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作者：Berndt, Antje; Duffie, Darrell; Zhu, Yichao
作者单位：Australian National University; Stanford University
摘要：For globally systemically important banks (GSIBs) with US headquarters, we find significant reductions in market-implied probabilities of government bailout after the Global Financial Crisis (GFC), along with roughly 170 percent higher wholesale debt financing costs for these banks after controlling for insolvency risk. Since the GFC, bank creditors appear to expect much larger losses in the event that a GSIB approaches insolvency. In this sense, we estimate a decline of too big to fail. (G01,...
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作者：Shepard, Mark; Wagner, Myles
作者单位：Harvard University; National Bureau of Economic Research; University System of Ohio; Ohio State University
摘要：Are application hassles, or ordeals, an effective way to limit public program enrollment? We provide new evidence by studying (removal of) an auto-enrollment policy for health insurance, adding an extra step to enroll. This minor ordeal has a major impact, reducing enrollment by 33 percent and differentially excluding young, healthy, and economically disadvantaged people. Using a simple model, we show adverse selection-a classic feature of insurance markets-undermines ordeals'standard rational...
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作者：Haddad, Valentin; Huebner, Paul; Loualiche, Erik
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Stockholm School of Economics; University of Minnesota System; University of Minnesota Twin Cities
摘要：The conventional wisdom in finance is that competition is fierce among investors: if a group changes its behavior, others adjust their strategies such that nothing happens to prices. We estimate a demand system with flexible strategic responses for institutional investors in the US stock market. When less aggressive traders surround an investor, she adjusts by trading more aggressively. However, this strategic reaction only counteracts two-thirds of the impact of the initial change in behavior...
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作者：Rexer, Jonah M.
作者单位：The World Bank
摘要：Multinationals in the extractive sectors of weak states face resource theft by armed groups. Criminality is often abetted by state corruption, even though firms are willing to pay for protection. I study indigenization in Nigeria's oil sector, which increased local firms' participation substantially. Despite lower quality, local firms increase output by reducing oil theft. A bargaining model illustrates that political connections align law enforcement incentives, solving commitment problems. D...
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作者：Benetton, Matteo; Gavazza, Alessandro; Surico, Paolo
作者单位：University of California System; University of California Berkeley; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：This paper examines how central bank policies influence mortgage pricing in the United Kingdom. It shows that lenders price discriminate by offering two-part tariffs of interest rates and origination fees, and during unconventional monetary policies like the Funding for Lending Scheme, lenders reduced interest rates while increasing fees. Using a model of mortgage demand and lender competition, we find that central bank policies increased mortgage lending. Additionally, banning origination fee...
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作者：Doraszelski, Ulrich; Seim, Katja; Sinkinson, Michael; Wang, Peichun
作者单位：University of Pennsylvania; Yale University; Yale University; Northwestern University; University of Hong Kong
摘要：We explore the implications of ownership concentration for the recently concluded incentive auction that repurposed spectrum from broadcast TV to mobile broadband usage in the United States. We document significant multilicense ownership of TV stations. We show that in the reverse auction, in which TV stations bid to relinquish their licenses, multilicense owners have an incentive to withhold some TV stations to drive up prices for their remaining TV stations. Using a large-scale valuation and...
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作者：Clayton, Christopher; Dos Santos, Amanda; Maggiori, Matteo; Schreger, Jesse
作者单位：Yale University; Columbia University; Stanford University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Columbia University
摘要：We empirically characterize how China is internationalizing its bond market by staggering the entry of different types of foreign investors into its domestic market and propose a dynamic reputation model to explain this strategy. Our framework rationalizes China's strategy as trying to build credibility as a safe issuer while reducing the cost of capital flight. We use our framework to shed light on China's response to episodes of capital outflows. (JEL E44, F38, G12, G15, G23, O16, P34)
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作者：Acampora, Michelle; Casaburi, Lorenzo; Willis, Jack
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; University of Zurich; Columbia University
摘要：Do land market frictions cause misallocation in agriculture? In a field experiment in western Kenya, we randomly subsidize owners to rent out land. Induced rentals mostly persist after the subsidy ends and increase output and value added, consistent with misallocation. Gains from trade arise from renters choosing higher-value crops, having higher productivity, and adopting more nonlabor inputs, while renters use similar quantities of labor as owners. Induced rentals are not those with the larg...
