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作者：Christensen, Kim; Timmermann, Allan; Veliyev, Bezirgen
作者单位：Aarhus University; University of California System; University of California San Diego; University of California System; University of California San Diego
摘要：Corporate earnings announcements unpack large bundles of public information that should, inefficient markets, trigger jumps in stock prices. Testing this implication is difficult in practice, as it requires noisy high- frequency data from after-hours markets, where most earnings announcements are released. Using a unique dataset and anew microstructure noise-robust jump test, we show that earnings announcements almost always induce jumps in the stock price of announcing firms. They also signif...
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作者：Agur, Itai; Ari, Anil; Dell'Ariccia, Giovanni
作者单位：International Monetary Fund
摘要：Lenders can exploit households' payment data to infer their creditworthiness. When households value privacy, they then face a tradeoff between protecting such privacy and attaining better credit conditions. We study how introducing an informationally more intrusive digital payment vehicle affects households' cash use, credit access, and welfare. A tech monopolist controls the intrusiveness of the new payment method and manipulates information asymmetries among households and oligopolistic bank...
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作者：Dagostino, Ramona
作者单位：University of Virginia
摘要：Do federal tax incentives for banks investing in municipal bonds support local governments during recessions? This paper exploits a change in tax benefits for banks purchasing municipal bonds and finds that expanding access to bank financing during recessions increases local governments' debt issuance and employment growth. The estimated job multiplier is 22 jobs per million dollars of spending. There is moderate evidence of mortgage loans being crowded out by banks' increased holdings of muni...
