-
作者：Bybee, Leland; Kelly, Bryan; Manela, Asaf; Xiu, Dacheng
作者单位：Yale University; National Bureau of Economic Research; Washington University (WUSTL); University of Chicago
摘要：We propose an approach to measuring the state of the economy via textual analysis of business news. From the full text of 800,000 Wall Street Journal articles for 1984 to 2017, we estimate a topic model that summarizes business news into interpretable topical themes and quantifies the proportion of news attention allocated to each theme over time. News attention closely tracks a wide range of economic activities and can forecast aggregate stock market returns. A text-augmented vector autoregre...
-
作者：Acharya, Viral V.; Rajan, Raghuram
作者单位：New York University; Centre for Economic Policy Research - UK; European Corporate Governance Institute; National Bureau of Economic Research; University of Chicago
摘要：Central bank balance sheet expansion, through actions like quantitative easing, is run through commercial banks. While this increases liquid central bank reserves held on commercial bank balance sheets, demandable uninsured deposits issued to finance the reserves also increase. Subsequent shrinkage in the central bank balance sheet may entail shrinkage in bank-held reserves without a commensurate reduction in deposit claims. Furthermore, during episodes of liquidity stress, when many claims on...
-
作者：D'Avernas, Adrien; Vandeweyer, Quentin
作者单位：Stockholm School of Economics; Swedish House of Finance; University of Chicago
摘要：We propose a model of post-Great Financial Crisis (GFC) money markets and monetary policy implementation. In our framework, capital regulation may deter banks from intermediating liquidity derived from holding reserves to shadow banks. Consequently, money markets can be segmented, and the scarcity of Treasury bills available to shadow banks is the main driver of short-term spreads. In this regime, open market operations have an inverse effect on net liquidity provision when swapping ample rese...
-
作者：Buchak, Greg
作者单位：Stanford University; Stanford University
摘要：Unlike traditional firm production, gig economy workers provide their own physical capital. As a consequence, the low-income households for whom gig economy opportunities are most valuable often borrow to participate. In the context of ride share, difference-in-difference analysis reveals increased vehicle purchases, borrowing, utilization, and employment around entry, but financially constrained individuals cannot participate. To assess the equilibrium importance of financing, I build and est...
-
作者：Barber, Brad M.; Huang, Xing; Jorion, Philippe; Odean, Terrance; Schwarz, Christopher
作者单位：University of California System; University of California Davis; Washington University (WUSTL); University of California System; University of California Irvine; University of California System; University of California Berkeley; University of California System; University of California Irvine
摘要：We placed 85,000 retail trades in six retail brokerage accounts from December 2021 to June 2022 to validate the Boehmer et al. algorithm, which uses subpenny trade prices to identify and sign retail trades. The algorithm identifies 35% of our trades as retail, incorrectly signs 28% of identified trades, and yields uninformative order imbalance measures for 30% of stocks. We modify the algorithm by signing trades using the quoted spread midpoints. The quote midpoint method does not affect ident...
-
作者：Ferreira, Daniel; Nikolowa, Radoslawa
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of London; Queen Mary University London; University of London; London School Economics & Political Science
摘要：We develop a theory in which financial (and other professional services) firms design career structures to sell prestigious jobs to qualified candidates. Firms create less prestigious entry-level jobs, which serve as currency for employees to pay for the right to compete for the more prestigious jobs. In optimal career structures, entry-level employees (associates) compete for better-paid and more prestigious positions (managing directors or partners). The model provides new implications relat...
-
作者：Hau, Harald; Huang, Yi; Lin, Chen; Shan, Hongzhe; Sheng, Zixia; Wei, Lai
作者单位：University of Geneva; Swiss Finance Institute (SFI); Fudan University; University of Hong Kong; Lingnan University
摘要：Based on automated credit lines to vendors trading on Alibaba's online retail platform and a discontinuity in the credit decision algorithm, we document that a vendor's access to FinTech credit boosts its sales growth, transaction growth, and the level of customer satisfaction gauged by product, service, and consignment ratings. These effects are more pronounced for vendors characterized by greater information asymmetry about their credit risk and less collateral, which reveals the information...
-
作者：Ewens, Michael; Nanda, Ramana; Stanton, Christopher
作者单位：Columbia University; Imperial College London; Harvard University
摘要：We show theoretically that a critical determinant of the attractiveness of venture capital (VC)-backed entrepreneurship for high-earning potential founders is the expected time to develop a startup's initial product. This is because founder-CEOs' cash compensation increases substantially after product development, alleviating the nondiversifiable risk that founders face at startup birth. Consistent with the model's predictions of where the supply of entrepreneurial talent is likely to be most ...
-
作者：Begenau, Juliane; Siriwardane, Emil N.
作者单位：Stanford University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Harvard University; Stanford University
摘要：We study how investment fees vary within private equity funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management- and performance-based fees. Managers of venture capital funds and those in high demand are less likely to use multiple fee schedules. Some investors consistently pay lower fees relative to others within their funds. Investor size, experience, and past performance explain some but not all of t...
-
作者：Charles, Constantin; Frydman, Cary; Kilic, Mete
作者单位：University of London; London School Economics & Political Science; University of Southern California
摘要：We experimentally study the transmission of subjective expectations into actions. Subjects in our experiment report valuations that are far too insensitive to their expectations, relative to the prediction from a frictionless model. We propose that the insensitivity is driven by a noisy cognitive process that prevents subjects from precisely computing asset valuations. The empirical link between subjective expectations and actions becomes stronger as subjective expectations approach rational e...
