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作者：Battiston, Diego; Blanes I Vidal, Jordi; Hortala-Vallve, Rafael; Lou, Dong
作者单位：University of Edinburgh; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Hong Kong University of Science & Technology
摘要：We use granular data from an investment firm and a credible identification strategy to estimate the effect of financial advisors' incentives on client investments. Exploiting a natural experiment triggered by the 2018 implementation of Markets in Financial Instruments Directive II (MiFID II), we find that clients' investments respond strongly to changes in advisor incentives. Advisors react through multiple mechanisms: (i) inducing existing clients to bring in new money, (ii) channeling it to ...
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作者：Dai, Min; Qin, Cong; Wang, Neng
作者单位：Hong Kong Polytechnic University; Hong Kong Polytechnic University; Shanghai University of Finance & Economics
摘要：An investor receives utility bursts from realizing gains and losses at the individual stock level and dynamically allocates his mental budget between risky and risk-free assets at the trading account level. Using savings, he reduces his stockholdings and is more willing to realize losses. Using leverage, he increases his stockholdings beyond his mental budget and is more reluctant to realize losses. While leverage strengthens the disposition effect, introducing leverage constraints mitigates i...
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作者：Hoffmann, Florian; Vladimirov, Vladimir
作者单位：University of Amsterdam
摘要：We investigate a seller's strategic choice between optimally structured negotiations with fewer bidders and an auction with more competing bidders when payments can have a contingent component, as is common in mergers and acquisitions (M&A), patent licensing, and employee compensation. The key factor favoring negotiations is that it allows the seller to set her preferred payment structure-that is, the revenue-maximizing mix of cash and contingent pay; reserve prices are of secondary importance...
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作者：Benhabib, Jess; Li, Zhaorui; Liu, Xuewen; Wang, Pengfei
作者单位：New York University; Shanghai Jiao Tong University; University of Hong Kong; Peking University
摘要：This paper studies asset pricing under expectations-based reference-dependent preferences in a general equilibrium framework. We show that reference-dependent preferences can generate self-fulfilling risk panics, producing sentiment-driven asset price fluctuations through a feedback loop between current prices and perceived future downside risk-dynamics impossible under standard expected utility. The model helps explain empirical puzzles including (i) excess volatility, (ii) asymmetric volatil...
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作者：Gertsberg, Marina
摘要：How did #MeToo alter collaboration between women and men? I show junior female researchers start fewer projects after #MeToo. A decrease in collaborations with male coauthors-especially new senior male coauthors at the same institution-largely explains the decline. The decrease is larger at universities with higher perceived harassment accusation risk and smaller where both women and men publicly express greater awareness of gender issues. I find no evidence that reduced collaboration improves...
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作者：Correa, Ricardo; He, Ai; Herpfer, Christoph; Lel, Ugur
作者单位：University of South Carolina System; University of South Carolina Columbia; University of Virginia; University System of Georgia; University of Georgia
摘要：Banks adjust loan spreads after observing natural disasters linked to climate change. We isolate this updating process by identifying loans to borrowers at risk of, but not directly affected by, such disasters. Loan spreads for these borrowers spike in both primary and secondary markets, while no such updating occurs for non-climate-related disasters. Evidence suggests a heightened perceived credit risk, which nonetheless cannot fully explain the increase in rates. Taken altogether, increased ...
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作者：Becht, Marco; Franks, Julian; Wagner, Hannes F.
摘要：We use large language models to analyze the content of 4,700 private meetings between a large active asset manager and its portfolio firms. The high-level meetings convey mostly soft information about the firm, and little about industry or market. Fund manager meetings focus on business models and financial metrics, while governance specialist meetings focus on environmental, social, and governance risks; 0.4% of meetings discuss material nonpublic information. Trades by fund managers increase...
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作者：Maenhout, Pascal J.; Xing, Hao; Balter, Anne G.
作者单位：INSEAD Business School; Boston University; Tilburg University
摘要：We study aversion to model ambiguity and misspecification in dynamic portfolio choice. Risk-averse investors (relative risk aversion ) fear return persistence, while risk-tolerant investors () fear mean reversion, when confronting model misspecification concerns of identically and independently distributed (IID) returns. The intuition is that risk-averse investors, who want to hedge intertemporally, endogenously fear return persistence, which precludes hedging. A log investor is myopic and una...
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作者：Laudenbach, Christine; Malmendier, Ulrike; Niessen-Ruenzi, Alexandra
作者单位：Goethe University Frankfurt; University of California System; University of California Berkeley; University of Mannheim
摘要：We show that exposure to anti-capitalist ideology can exert a lasting influence on attitudes toward capital markets and stock market participation. Using novel survey, bank, and broker data, we document that, decades after Germany's reunification, East Germans invest significantly less in stocks and hold more negative views on capital markets. Effects vary by personal experience under communism. Results are strongest for individuals who remember life in the German Democratic Republic positivel...
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作者：Hirshleifer, David; Mai, Dat; Pukthuanthong, Kuntara
作者单位：University of Southern California; University of Missouri System; University of Missouri Columbia
摘要：A war-related factor model derived from textual analysis of media news reports explains the cross section of expected stock returns. Using a semisupervised topic model to extract discourse topics from 7,000,000 New York Times stories spanning 160 years, the war factor predicts the cross section of returns across test assets derived from both traditional and machine learning construction techniques, and spanning 138 anomalies. Our findings are consistent with assets that are good hedges for war...
