Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2015

State Capitalism vs. Private Enterprise

Alexander LJUNGQVIST, Donghua CHEN, Dequan JIANG, Haitian LU, Mingming ZHOU
We study the efficiency of internal capital markets at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital flows, we document stark differences: while private groups allocate more capital to units with better investment opportunities, sta...
Keywords: State capitalism, business groups, internal capital markets, private enterprise
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Annual Conference

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Corporate Finance

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May 2015

Strategic News Releases In Equity Vesting Months

Luis GONCALVES-PINTO, Alex EDMANS, Yanbo WANG, Moqi GROEN-XU
We show that CEOs strategically time corporate news releases to coincide with months in which their equity vests. These vesting months are determined by equity grants made several years prior, and thus unlikely driven by the current information environment. CEOs reallocate news into vesting months, ...
Keywords: Voluntary Disclosure, Equity Vesting, CEO Incentives, News
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2015

Tax Efficient Asset Management: Evidence from Equity Mutual Funds

Clemens SIALM, Hanjiang ZHANG
We investigate the relation between tax burdens and mutual fund performance from both a theoretical and an empirical perspective. The theoretical model introduces heterogeneous tax clienteles in an environment with decreasing returns to scale and shows that the equilibrium performance of mutual fund...
Keywords: Dividend and Capital Gains Taxes, Mutual Fund Performance
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Annual Conference

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Corporate Finance

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May 2015

The Changing Nature of Corporate Board Activity

Renee B. ADAMS, Vanitha RAGUNATHAN , Robert TUMARKIN
Boards are working harder over time, but they may not be working better. Using a comprehensive sample of board data from 1996 to 2010, we document that a large proportion of board activity is carried out by committees. Pre-SOX, 36% of board activity takes place in committees. This increases to 47% p...
Keywords: Board, Committee, Sarbanes-Oxley, Delegation, Independence, Activity, Insiders
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2015

The Gravity of Experience

Pushan DUTT, Ana Maria SANTACREU, Daniel TRACA
In this paper, we establish the importance of experience in international trade in reducing unmeasured trade costs and facilitating bilateral trade. We find a strong role for experience, measured in years of positive trade, for both aggregate and sectoral bilateral trade. In an augmented gravity fra...
Keywords: Gravity model, Dark Trade Costs, Experience, Extensive and intensive margin
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