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作者：Green, Daniel; Vallee, Boris
作者单位：Harvard University; Harvard University; INSEAD Business School
摘要：We study whether exit policies by financial institutions have financial and real consequences on the firms they target, using bank coal exit policies as a laboratory. In contrast to theories assuming high capital substitutability, we find large effects of these policies. Bank exit policies negatively affect both the financing and operation of coal assets. Substitution to other sources and providers of capital appears to be limited. Coal power plants owned by firms exposed to exit policies are ...
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作者：Bosshardt, Joshua; Kakhbod, Ali; Kermani, Amir
作者单位：Federal Housing Finance Agency; National Bureau of Economic Research
摘要：We analyze the trade-offs of having intermediaries originate government-sponsored enterprise (GSE) mortgages using proprietary GSE data. We first find evidence of lenders pricing for observable and unobservable default risk independently of the GSEs. We then develop and estimate a model of competitive lending in which lenders have skin-in-the-game and conduct additional screening beyond the GSEs' criteria. Lenders reduce costs via screening but also charge markups. On net, interest rates are h...
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作者：Jiang, Zhengyang; Richmond, Robert J.; Zhang, Tony
作者单位：Northwestern University; National Bureau of Economic Research; New York University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We attribute variation in the strength of the U.S. dollar and its covariance with other currencies to economic primitives using a global asset demand system. We take global investor savings, asset supply, and monetary policy as exogenous primitives, and show how these variables explain dollar exchange rate behavior. Prior to the global financial crisis, global savings and demand shifts explain dollar depreciation, whereas post-crisis they explain dollar appreciation. Interest rates and cross-b...
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作者：Bias, Daniel; Ljungqvist, Alexander
作者单位：Vanderbilt University; Stockholm School of Economics; Swedish House of Finance; Centre for Economic Policy Research - UK
摘要：We propose a novel identification strategy to estimate the long-term imprinting effects of being born in the Great Recession on innovative startups. After purging ubiquitous selection biases and sorting effects, we find that recession startups experience substantially better long-term outcomes in terms of survival and growth in employment and sales, despite being born when funding is scarce and demand is declining. In contrast to prior work, we find that the recession does not encourage entry ...
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作者：V. Hochberg, Yael; Kakhbod, Ali; Li, Peiyao; Sachdeva, Kunal
作者单位：Rice University; National Bureau of Economic Research; University of California System; University of California Berkeley; University of Michigan System; University of Michigan
摘要：Utilizing leading machine learning techniques to analyze the textual content and quality of patents, we demonstrate that patents with female lead inventors are under-cited relative to what would be expected had the lead inventor been male. Male inventors are the greatest contributors to the undercitation of patents with female inventors, followed by female inventors and male examiners, while female patent examiners appear to be even-handed. Using market reactions to patents suggests no average...
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作者：Lindsey, Laura; Stein, Luke C. D.
作者单位：Arizona State University; Arizona State University-Tempe; Babson College
摘要：This paper examines the effects of a shock to angel finance on entrepreneurial activity. Using U.S. Census data, we estimate the state-level fraction of households that lost accreditation status from Dodd-Frank's elimination of housing wealth in determining accreditation. A larger reduction in the pool of potential investors reduces angel investment, firm entry, and employment at small entrants. Employment increases at small and young incumbents, suggesting competitive effects. Though we docum...
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作者：Ma, Yueran; Shleifer, Andrei
作者单位：University of Chicago; National Bureau of Economic Research; Harvard University
摘要：The analysis of corporate governance begins with a central feature of modern capitalism - the separation of ownership and control in large corporations - first empirically documented by Berle and Means (1932). Such separation entails several agency problems reflecting conflicts between managers and shareholders, such as selfdealing by managers, low effort, consumption of perquisites, and excessive growth and diversification. Berle and Means saw self-dealing as the central agency problem and st...
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作者：Li, Bin; Rossi, Alberto G.; Yan, Xuemin (Sterling); Zheng, Lingling
作者单位：Wuhan University; Georgetown University; Lehigh University; Renmin University of China
摘要：We construct real-time machine learning strategies based on a universe of fundamental signals. The out-of-sample performance of these strategies is economically meaningful and statistically significant, but considerably weaker than those documented by prior studies that use curated sets of signals as predictors. Strategies based on a simple recursive ranking of each signal's past performance also yield substantially better out-of-sample performance. We find qualitatively similar results when e...
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作者：Schneider, Thomas; Strahan, Philip E.; Yang, Jun
作者单位：University of Oklahoma System; University of Oklahoma - Norman; Boston College; National Bureau of Economic Research; University of Notre Dame
摘要：This paper studies banks' investment in risk management human capital following the Global Financial Crisis and the advent of stress testing. Our results suggest that 'Too Big to Fail' distortions may have weakened large banks' incentive to invest in risk management talent. Stress testing, which focuses on the largest banks, spurred demand for skilled quantitative risk managers, but only narrowly in anticipation of a test and following poor performance on a test. Stress testing does not affect...
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作者：Lopez, Pierlauro; Vazquez-Grande, Francisco; Lopez-Salido, David
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Banco de Espana
摘要：A simple production economy with nominal price rigidities explains several key asset pricing facts, including the average slopes and cyclicality of equity and interest rate term structures. Nominal rigidities amplify the procyclicality of dividends after negative productivity shocks and generate countercyclical inflation, as sluggish price adjustment leads to a gradual dividend recovery. Consequently, short-duration equities (bonds) have more (less) procyclical payoffs than their long-duration...
