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作者：Goldsmith-Pinkham, Paul; Shue, Kelly
作者单位：Yale University; National Bureau of Economic Research; Yale University
摘要：Using detailed transactions data across the United States, we find that single women earn 1.5 percentage points lower annualized returns on housing relative to single men. Forty-five percent of the gap is explained by transaction timing and location. The remaining gap arises from a 2% gender difference in execution prices at purchase and sale. Consistent with a negotiation channel, women list for less and experience worse negotiated discounts. The gender gap shrinks in tight markets, where neg...
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作者：Gargano, Antonio; Giacoletti, Marco; Jarnecic, Elvis
作者单位：University of Houston System; University of Houston; University of Melbourne; University of Southern California; University of Sydney; University of Southern California
摘要：Recent local price growth explains differences in search behavior across prospective homebuyers. Those experiencing higher growth in their postcode of residence search more broadly across locations and house characteristics, without changing attention devoted to individual sales listings, and have shorter search duration. Effects are stronger for homeowners, in particular those living in less wealthy areas and looking for a new primary residence. We use reduced-form analysis and a quantitative...
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作者：Kyle, Albert S. S.; Obizhaeva, Anna A. A.; Wang, Yajun
作者单位：University System of Maryland; University of Maryland College Park; New Economic School; City University of New York (CUNY) System; Baruch College (CUNY); City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We study return predictability using a model of speculative trading among competitive traders who agree to disagree about the precision of private information. Although traders apply Bayes' Law consistently, returns are predictable. In addition to trading on long-term fundamental value, traders also trade on perceived short-term opportunities arising from foreseen future disagreement, as in a Keynesian beauty contest. Contradicting conventional wisdom, this short-term speculation dampens price...
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作者：Sockin, Michael; Xiong, Wei
作者单位：University of Texas System; University of Texas Austin; Princeton University; National Bureau of Economic Research
摘要：We examine decentralization of digital platforms through tokenization as an innovation to resolve the conflict between platforms and users. By delegating control to users, tokenization through utility tokens acts as a commitment device that prevents a platform from exploiting users. This commitment comes at the cost of not having an owner with an equity stake who, in conventional platforms, would subsidize participation to maximize the platform's network effect. This trade-off makes utility to...
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作者：Duffee, Gregory R.
作者单位：Johns Hopkins University; Johns Hopkins University
摘要：Revisions in successive Greenbook forecasts of quarterly real GDP growth proxy for news of current and expected future economic growth. In the sample 1975 through 2015, news of future growth is slightly negatively related to contemporaneous changes in Treasury bond yields, while news of current growth is strongly positively related to changes in these yields. Both results are difficult to reconcile with a representative agent's bondholding first-order condition. A continuous-time dynamic model...
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作者：Biais, Bruno; Bisiere, Christophe; Bouvard, Matthieu; Casamatta, Catherine; Menkveld, Albert J. J.
作者单位：Hautes Etudes Commerciales (HEC) Paris; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Vrije Universiteit Amsterdam
摘要：We offer a general equilibrium analysis of cryptocurrency pricing. The fundamental value of the cryptocurrency is its stream of net transactional benefits, which depend on its future prices. This implies that, in addition to fundamentals, equilibrium prices reflect sunspots. This in turn implies multiple equilibria and extrinsic volatility, that is, cryptocurrency prices fluctuate even when fundamentals are constant. To match our model to the data, we construct indices measuring the net transa...
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作者：Becker, Bo; Ivashina, Victoria
作者单位：Stockholm School of Economics; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Harvard University; National Bureau of Economic Research
摘要：We show that over the past half-century, innovative disruptions were central to understanding corporate defaults. In a given year, industries experiencing abnormally high venture capital or initial public offering activity subsequently see higher default rates, higher segment exits by conglomerates, and higher yields on bonds issued by the firms in these industries. Overall, we find that disruption is a broad phenomenon, negatively affecting incumbent firms across the spectrum of age, valuatio...
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作者：Kepler, John D. D.; Naiker, Vic; Stewart, Christopher R. R.
作者单位：Stanford University; University of Melbourne; University of Chicago; Stanford University
摘要：We examine whether and how firms structure their merger and acquisition deals to avoid antitrust scrutiny. There are approximately 40% more mergers and acquisitions (M & As) than expected just below deal value thresholds that trigger antitrust review. These stealth acquisitions tend to involve financial and governance contract terms that afford greater scope for negotiating and assigning lower deal values. We also show that the equity values, gross margins, and product prices of acquiring firm...
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作者：Graham, John R. R.; Kim, Hyunseob; Li, Si; Qiu, Jiaping
作者单位：Duke University; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Wilfrid Laurier University; McMaster University
摘要：An employee's annual earnings fall by 13% in the first full calendar year after her firm's bankruptcy, and the present value of lost earnings from bankruptcy to six years following bankruptcy is 87% of pre-bankruptcy annual earnings. More worker earnings are lost in thin labor markets and among small firms. Ex ante compensating wage differentials for this bankruptcy risk are up to 2% of firm value for a firm whose credit rating falls from AA to BBB, comparable in magnitude to debt tax benefits...
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作者：Starks, Laura T.
作者单位：University of Texas System; University of Texas Austin
摘要：In this address, I discuss differences across investor and manager motivations for considering sustainable finance-value versus values motivations-and how these differences contribute to misunderstandings about environmental, social, and governance investment approaches. The finance research community has the ability and responsibility to help clear up these misunderstandings through additional research, which I suggest.
