case of pure treatment models, where all observations within clusters are either treated or not, the latter…

模糊双重差分AI 解读

Difference-in-differences (DID) is a method to evaluate the effect of a treatment. In its basic version, a “control group” is untreated at two dates, whereas a “treatment group” becomes fully treated at the second date. However, in many applications of the DID method, the treatment rate only increases more in the treatment group. In such fuzzy designs, a popular estimator of the treatment effect is the DID of the outcome divided by the DID of the treatment. We show that this…

税收与高管薪酬：来自股票期权的证据AI 解读

Understanding the effects of taxes on executive compensation provides insight into the process determining this compensation and is a key input to top income tax rate policy. A 2010 tax reform in Canada, which greatly increased the effective tax rate on stock option compensation for a subset of firms, provides a natural experiment with which to address this issue. Difference-in-differences estimates suggest that this tax increase resulted in an immediate reduction in both…

处理状态仅在一个时期可观测时的双重差分AI 解读

Summary This paper considers the difference‐in‐differences (DID) method when the data come from repeated cross‐sections and the treatment status is observed either before or after the implementation of a program. We propose a new method that point‐identifies the average treatment effect on the treated (ATT) via a DID method when there is at least one proxy variable for the latent treatment. Key assumptions are the stationarity of the propensity score conditional on the proxy…

投资组合披露对对冲基金业绩的影响AI 解读

Consistent with the argument that portfolio disclosure reveals trade secrets, a difference-in-differences estimation suggests a drop in fund performance after a hedge fund begins filing Form 13F as well as an increase in return correlations with other funds in the same investment style. The drop in performance is concentrated among funds with larger expected proprietary costs of disclosure, for instance, funds that disclose a greater fraction of their assets or hold more…

无事生非？发薪日贷款对军人影响的新证据AI 解读

We evaluate the effect that payday loan access has on credit and labor market outcomes of individuals in the U.S. Army. Using the conditional random assignment of service members to different locations, we employ three identification strategies: cross-sectional variation in state policies, within-term variation in payday lending access, and a difference-in-difference analysis using the national Military Lending Act. We find few adverse effects of payday loan access on…

董事会改革与企业价值：全球证据AI 解读

We examine the impact of corporate board reforms on firm value in 41 countries. Using a difference-in-differences design, we find that board reforms increase firm value. Reforms involving board and audit committee independence, but not reforms involving separation of chairman and chief executive officer positions, drive the valuation increases. In addition, while comply-or-explain reforms result in a greater increase in firm value than rule-based reforms, the effects of…

住房净值融资可得性与消费：来自政策实验的证据AI 解读

Using unique consumer financial transactions of more than 56,000 consumers, we study the consumption response to a housing policy experiment in Singapore that resulted in a decrease in access to home equity. Using difference-in-differences analysis, we find a significant negative consumption response to the policy shock. Moreover, the consumption response is concentrated in credit card spending and is stronger among individuals with limited access to credit market or with a…

企业声望对高管薪酬的影响AI 解读

We show that chief executive officers (CEOs) of prestigious firms earn less. Total compensation is on average 8% lower for firms listed in Fortune’s ranking of America’s most admired companies. We suggest that CEOs are willing to trade off status and career benefits from working for a publicly admired company against additional monetary compensation. Our identification strategy is based on matched sample analyses, difference-in-differences regressions, and a regression…

金融契约与组织形式：来自贸易信贷监管的证据AI 解读

ABSTRACT We present evidence that restrictions to the set of feasible financial contracts affect buyer‐supplier relationships and the organizational form of the firm. We exploit a regulation that restricted the maturity of the trade credit contracts that a large retailer could sign with some of its small suppliers. Using a within‐product difference‐in‐differences identification strategy, we find that the restriction reduces the likelihood of trade by 11%. The retailer also…

跨国债务执行、企业投资与风险承担AI 解读

We argue that the prospect of an imperfect enforcement of debt contracts in default reduces shareholder–debtholder conflicts and induces leveraged firms to invest more and take on less risk as they approach financial distress. To test these predictions, we use a large panel of firms in 41 countries with heterogeneous debt enforcement characteristics. Consistent with our model, we find that the relation between debt enforcement and firms’ investment and risk depends on the…

区域政策评估：交互固定效应与合成控制AI 解读

In this paper, we investigate the use of interactive effect or linear factor models in regional policy evaluation. We contrast treatment effect estimates obtained using Bai (2009) with those obtained using difference in differences and synthetic controls (Abadie and coauthors). We show that difference in differences are generically biased, and we derive support conditions for synthetic controls. We construct Monte Carlo experiments to compare these estimation methods in…

朋友与邻居：局部经济发展与犯罪活动AI 解读

Abstract We exploit a sudden shock to demand for a subset of low-wage workers generated by the 2005 Base Realignment and Closure (BRAC) program in San Antonio, Texas, to identify the effects of localized economic development on crime. We use a difference-in-differences methodology that takes advantage of variation in BRAC’s impact over time and across neighborhoods. We find that appropriative criminal behavior increases in neighborhoods where a fraction of residents…

华尔街的旋转门AI 解读

Credit analysts often leave rating agencies to work at firms they rate. We use benchmark rating agencies as counterfactuals to measure rating inflation in a difference-in-differences framework and find that transitioning analysts award inflated ratings to their future employers before switching jobs. We find no evidence that analysts inflate ratings of other firms they rate. Market based measures of hiring firms' credit quality further indicate that transitioning analysts'…

通过辅助样本向研究样本倾斜法（AST）有效估计数据组合模型AI 解读

We propose a locally efficient estimator for a class of semiparametric data combination problems. A leading estimand in this class is the average treatment effect on the treated (ATT). Data combination problems are related to, but distinct from, the class of missing data problems with data missing at random (of which the average treatment effect (ATE) estimand is a special case). Our estimator also possesses a double robustness property. Our procedure may be used to…

完全依从或完全不依从生存研究中的因果推断：半参数变换模型AI 解读

Summary We consider causal inference in randomized survival studies with right-censored outcomes and all-or-nothing compliance, using semiparametric transformation models to estimate the distribution of survival times in treatment and control groups, conditionally on covariates and latent compliance type. Estimands depending on these distributions, e.g. the complier average causal effect, the complier effect on survival beyond time t and the complier quantile effect, are…

不同收入与选择过程下匹配和双重差分的偏差分析AI 解读

Matching and Difference in Difference (DID) are two widespread methods that use pre-treatment outcomes to correct for selection bias. I detail the sources of bias of both estimators in a model of earnings dynamics and entry into a Job Training Program (JTP) and I assess their performances using Monte Carlo simulations of the model calibrated with realistic parameter values. I find that Matching generally underestimates the average causal effect of the program and gets closer…

税收与公司政策：准自然实验的证据AI 解读

ABSTRACT We document important interactions between tax incentives and corporate policies using a “quasi natural experiment” provided by a surprise announcement that imposed corporate taxes on a group of Canadian publicly traded firms. The announcement caused a dramatic decrease in value. Prospective tax shields partially offset the losses, adding 4.6% to firm value on average, and vary with the tax status of the marginal investor. Further, firms adjust leverage, payout,…

首次派付与停止派付的信息含量是否影响企业风险？AI 解读

We study the influence on firm risks of NASDAQ and NYSE firm payout initiations and omissions. These payout events can be interpreted as managerial signals of firm financial life-cycle maturation resulting in concomitant changes in firm risks. We remove confounding payout types and we match on the propensity to initiate or omit informed by determinants of payout known to investors in advance. For payout event and matched firms, we apply the difference-in-differences method…

离散数据的精确荟萃分析及其稀有事件列联表应用AI 解读

) associated with the exact tests from individual studies. It encompasses a broad class of exact meta-analysis methods, as it permits broad choices for the combining elements, such as tests used in individual studies, and any parameter of interest. The approach yields statements that explicitly account for the impact of individual studies on the overall inference, in terms of efficiency/power and the type I error rate. Those statements also give rises to empirical methods…

股票流动性促进还是阻碍企业创新？AI 解读

ABSTRACT We aim to tackle the longstanding debate on whether stock liquidity enhances or impedes firm innovation. This topic is of interest because innovation is crucial for firm‐ and national‐level competitiveness and stock liquidity can be altered by financial market regulations. Using a difference‐in‐differences approach that relies on the exogenous variation in liquidity generated by regulatory changes, we find that an increase in liquidity causes a reduction in future…

企业边界的重要性：来自多元化企业集团与研发活动的证据AI 解读

This paper examines the impact of the conglomerate form on the scale and novelty of corporate Research and Development (R&D) activity. I exploit a quasi-experiment involving failed mergers to generate exogenous variation in acquisition outcomes of target firms. A difference-in-differences estimation reveals that, relative to failed targets, firms acquired in diversifying mergers produce both a smaller number of innovations and also less-novel innovations, where innovations…

华盛顿共识已死？增长、开放与1970至2000年代的大自由化AI 解读

Abstract According to the Washington Consensus, developing countries' growth would benefit from reductions in barriers to trade. However, the empirical basis for judging trade reforms is weak. Econometrics are mostly ad hoc, results are typically not judged against models, policies are poorly measured, and most studies are based on pre-1990 experience. We address these concerns by employing a model with capital and intermediate goods, compiling new disaggregated tariff…