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作者：Diamond, William; Landvoigt, Tim
作者单位：University of Pennsylvania; University of Pennsylvania
摘要：We develop a general equilibrium model in which households' mortgage leverage is de-termined by supply and demand forces, where the price of credit impacts the quantity of leverage households choose. Mortgages are supplied by financial intermediaries, who offer households a menu of mortgage contracts whose pricing varies with intermediaries' eq-uity capital. In the model, growth in the demand for safe assets that replicates the falling interest rates in the 20 0 0s causes an empirically realis...
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作者：Gao, Pengjie; Lee, Chang; Murphy, Dermot
作者单位：University of Notre Dame; Korea Advanced Institute of Science & Technology (KAIST); University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：We study the effect of the US Affordable Care Act (ACA) on healthcare borrowing costs. The ACA provides insurance subsidies to low-income enrollees. States could accept funding to expand Medicaid, although many declined, citing the cost burden. The ACA significantly reduced healthcare yields after a favorable 2012 Supreme Court ruling. Furthermore, hospital investment spending increased, and investment-cash flow sensitivities decreased. The yield effect was double in Medicaid expansion states,...
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作者：Tsang, Albert; Yang, Nan; Zheng, Lingyi
作者单位：Hong Kong Polytechnic University
摘要：This paper tests a theory conjecturing that cross-listing can insulate firms from potential hostile takeovers owing to the increased cost concern of bidders. We find a significant and positive relation between the corporate control threat and the likelihood that firms cross list in a foreign country. Firms facing takeover threats are more likely to choose hosting countries with greater accounting differences from the US GAAP. Subsample evidence suggests that cross-listing is more likely to be ...
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作者：Armona, Luis; Chakrabarti, Rajashri; Lovenheim, Michael F.
作者单位：Stanford University; Federal Reserve System - USA; Federal Reserve Bank - New York; Cornell University; National Bureau of Economic Research; Leibniz Association; Ifo Institut
摘要：For-profit providers have become an important fixture of US higher education markets. Students who attend for-profit institutions take on more educational debt and are more likely to default on their student loans than those attending similarly-selective public schools. Because for-profits tend to serve students from more disadvantaged backgrounds, it is important to isolate the causal effect of for-profit enrollment on student debt and repayment outcomes as well as the educational and labor m...
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作者：Bai, Hang; Zhang, Lu
作者单位：University of Connecticut; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：A dynamic stochastic general equilibrium model with recursive utility, search frictions, and capital accumulation is a good start to forming a unified theory of asset prices and business cycles. The model reproduces an equity premium of 4.27% per annum, a stock market volatility of 12.42%, and an average interest rate of 1.97%, while retaining plausible business cycle dynamics. The equity premium and stock market volatility are strongly countercyclical, whereas the interest rate and consumptio...
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作者：Baugh, Brian; Correia, Filipe
作者单位：University of Nebraska System; University of Nebraska Lincoln; University System of Georgia; University of Georgia
摘要：Using a unique dataset from an account aggregator, we analyze cross-sectional differences and within-household time-series variation in paycheck frequency. We find that higher paycheck frequency results in less credit card borrowing, less consumption, but more instances of financial distress - even when the change in paycheck frequency is employerinitiated. We find that pay frequency strongly determines within-month time patterns of financial distress. Our theoretical model reconciles these em...
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作者：Eaton, Gregory W.; Green, T. Clifton; Roseman, Brian S.; Wu, Yanbin
作者单位：Oklahoma State University System; Oklahoma State University - Stillwater; Emory University; State University System of Florida; University of Florida
摘要：We study brokerage platform outages to examine the impact of retail investors on financial markets. We contrast outages at Robinhood, which caters to inexperienced investors, with outages at traditional retail brokers. For stocks with high retail interest, we find that neg-ative shocks to Robinhood investor participation are associated with reduced market order imbalances, increased market liquidity, and lower return volatility, whereas the opposite relations hold following outages at traditio...
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作者：Albuquerque, Rui; Fos, Vyacheslav; Schroth, Enrique
作者单位：Boston College; Universite Catholique de Lille; EDHEC Business School; European Corporate Governance Institute; Centre for Economic Policy Research - UK
摘要：We measure value creation by activist investors via structural estimation of a model of the choice between passive investment and activism. Our estimates imply that average returns following activist intent announcements consist of 74.8% expected value creation, or treatment, 13.4% stock picking, and 11.8% sample selection effects. Higher treatment values predict improvements in firm performance and lower proxy contest probabilities, whereas abnormal announcements returns do not, suggesting th...
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作者：Leippold, Markus; Wang, Qian; Zhou, Wenyu
作者单位：University of Zurich; Zhejiang University; Zhejiang University
摘要：We add to the emerging literature on empirical asset pricing in the Chinese stock market by building and analyzing a comprehensive set of return prediction factors using various machine learning algorithms. Contrasting previous studies for the US market, liquidity emerges as the most important predictor, leading us to closely examine the impact of transaction costs. The retail investors' dominating presence positively affects short-term predictability, particularly for small stocks. Another fe...
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作者：Gao, Lin; Hitzemann, Steffen; Shaliastovich, Ivan; Xu, Lai
作者单位：Rutgers University System; Rutgers University New Brunswick; University of Wisconsin System; University of Wisconsin Madison; Syracuse University
摘要：The option-implied oil price volatility is a strong negative predictor of economic growth beyond traditional uncertainty measures. A rise in oil volatility also predicts an increase in oil inventories and a reduction in oil consumption, in line with a propagation channel through the oil sector. We explain these findings within a macro-finance model featuring stochastic uncertainties and precautionary oil inventories: firms increase oil inventories when oil volatility rises, which curbs oil use...
