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作者：Acikalin, Utku U.; Caskurlu, Tolga; Hoberg, Gerard; Phillips, Gordon M.
作者单位：Cornell University; University of Amsterdam; University of Southern California; Dartmouth College; National Bureau of Economic Research
摘要：We examine the impact of lost intellectual property protection on innovation, competition, firm performance, and valuation. We consider firms whose ability to protect intellectual property (IP) using patents is weakened following a major Supreme Court decision. We use large language models (LLM) to identify firms' patent portfolios' exposure to this decision and find an unequal impact. Large firms gain and small firms lose. Large impacted firms benefit as their sales growth increases and their...
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作者：Guiso, Luigi; Schivardi, Fabiano; Zaccaria, Luana
作者单位：Luiss Guido Carli University
摘要：We examine the effects of mandatory board gender quotas on unregulated firms that are connected to regulated ones via interlocking directorates. After the introduction of quotas, connected firms significantly increase their share of female directors relative to similar unconnected firms. The spillover effects are substantial - at least as large as the direct effects on regulated firms, challenging previous claims that quotas have no broader impact on women in business. Our results suggest that...
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作者：Ouyang, Shumiao
作者单位：University of Oxford; University of Oxford
摘要：This paper investigates how cashless payment affects credit access for underserved populations using data from Alipay, a leading Chinese BigTech platform with over 1 billion users that offers a wide range of financial services. By exploiting the staggered rollout of Alipay-bundled shared bikes across cities as a natural experiment and analyzing a representative Alipay user sample, I find that cashless payment adoption increases credit access by 56.3% and that a 1% rise in payment flow increase...
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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：Woeppel, Michael; Yavuz, M. Deniz
作者单位：Indiana University System; Indiana University Bloomington; Purdue University System; Purdue University
摘要：As the economy has become increasingly knowledge-based, firms' capability to benefit from external knowledge has grown in importance. We construct a measure of this capability-absorption intensity-from information in firms' patents. To validate the measure, we exploit the American Inventors Protection Act (AIPA), which exogenously increased patent information availability. A triple-difference design shows that firms with higher absorption intensity experience greater innovation growth when mor...
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作者：Chen, Alvin; Gupta, Deeksha; Starmans, Jan
作者单位：Stockholm School of Economics; Johns Hopkins University
摘要：This paper examines how sustainable investing affects the governance role of financial markets. We show that stronger concerns about externalities among informed investors can reduce price informativeness about managerial effort to improve financial performance, increasing the cost of incentive provision. This mechanism creates an inherent link between firms' environmental and social (ES) and governance quality. We show that the agency costs of sustainable investing can have real effects on ES...
