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作者：Amaral, Francisco; Dohmen, Martin; Kohl, Sebastian; Schularick, Moritz
作者单位：University of Zurich; Swiss Finance Institute (SFI); University of Bonn; Free University of Berlin; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW); Institut d'Etudes Politiques Paris (Sciences Po)
摘要：This paper makes the first comprehensive attempt to study within-country heterogeneity of housing returns. We introduce a new city-level data set covering 15 OECD countries over 150 years and show that national housing markets are characterized by systematic spatial variation in housing returns. Total returns in large agglomerations are close to 100 basis points lower per year than in other parts of the same country. Excess returns outside the large cities can be rationalized as compensation f...
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作者：Jimenez, Gabriel; Kuvshinov, Dmitry; Peydro, Jose-luis; Richter, Bjorn
作者单位：Banco de Espana; Pompeu Fabra University; Centre for Economic Policy Research - UK; Luiss Guido Carli University; Pompeu Fabra University
摘要：We show that a U-shaped monetary rate path increases banking crisis risk, via credit and asset price cycles, analyzing 17 countries over 150 years. Rate hikes (raw or instrumented) increase crisis risk, but only if preceded by prolonged cuts. These patterns are unique to banking crises, unlike noncrisis recessions. Regarding the mechanism, prolonged cuts raise the likelihood of large credit and asset price booms, consistent with higher credit supply and risk-taking. Subsequent hikes strongly r...
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作者：Ghosh, Pulak; Vallee, Boris; Zeng, Yao
摘要：Borrowers' use of cashless payments improves their access to capital from FinTech lenders and predicts a lower probability of default. These relationships are stronger for cashless technologies providing more precise information, and for outflows. Cashless payment usage complements other signals of borrower quality. We rationalize these empirical findings using a framework in which borrowers signal their lower likelihood of diverting cash flows through payment technology choice, and screening ...
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作者：Borgschulte, Mark; Guenzel, Marius; Liu, Canyao; Malmendier, Ulrike
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; IZA Institute Labor Economics; University of Pennsylvania; University of California System; University of California Berkeley; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：We assess the long-term effects of managerial stress on aging and mortality. Using a difference-in-differences design, we apply neural network-based machine-learning techniques to CEOs' facial images and show that exposure to industry distress shocks during the Great Recession produces visible signs of aging. We estimate a one-year increase in apparent age. Moreover, using data on CEOs since the mid-1970s, we estimate a 1.1-year decrease in life expectancy after an industry distress shock, but...
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作者：Coimbra, Nuno; Gomes, Francisco; Michaelides, Alexander; Shen, Jialu
作者单位：European Central Bank; Bank of France; Centre for Economic Policy Research - UK; University of London; London Business School; Imperial College London; Fudan University
摘要：We show that incorporating defined benefit pension funds in an incomplete markets asset pricing model improves its ability to match the historical equity premium and riskless rate and has important risk-sharing implications. We document the importance of the pension fund's size and asset demands, and a new risk channel arising from fluctuations in the fund's returns. We use our calibrated model to study the implications of a shift to an economy with defined contribution plans. The new steady s...
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作者：Hanley, Kathleen
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作者：Michaud, Pierre-Carl; St-Amour, Pascal
作者单位：Universite de Montreal; HEC Montreal; National Bureau of Economic Research; Universite de Montreal
摘要：Annuities, long-term care insurance, and reverse mortgages remain puzzlingly unpopular to manage post-retirement longevity, health, and housing price risks. We use a flexible life-cycle model structurally estimated with a unique stated-preference survey experiment of Canadian households to understand why. Key factors include high risk aversion, concern over long-run risks, strong discounting of valuation in disability states, imperfect housing substitutability, and bequest motives. The remaini...
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作者：Starks, Laura T.; Venkat, Parth; Zhu, Qifei
作者单位：University of Texas System; University of Texas Austin; U.S. Securities & Exchange Commission (SEC); National University of Singapore
摘要：We find that long-term institutional investors tilt their portfolios toward firms with better Environmental, Social, and Governance (ESG) profiles, in the cross sections of both institutional investor portfolios and the ownership of firms. We test whether several theoretically motivated mechanisms can explain this relationship. Our results that long-term investors exhibit patience with firms around poor earnings announcements, but quickly sell portfolio firms after negative ES incidents, suppo...
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作者：Malenko, Andrey; Malenko, Nadya; Spatt, Chester
作者单位：Boston College; Carnegie Mellon University
摘要：We analyze how a profit-maximizing proxy advisor designs vote recommendations and research reports. The advisor benefits from producing informative, unbiased reports, but only partially informative recommendations, biased against the a priori likely alternative. Such recommendations induce close votes, increasing controversy and thereby the relevance and value of proxy advice. Our results suggest shifting from an exclusive emphasis on recommendations, highlighting the importance of both report...
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作者：Ewens, Michael; Malenko, Nadya
作者单位：Columbia University; National Bureau of Economic Research; Boston College
摘要：We explore the dynamics of venture capital (VC)-backed startup boards using novel data on director entry, exit, and characteristics. At formation, a typical board is entrepreneur-controlled. Independent directors join the median board after the second financing and hold a tie-breaking vote. Their presence is particularly likely when potential VC-entrepreneur conflicts are larger. At later stages, control switches to VCs and independent director characteristics change. These patterns align with...
