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作者：Chen, Jason
作者单位：Auburn University System; Auburn University
摘要：This paper investigates how firms' pollution incentives are influenced by their ability to divest polluted assets. My empirical setting is a major reform that exempts purchasers from liability for past contamination. Using a difference-in-differences framework, I find that the reform reduces toxic emissions, lowers bankruptcy risk, and increases firm value. Cross-sectional tests show that the decline in emissions is driven by firms with weaker financial health and fewer assets. These findings ...
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作者：Liu, Ernest; Ma, Song; Veldkamp, Laura
作者单位：Princeton University; Yale University; Columbia University; National Bureau of Economic Research
摘要：We explore indicators of market power in a data market. Markups cannot measure competition, because most data products' marginal cost is zero, making the markup infinite. Yet, data monopolists may not exert monopoly power because they cannot commit to restricting data sales to future customers. This limited commitment and strategic substitutability of data undermine sellers' monopoly power. But data subscriptions restore this monopoly power. Evidence from online data markets supports the model...
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作者：Vives, Xavier; Ye, Zhiqiang
作者单位：University of Navarra; IESE Business School; Zhejiang University
摘要：We provide a spatial framework to study competition between banks and fintechs in the lending market and examine the impact on investment and welfare. Based on the key differences between banks and fintechs, we derive results consistent with the empirical evidence available. We find that fintechs with inferior monitoring efficiency can successfully enter because of their superior flexibility in pricing and that higher bank concentration leads to higher fintech loan volume. If fintechs and bank...
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作者：Fos, Vyacheslav; Hamdi, Naser; Kalda, Ankit; Nickerson, Jordan
作者单位：Boston College; Pennsylvania State System of Higher Education (PASSHE); Indiana University of Pennsylvania; University of Washington; University of Washington Seattle
摘要：Using administrative data on credit profiles matched with unemployment insurance (UI) for individuals in the U.S., we show that laid-off workers with access to Uber rely lesson household debt, experience fewer delinquencies, and are less likely to apply for UI benefits. Our empirical strategy exploits both the staggered market entry of Uber across cities and the differential benefit of its entry across car owners based on car age, a key eligibility requirement of the platform. We conclude that...
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作者：Bonnefon, Jean-Francois; Landier, Augustin; Sastry, Parinitha; Thesmar, David
作者单位：Hautes Etudes Commerciales (HEC) Paris; Columbia University; National Bureau of Economic Research
摘要：We characterize investors' moral preferences in a parsimonious experimental setting, where we auction stocks with various ethical features. We find strong evidence that investors seek to align their investments with their social values (value alignment), and find no evidence of behavior driven by the social impact of investment decisions (impact-seeking preferences). First, the willingness to pay (WTP) fora stock is an increasing and quasi-linear function of corporate externalities. Second, th...
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作者：Schmidt, Lawrence D. W.
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Administrative earnings data reveal that households are exposed to large, countercyclical idiosyncratic tail risks in labor earnings. I illustrate how these risks affect asset prices within an asset pricing framework with recursive preferences, heterogeneous agents and incomplete markets. Quantitatively, a model in which agents face a time-varying probability of experiencing a rare, idiosyncratic disaster, with parameters disciplined by data, matches the level and dynamics of the equity premiu...
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作者：Jung, Hyeyoon; Engle, Robert F.; Berner, Richard
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; New York University
摘要：We develop a market-based methodology to assess banks' resilience to climate-related risks and study the climate-related risk exposure of large global banks. We introduce a new measure, CRISK, which is the expected capital shortfall of a bank in a climate stress scenario. To estimate CRISK, we construct climate risk factors and dynamically measure banks' stock return sensitivity (that is, climate beta) to the climate risk factor. We validate the climate risk factor empirically and the climate ...
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作者：Schreindorfer, David; Sichert, Tobias
作者单位：Michigan State University; Michigan State University's Broad College of Business; Stockholm School of Economics
摘要：We propose a statistical methodology for jointly estimating the pricing kernel and conditional physical return densities from option prices. Pricing kernel estimates show that negative stock market returns are significantly more painful to investors in low-volatility periods. Density estimates reflect a significantly positive risk-return trade-off, suggest that Martin's (2017) lower bound on the equity premium is violated in high-volatility periods, and provide new evidence on the variance pre...
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作者：Choi, Jaewon; Tian, Xu; Wu, Yufeng; Kargar, Mahyar
作者单位：Seoul National University (SNU); University System of Georgia; University of Georgia; University System of Ohio; Ohio State University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Fluctuations in investor demand significantly affect firms' valuation and access to capital. To quantify their real effects, we develop a dynamic investment model, incorporating both the demand and supply sides of capital. Strong investor demand relaxes financial constraints and facilitates equity issuance and investment, while weak demand encourages opportunistic share repurchases, crowding out investment. We estimate the model using indirect inference, matching the endogenous relationship be...
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作者：Braggion, Fabio; Manconi, Alberto; Pavanini, Nicola; Zhu, Haikun
作者单位：Tilburg University; Bocconi University; China Europe International Business School
摘要：Most online marketplaces are peer-to-peer. Credit ones, however, are not and they have resurrected many features of traditional financial intermediaries. To understand why, we use online credit as a laboratory to investigate the value of financial intermediation. We develop a structural model of online debt crowdfunding and estimate it on a novel database. We find that abandoning the peer-to-peer paradigm raises lender surplus, platform profits, and credit provision, but exposes investors to l...
