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作者：Catherine, Sylvain; Ebrahimian, Mehran; Yannelis, Constantine
作者单位：University of Pennsylvania; Stockholm School of Economics; University of Cambridge
摘要：Using credit bureau data, we show that nearly half the increase in student debt since 2010 is due to deferred payments and the expansion of income-driven repayment (IDR) plans. These plans help borrowers smooth consumption, insure income risk, and reduce the effective debt cost. Using a life-cycle model, we quantify the welfare gains from this payment deferment and the channels through which welfare increases. We show that an optimally calibrated plan can achieve similar welfare gains at a muc...
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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...
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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：Freed, Paul G.; Hackney, John
作者单位：University of Virginia; University of Arkansas System; University of Arkansas Fayetteville
摘要：This study investigates how financial literacy shapes the propensity of individuals to commit financial crime. Using state-level administrative data on criminal charges linked to comprehensive public records , we exploit a policy-based discontinuity in grade level assignment based on individual birth dates that exogenously requires certain high school cohorts to attend a financial literacy course. Our estimates suggest that exposure to the course reduces the propensity to commit financial crim...
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作者：Bell, Sebastian; Kakhbod, Ali; Lettau, Martin; Nazemi, Abdolreza
作者单位：Helmholtz Association; Karlsruhe Institute of Technology; University of California System; University of California Berkeley; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：Machine learning methods in asset pricing are often criticized for their black box nature. We study this issue by predicting corporate bond returns using interpretable machine learning on a high-dimensional bond characteristics data set. We achieve state-of-the-art performance while maintaining an interpretable model structure, overcoming the accuracy-interpretability trade-off. The estimation uncovers nonlinear relationships and economically meaningful interactions in bond pricing, notably re...
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作者：Gresenz, Carole Roan; Mitchell, Jean M.; Rodriguez, Belicia; Wang, Crystal; Turner, R. Scott; van der Klaauw, Wilbert
作者单位：Georgetown University; Georgetown University; Federal Reserve System - USA; Federal Reserve Bank - New York; Georgetown University; Duke University; Stanford University
摘要：We examine the effect of undiagnosed memory disorders on credit outcomes using individually-matched nationally representative credit reporting and Medicare data. We find effects of early stage disease, years before diagnosis, on a wide range of financial outcomes, including credit card account payment delinquency and amount of delinquent balance, credit utilization among credit card account holders, mortgage delinquency and delinquent balance amount, and credit scores. Effects are pervasive, a...
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作者：Jiang, Erica Xuewei; Zhang, Anthony Lee
作者单位：University of Southern California; University of Chicago
摘要：Houses with higher value uncertainty receive less mortgage credit: mortgages backed by these houses are more likely to be rejected, have higher interest rates, and have lower loan-to-price ratios. The relationship between house value uncertainty and credit availability is driven partly by a classic channel in which uncertainty lowers debt recovery rates, and partly by a novel channel where more uncertain appraisals make regulatory constraints on loan size more likely to bind. We build a struct...
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作者：Dyhrberg, Anne Haubo; Shkilko, Andriy; Werner, Ingrid M.
作者单位：Wilfrid Laurier University; Macquarie University; University System of Ohio; Ohio State University; Centre for Economic Policy Research - UK
摘要：We demonstrate that off-exchange (wholesaler) executions provide significant cost savings to retail investors. Wholesaler concentration has raised regulatory concerns; however, we show that the largest wholesalers offer the lowest costs due to economies of scale. The entry of a new large wholesaler reduces incumbent scale economies, resulting in higher execution costs. Most retail brokers route to multiple wholesalers and actively monitor their performance, rewarding those offering lower execu...
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作者：Crosignani, Matteo; Han, Lina; Macchiavelli, Marco; Silva, Andre F.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; University of Massachusetts System; University of Massachusetts Amherst; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：To safeguard its technological leadership, the U.S. has restricted domestic suppliers from exporting cutting-edge technologies to selected Chinese firms. Domestic firms affected by these export controls halt sales to Chinese customers, as intended, but struggle to establish new relations with alternative customers domestically or in politically aligned regions. Consequently, domestic suppliers experience sizable losses in market capitalization, along with reductions in profitability, employmen...
