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作者：Jiao, Feng; Sarkissian, Sergei; Schumacher, David
作者单位：University of Lethbridge; McGill University; University of Edinburgh
摘要：Using global mutual fund and American Depositary Receipt (ADR) data, we test if funds strategically trade crosslisted firms' equity shares in the most liquid trading location. We find that especially funds that score high on traditional skill measures exhibit a liquidity-based trading venue preference. We identify an informed trading motive as the most likely driver for such behaviour rather than preference based on geographic, economic, cultural, or governance motives. Thus, liquidity picking...
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作者：Altavilla, Carlo; Ellul, Andrew; Pagano, Marco; Polo, Andrea; Vlassopoulos, Thomas
作者单位：European Central Bank; Centre for Economic Policy Research - UK; Indiana University System; Indiana University Bloomington; European Corporate Governance Institute; University of Naples Federico II; Luiss Guido Carli University
摘要：Do banks extending government-guaranteed loans simultaneously reduce their risk exposure to firms? Using unique euro-area credit register data and the COVID-19 guarantee programs as a laboratory, we find that 1 euro of guaranteed lending was associated with a reduction of 28 cents in non-guaranteed credit, relative to other banks lending to the same firm. Substitution was highest for riskier and smaller firms in more affected sectors and for stronger banks. Nevertheless, banks offered cheaper ...
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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...
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作者：Polo, Alberto; Taburet, Arthur; Vo, Quynh-Anh
作者单位：Bank of England; Duke University
摘要：When lenders screen borrowers using a menu, they generate a contractual externality by rendering the composition of their competitors' borrowers worse. Using data from the UK mortgage market and a structural model of screening with endogenous menus, this paper quantifies the impact of asymmetric information on equilibrium contracts and welfare. Counterfactual simulations show that, because of the externality, there is too much screening along the loan-to-value dimension. The deadweight loss, e...
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作者：Babina, Tania; Bahaj, Saleem; Buchak, Greg; De Marco, Filippo; Foulis, Angus; Gornall, Will; Mazzola, Francesco; Yu, Tong
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of London; University College London; Bank of England; Stanford University; Bocconi University; University of British Columbia; heSam Universite; ESCP Business School; Imperial College London
摘要：Open banking (OB) empowers bank customers to share their financial transaction data with fintechs and other banks. New cross-country data shows 49 countries adopted OB policies, privacy preferences predict policy adoption, and adoption spurs fintech entry. UK microdata shows that OB enables: (i) consumers to access both financial advice and credit; (ii) SMEs to establish new lending relationships. In a calibrated model, OB universally improves welfare through entry and product improvements whe...
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作者：Jermann, Urban; Xiang, Haotian
作者单位：University of Pennsylvania; National Bureau of Economic Research; Peking University
摘要：We study capital regulation in a dynamic model for bank deposits. Capital regulation addresses banks' incentive for excessive leverage that dilutes depositors, but preserves some dilution to reduce bank defaults. We show theoretically that capital regulation is subject to a time inconsistency problem. In a model with non-maturing deposits where optimal withdrawals make deposits endogenously long-term, we find commitment to have important effects on the optimal level and cyclicality of capital ...
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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：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...
