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作者：Altavilla, Carlo; Burlon, Lorenzo; Giannetti, Mariassunta; Holton, Sarah
作者单位：European Central Bank; Centre for Economic Policy Research - UK; Stockholm School of Economics; European Corporate Governance Institute; European Central Bank; Central Bank of Ireland
摘要：Exploiting confidential data from the euro area, we show that sound banks pass negative rates on to their corporate depositors and that pass-through is not impaired when policy rates move into negative territory. We do not observe a contraction in deposits, reflecting a general increase in corporate liquidity during the sample period. When their banks charge negative rates on deposits, firms with ex ante high liquidity invest more than comparable firms that are not charged negative rates and i...
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作者：Drechsler, Itamar; Savov, Alexi; Schnabl, Philipp
作者单位：University of Pennsylvania; New York University
摘要：Between 2003 and 2006, the Federal Reserve raised rates by 4.25%. Yet it was precisely during this period that the housing boom accelerated, fueled by rapid growth in mortgage lending. There is deep disagreement about how, or even if, monetary policy impacted the boom. Using differences in exposure to the deposits channel of monetary policy, we show that Fed tightening induced a large reduction in banks' deposit funding, which led banks to contract portfolio mortgage lending by 32%. However, t...
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作者：Chen, Deqiu; Ma, Yujing; Martin, Xiumin; Michaely, Roni
作者单位：University of International Business & Economics; Hong Kong Polytechnic University; Washington University (WUSTL); University of Hong Kong; European Corporate Governance Institute
摘要：Using the introduction of high-speed rail (HSR) as an exogenous shock to costs of information acquisition, we show reductions in information-acquisition costs lead to (i) a significant increase in information production, evidenced by a higher frequency of analysts visiting portfolio firms and (ii) improvement in output quality, manifested in higher forecast accuracy and better recommendations. The effect is more pronounced for firms with information that is difficult to produce. Importantly, m...
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作者：Gomez-Cram, Roberto; Grotteria, Marco
作者单位：University of London; London Business School
摘要：We study the price discovery process on FOMC days. For several asset classes, we find that price movements around the post-meeting statement release are strong predictors of price movements around the subsequent press conference. The correlation is 58% for medium-term Eurodollar futures and 44% for the S&P50 0 index. We then time-stamp the words pronounced in press conference videos and align these words with high-frequency financial data. Minutes in which the chairman discusses changes in the...
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作者：Mayer, Simon
作者单位：University of Chicago; Hautes Etudes Commerciales (HEC) Paris
摘要：In a dynamic principal-agent model, the principal, financing the project, cannot observe project failure and the agent, developing the project, can hide failure. As there is a tension between incentives for disclosure of failure and project development, the optimal contract does not reward failure and incentivize disclosure of failure during an initial unconditional financing stage. During the subsequent disclosure stage, time-decreasing rewards for failure provide incentives for disclosure of...
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作者：Dutordoir, Marie; Strong, Norman C.; Sun, Ping
作者单位：University of Manchester; Alliance Manchester Business School; University of Liverpool
摘要：Announcements of stock-financed mergers and acquisitions (M&As) may attract short sell-ing of bidder shares by merger arbitrageurs. We hypothesize that bidders with higher short-selling potential include a higher proportion of cash in their M&A payments to miti-gate stock price declines resulting from arbitrage short sales. Consistent with this hypoth-esis, we find that the ex ante net lending supply of bidder shares has a positive impact on the percentage of cash in public target payments. Fu...
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作者：Looney, Adam; Yannelis, Constantine
作者单位：Utah System of Higher Education; University of Utah; Brookings Institution; University of Chicago; National Bureau of Economic Research
摘要：This paper studies the link between credit availability and student loan repayment using administrative federal student loan data. We demonstrate that policy-driven changes in credit available to high-default institutions explain almost all of the historical time-series variation in defaults. Between 1981 and 1988, eligibility for federal loans was expanded, leading to the entry of institutions with borrowers more likely to default. From 1988 to 1992, credit access was tightened, leading to th...
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作者：Arnold, Marc; Pelster, Matthias; Subrahmanyam, Marti G.
作者单位：University of St Gallen; University of Paderborn; New York University
摘要：This paper investigates how individual attention triggers influence financial risk-taking based on a large sample of trading records from a brokerage service that sends standardized push messages on stocks to retail investors. By exploiting the data in a difference-indifferences (DID) setting, we find attention triggers increase investors' risk-taking. Our DID coefficient implies attention trades carry, on average, a 19 percentage-point-higher leverage than non-attention trades. We provide a b...
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作者：Liu, Hongqi; Peng, Cameron; Xiong, Wei A.; Xiong, Wei
作者单位：The Chinese University of Hong Kong, Shenzhen; University of London; London School Economics & Political Science; Shenzhen Stock Exchange (SZSE); Princeton University
摘要：The success of behavioral economics has led to a new challenge: many biases offer ob-servationally similar predictions for a targeted financial anomaly. To tame this bias zoo, we combine subjective survey responses with observational data to propose a new ap-proach, one that is robust to question-specific biases introduced through surveys. We il-lustrate this approach by administering a nationwide survey of Chinese retail investors to elicit their trading motives. In cross-sectional regression...
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作者：Agrawal, Ashwini; Gonzalez-Uribe, Juanita; Martinez-Correa, Jimmy
作者单位：University of London; London School Economics & Political Science; Copenhagen Business School; Danish Finance Institute
摘要：A large theoretical literature studies the effects of creditor control during bankruptcy proceedings on firm outcomes. Empirical work in this area mainly examines reforms to creditor control rights during liquidation. In this paper, we use administrative microdata and exploit a legal reform in Denmark to provide the first causal estimates of creditor empowerment in reorganization-the complementary bankruptcy procedure to liquidation. We find that the Danish reform led to a sharp decline in liq...
