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作者：Baker, Scott R.; Balthrop, Justin; Johnson, Mark J.; Kotter, Jason; Pisciotta, Kevin
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Nebraska System; University of Nebraska Lincoln; Brigham Young University; University of Kansas
摘要：We estimate the causal effect of online sports betting on households' investment, spending, and debt management decisions using household transaction data and a staggered difference-in-differences framework. Following legalization, sports betting spreads quickly, with both the number of participants and frequency of bets increasing over time. This increase does not displace other gambling or consumption but significantly reduces savings, as risky bets crowd out positive expected value investme...
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作者：Boneva, Lena; Kastl, Jakub; Zikes, Filip
作者单位：Swiss National Bank (SNB); Princeton University; Federal Reserve System - USA; Federal Reserve System Board of Governors; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：We study dealers' bidding behavior in the Bank of England's quantitative easing (QE) reverse auctions. Using a granular dataset on both accepted and rejected offers together with an equilibrium model of bidding behavior, we estimate dealers' valuations of securities offered to the Bank of England. We also recover the rents accruing to dealers from participating in the auctions as opposed to liquidating gilts in the secondary market, thereby possibly causing prices to change. These rents or so-...
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作者：Ma, Wenting; Ouimet, Paige; Simintzi, Elena
作者单位：University of Massachusetts System; University of Massachusetts Amherst; University of North Carolina; University of North Carolina Chapel Hill; National Bureau of Economic Research; European Corporate Governance Institute; Center for Economic & Policy Research (CEPR)
摘要：Mergers and acquisitions (M&As) are an important mechanism through which technology is adopted by firms. Firms with greater technological skill acquire less tech-savvy firms and, subsequently, increase technology investment at the target. This has important implications for labor reallocation following M&As. We show that target establishments become less routine intensive post-M&A, especially when a target had greater routine occupational employment, compared to its acquirer, ex-ante. We also ...
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作者：Dottling, Robin; Rola-Janicka, Magdalena
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Imperial College London
摘要：We analyze optimal carbon pricing under financial constraints and endogenous climate-related transition and physical costs. The socially optimal emissions tax may be above or below a Pigouvian benchmark, depending on the strength of physical climate impacts on pledgeable resources. We derive necessary conditions for emissions taxes alone to implement a constrained-efficient allocation, and show a cap-and-trade system may dominate emissions taxes because it can be designed to have a less advers...
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作者：Brugler, James; Comerton-Forde, Carole
作者单位：University of Melbourne
摘要：Dark pools can restrict access for specific trader types. We compare execution outcomes between dark pools that restrict high frequency trader access and those that do not. We find that trades executed in dark pools with more access restrictions have less order flow information leakage, adverse selection risk and post-trade order imbalances than trades in less restricted pools. Evidence from exogenous dark pool closures demonstrates that these differences are causal. The ability to segment ord...
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作者：Schroth, Josef
作者单位：Bank of Canada
摘要：Are banks safer when they hold more safe assets? This paper builds a model in which banks supply liquidity services through uninsured deposits. Define a safe asset as an asset with both low payoff risk and high pledgeability. Banks consider equity costly and because of safe assets' low payoff risk prefer to fund them largely with deposits. High pledgeability makes this feasible. The rise in banks' deposit supply increases deposit rates and forces banks to deviate from socially desirable levels...
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作者：Sikorskaya, Taisiya
作者单位：University of Chicago
摘要：Institutions facilitate short-selling by lending from their holdings, but what they hold is endogenous. This paper examines how institutional demand, driven by investment mandates (benchmarking), affects short-selling. In a model where benchmarked managers lend from their holdings, both lending supply and equilibrium price are higher for the benchmark asset, and so is shorting demand (due to inflated price). A quasi-experiment using Russell index reconstitution shows that stocks with more benc...
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作者：Cohn, Jonathan B.; Johnson, Travis L.; Liu, Zack; Wardlaw, Malcolm I.
作者单位：University of Texas System; University of Texas Austin; University of Houston System; University of Houston; University System of Georgia; University of Georgia
摘要：Confounding events can cause false positives when testing the relationship between short-term returns around a quasi-experimental event and firm characteristics. We show that this risk is severe in practice - return characteristic relationships are often statistically significant at the 1% level on over 30% of all trading days. Benchmarking a relationship against the distribution of the same relationship on pre-event days is effective at addressing the problem. We introduce a novel GLS variati...
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作者：Avramov, Doron; Ge, Shuyi; Li, Shaoran; Linton, Oliver
作者单位：Reichman University; Nankai University; Peking University; University of Cambridge
摘要：This paper introduces a Peer Index (PI) constructed from economically motivated peer networks that summarizes (i) the strength of a firm's peers and (ii) the firm's position within its peer group. PI predicts stock returns and earnings surprises over short and long horizons. Machine-learning models based solely on firm-level characteristics do not subsume PI's predictive power, supporting the interpretation that it captures genuine cross-stock information. Lag-augmented local projections show ...
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作者：Conklin, James N.; Gerardi, Kristopher; Lambie-Hanson, Lauren
作者单位：University System of Georgia; University of Georgia; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：We document large racial disparities in the ability of homeowners to access their accumulated housing wealth. Minority homeowners are significantly more likely to have their mortgage equity withdrawal (MEW) product applications rejected than White homeowners, and the unconditional disparities are significantly larger than those found in prior studies that focused on purchase and rate/term refinance loans. Had Black homeowners faced the same MEW denial rate as White homeowners in our sample per...
