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作者：Feng, Felix; Nohel, Tom; Tian, Xuan; Wang, Wenyu; Wu, Yufeng
作者单位：University System of Georgia; University of Georgia; Loyola University Chicago; Peking University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University System of Ohio; Ohio State University
摘要：Special Purpose Acquisition Companies (SPACs) took Wall Street by storm in 2020/2021 and continue to play a significant role in today's capital markets. Estimating a structural model using a hand-collected comprehensive dataset, we find that SPACs add value by identifying and bringing high-potential firms to public markets, though contractual frictions skew the distribution of spoils away from SPAC shareholders and towards sponsors and target owners. Nonetheless, shareholder excess returns are...
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作者：Sammon, Marco; Shim, John J.
作者单位：Harvard University; University of Notre Dame
摘要：Value-weighted indexes must rebalance in response to stock market composition changes, e.g., issuance, buybacks, and IPOs. In doing so, existing index funds implicitly engage in market timing. Index funds' long-short rebalancing portfolios have an annualized return of 4.61% and load negatively on value and profitability factors. We estimate these trades impose a 46-69 bps annual index-level performance drag. We explore alternative value-weighted indexes that rebalance less and delay responding...
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作者：Barahona, Ricardo; Cassella, Stefano; Jansen, Kristy A. E.; Pezone, Vincenzo
作者单位：Banco de Espana; Tilburg University; University of Southern California; Centre for Economic Policy Research - UK; European Central Bank; De Nederlandsche Bank NV; Luiss Guido Carli University
摘要：We investigate whether teams exhibit increased or reduced overreaction in expectation formation relative to individuals. Using preregistered randomized experiments that directly elicit expectations about future returns, we find that teams display lower belief overreaction to recent investment performance. A quantitative decomposition shows that this team effect stems primarily from a self-selection'' mechanism, whereby the most biased team member chooses to influence the team decision less. An...
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作者：Chen, Yuchen; Li, Xuelin; Thakor, Richard T.; Ward, Colin
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Columbia University; University of Minnesota System; University of Minnesota Twin Cities; University of Alberta
摘要：We assess how labor mobility affects intangible investment in a dynamic agency model featuring both knowledge appropriation and moral hazard. We argue that restricting worker mobility, while reducing employees' appropriation of firm intangible capital, can hurt their incentives to exert effort. Our calibration to U.S. data targets responses of employee turnover and firms' intangible investment to variations in workers' outside option values, identified through exogenous shocks to non-compete e...
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作者：Axelson, Ulf; Makarov, Igor
作者单位：University of London; London School Economics & Political Science
摘要：Entrepreneurs typically seek financing in decentralized markets, where they approach investors sequentially. We develop a model of sequential capital markets with privately informed investors. The sequential market creates a dynamic adverse selection externality that leads to overinvestment and excessive rents to intermediaries, even as the number of competing investors becomes arbitrary large. The resulting rents lead to excessive entry of investors and insufficient entry of entrepreneurs. Mo...
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作者：Liu, Haoyang; Palmer, Christopher
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We document implicit extrapolation in investment decision-making that exceeds the extrapolation inferable from stated expectations. Locally experienced returns predict individual real-estate investment decisions even conditional on an investor's forecasted home-price growth and risk aversion. Moreover, estimates of this experience effect on investment are larger than implied by the combined effect of past returns on stated expectations and stated expectations on investment. We demonstrate that...
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作者：Blickle, Kristian; He, Zhiguo; Huang, Jing; Parlatore, Cecilia
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Stanford University; National Bureau of Economic Research; Texas A&M University System; Texas A&M University College Station; Mays Business School; New York University
摘要：We study how competition between asymmetrically informed banks, one specialized and one nonspecialized, affects loan prices. Both banks possess general signals regarding the borrower's quality, which they use to screen loans. The specialized bank also has access to a specialized signal on which it bases its loan pricing. This private information-based pricing makes the specialized bank bid more aggressively, mitigating the informational rent effect that gives it monopolistic power. Our finding...
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作者：Colliard, Jean-Edouard; Georg, Co-Pierre
作者单位：Hautes Etudes Commerciales (HEC) Paris; Frankfurt School Finance & Management
摘要：We propose a framework to study regulatory complexity, based on concepts from computer science. We distinguish different dimensions of complexity, classify existing measures, develop new ones, compute them on three examples - Basel I, the Dodd-Frank Act, and the European Banking Authority's reporting rules - and test them using experiments and a survey on compliance costs. We highlight two measures that capture complexity beyond the length of a regulation. We propose a quantitative approach to...
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作者：Fisher, Adlai; Knesl, Jiri; Lee, Ryan C. Y.
作者单位：University of British Columbia; University of Oxford; Baylor University
摘要：This article investigates predictors and benefits of corporate adaptation to crisis, adding a new dimension to studies of flexibility and resilience based on ex ante characteristics. We produce a unique sample of work-from-home announcements scraped from company websites during Covid-19. The announcers' valuations increased by 3%-5% and risk declined versus matches, consistent with real-options theory under asymmetric information. We estimate characteristics, including subtle textual topics fr...
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作者：[Anonymous]
