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作者：Corhay, Alexandre; Kung, Howard; Schmid, Lukas
作者单位：University of Toronto; University of London; London Business School; Centre for Economic Policy Research - UK; University of Southern California; Center for Economic & Policy Research (CEPR)
摘要：We document that the increasing polarization in Tobin's Q within industries is closely connected to the growing divergence in rents and the emergence of superstar firms over the past four decades, while discount rates and growth rates did not exhibit the same increasing dispersion. We explain these industry polarization trends in an estimated general equilibrium model where each industry consists of large superstar oligopolists and small monopolistically competitive firms with endogenous trans...
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作者：Sui, Pengfei; Wang, Baolian
作者单位：The Chinese University of Hong Kong, Shenzhen; State University System of Florida; University of Florida
摘要：We examine how stakes affect investor behaviors. In our unique setting, investors trade stocks in real accounts using their own money and simultaneously in a simulated setting. Our real-world within-investor estimation shows that investors exhibit stronger biases and perform worse in higher-stakes real accounts than in lowerstakes simulated accounts. Investors exhibit strong biases in both types of accounts, and the biases in both are strongly positively correlated. Such behavioral consistency...
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作者：Yang, Keer
作者单位：University of California System; University of California Davis
摘要：This paper studies the role of trust in incumbent lenders (banks) as an entry barrier to emerging FinTech lenders in credit markets. The empirical setting exploits the outbreak of the Wells Fargo scandal as a negative shock to borrowers' trust in banks. Using a difference-in-differences framework, I find that increased exposure to the Wells Fargo scandal leads to an increase in the probability of borrowers using FinTech as mortgage originators. Utilizing political affiliation to proxy for the ...
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作者：Liebersohn, Jack; Rothstein, Jesse
作者单位：University of California System; University of California Irvine; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Rising interest rates can create mortgage rate lockfor homeowners with fixed rate mortgages, who can hold onto their low rates as long as they stay in their homes but would have to take on new mortgages with higher rates if they moved. We show mobility rates fell in 2022 and 2023 for homeowners with mortgages, as market rates rose. We observe both absolute declines and declines relative to homeowners without mortgages, who are unaffected by mortgage rate lock. Mobility declines are not explain...
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作者：Decressin, Yann; Kaplan, Steven N.; Sorensen, Morten
作者单位：University of Chicago; University of Chicago; National Bureau of Economic Research; Dartmouth College
摘要：Using more than 4900 personality assessments, we study changes in the characteristics of CEOs and top executives since 2001. The same four factors explain roughly half of the variation in executive characteristics in this larger sample of assessments as in Kaplan and Sorensen (2021). In later years, CEO candidates have shown declining general ability, are increasingly execution-oriented, less interpersonal, less charismatic, and less creative-strategic, and many of these differences persist fo...
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作者：Mukharlyamov, Vladimir; Sarin, Natasha
作者单位：Georgetown University; Yale University
摘要：This paper provides empirical evidence of a well-known theoretical concern that market failures in two-sided markets are hard to identify and correct. We study the reactions of banks, merchants, and consumers to Dodd-Frank's Durbin Amendment that lowered interchange fees on debit card transactions. Banks recouped a significant portion of their losses by charging consumers for products that they previously provided for free on the subsidized side of the two-sided market. The accelerated adoptio...
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作者：Sachdeva, Kunal; Silva, Andre F.; Slutzky, Pablo; Xu, Billy Y.
作者单位：University of Michigan System; University of Michigan; Federal Reserve System - USA; Federal Reserve System Board of Governors; University System of Maryland; University of Maryland College Park; University of Rochester
摘要：This paper examines the effects of targeted credit rationing by banks on firms likely to generate negative externalities. We exploit an initiative of the U.S. Department of Justice, labeled Operation Choke Point, which compelled banks to limit relationships with firms in controversial industries. Using supervisory loan-level data, we show that, as intended, targeted banks reduced lending and terminated relationships with affected firms. However, most of these firms fully substituted credit thr...
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作者：Denes, Matthew; Lagaras, Spyridon; Tsoutsoura, Margarita
作者单位：Carnegie Mellon University; University of Illinois System; University of Illinois Urbana-Champaign; Washington University (WUSTL); Centre for Economic Policy Research - UK; European Corporate Governance Institute; National Bureau of Economic Research
摘要：Platform intermediation of goods and services has considerably transformed the U.S. economy. We use administrative data on U.S. tax returns to study the role of the gig economy on entrepreneurship. We find that gig workers are more likely to become entrepreneurs, particularly those who are lower income, younger, and benefit from flexibility. We track all newly created firms and show that gig workers start firms in similar industries as their gig experience, which are less likely to survive and...
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作者：Kim, Olivia S.; Parker, Jonathan A.; Schoar, Antoinette
作者单位：Harvard University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Using financial account data linking small businesses to their owner households, we examine how business owners' consumption responded to changes in business revenues during the COVID-19 crisis. In the first two months following the National Emergency, business revenues declined by 40 percent, largely driven by national factors rather than local infection rates or policies. However, the pass-through of revenue losses to owner consumption was limited: each dollar of revenue loss resulted in onl...
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作者：Li, Bin; Rossi, Alberto G.; Yan, Xuemin (Sterling); Zheng, Lingling
作者单位：Wuhan University; Georgetown University; Lehigh University; Renmin University of China
摘要：We construct real-time machine learning strategies based on a universe of fundamental signals. The out-of-sample performance of these strategies is economically meaningful and statistically significant, but considerably weaker than those documented by prior studies that use curated sets of signals as predictors. Strategies based on a simple recursive ranking of each signal's past performance also yield substantially better out-of-sample performance. We find qualitatively similar results when e...
