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作者：Berg, Tobias; Ma, Lin; Streitz, Daniel
作者单位：Goethe University Frankfurt; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH)
摘要：We document a global reallocation of pollutive assets as a response to investor pressure: large firms facing increased investor pressure divest foreign-located pollutive assets to firms that are less in the limelight. There is no evidence of increased engagement in any other emission reduction activities. We estimate that 369 million metric tons (mt) of CO2e are reallocated via divestments in the post-Paris Agreement period. Our results indicate that investor pressure to decarbonize reshapes t...
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作者：Brandsaas, Eirik Eylands; Kvaerner, Jens Soerlie
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; BI Norwegian Business School
摘要：A convex combination of renting and traditional homeownership-Partial Ownership (PO)-is increasingly popular in many countries. We incorporate an existing for-profit PO contract into a life-cycle model to quantify its impact on housing investments, households' welfare, and financial stability. We have three results: (1) PO makes more households invest in (some) housing. (2) Willingness to pay for PO increases with housing unaffordability and is highest among low-income and renting households. ...
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作者：Jiang, Zhengyang; Lustig, Hanno; Van Nieuwerburgh, Stijn; Xiaolan, Mindy Z.
作者单位：Northwestern University; Stanford University; Columbia University; University of Texas System; University of Texas Austin; Centre for Economic Policy Research - UK
摘要：In the presence of aggregate risk, governments face a trade-off between insuring taxpayers or bondholders. The literature assumes that the government can finance deficits at the risk-free rate, protecting bondholders at the expense of taxpayers. We characterize the implications of this assumption on the surplus process. Under reasonable debt dynamics, counter-cyclical debt issuance that protects taxpayers against adverse macroeconomic shocks is limited in time and scope, and comes at the expen...
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作者：Denes, Matthew; Lagaras, Spyridon; Tsoutsoura, Margarita
作者单位：Carnegie Mellon University; University of Illinois System; University of Illinois Urbana-Champaign; Washington University (WUSTL); Centre for Economic Policy Research - UK; European Corporate Governance Institute; National Bureau of Economic Research
摘要：Platform intermediation of goods and services has considerably transformed the U.S. economy. We use administrative data on U.S. tax returns to study the role of the gig economy on entrepreneurship. We find that gig workers are more likely to become entrepreneurs, particularly those who are lower income, younger, and benefit from flexibility. We track all newly created firms and show that gig workers start firms in similar industries as their gig experience, which are less likely to survive and...
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作者：Sachdeva, Kunal; Silva, Andre F.; Slutzky, Pablo; Xu, Billy Y.
作者单位：University of Michigan System; University of Michigan; Federal Reserve System - USA; Federal Reserve System Board of Governors; University System of Maryland; University of Maryland College Park; University of Rochester
摘要：This paper examines the effects of targeted credit rationing by banks on firms likely to generate negative externalities. We exploit an initiative of the U.S. Department of Justice, labeled Operation Choke Point, which compelled banks to limit relationships with firms in controversial industries. Using supervisory loan-level data, we show that, as intended, targeted banks reduced lending and terminated relationships with affected firms. However, most of these firms fully substituted credit thr...
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作者：Mukharlyamov, Vladimir; Sarin, Natasha
作者单位：Georgetown University; Yale University
摘要：This paper provides empirical evidence of a well-known theoretical concern that market failures in two-sided markets are hard to identify and correct. We study the reactions of banks, merchants, and consumers to Dodd-Frank's Durbin Amendment that lowered interchange fees on debit card transactions. Banks recouped a significant portion of their losses by charging consumers for products that they previously provided for free on the subsidized side of the two-sided market. The accelerated adoptio...
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作者：Kim, Olivia S.; Parker, Jonathan A.; Schoar, Antoinette
作者单位：Harvard University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Using financial account data linking small businesses to their owner households, we examine how business owners' consumption responded to changes in business revenues during the COVID-19 crisis. In the first two months following the National Emergency, business revenues declined by 40 percent, largely driven by national factors rather than local infection rates or policies. However, the pass-through of revenue losses to owner consumption was limited: each dollar of revenue loss resulted in onl...
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作者：Decressin, Yann; Kaplan, Steven N.; Sorensen, Morten
作者单位：University of Chicago; University of Chicago; National Bureau of Economic Research; Dartmouth College
摘要：Using more than 4900 personality assessments, we study changes in the characteristics of CEOs and top executives since 2001. The same four factors explain roughly half of the variation in executive characteristics in this larger sample of assessments as in Kaplan and Sorensen (2021). In later years, CEO candidates have shown declining general ability, are increasingly execution-oriented, less interpersonal, less charismatic, and less creative-strategic, and many of these differences persist fo...
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作者：Desai, Pranav; Gavrilova, Ekaterina; Silva, Rui C.; Soares, Margarida
作者单位：Universidade Nova de Lisboa
摘要：We create a new measure of the value of an important, but previously understudied, intangible asset -trademarks. We quantify the stock market reaction to the publication of individual trademarks manually matched to U.S. publicly traded firms. We find that trademarks are used ubiquitously and possess substantial value: the median trademark is worth $20 million. Firms that obtain new trademarks subsequently launch new products, increase sales, invest more in physical capital, hire more employees...
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作者：Pastor, Lubos; Stambaugh, Robert F.; Taylor, Lucian A.
作者单位：University of Chicago; University of Pennsylvania; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We estimate financial institutions' portfolio tilts related to U.S. stocks' environmental, social, and governance (ESG) characteristics. From 2012 to 2023, ESG-related tilts consistently total about 6% of the investment industry's assets and rise from 17% to 27% of institutions' total portfolio tilts. Significant ESG tilts arise from the choice of stocks held and, especially, the weights on stocks held. The largest institutions tilt increasingly toward green stocks, while other institutions an...
