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作者：Boutros, Michael; Clara, Nuno; Gomes, Francisco
作者单位：University of Toronto; Duke University; University of London; London Business School; Centre for Economic Policy Research - UK
摘要：In the U.S., student debt is currently the second largest component of consumer debt. Households are required to repay these loans early in their lifecycle, when marginal utility is particularly high. We study alternative contracts that offer partial or full payment deferral until later in life. We calibrate an economy with the current contracts, and then solve for counterfactual equilibria. The alternative contracts yield large welfare gains, which are robust to assumptions about the behavior...
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作者：Chinco, Alex; Sammon, Marco
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Harvard University
摘要：Each time a stock gets added to or dropped from an index, we ask: How much money would have to be tracking that index to explain the huge spike in rebalancing volume we observe on reconstitution day?While index funds held 16% of the US stock market in 2021, we put the overall passive ownership share at 33.5%. Our headline number is twice as large because it reflects index funds as well as other kinds of passive investors, such as institutional investors with internally managed index portfolios...
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作者：Lee, Charles M. C.; Shi, Terrence Tianshuo; Sun, Stephen Teng; Zhang, Ran
作者单位：University of Washington; University of Washington Seattle; Harvard University; City University of Hong Kong; Renmin University of China
摘要：Economic theory suggests that production complementarity is an important driver of sectoral co -movements and business cycle fluctuations. We operationalize this concept using a measure of production complementarity proximity (COMPL) between any two companies. We show firms from different industries but are closely aligned in COMPL exhibit strong co -movement in their operating, investing, and financing activities, as well as quarterly earnings revisions and monthly returns. We further documen...
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作者：d'Astous, Philippe; Shore, Stephen H.
作者单位：Universite de Montreal; HEC Montreal; University System of Georgia; Georgia State University
摘要：Theory suggests that increasing idiosyncratic, uninsurable labor income risk may cause individuals to reduce the risk in their financial assets. This relationship is confounded empirically by the tendency of risk tolerant people to choose riskier careers and hold riskier portfolios, leading to an upward -biased estimate of the effect of earnings risk on risky assets holdings. We overcome this identification problem by exploiting a discontinuity built into the Danish national university admissi...
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作者：Liebersohn, Jack
作者单位：University of California System; University of California Irvine
摘要：This paper studies bank antitrust rules which discontinuously shift bank mergers' competitive impact. The likelihood of mandatory divestiture rises sharply for mergers in markets above a threshold level of concentration, leading to an increase in the number of banks in these markets. Consistent with greater competition, intervention leads to higher deposit rates. Mortgage originations rise by 11%, from both refinancing and purchases. However, small business loan quantities do not change. The e...
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作者：Elenev, Vadim; Law, Tzuo-Hann; Song, Dongho; Yaron, Amir
作者单位：Johns Hopkins University; Boston College; University of Pennsylvania; Bank of Israel
摘要：We provide strong evidence of a countercyclical sensitivity of the stock market to major macroeconomic announcements. The most notable cyclical variation takes place within expansions: sensitivity is largest early in an expansion and essentially zero late in an expansion. By exploiting the comovement pattern between stocks and bonds around announcements, we show that the stock market sensitivity is large when the cash flow component of news is least offset by news about future risk-free rates....
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作者：Baker, Scott R.; Johnson, Stephanie; Kueng, Lorenz
作者单位：Northwestern University; National Bureau of Economic Research; Rice University; Universita della Svizzera Italiana; Swiss Finance Institute (SFI)
摘要：Households tend to hold substantial amounts of non-financial assets in the form of consumer goods inventories that are unobserved by traditional measures of wealth, about $725 on average for products covered by our sample. Such holdings can eclipse total financial assets among households in the lowest income quintile. Households can obtain significant financial returns from strategically shopping and managing these inventories. In addition, they choose to maintain liquid savings-household work...
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作者：Mikhed, Vyacheslav; Raina, Sahil; Scholnick, Barry; Zhang, Man
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Alberta; National University of Singapore
摘要：We show that forcing insolvent consumer debtors to repay a larger fraction of debt causes them to strategically manipulate the data they report to creditors. Exploiting a policy change that required insolvent debtors to increase debt repayments at an arbitrary income cutoff, we document that some debtors reduce reported income to just below this cutoff to avoid the higher repayment. Those debtors who manipulate income have a lower probability of default on their repayment plans, consistent wit...
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作者：Xiouros, Costas; Zapatero, Fernando
作者单位：BI Norwegian Business School; Boston University
摘要：We present an analytical solution for a pure exchange economy featuring a continuum of agents with disagreement, time-varying information quality, and reference-dependent preferences. Our general equilibrium model exhibits stationary dynamics. By examining the implications of the model, we find that the commonly studied asset pricing channels of disagreement have limited quantitative significance. On the other hand, variations in information quality, which affect disagreement levels, lead to s...
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作者：Rossi, Alberto G.; Utkus, Stephen
作者单位：Georgetown University; University of Pennsylvania
摘要：We study the diversification and welfare effects of a large US robo-advisor on the portfolios of previously self -directed investors and document five facts. First, robo-advice reshapes portfolios by increasing indexing and reducing home bias, number of assets held, and fees. Second, these portfolio changes contribute to higher Sharpe ratios. Third, those who benefit most from robo-advice are investors who did not have high exposure to equities or indexing and had poorer diversification levels...
