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作者：Bell, Sebastian; Kakhbod, Ali; Lettau, Martin; Nazemi, Abdolreza
作者单位：Helmholtz Association; Karlsruhe Institute of Technology; University of California System; University of California Berkeley; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：Machine learning methods in asset pricing are often criticized for their black box nature. We study this issue by predicting corporate bond returns using interpretable machine learning on a high-dimensional bond characteristics data set. We achieve state-of-the-art performance while maintaining an interpretable model structure, overcoming the accuracy-interpretability trade-off. The estimation uncovers nonlinear relationships and economically meaningful interactions in bond pricing, notably re...
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作者：Gresenz, Carole Roan; Mitchell, Jean M.; Rodriguez, Belicia; Wang, Crystal; Turner, R. Scott; van der Klaauw, Wilbert
作者单位：Georgetown University; Georgetown University; Federal Reserve System - USA; Federal Reserve Bank - New York; Georgetown University; Duke University; Stanford University
摘要：We examine the effect of undiagnosed memory disorders on credit outcomes using individually-matched nationally representative credit reporting and Medicare data. We find effects of early stage disease, years before diagnosis, on a wide range of financial outcomes, including credit card account payment delinquency and amount of delinquent balance, credit utilization among credit card account holders, mortgage delinquency and delinquent balance amount, and credit scores. Effects are pervasive, a...
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作者：Jiang, Erica Xuewei; Zhang, Anthony Lee
作者单位：University of Southern California; University of Chicago
摘要：Houses with higher value uncertainty receive less mortgage credit: mortgages backed by these houses are more likely to be rejected, have higher interest rates, and have lower loan-to-price ratios. The relationship between house value uncertainty and credit availability is driven partly by a classic channel in which uncertainty lowers debt recovery rates, and partly by a novel channel where more uncertain appraisals make regulatory constraints on loan size more likely to bind. We build a struct...
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作者：Dyhrberg, Anne Haubo; Shkilko, Andriy; Werner, Ingrid M.
作者单位：Wilfrid Laurier University; Macquarie University; University System of Ohio; Ohio State University; Centre for Economic Policy Research - UK
摘要：We demonstrate that off-exchange (wholesaler) executions provide significant cost savings to retail investors. Wholesaler concentration has raised regulatory concerns; however, we show that the largest wholesalers offer the lowest costs due to economies of scale. The entry of a new large wholesaler reduces incumbent scale economies, resulting in higher execution costs. Most retail brokers route to multiple wholesalers and actively monitor their performance, rewarding those offering lower execu...
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作者：Crosignani, Matteo; Han, Lina; Macchiavelli, Marco; Silva, Andre F.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; University of Massachusetts System; University of Massachusetts Amherst; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：To safeguard its technological leadership, the U.S. has restricted domestic suppliers from exporting cutting-edge technologies to selected Chinese firms. Domestic firms affected by these export controls halt sales to Chinese customers, as intended, but struggle to establish new relations with alternative customers domestically or in politically aligned regions. Consequently, domestic suppliers experience sizable losses in market capitalization, along with reductions in profitability, employmen...
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作者：Acikalin, Utku U.; Caskurlu, Tolga; Hoberg, Gerard; Phillips, Gordon M.
作者单位：Cornell University; University of Amsterdam; University of Southern California; Dartmouth College; National Bureau of Economic Research
摘要：We examine the impact of lost intellectual property protection on innovation, competition, firm performance, and valuation. We consider firms whose ability to protect intellectual property (IP) using patents is weakened following a major Supreme Court decision. We use large language models (LLM) to identify firms' patent portfolios' exposure to this decision and find an unequal impact. Large firms gain and small firms lose. Large impacted firms benefit as their sales growth increases and their...
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作者：Guiso, Luigi; Schivardi, Fabiano; Zaccaria, Luana
作者单位：Luiss Guido Carli University
摘要：We examine the effects of mandatory board gender quotas on unregulated firms that are connected to regulated ones via interlocking directorates. After the introduction of quotas, connected firms significantly increase their share of female directors relative to similar unconnected firms. The spillover effects are substantial - at least as large as the direct effects on regulated firms, challenging previous claims that quotas have no broader impact on women in business. Our results suggest that...
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作者：Ouyang, Shumiao
作者单位：University of Oxford; University of Oxford
摘要：This paper investigates how cashless payment affects credit access for underserved populations using data from Alipay, a leading Chinese BigTech platform with over 1 billion users that offers a wide range of financial services. By exploiting the staggered rollout of Alipay-bundled shared bikes across cities as a natural experiment and analyzing a representative Alipay user sample, I find that cashless payment adoption increases credit access by 56.3% and that a 1% rise in payment flow increase...
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作者：Bolton, Patrick
作者单位：Imperial College London
摘要：This article does three things: (1) it offers a slightly modernized treatment of the two well-known agency costs of external financing of Jensen and Meckling; (2) it provides a deeper exploration than they offer of the limited liability corporation, and of optimal control allocations when financial contracts are incomplete; and, (3) it assesses the lasting influence or their ideas, their multiple interpretations, as well as misinterpretations.
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作者：Ferreira, Daniel; Nikolowa, Radoslawa
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of London; Queen Mary University London
摘要：We present a model in which firms compete for workers who value nonpecuniary job attributes, such as purpose, sustainability, political stances, or working conditions. Firms adopt production technologies that enable them to offer jobs with varying levels of these desirable attributes. Firms' profits are higher when they cater to workers with extreme preferences. In a competitive assignment equilibrium, firms become polarized and not only reflect but also amplify the polarized preferences of th...
