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作者：Lindsey, Laura; Stein, Luke C. D.
作者单位：Arizona State University; Arizona State University-Tempe; Babson College
摘要：This paper examines the effects of a shock to angel finance on entrepreneurial activity. Using U.S. Census data, we estimate the state-level fraction of households that lost accreditation status from Dodd-Frank's elimination of housing wealth in determining accreditation. A larger reduction in the pool of potential investors reduces angel investment, firm entry, and employment at small entrants. Employment increases at small and young incumbents, suggesting competitive effects. Though we docum...
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作者：Ma, Yueran; Shleifer, Andrei
作者单位：University of Chicago; National Bureau of Economic Research; Harvard University
摘要：The analysis of corporate governance begins with a central feature of modern capitalism - the separation of ownership and control in large corporations - first empirically documented by Berle and Means (1932). Such separation entails several agency problems reflecting conflicts between managers and shareholders, such as selfdealing by managers, low effort, consumption of perquisites, and excessive growth and diversification. Berle and Means saw self-dealing as the central agency problem and st...
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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...
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作者：Schneider, Thomas; Strahan, Philip E.; Yang, Jun
作者单位：University of Oklahoma System; University of Oklahoma - Norman; Boston College; National Bureau of Economic Research; University of Notre Dame
摘要：This paper studies banks' investment in risk management human capital following the Global Financial Crisis and the advent of stress testing. Our results suggest that 'Too Big to Fail' distortions may have weakened large banks' incentive to invest in risk management talent. Stress testing, which focuses on the largest banks, spurred demand for skilled quantitative risk managers, but only narrowly in anticipation of a test and following poor performance on a test. Stress testing does not affect...
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作者：Lopez, Pierlauro; Vazquez-Grande, Francisco; Lopez-Salido, David
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Banco de Espana
摘要：A simple production economy with nominal price rigidities explains several key asset pricing facts, including the average slopes and cyclicality of equity and interest rate term structures. Nominal rigidities amplify the procyclicality of dividends after negative productivity shocks and generate countercyclical inflation, as sluggish price adjustment leads to a gradual dividend recovery. Consequently, short-duration equities (bonds) have more (less) procyclical payoffs than their long-duration...
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作者：Catherine, Sylvain; Ebrahimian, Mehran; Yannelis, Constantine
作者单位：University of Pennsylvania; Stockholm School of Economics; University of Cambridge
摘要：Using credit bureau data, we show that nearly half the increase in student debt since 2010 is due to deferred payments and the expansion of income-driven repayment (IDR) plans. These plans help borrowers smooth consumption, insure income risk, and reduce the effective debt cost. Using a life-cycle model, we quantify the welfare gains from this payment deferment and the channels through which welfare increases. We show that an optimally calibrated plan can achieve similar welfare gains at a muc...
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作者：Altavilla, Carlo; Boucinha, Miguel; Burlon, Lorenzo; Giannetti, Mariassunta; Schumacher, Julian
作者单位：European Central Bank; Stockholm School of Economics; Swedish House of Finance
摘要：We document that the reallocation of central bank reserves towards banks with higher liquidity needs fosters credit supply. Exploiting the ECB's tiered reserve remuneration system for identification, we show that this system encouraged banks with low reserve holdings to obtain more reserves through the money market. Concomitantly, these banks reduced their securities holdings and extended more credit. We estimate that the reallocation of one euro of reserves towards banks with ex ante low rese...
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作者：Gomes, Francisco; Peng, Cameron; Smirnova, Oksana; Zhu, Ning
作者单位：University of London; London Business School; University of London; London School Economics & Political Science; Shanghai Jiao Tong University
摘要：The literature has documented reaching for yield-the phenomenon of investing more in risky assets when interest rates drop-among institutional investors. We analyze detailed transaction data from a large brokerage firm to provide direct field evidence that individual investors also exhibit this behavior. Consistent with models of portfolio choice with labor income, reaching for yield is more pronounced among younger and less-wealthy individuals. Consistent with prospect theory, reaching for yi...
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作者：Aragon, George O.; Jiang, Yuxiang; Joenvaara, Juha; Tiu, Cristian Ioan
作者单位：Arizona State University; Arizona State University-Tempe; Southwestern University of Finance & Economics - China; Aalto University; State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：We examine the adoption rates of responsible investment (RI) policies among university endowments. Adoption rates are higher among universities that face stakeholder pressure and are donation-dependent. Policy adoption predicts greater abnormal donations totaling 12 % of endowment assets, especially from socially conscious donors and during periods of higher media attention to climate change. Universities also experience greater student applications following adoptions. RI endowments have grea...
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作者：Freed, Paul G.; Hackney, John
作者单位：University of Virginia; University of Arkansas System; University of Arkansas Fayetteville
摘要：This study investigates how financial literacy shapes the propensity of individuals to commit financial crime. Using state-level administrative data on criminal charges linked to comprehensive public records , we exploit a policy-based discontinuity in grade level assignment based on individual birth dates that exogenously requires certain high school cohorts to attend a financial literacy course. Our estimates suggest that exposure to the course reduces the propensity to commit financial crim...
