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作者：Albertus, James F.; Glover, Brent; Levine, Oliver
作者单位：Carnegie Mellon University; University of Wisconsin System; University of Wisconsin Madison
摘要：The Tax Cuts and Jobs Act unlocked as much as $1.7 trillion of U.S. multinationals' foreign cash. We examine the real and financial response to this liquidity shock and find that firms did not increase capital expenditures, employment, R&D, or M&A, regardless of financial constraints. On the financial side, firms paid out only about one-third of the new liquidity to shareholders and retained half as cash. This high retention was not associated with poor governance. The high propensity to retai...
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作者：Carpenter, Jennifer N.; Lu, Fangzhou; Whitelaw, Robert F.
作者单位：New York University; University of Hong Kong; National Bureau of Economic Research
摘要：We propose a new approach to modeling bond risk and risk premia, inspired by the equity risk-return literature, which does not impose the tight restrictions found in models that generate closed-form bond prices. We estimate the joint dynamics of the volatility and Sharpe ratio of principal-component bond-factor portfolios for the US and China. Predictors include yield curve variables and, for the US, VIX. We document complex time-varying relations between the price and quantity of interest rat...
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作者：Fuchs, Maximilian; Stroebel, Johannes; Terstegge, Julian
作者单位：Copenhagen Business School; New York University; National Bureau of Economic Research; University of Michigan System; University of Michigan
摘要：We study the effects of carbon price uncertainty on firms' decisions to decarbonize their operations. We first use information on the pricing of options on emission allowances in the European Emissions Trading System to create the Carbon VIX, a market-based high-frequency measure of carbon price uncertainty. Carbon price uncertainty is high, varies substantially over time, and experiences persistent shocks around major climate policy events. To explore the effects of carbon price uncertainty o...
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作者：Kaviani, Mahsa; Maleki, Hosein; Savor, Pavel
作者单位：University of Delaware; Rutgers University System; Rutgers University New Brunswick; DePaul University
摘要：Using close elections as an empirical setting, this paper examines the drivers and consequences of politically motivated lending by U.S. banks, with a special focus on resulting benefits. We first show that firms with ties to members of Congress receive more favorable loan terms, despite no observable improvements in performance or default risk. The effect is especially pronounced among banks facing regulatory challenges - such as FDIC enforcement actions, corporate misconduct investigations, ...
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作者：Frame, W. Scott; Gerardi, Kristopher; Mayer, Erik J.; Xu, Billy Y.; Zhao, Lawrence Chengzhi
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Wisconsin System; University of Wisconsin Madison; University of Rochester; Texas Tech University System; Texas Tech University
摘要：This study examines the effect of Department of Justice lawsuits in the 2010s against large lenders for alleged fraud in the Federal Housing Administration (FHA) mortgage insurance program. The suits led to over $5 billion in settlements and caused targeted banks and their peers to precipitously exit the FHA market. Difference-in-differences and triple-differences tests exploiting geographic variation in exposure to exiting banks show an 18% reduction in FHA lending in heavily exposed areas. T...
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作者：Andrei, Daniel; Hasler, Michael
作者单位：McGill University; University of Neuchatel
摘要：We model how investor learning about monetary-policy transmission impacts asset prices. In an asset-pricing model, investors learn from realized inflation surprises how effectively monetary policy steers future inflation. Downward revisions in perceived effectiveness raise expected inflation persistence, increasing return volatility and risk premia. These effects intensify when policy deviates significantly from neutral or monetary-transmission uncertainty is high. We estimate the model using ...
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作者：Gao, Janet; Kim, Yongseok; Sevilir, Merih
作者单位：Georgetown University; Tulane University; European School of Management & Technology
摘要：We examine the survival prospects, employment profiles, and patient outcomes at private equity (PE)-acquired hospitals. Target hospitals maintain their survival rates while significantly reducing employment and wage expenditures. The number of core medical workers drops temporarily, but returns to its pre-acquisition level in the long run. However, administrative job and wage cuts persist over the long term, particularly at previously nonprofit hospitals. Using proprietary insurance claims dat...
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作者：Hu, Yunzhi; Varas, Felipe
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of Texas System; University of Texas Dallas
摘要：Intermediaries reduce agency problems through monitoring, but credible monitoring requires sufficient retention until the loan matures. We study credit markets when intermediaries cannot commit to retention. Two structures are examined: investors lending alongside an all-equity bank and investors lending through the bank via short-term debt. With a commitment to retention, they are equivalent. Without commitment, the all-equity bank sells loans and reduces monitoring over time. Short-term debt...
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作者：Bond, Philip; Levit, Doron
作者单位：University of Washington; University of Washington Seattle
摘要：We study the equilibrium effects of the S dimension of ESG under imperfect competition. ESG policies are pledges made by firms that constrain managers to treat their stakeholders better than market conditions alone dictate. Moderate policies limit market power and prompt managers to be more competitive; aggressive polices backfire, both for adopting firms and intended beneficiaries. In contrast to the shareholder primacy paradigm, competition in ESG policies under the stakeholder capitalism pa...
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作者：Huang, Teng; Sacchetto, Stefano
作者单位：NEOMA Business School; Universidade Nova de Lisboa
摘要：We study the rationale behind firms' investment in risky financial assets by formulating and estimating a dynamic model in which firms allocate their precautionary savings to both safe and risky securities. In equilibrium, risky financial asset holdings are positively related to the sensitivity of a firm's financing deficit to the risky asset returns-the financing deficit beta. Using a comprehensive sample of US corporate financial asset holdings, we find evidence of a positive correlation bet...
