期刊-NBER美国国民经济研究局-Winter1994-95_1_38页_2mb

NBER Reporter Summary - Winter 1994/5

Core Content

The NBER Reporter for Winter 1994/5 provides an overview of recent research in corporate finance and related economic topics. It highlights studies on corporate restructuring, bankruptcy and financial distress, the role of credit, and international comparisons of corporate governance and financing practices. The report also includes a detailed analysis of the political economy of workers' compensation in the early twentieth century.

Main Research Areas and Key Findings

1. Corporate Finance

• Establishment: The NBER's Program in Corporate Finance was established in 1991, building on earlier financial markets and monetary economics research.
• Scope: Corporate finance research includes investment, financing, dividend decisions, and issues related to internal organization, ownership structure, and corporate governance.
• Focus: Studies are primarily empirical, using firm-level data to explore relevant applied theories.

Corporate Restructuring

• Background: Intensive restructuring activity in the late 1980s, including mergers, acquisitions, and leveraged buyouts, sparked public debate.
• Findings:
  • Mergers and acquisitions may not always lead to significant synergies; many are driven by management interests rather than shareholder value.
  • Over 50% of acquisitions in the 1980s were met with negative shareholder reactions.
  • Restructuring may have helped firms move away from diversification toward specialization.
  • Antitrust policy since 1982 may have contributed to this favorable reconfiguration.

Banks and the Role of Credit

• Research Focus: The role of banks in credit transmission and financial distress.
• Key Findings:
  • Monetary tightening is correlated with increased use of commercial paper and reduced bank financing.
  • Small and medium firms are more affected by credit tightening than large firms.
  • Bank relationships can reduce credit constraints and allow for greater leverage.
  • In Japan, firms with bank relationships are less sensitive to cash flow fluctuations in investment decisions.

Bankruptcy and Financial Distress

• Research Focus: The impact of bankruptcy procedures and debt restructuring.
• Key Findings:
  • Junk bonds had higher default rates than previously thought, especially after accounting for unfavorable exchanges.
  • Bank financing may reduce the likelihood of out-of-court settlements.
  • Alternative bankruptcy procedures that separate asset deployment from distribution may improve efficiency.

International Comparisons

• Research Focus: Differences in corporate financing and governance systems across countries.
• Key Findings:
  • Bank-dominated systems (Japan, Germany) may offer better oversight of management compared to market-based systems (U.S., U.K.).
  • Leverage differences between countries are not as significant as previously believed.
  • Equity issuances by mature firms are more common abroad than in the U.S.
  • Japanese firms face less negative market reactions to equity issues than U.S. firms.
  • Corporate governance in Germany is not significantly different from the U.S. due to bank ownership.

Research Summary: The Political Economy of Workers' Compensation in the Early Twentieth Century

Key Points

• Introduction: Workers' compensation was the first large-scale social insurance program in the U.S., introduced at the state level in the 1910s.
• Shift in Liability Rules: It moved from negligence liability to strict liability, where employers were expected to replace up to two-thirds of a worker's lost earnings for serious workplace accidents.
• Impact on Workers: This shift led to significantly higher and more certain post-accident benefits for injured workers.
• Wage Offsets: Employer-mandated benefits often resulted in wage declines, with nonunion workers experiencing larger wage reductions than union workers.
• Insurance Availability: Workers' compensation was beneficial for risk-averse workers who were unable to access private insurance due to informational asymmetries and adverse selection.
• Political Compromises: The adoption of workers' compensation was shaped by political coalitions, including Progressives, and involved compromises between employers, unions, insurers, and other interest groups.
• Modern Implications: The current workers' compensation system is more generous, leading to higher costs. Reform discussions often involve shifting the financial burden back to workers, but this may be tempered by labor market adjustments.
• Insurance Industry Response: Insurers supported workers' compensation as it allowed them to expand coverage, but were reluctant to offer supplemental private insurance due to ongoing challenges.

Key Information

• NBER's Role: The NBER conducts empirical and theoretical research on corporate finance and related economic topics.
• Contributors: The research includes contributions from various NBER economists such as Robert W. Vishny, Steven N. Kaplan, and others.
• Funding: The study on workers' compensation was supported by the National Science Foundation Grant No. SBR-9223058.
• Policy Implications: The political and economic analysis of workers' compensation has implications for modern reform debates, suggesting that political power distribution will shape future changes.

Conclusion

The NBER Reporter highlights the evolving nature of corporate finance research, focusing on restructuring, credit, and bankruptcy. It also delves into the historical context of workers' compensation, emphasizing the interplay between economic outcomes, insurance availability, and political influences. These studies contribute to both academic understanding and practical policy considerations.