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作者：van Binsbergen, Jules; Hua, Sophia; Peeters, Jonas; Wachter, Jessica
作者单位：University of Pennsylvania; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Using international data, we quantify the magnitude of survivorship bias in U.S. equity market performance, finding that it explains about one-third of the equity risk premium in the past century. We model the subjective crash belief of an investor who infers the crash risk in the United States by cross-learning from other countries. The U.S. crash probability shows a persistent and widening divergence from the implied global average. We attribute the upward bias in the measured equity premium...
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作者：Chen, Jun; Ewens, Michael
作者单位：Columbia University
摘要：This paper examines venture capital's (VC) role in the geographic clustering of high-growth startups. We exploit a rule change that disproportionately impacted U.S. regions that historically lacked VC financing via a restriction of banks to invest in the asset class. A one-standard-deviation increase in VCs' exposure to the rule led to a 20% decline in fund size and a 10% decrease in the likelihood of raising a follow-on fund. Startups were not wholly cushioned: financing and valuations declin...
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作者：Schoar, Antoinette
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作者：Jochem, Torsten; Ormazabal, Gaizka; Rajamani, Anjana
作者单位：University of Amsterdam; University of Navarra; IESE Business School; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：This paper documents a new stylized fact: the cross-sectional variation in CEO pay levels has declined precipitously in recent years. We offer one explanation for this decline, namely, firms are increasingly benchmarking CEO compensation to industry peers closest in size, thereby creating pay clusters. Our empirical tests provide support for this explanation and suggest that the rise of industry-size benchmarking is driven by three institutional factors: the mandatory disclosure of compensatio...
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作者：Stavrakeva, Vania; Tang, Jenny
作者单位：University of London; London Business School; Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：Conventional wisdom holds that lowering a home country's interest rate relative to another's will depreciate the domestic currency. We document that, at business-cycle frequencies, U.S. forward guidance monetary policy easings had the opposite effect during the Great Recession. We attribute this effect to calendar-based forward guidance that signaled economic weakness, resulting in a flight-to-safety effect and lower expected U.S. inflation. We also document cross-currency heterogeneity: a sur...
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作者：Anderson, Alyssa; Du, Wenxin; Schlusche, Bernd
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Harvard University
摘要：We study the impact of the U.S. money market fund reform implemented in October 2016 on global banks' funding supply and business activities. We show that the reform induced a large negative wholesale funding shock for global banks. In contrast to the conventional bank lending channel, the primary response of global banks to the reform was a cutback in arbitrage positions that relied on unsecured funding, rather than a reduction in loan provision. We discuss the role of postcrisis liquidity re...
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作者：Parker, Jonathan A.; Schoar, Antoinette; Cole, Allison; Simester, Duncan
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Arizona State University; Arizona State University-Tempe
摘要：Using account-level data on millions of U.S. middle-class investors over 2006 to 2018, we characterize the share of investable wealth that they hold in the stock market over their working lives. Relative to the 1990s, this share has both risen by 10% and become age-dependent. The Pension Protection Act (PPA)-which allowed target date funds (TDFs) to be default options in retirement plans-played an important role: younger (older) workers starting at a firm after TDFs became the default option p...
