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作者：Bittner, Christian; Fecht, Falko; Pala, Melissa; Saidi, Farzad
作者单位：Deutsche Bundesbank; Goethe University Frankfurt; Frankfurt School Finance & Management; University of Bonn
摘要：How do bank networks facilitate information flows that shape market outcomes? Using international banks' advisory activities in corporate takeovers as their source of private information, we show in supervisory data that banks with closer ties to the target, but not the acquirer, advisor trade profitably in the target's stock prior to the deal announcement. This trading behavior is associated with a higher premium paid without compromising deal success. As connected banks' incentives are align...
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作者：Colacito, Riccardo; Qian, Yan; Stathopoulos, Andreas
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Central University of Finance & Economics; National Bureau of Economic Research
摘要：We document that the currency denomination of the debt of large firms in developed countries is strongly associated with the geographical distribution of their sales. Furthermore, those firms exhibit significant home currency bias and international currency bias in borrowing: controlling for the geography of sales, they borrow more in their home currency and the two most traded currencies, the US dollar and the euro. We also show that the firms' debt currency denomination choices are associate...
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作者：Goyal, Amit; Reed, Adam, V; Smajlbegovic, Esad; Soebhag, Amar
作者单位：University of Lausanne; Swiss Finance Institute (SFI); University of North Carolina; University of North Carolina Chapel Hill; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Short sellers are widely known to be informed, which would typically suggest that they demand liquidity. We obtain comprehensive transaction-level data to decompose daily short volume into liquidity-demanding and liquidity-supplying components. Contrary to conventional wisdom, we show that the most informed short sellers are actually liquidity suppliers, not liquidity demanders. They are particularly informative about future returns on news days and trade on prominent cross-sectional return an...
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作者：Berg, Tobias; Burgb, Valentin; Keil, Jan; Puri, Manju
作者单位：Goethe University Frankfurt; Humboldt University of Berlin; Indian School of Business (ISB); Duke University; National Bureau of Economic Research
摘要：Buy Now, Pay Later (BNPL) is a key innovation in consumer payments. It bundles the sale of a product with a subsidized loan, effectively offering lower prices to low-creditworthiness customers. BNPL thereby allows merchants to price-discriminate among customers with different willingness-to-pay. Consistent with a price-discrimination mechanism, we show that BNPL increases sales by 20%, driven by low-creditworthiness customers and products where market power is larger. We find that the benefits...
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作者：Chaudhry, Aditya
作者单位：University System of Ohio; Ohio State University
摘要：I show that prices impact analyst cash flow expectations and argue this impact can partially reconcile subjective beliefs data with asset pricing models in which investors have rational expectations and discount rate variation drives prices. Previous work argues that correlations of biased analyst cash flow expectations with prices and future returns contradict rational models and imply biased investor expectations distort prices. However, using two instrumental variables for price, I find inc...
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作者：Christensen, Kim; Timmermann, Allan; Veliyev, Bezirgen
作者单位：Aarhus University; University of California System; University of California San Diego; University of California System; University of California San Diego
摘要：Corporate earnings announcements unpack large bundles of public information that should, inefficient markets, trigger jumps in stock prices. Testing this implication is difficult in practice, as it requires noisy high- frequency data from after-hours markets, where most earnings announcements are released. Using a unique dataset and anew microstructure noise-robust jump test, we show that earnings announcements almost always induce jumps in the stock price of announcing firms. They also signif...
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作者：Agur, Itai; Ari, Anil; Dell'Ariccia, Giovanni
作者单位：International Monetary Fund
摘要：Lenders can exploit households' payment data to infer their creditworthiness. When households value privacy, they then face a tradeoff between protecting such privacy and attaining better credit conditions. We study how introducing an informationally more intrusive digital payment vehicle affects households' cash use, credit access, and welfare. A tech monopolist controls the intrusiveness of the new payment method and manipulates information asymmetries among households and oligopolistic bank...
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作者：Dagostino, Ramona
作者单位：University of Virginia
摘要：Do federal tax incentives for banks investing in municipal bonds support local governments during recessions? This paper exploits a change in tax benefits for banks purchasing municipal bonds and finds that expanding access to bank financing during recessions increases local governments' debt issuance and employment growth. The estimated job multiplier is 22 jobs per million dollars of spending. There is moderate evidence of mortgage loans being crowded out by banks' increased holdings of muni...
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作者：Bergman, Nittai K.; Kadan, Ohad; Michaely, Roni; Moulton, Pamela C.
作者单位：Tel Aviv University; Arizona State University; Arizona State University-Tempe; University of Hong Kong; Cornell University
摘要：Whether proprietary traders provide or take liquidity, and how their behavior evolves over the business cycle and across stocks, remains at the center of an ongoing debate. Using a unique dataset from the NYSE, we document that proprietary traders act as net liquidity providers, buying after price declines in a contrarian pattern. Proprietary trader liquidity provision is concentrated in large, liquid, low-volatility stocks and diminishes significantly when intermediary balance sheets are weak...
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作者：Flammer, Caroline; Giroux, Thomas; Heal, Geoffrey M.
作者单位：Columbia University; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：Blended finance-the use of public and philanthropic funding to crowd in private capital-has emerged as a potential tool for financing sustainable development. Yet little is known about the design of blended finance contracts. We develop a conceptual framework in which development finance institutions (DFIs) allocate concessional capital across projects to maximize societal impact while crowding in private investors. Our framework highlights a trade-off between sustainability impact and the amo...
