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作者：Sui, Pengfei; Wang, Baolian
作者单位：The Chinese University of Hong Kong, Shenzhen; State University System of Florida; University of Florida
摘要：We examine how stakes affect investor behaviors. In our unique setting, investors trade stocks in real accounts using their own money and simultaneously in a simulated setting. Our real-world within-investor estimation shows that investors exhibit stronger biases and perform worse in higher-stakes real accounts than in lowerstakes simulated accounts. Investors exhibit strong biases in both types of accounts, and the biases in both are strongly positively correlated. Such behavioral consistency...
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作者：Yang, Keer
作者单位：University of California System; University of California Davis
摘要：This paper studies the role of trust in incumbent lenders (banks) as an entry barrier to emerging FinTech lenders in credit markets. The empirical setting exploits the outbreak of the Wells Fargo scandal as a negative shock to borrowers' trust in banks. Using a difference-in-differences framework, I find that increased exposure to the Wells Fargo scandal leads to an increase in the probability of borrowers using FinTech as mortgage originators. Utilizing political affiliation to proxy for the ...
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作者：Heyerdahl-Larsen, Christian; Illeditsch, Philipp
作者单位：BI Norwegian Business School; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Disagreement about macroeconomic fundamentals accounts for only part of the disagreement about future interest rates, creating a disagreement correlation puzzle. This puzzle arises because standard equilibrium models with belief differences predict a strong link between asset return disagreement and fundamental disagreement, a link not supported by the data. We address this puzzle by introducing a model where disagreement about future demand for savings-driven by disagreement over the prevalen...
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作者：Hardy, Bryan; Saffie, Felipe; Simonovska, Ina
作者单位：Bank for International Settlements (BIS); University of Virginia; National Bureau of Economic Research; University of California System; University of California Davis; Centre for Economic Policy Research - UK
摘要：We study how U.S. dollar fluctuations transmit through domestic supply chains in emerging markets. Large firms borrow in foreign currency and extend trade credit to domestic partners, exposing the supply chain to exchange rate risk. We develop a model where financially constrained suppliers pass through shocks to buyers, while unconstrained firms absorb them. Using quarterly firm-level data from 19 emerging markets, we provide empirical evidence consistent with the model's predictions. We find...
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作者：Giroud, Xavier; Liu, Ernest; Mueller, Holger
作者单位：Columbia University; Princeton University; New York University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：The vast majority of U.S. inventors work for firms that also have inventors and plants in other tech clusters. Using merged USPTO-U.S. Census Bureau plant-level data, we show that larger tech clusters not only make local inventors more productive but also raise the productivity of inventors and plants in distant clusters, which are connected to the focal cluster through their parent firms' networks of innovating plants. To rationalize these findings, we develop a tractable model of spatial inn...
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作者：Goyal, Amit; Wahal, Sunil; Yavuz, M. Deniz
作者单位：University of Lausanne; Swiss Finance Institute (SFI); Arizona State University; Arizona State University-Tempe; Purdue University System; Purdue University
摘要：We study the selection of private market managers (GPs) for over 61,000 capital commitments by institutional investors (LPs) from a feasible opportunity set. LPs chase past performance but also seem surprisingly willing to invest in GPs without a track record: the probability that LPs select first-time or young GPs is quantitatively similar to GPs in the highest quartile of past performance. The most plausible explanation is that there is demand for exposure to private markets that is not fulf...
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作者：Barry, John W.; Carlin, Bruce I.; Crane, Alan D.; Graham, John R.
作者单位：Rice University; Duke University
摘要：CFOs report using elevated hurdle rates that average 6.6 percentage points above the cost of capital. We show that hurdle rate buffers act as a commitment device and convey a bargaining advantage over counterparties during project development and M&A. This benefit can exceed the opportunity cost of forgone projects and acquisitions, preserving firm value. Consistent with our model, bidders' elevated hurdle rates in M&A deals associate with higher surplus capture ex post; in CFO survey data, hu...
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作者：Sannino, Francesco
作者单位：Frankfurt School Finance & Management
摘要：In a lemons market, a shock to gains from trade precedes the buyers' offer. Lower gains exacerbate adverse selection. Trading with intermediaries before observing the shock commits sellers not to keep high-quality assets in such states, improving surplus despite impeding efficient use of information. To add value, intermediaries need not possess superior skills or information. If sellers choose intermediaries to overcome search frictions, traded assets' quality and welfare increase with search...
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作者：Kim, Sehoon; Kumar, Nitish; Lee, Jongsub; Oh, Junho
作者单位：State University System of Florida; University of Florida; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Seoul National University (SNU); Hankuk University Foreign Studies
摘要：Firms increasingly borrow via sustainability-linked loans (SLLs), contractually tying spreads to their ESG performance. SLLs vary widely in transparency of disclosure regarding sustainability-related contract details and tend to be issued to borrowers with superior ESG profiles. While high-transparency SLL borrowers maintain this performance, low-transparency SLL borrowers exhibit significantly deteriorating ESG performance after issuance. Both high-and low-transparency borrowers pay substanti...
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作者：Vandeweyer, Quentin; Yang, Minghao; Yannelis, Constantine
作者单位：University of Chicago; University of California System; University of California Berkeley; University of Cambridge
摘要：This paper studies the transmission of monetary policy to the stock market through investors' discount factors. To isolate this channel, we investigate the effect of US monetary policy surprises on the ratio of prices of the same stock listed simultaneously in Hong Kong and Mainland China. We identify a strong discount rate channel driven exclusively by cycle-amplifying surprises, defined as rate cuts during easing cycles and surprise hikes during tightening cycles. A 100 basis point of such c...
