Forthcoming Paper
“Corporate Transactions in Hard-to-Value Stocks” by Itzhak Ben-David, Byungwook Kim, Hala Moussawi, and Darren Roulstone
RCFS News
Forthcoming Papers
“Sharing R&D Risk in Healthcare via FDA Hedges” by Adam Jorring, Andrew Lo, Tomas J. Philipson, Manita Singh, and Richard T. Thakor “Information asymmetry, financial intermediation, and wealth effects of project finance loans” by Andrew Ferguson and Peter Lam
Paper Spotlight: The Effect of Taxation on Corporate Financing and Investment
Despite the large theoretical literature that asserts the importance of taxes on corporate investment and financing decisions, the empirical literature often fails to demonstrate the effects of taxes in a convincing way. One reason for the discrepancy could be measurement error in variables. In “The Effect of Taxation on Corporate Financing and Investment,” Hong Chen and Murray Z. Frank take issue with the theoretical predictions themselves. They construct a model… Read More »Paper Spotlight: The Effect of Taxation on Corporate Financing and Investment
Forthcoming Paper
“P2P Lenders versus Banks: Cream Skimming or Bottom Fishing?” by Calebe DeRoure, Loriana Pelizzon, and Anjan V. Thakor
Editor’s Choice 10(3)
The Editor’s Choice paper for issue 10(3) is “Skilled Labor Risk and Corporate Policies” by Yue Qiu and Tracy Yue Wang. You can read the paper free online.
Call for Papers and Proposals: RCFS Winter Conference 2022
The 2022 RCFS Winter Conference is now accepting submissions. Please see the Call for Papers and the Call for Registered Reports/Proposals on “Finance for the Greater Good” for more details. The conference, which features a dual submission option with RCFS, will take place February 19-20, at the Margaritaville Hollywood Beach Resort in Florida. The sponsoring editors are Andrew Ellul, Isil Erel, Camelia Kuhnen, and Robert Marquez. The submission deadline is November 19, 2021,… Read More »Call for Papers and Proposals: RCFS Winter Conference 2022
Forthcoming Paper
“Public Firm Borrowers of the US Paycheck Protection Program” by Anna Cororaton and Samuel Rosen
Forthcoming Paper
“Foreign Banks, Liquidity Shocks, and Credit Stability” by Daniel Belton, Leonardo Gambacorta, Sotirios Kokas, and Raoul Minetti
Paper Spotlight: The Wisdom of Crowds in FinTech: Evidence from Initial Coin Offerings
Initial coin offerings are fast becoming a new type of crowdfunding for blockchain-related startups. In this type of offerings, an entrepreneur raises capital through the creation and selling of virtual currencies or “tokens,” which themselves give rights to their holders (for example, access to a platform). As is to be expected, there are severe problems of information asymmetry associated with these instruments and… Read More »Paper Spotlight: The Wisdom of Crowds in FinTech: Evidence from Initial Coin Offerings
Paper Spotlight: Competition for Flow and Short-Termism in Activism
It is not just managers that can have a short-term orientation—the forthcoming theoretical paper “Competition for Flow and Short-Termism in Activism,” by Mike Burkart and Amil Dasgupta, shows that activist funds too can focus on the short term. In the model, activists add value by preventing wastage by the manager. To signal their type to their own investors, they take a short-term action such as boosting leverage to make a… Read More »Paper Spotlight: Competition for Flow and Short-Termism in Activism