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作者：Ben-David, Itzhak; Bhattacharya, Utpal; Huang, Ruidi; Jacobsen, Stacey
作者单位：University System of Ohio; Ohio State University; National Bureau of Economic Research; Hong Kong University of Science & Technology; Southern Methodist University
摘要：Cumulative abnormal returns (CARs) computed around acquisition announcements are widely considered to be market-based assessments of expected value creation. We show, however, that announcement returns do not correlate with commonly used and new measures of ex post outcomes. A simple characteristics-based model using standard information known at the announcement date can predict these outcomes reasonably well, yet CAR even fails to capture the predictions from this model. Evidence suggests th...
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作者：Oh, Sangmin S.; Sen, Ishita; Tenekedjieva, Ana-Maria
作者单位：Columbia University; Harvard University; Centre for Economic Policy Research - UK; Arizona State University; Arizona State University-Tempe
摘要：Homeowners insurance is central to managing the rising losses from climate-related disasters. We show that insurance premiums are subject to starkly different regulations across states, creating persistent cross-subsidies and price distortions. We employ states' regulatory rules in an instrumental variable estimation and a border discontinuity design to show insurers do not adjust rates in highly regulated states and compensate by raising rates in less regulated states. Rates and risks diverge...
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作者：Di Maggio, Marco; Kalda, Ankit; Yao, Vincent
作者单位：Imperial College London; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University System of Georgia; Georgia State University
摘要：We exploit an episode of plausibly random debt discharge due to the loss of paperwork for thousands of defaulted borrowers to examine the effects of private student debt relief on borrower outcomes. We find that borrowers who receive debt relief (treated) experience declines in debt balances and delinquency rates on other accounts, and increases in mobility and income relative to those who bear the costs of default like wage garnishment and collections (control). Borrowers in both groups contr...
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作者：Krishnamurthy, Arvind
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作者：Gala, Vito D.; Gomes, Joao F.; Liu, Tong
作者单位：University of Chicago; University of Pennsylvania; Massachusetts Institute of Technology (MIT)
摘要：We propose a new method to estimate the marginal value of capital under minimal assumptions. By combining asset prices with fundamentals, our method provides a quasi-model-free marginal q together with a simple correction for measurement error in (average) Tobin's Q using linear regressions. Marginal q yields plausible and robust estimates of adjustment costs and investment sensitivities to fundamentals. The widening gap between marginal q and Tobin's Q is driven primarily by market power and ...
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作者：Diamond, William; Van Tassel, Peter
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：We infer risk-free rates from index option prices to estimate safe asset convenience yields in 10 G11 currencies. Countries' convenience yields increase with the level of their interest rates, with U.S. convenience yields fifth largest. During financial crises, convenience yields grow, but the difference between United States and foreign convenience yields generally does not. Covered interest parity (CIP) deviations using our option-implied rates are a similar size between the United States an...
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作者：Yin, Xiao
作者单位：University of London; University College London; University of London; University College London
摘要：Combining a randomized controlled trial with administrative and survey data, this paper shows that credit limit extensions significantly increase total spending and income expectations. By controlling for changes in personal income expectations, the spending response to credit limit extensions weakens by approximately 30%. For financially unconstrained consumers, expectation changes account for around two-thirds of the spending responses to limit extensions. These findings are consistent with ...
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作者：Olsson, Martin; Tag, Joacim
作者单位：Research Institute of Industrial Economics (IFN)
摘要：Privatization of state-owned enterprises is on the agenda across the globe. Using Swedish data covering two decades, we show that productivity gains and headcount reductions are associated with economic costs for incumbent workers. Workers experience income losses and higher unemployment, but half of the losses are covered by the social safety net. We also find small positive effects on entrepreneurship and cash holdings but no meaningful effects on other labor market, family, health, or house...
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作者：Guenzel, Marius
作者单位：University of Pennsylvania
摘要：Sunk costs are unrecoverable costs that should not affect decision making. I provide evidence that firms systematically fail to ignore sunk costs and that this leads to significant investment distortions. In fixed-exchange-ratio stock mergers, aggregate market fluctuations after parties enter into a binding merger agreement induce plausibly exogenous variation in the final acquisition cost. These quasi-random cost shocks strongly predict firms' commitment to an acquired business following deal...
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作者：Frame, W. scott; Huang, Ruidi; Jiang, Erica xuewei; Lee, Yeonjoon; Liu, Will shuo; Mayer, Erik J.; Sunderam, Adi
作者单位：Southern Methodist University; University of Southern California; Federal Reserve System - USA; Federal Reserve Bank - Richmond; City University of Hong Kong; University of Wisconsin System; University of Wisconsin Madison; Harvard University; National Bureau of Economic Research
摘要：We study links between the labor market for loan officers and access to mortgage credit. Using novel data matching mortgage applications to loan officers, we find that minorities are underrepresented among loan officers. Minority borrowers are less likely to complete mortgage applications, have completed applications approved, and to ultimately take up a loan. These disparities are reduced when minority borrowers work with minority loan officers. These pairings also lead to lower default rates...
