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作者：Bond, Philip; Zeng, Yao
作者单位：University of Washington; University of Washington Seattle; University of Pennsylvania
摘要：We examine voluntary disclosure decisions when firms are uncertain about audience preferences and are risk averse. In contrast to classic unraveling results, some firms remain silent in equilibrium. Silence is safer than disclosure; silence reduces the sensitivity of a firm's payoff to audience preferences. Increases in firm (audience) risk-aversion reduce (increase) disclosure. Our model explains why some firms do not disclose earnings breakdowns, executive compensation, or Environmental, Soc...
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作者：Hutton, Amy; Shu, Susan; Zheng, Xin
作者单位：Boston College; University of British Columbia
摘要：Does enhanced regulatory transparency facilitate alignment of private and public enforcement? Utilizing the SEC's 2004 decision to publicly disclose its comment letters, we explore the actions of the SEC and shareholder litigants. We find the two parties converge more on enforcement targets after the public disclosure. The increased alignment is attributable to public scrutiny of SEC oversight enhancing regulator incentives and reducing regulatory capture, and to shareholder plaintiffs gaining...
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作者：Liu, Hong; Tang, Xiaoxiao; Zhou, Guofu
作者单位：Washington University (WUSTL); University of Texas System; University of Texas Dallas
摘要：The Federal Open Market Committee (FOMC) meetings are among the most important economic events. We propose a novel method to recover the FOMC risk premium and drift sizes. Empirically, we find that for the 192 meetings from 1996 to 2019, the FOMC risk premium varies across meetings, from 1 to 326 basis points (bps) with an average of 45 bps. We obtain an out-of-sample R 2 of 7.51% when using the recovered FOMC premium to predict the meeting returns around the announcement. The average predicte...
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作者：Barrios, John M.; Hochberg, Yael, V; Yi, Hanyi
作者单位：Washington University (WUSTL); Rice University; Boston College; National Bureau of Economic Research
摘要：We utilize the staggered arrival of Uber and Lyft-large sources of on-demand, platform enabled gig opportunities-in U.S. cities to examine the effect of the arrival of flexible gig work opportunities on new business formation. The introduction of gig opportunities is associated with an increase of-5% in the number of new business registrations in the local area, and a correspondingly-sized increase in small business lending to newly registered businesses. Internet searches for entrepreneurship...
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作者：Pedersen, Lasse Heje
作者单位：Copenhagen Business School
摘要：I present closed-form solutions for prices, portfolios, and beliefs in a model where four types of investors trade assets over time: naive investors who learn via a social network, fanatics possibly spreading fake news, and rational short- and long-term investors. I show that fanatic and rational views dominate over time, and their relative importance depends on their following by influencers. Securities markets exhibit social network spillovers, large effects of influencers and thought leader...
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作者：Bena, Jan; Dinc, Serdar; Erel, Isil
作者单位：University of British Columbia; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; National Bureau of Economic Research; University System of Ohio; Ohio State University
摘要：We study how non-financial multinational companies propagate economic declines from their subsidiaries located in countries experiencing an economic downturn to subsidiaries in countries not experiencing one. We find that investment is 18% lower in subsidiaries of these parents relative to the same-industry, same-country subsidiaries of parents that are headquartered in the same parent country but do not have a subsidiary in a country expe-riencing an economic downturn. The employment growth r...
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作者：Pastor, Lubos; Stambaugh, Robert F.; Taylor, Lucian A.
作者单位：University of Chicago; University of Pennsylvania; National Bureau of Economic Research; Centre for Economic Policy Research - UK; National Bank of Slovakia
摘要：Green assets delivered high returns in recent years. This performance reflects unexpect-edly strong increases in environmental concerns, not high expected returns. German green bonds outperformed their higher-yielding non-green twins as the greenium widened, and U.S. green stocks outperformed brown as climate concerns strengthened. Despite that outperformance, we estimate lower expected returns for green stocks than for brown, con-sistent with theory. We estimate expected returns in two ways: ...
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作者：Badarinza, Cristian; Ramadorai, Tarun; Shimizu, Chihiro
作者单位：National University of Singapore; Imperial College London; University of Tokyo; Centre for Economic Policy Research - UK
摘要：We propose a new explanation for the persistence of gravity in international investment flows based on new facts about large cross-border commercial real estate transactions. Buyers in these transactions preferentially match with counterparties from own or proximate countries; such affinity-based matching helps alleviate financial investment frictions. We set up and structurally estimate a model of capital allocation in a decentralized market with an investment friction, which delivers the pri...
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作者：Barry, John W.; Campello, Murillo; Graham, John R.; Ma, Yueran
作者单位：Duke University; Cornell University; National Bureau of Economic Research; University of Chicago
摘要：We use the COVID shock to study the direct and interactive effects of several forms of cor-porate flexibility on short-and long-term real business plans. We find that i) workplace flexibility, namely the ability for employees to work remotely, plays a central role in de-termining firms' employment plans during the health crisis; ii) investment flexibility allows firms to increase or decrease capital spending based on their business prospects in the cri-sis, with effects shaped by workplace fle...
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作者：Blickle, Kristian
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：I study the effects of an increase in the supply of local mortgage credit on house prices by exploiting a natural experiment from Switzerland. In 2008, retail customers migrate deposits from universal banks that are suffering overseas losses to homogeneous and narrowly-local mortgage banks. Using the distance between the two types of banks as an instrument for deposit growth, I show that local mortgage banks increase mortgage lending, which correlates with subsequent house price growth in thei...
