Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2017

Local Crowding Out in China

Yi HUANG, Ugo PANIZZA, Marco PAGANO
In China, between 2006 and 2013, local public debt crowded out the investment of private firms by tightening their funding constraints while leaving state-owned firms' investment unaffected. We establish this result using a purpose-built data set for Chinese local public debt. Private firms invest l...
Keywords: Investment, local public debt, Crowding out, Credit Constraints, China
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Annual Conference

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Corporate Finance

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May 2019

Loan Syndication Structures and Price Collusion

Jian CAI, Frederik EIDAM, Anthony SAUNDERS, Sascha STEFFEN
How does the organizational form of loan syndicates evolve and what are the effects on price collusion? We develop a novel measure of distance in lending expertise among syndicate lenders, and relate this novel measure to the organizational form of loan syndicates and loan pricing. Studying the U.S....
Keywords: Syndicated loans, Loan syndication structure, Loan pricing, Price collusion
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Annual Conference

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Corporate Finance

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May 2015

Learning through a Smokescreen: Earnings Management and CEO Compensation over Tenure

Nandini GUPTA, Cristina CELLA, Andrew ELLUL
Career concerns may lead CEOs to distort reported performance (Fudenberg and Tirole (1995)), particularly in the early years of tenure when there is greater uncertainty about the CEO’s ability. We investigate whether the presence of reporting distortions affects CEOs’ compensation over their ten...
Keywords: executive compensation, Tenure, Earnings Management, Career Concerns
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Annual Conference

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Corporate Finance

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May 2023

Learning Production Process Heterogeneity Across Industries: Implications of Deep Learning for Corporate M&A Decisions

Jongsub LEE, Hayong YUN
Using deep learning techniques, we introduce a novel measure for production process heterogeneity across industries. For each pair of industries during 1990-2021, we estimate the functional distance between two industries’ production processes via deep neural network. Our estimates uncover the und...
Keywords: Deep learning, production process heterogeneity, M&A’s, integration synergy, the boundaries of the firm
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Annual Conference

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Corporate Finance

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May 2017

Is the Chinese Anti-Corruption Campaign Effective?

Shu TAO, John GRIFFIN, Clark LIU
Chinese firms with characteristics commonly associated with corporate self-dealing are more likely to have executives investigated by the anti-corruption campaign. University affiliations with the top current leaders are associated with a reduced probability of investigation, but general political a...
Keywords: Anti-Corruption Campaign, China, corporate culture
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