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作者：Berk, Jonathan B.; Van Binsbergen, Jules H.
作者单位：Stanford University; National Bureau of Economic Research; University of Pennsylvania
摘要：We model a market for a skill in short supply and high demand, where the presence of charlatans (professionals who sell a service they do not deliver on) is an equilibrium outcome. In the model, reducing the number of charlatans through regulation lowers consumer surplus because of the resulting reduction in competition among producers. Producers can benefit from this reduction, potentially explaining the regulation we observe. The effect on total surplus depends on the type of regulation. We ...
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作者：Atmaz, Adem; Basak, Suleyman
作者单位：Purdue University System; Purdue University; University of London; London Business School; Centre for Economic Policy Research - UK
摘要：We develop a stationary model of the aggregate stock market featuring both dividend-paying and no-dividend stocks within a familiar, parsimonious consumption-based equilibrium framework. We find that such a simple feature leads to profound implications supporting several stock market empirical regularities that leading consumption-based asset pricing models have difficulty reconciling. Namely, the presence of no-dividend stocks in the stock market leads to a lower correlation between stock mar...
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作者：Baghai, Ramin P.; Silva, Rui C.; Thell, Viktor; Vig, Vikrant
作者单位：Stockholm School of Economics; Universidade Nova de Lisboa; University of London; London Business School; Northwestern University
摘要：The importance of skilled labor and the inalienability of human capital expose firms to the risk of losing talent at critical times. Using Swedish microdata, we document that firms lose workers with the highest cognitive and noncognitive skills as they approach bankruptcy. In a quasi-experiment, we confirm that financial distress drives these results: following a negative export shock caused by exogenous currency movements, talent abandons the firm, but only if the exporter is highly leveraged...
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作者：Campbell, John Y.; Clara, Nuno; Cocco, Joao F.
作者单位：Harvard University; National Bureau of Economic Research; Duke University; University of London; London Business School; Center for Economic & Policy Research (CEPR)
摘要：We study mortgage design features aimed at stabilizing the macroeconomy. We model overlapping generations of borrowers and an infinitely lived risk-averse representative lender. Mortgages are priced using an equilibrium pricing kernel derived from the lender's endogenous consumption. We consider an adjustable-rate mortgage with an option that during recessions allows borrowers to pay only interest on their loan and extend its maturity. The option stabilizes consumption growth over the business...
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作者：Ke, Da
作者单位：University of South Carolina System; University of South Carolina Columbia
摘要：Using microdata from U.S. household surveys, I document that families with a financially sophisticated husband are more likely to participate in the stock market than those with a wife of equal financial sophistication. This pattern is best explained by gender identity norms, which constrain women's influence over intrahousehold financial decision-making. A randomized controlled experiment reveals that female identity hinders idea contribution by the wife. These findings underscore the roles o...
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作者：Falato, Antonio; Hortacsu, Ali; Li, Dan; Shin, Chaehee
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Chicago
摘要：Fire sales induced by investor redemptions have powerful spillover effects among funds that hold the same assets, hurting peer funds' performance and flows, and leading to further asset sales with negative bond price impact. A one-standard-deviation increase in our fire-sale spillover measure leads to a 45 (90) bp decrease in peer fund returns (flows) and a two percentage point increase in the likelihood of a large bond price drop. The results hold in a regression-discontinuity design addressi...
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作者：Gao, Can; Martin, Ian W. R.
作者单位：Imperial College London; University of London; London School Economics & Political Science
摘要：We define a sentiment indicator based on option prices, valuation ratios, and interest rates. The indicator can be interpreted as a lower bound on the expected growth in fundamentals that a rational investor would have to perceive to be happy to hold the market. The bound was unusually high in the late 1990s, reflecting dividend growth expectations that in our view were unreasonably optimistic. Our approach exploits two key ingredients. First, we derive a new valuation ratio decomposition that...
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作者：Brown, James R.; Gustafson, Matthew T.; Ivanov, Ivan T.
作者单位：Iowa State University; Iowa State University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Unexpectedly severe winter weather, which is arguably exogenous to firm and bank fundamentals, represents a significant cash flow shock for bank-borrowing firms. Firms respond to these shocks by drawing on and increasing the size of their credit lines. Banks charge borrowers for this liquidity via increased interest rates and less borrower-friendly loan provisions. Credit line adjustments occur within one calendar quarter of the shock and persist for at least nine months. Overall, we provide e...
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作者：Koudijs, Peter; Salisbury, Laura; Sran, Gurpal
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; York University - Canada; University of Chicago
摘要：We study whether banks are riskier if managers have less liability. We focus on New England between 1867 and 1880 and consider the introduction of marital property laws that limited liability for newly wedded bankers. We find that banks with managers who married after a law had higher leverage, delayed loss recognition, made more risky and fraudulent loans, and lost more capital and deposits in the Long Depression of 1873 to 1878. These effects were most pronounced for bankers with the largest...
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作者：Tuzel, Selale; Ben Zhang, Miao
作者单位：University of Southern California
摘要：Do investment tax incentives improve job prospects for workers? We explore states' adoption of a major federal tax incentive that accelerates the depreciation of equipment investments for eligible firms but not for ineligible ones. Analyzing massive establishment-level data sets on occupational employment and computer investment, we find that when states expand investment incentives, eligible firms immediately increase their equipment and skilled employees; whereas they reduce routine-task emp...
