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作者：D'Acunto, Francesco; Ghosh, Pulak; Rossi, Alberto G.
作者单位：Georgetown University; Indian Institute of Management (IIM System); Indian Institute of Management Bangalore
摘要：We study the nature and effects of cultural biases in choice under risk and uncertainty by comparing peer-to-peer loans the same individuals (lenders) make alone and after observing robo-advised suggestions. When unassisted, lenders are more likely to choose co-ethnic borrowers, facing 8% higher defaults and 7.3pp lower returns. Robo-advising does not affect diversification but reduces lending to high-risk co-ethnic borrowers. Lenders in locations with high inter-ethnic animus drive the result...
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作者：Xu, Nancy R.; You, Yang
作者单位：Boston College; University of Hong Kong
摘要：We propose a fiscal policy expectations mechanism. When bad macro news arrives (in our study, when initial jobless claims (IJC) are higher than expected), investors may expect more generous government spending and drive up aggregate stock prices through the expected cash flow channel. Using a time-series sample from January 2013 to March 2021, we find that this phenomenon emerges when newspapers mention fiscal policy more. In the cross section, firms expected to receive more government spendin...
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作者：Miller, Shane; Yimfor, Emmanuel; Zhang, Ye
作者单位：University of Michigan System; University of Michigan; Columbia University
摘要：Institutional and individual investors evaluate private market opportunities systematically differently, even facing identical choices. In a survey experiment, 593 institutional and 445 individual investors assess venture capital fund profiles with independently randomized GP characteristics. Institutions heavily weight past fund performance, consistent with risk-averse investor demand calibrated to VC markets. Individuals largely ignore performance, favoring educational credentials instead. A...
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作者：van Binsbergen, Jules H.
作者单位：University of Pennsylvania; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Using a panel of international government bond data, I construct fixed income portfolios that match the duration of the dividend strips of the local aggregate stock market index. I find that these bond portfolios have similar realized return performance as their stock counterparts while also exhibiting similar or higher levels of volatility. These results provide novel insights regarding the equity risk premium and excess volatility puzzles (bubbles) and their measurement. I present several po...
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作者：Sarto, Andres; Wang, Olivier
摘要：Over the past two decades, shadow banks have significantly expanded their share of residential mortgage lending, even surpassing pre-financial crisis levels. This surge is often attributed to post-crisis regulatory changes and improvements in shadow banks' technology. In this paper, we document a new driving force: the persistent decline in interest rates. When interest rates are high, cheap deposit funding provides banks with a significant competitive advantage against shadow banks relying on...
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作者：Jiang, Wei; Tang, Yuehua; Xiao, Rachel J.; Yao, Vincent
作者单位：Emory University; National Bureau of Economic Research; State University System of Florida; University of Florida; Fordham University; University System of Georgia; Georgia State University
摘要：We examine the impact of fintech on firm labor demand, job turnover, and firm performance. Occupations with higher exposure to fintech experience a net decline in job postings and employment, though both complementary and substitutive effects emerge across different sectors. Fintech blurs traditional industry boundaries, creating demand for workers with a combination of finance and technology skills. In response, firms upskill through hiring, reallocate talent internally, and pivot innovation ...
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作者：Acharya, Viral V.; Banerjee, Ryan; Crosignani, Matteo; Eisert, Tim; Spigt, Renee
作者单位：New York University; Bank for International Settlements (BIS); Federal Reserve System - USA; Federal Reserve Bank - New York; Universidade Nova de Lisboa; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：We document capital misallocation in the U.S. investment-grade (IG) corporate bond market, driven by quantitative easing (QE). Prospective fallen angels - risky firms just above the IG cutoff - enjoyed subsidized bond financing in 2009-19. This effect is driven by Fed purchases of securities inducing long-duration IGfocused investors to rebalance their portfolios towards higher-yielding IG bonds. The benefiting firms (i) exploited the sluggish downward adjustment of credit ratings after M&A to...
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作者：Chen, Jason
作者单位：Auburn University System; Auburn University
摘要：This paper investigates how firms' pollution incentives are influenced by their ability to divest polluted assets. My empirical setting is a major reform that exempts purchasers from liability for past contamination. Using a difference-in-differences framework, I find that the reform reduces toxic emissions, lowers bankruptcy risk, and increases firm value. Cross-sectional tests show that the decline in emissions is driven by firms with weaker financial health and fewer assets. These findings ...
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作者：Liu, Ernest; Ma, Song; Veldkamp, Laura
作者单位：Princeton University; Yale University; Columbia University; National Bureau of Economic Research
摘要：We explore indicators of market power in a data market. Markups cannot measure competition, because most data products' marginal cost is zero, making the markup infinite. Yet, data monopolists may not exert monopoly power because they cannot commit to restricting data sales to future customers. This limited commitment and strategic substitutability of data undermine sellers' monopoly power. But data subscriptions restore this monopoly power. Evidence from online data markets supports the model...
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作者：Vives, Xavier; Ye, Zhiqiang
作者单位：University of Navarra; IESE Business School; Zhejiang University
摘要：We provide a spatial framework to study competition between banks and fintechs in the lending market and examine the impact on investment and welfare. Based on the key differences between banks and fintechs, we derive results consistent with the empirical evidence available. We find that fintechs with inferior monitoring efficiency can successfully enter because of their superior flexibility in pricing and that higher bank concentration leads to higher fintech loan volume. If fintechs and bank...
