Annual Conference

|

Corporate Finance

|

May 2018

We find a strong positive relationship between entrepreneurs' home-county social capital and their crowdfunding performance on Kickstarter. We exploit a quasi-experiment based on a Kickstarter rule change that strengthens entrepreneurs' obligation to provide backers with the promised rewards and fin...
Keywords: Crowdfunding, Social capital, trust, Kickstarter, Moral Hazard
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Corporate Finance

|

May 2018

This paper studies the effects of succession planning on management successions using handcollected data on succession planning practices at U.S. public firms. Our tests highlight three dimensions in which succession planning impacts CEO turnover. Firms with succession plans (i) use more sophisticat...
Keywords: CEO turnover, succession planning, CEO labor market, CEO ability, Performance evaluation
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Corporate Finance

|

May 2018

We utilize a hand-collected measure of extreme deal failure, the impairment of acquisition goodwill, to examine whether realized value destruction is detected by the market at deal announcement. On average, acquirer announcement returns have only moderate power in forecasting the probability and poo...
Keywords: Mergers, Acquisitions, Acquirer Abnormal Return, Target Abnormal Return, value destruction, overpayment, goodwill impairmen
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Economic Transformation of Asia

|

May 2018

The non-state manufacturing sector has been the engine of China’s economic transformation. Up through the mid-1990s, the sector exhibited large regional differences; subsequently we observe rapid convergence in terms of new firm start-up rates, productivity, and wages. To analyze the drivers of th...
Keywords: Chinese economic growth, SOEs, firm entry, entry wedges, capital wedges, output wedges, SOE reform
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Economic Transformation of Asia

|

May 2018

We document the spatial variations of firm-level frictions across cities in China and quantify their macroeconomic implications. Larger and centrally-located cities are less distorted in both the output and the factor market. The firm-level frictions lower the aggregate income by 10.5 percent in 200...
Keywords: Misallocation, regional trade, economic geography, welfare gain
  • View
  • Download
  • Bookmark
  •    |