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作者：Meyer, Steffen; Pagel, Michaela
作者单位：University of Southern Denmark; Danish Finance Institute; Columbia University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We analyze how individuals reinvest realized capital gains and losses exploiting plausibly exogenous sales due to mutual fund liquidations. Individuals reinvest 83% if a forced sale results in a gain relative to the initial investment; but reinvest only 40% in the event of a loss. This difference is statistically significant for more than six months and arises because many individuals forced to realize a loss choose not to reinvest anything and some even exit the stock market altogether. Indiv...
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作者：Mueller, Holger; Yannelis, Constantine
作者单位：National Bureau of Economic Research; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of Chicago
摘要：We report evidence from a randomized field experiment conducted by a major student loan servicer, Navient, in which student loan borrowers received prepopulated applications for income-driven repayment (IDR) plans. Treatment increased IDR enrollment by 34 percentage points relative to the control group. Using the random treatment assignment as an instrument for IDR enrollment, we furthermore provide local average treatment effect (LATE) estimates of the effects of IDR enrollment on new delinqu...
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作者：Dennis, Patrick; Gerardi, Kristopher; Schenone, Carola
作者单位：University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：Institutions often own equity in multiple firms that compete in the same product market. Prior research has shown that these institutional common owners induce anticompetitive pricing behavior in the airline industry. This paper reevaluates this evidence and shows that the documented positive correlation between common ownership and airline ticket prices stems from the market share component of the common ownership measure, and not the ownership and control components. We further show that the...
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作者：Nawalkha, Sanjay K.; Zhuo, Xiaoyang
作者单位：University of Massachusetts System; University of Massachusetts Amherst; Beijing Institute of Technology
摘要：This paper introduces a dynamic change of measure approach for computing analytical solutions of expected future prices (and therefore, expected returns) of contingent claims over a finite horizon. The new approach constructs hybrid probability measures called equivalent expectation measures (EEMs) that provide the physical expectation of the claim's future price before the horizon date, and serve as pricing measures on or after the horizon date. The EEM theory can be used for empirical invest...
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作者：Xu, Qiping; Zwick, E.
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作者：Schallheim, Jim
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作者：Hacamo, Isaac; Kleiner, Kristoph
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：Conventional wisdom suggests that labor market distress drives workers into temporary self-employment, lowering entrepreneurial quality. Analyzing employment histories for 640,000 U.S. workers, we document that graduating college during a period of high unemployment does increase entry to entrepreneurship. However, compared to voluntary entrepreneurs, firms founded by forced entrepreneurs are more likely to survive, innovate, and receive venture backing. Explaining these results, we confirm th...
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作者：Barrot, Jean-Noel; Loualiche, Erik; Plosser, Matthew; Sauvagnat, Julien
作者单位：Hautes Etudes Commerciales (HEC) Paris; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - New York; Bocconi University
摘要：We analyze the effect of import competition on household balance sheets using individual data on consumer finances. We exploit variation in local industry exposure to foreign competition to study households' response to the income shock triggered by China's accession to the World Trade Organization. We show that household debt increases significantly in regions where manufacturing industries are more exposed to import competition. The effects are driven by home equity extraction and are concen...
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作者：Dick-Nielsen, Jens; Gyntelberg, Jacob; Thimsen, Christoffer
作者单位：Copenhagen Business School; Danish Finance Institute; Aarhus University
摘要：We extract cost of capital measures for banks using analyst earnings forecasts, which we show are unbiased. We find that the cost of equity and the cost of debt decrease in the Tier 1 ratio, whereas total cost of capital is uncorrelated with the Tier 1 ratio. These findings suggest that investors adjust their return expectations for banks in accordance with the Modigliani-Miller conservation-of-risk principle. Hence, increased capital requirements are not made socially costly based on a notion...
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作者：Pursiainen, Vesa
作者单位：University of St Gallen
摘要：A more positive cultural trust bias by an equity analyst's country of origin toward a firm's headquarter country is associated with significantly more positive stock recommendations. The cultural bias effect is stronger for eponymous firms whose names mention their home country and varies over time, increasing with negative sentiment. I find evidence of a negative North-South bias during the European debt crisis and United Kingdom-Europe divergence amid Brexit. Share price reactions to recomme...
