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Inter-county Economic Growth and Municipal Access to Finance: Does Your Neighbor’s Credit Rating Matter?
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Family Ties and Insider Trading: A Closer Look at Family Firms
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Investor Attention and Market Return Predictability
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Competition and Product Development Innovation: The Case of Newly Launched Trademarks
1、Inter-county Economic Growth and Municipal Access to Finance: Does Your Neighbor’s Credit Rating Matter?
Working paper
,
issued in July 2019.
Zihan Ye,
Pennsylvania State University
Exploiting the exogenous rating changes of U.S. municipal bonds caused by Moody’s scale recalibration
in 2010, this paper adopts a difference-in-differences approach to identify the inter-county economic effect
of municipal credit ratings. I find a positive differential effect on county-level employment and wage
income of 3%, following a rating upgrade in the neighboring county. This indirect inter-county effect of
neighbor’s upgrade is independent, consistent, and comparable in economic magnitude with the direct effect
of an upgrade on same-county outcomes. Four channels, working in parallel, explain the positive effect:
government expenditure, commuting flow, economic spillover, and migration. Findings in this paper
identify a new economic effect of municipal credit ratings that extends beyond the issuers’ geographic
boundaries and into the neighboring counties.
原文链接：
https://editorialexpress.com/cgi-bin/conference/download.cgi?db_name=AFAPS2020&paper_id=170
2、Family Ties and Insider Trading: A Closer Look at Family Firms
Working paper
,
issued in June 2019
.
Stefan Morkoetter,
University of St Gallen
Tobias Schori,
University of St. Gallen
Thomas Zellweger,
University of St. Gallen
We study insider trading in family firms and compare the profitability of insider purchases and sales
of family insiders, i.e. insiders who are related to the founding family, to those of nonfamily insiders,
i.e. insiders without such family ties. Probing a sample of 37,012 insider trades from 241 family firms,
we find that family insiders generate higher abnormal returns compared to nonfamily insiders for
insider purchases. For insider sales, transactions that imply significant litigation and reputational
risks, the profitability is significantly lower for family insiders compared to nonfamily insiders. We
also distinguish between family insiders who are actively involved in the firm and family insiders
who are significant shareholders but not otherwise involved in the firm. The profitability of insider
sales is significantly higher for family insiders without management involvement, who are thereby
under less regulatory scrutiny, compared to insider sales by family insiders with an active management role.
原文链接：
https://editorialexpress.com/cgi-bin/conference/download.cgi?db_name=AFAPS2020&paper_id=176
3、Investor Attention and Market Return Predictability
Working paper
,
issued in July 2019.
Zhi Da,
University of Notre Dame
Jian Hua,
Bar
uch College
Chih-Ching Hung,
Baruch College
Lin Peng,
City University of New York-Baruch College
We find that aggregated retail attention to individual stocks (ARA) strongly and negatively predicts
future market returns. The predictability is robust and persists across a wide range of horizons from one
day to four weeks ahead. A one standard deviation increase in ARA is followed by a negative market
return of 26 basis points over the next five trading days, and the predictability is stronger during periods
of high investor sentiment. In contrast, aggregated institutional attention or direct retail attention to
the market factor does not exhibit this predictability. Our results suggest that the interaction of high
retail attention to individual stocks and high investor sentiment drives marketwide overvaluation.
原文链接：
https://editorialexpress.com/cgi-bin/conference/download.cgi?db_name=AFAPS2020&paper_id=178
4、Competition and Product Development Innovation: The Case of Newly Launched Trademarks
