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作者：Simsek, Alp
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：I investigate the effect of financial innovation on portfolio risks when traders have belief disagreements. I decompose traders' average portfolio risks into two components: the uninsurable variance, defined as portfolio risks that would obtain without belief disagreements, and the speculative variance, defined as portfolio risks that result from speculation. My main result shows that financial innovation always increases the speculative variance through two distinct channels: by generating ne...
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作者：Burchardi, Konrad B.; Hassan, Tarek A.
作者单位：University of Chicago; National Bureau of Economic Research
摘要：We use the fall of the Berlin Wall in 1989 to show that personal relationships which individuals maintain for noneconomic reasons can be an important determinant of regional economic growth. We show that West German households who had social ties to East Germany in 1989 experienced a persistent rise in their personal incomes after the fall of the Berlin Wall. Moreover, the presence of these households significantly affects economic performance at the regional level: it increases the returns to...
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作者：Kroft, Kory; Lange, Fabian; Notowidigdo, Matthew J.
作者单位：University of Toronto; McGill University; University of Chicago; National Bureau of Economic Research
摘要：This article studies the role of employer behavior in generating negative duration dependence-the adverse effect of a longer unemployment spell-by sending fictitious resumes to real job postings in 100 U.S. cities. Our results indicate that the likelihood of receiving a callback for an interview significantly decreases with the length of a worker's unemployment spell, with the majority of this decline occurring during the first eight months. We explore how this effect varies with local labor m...
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作者：Bidner, Chris; Francois, Patrick
作者单位：University of New South Wales Sydney; University of British Columbia
摘要：When and how do democratic institutions deliver accountable government? In addressing this broad question, we focus on the role played by political norms-specifically, the extent to which leaders abuse office for personal gain and the extent to which citizens punish such transgressions. We show how qualitatively distinct political norms can coexist because of a dynamic complementarity, in which citizens' willingness to punish transgressions is raised when they expect such punishments to be use...
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作者：Kacperczyk, Marcin; Schnabl, Philipp
作者单位：New York University; National Bureau of Economic Research; New York University; Center for Economic & Policy Research (CEPR)
摘要：We examine the risk-taking behavior of money market funds during the financial crisis of 2007-2010. We find that (1) money market funds experienced an unprecedented expansion in their risk-taking opportunities; (2) funds had strong incentives to take on risk because fund inflows were highly responsive to fund yields; (3) funds sponsored by financial intermediaries with more money fund business took on more risk; and (4) funds suffered runs as a result of their risk taking. This evidence sugges...
