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作者：Erel, Isil; Liebersohn, Jack
作者单位：University System of Ohio; Ohio State University; National Bureau of Economic Research; European Corporate Governance Institute; University of California System; University of California Irvine
摘要：New technology promises to expand the supply of financial services to small businesses poorly served by banks. Does it succeed? We study the response of FinTech to financial ser-vices demand created by the introduction of the Paycheck Protection Program. FinTech is disproportionately used in ZIP codes with fewer bank branches, lower incomes, and more minority households, and in industries with fewer banking relationships. It is also greater in counties where the economic effects of the COVID-1...
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作者：Babus, Ana; Parlatore, Cecilia
作者单位：Washington University (WUSTL); New York University
摘要：We study the determinants of asset market fragmentation in a model with strategic in-vestors that disagree about the value of an asset. Investors' choices determine the market structure. Fragmented markets are supported in equilibrium when disagreement between investors is low. In this case, investors take the same side of the market and are willing to trade in smaller markets with a higher price impact to face less competition when trading against a dealer. The maximum degree of market fragme...
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作者：Eisenbach, Thomas M.; Kovner, Anna; Lee, Michael Junho
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We model how a cyber attack may be amplified through the U.S. financial system, focus-ing on the wholesale payments network. We estimate that spillovers of an attack on one of the five most active banks would impair 31% of the network, on average, with some days significantly worse. When other banks respond by liquidity hoarding, forgone pay-ment activity can reach more than 2.5 times daily GDP. A reverse stress test shows attacks on groups of small banks can also impair a significant amount o...
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作者：Craig, Ben; Ma, Yiming
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Columbia University
摘要：We examine systemic risk in the interbank market. We first establish that in the German interbank lending market, a few large banks intermediate funding flows between many smaller periphery banks. We then develop a network model in which banks trade off the costs and benefits of link formation. The model is structurally estimated using banks' preferences as revealed by the observed network structure before the Great Financial Crisis. In out-of-sample tests, model estimates based on pre-crisis ...
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作者：Kaiser, Tim; Lusardi, Annamaria; Menkhoff, Lukas; Urban, Carly
作者单位：University of Koblenz & Landau; George Washington University; National Bureau of Economic Research; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Humboldt University of Berlin; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW); Montana State University System; Montana State University Bozeman
摘要：We study the rapidly growing literature on the causal effects of financial education programs in a meta-analysis of 76 randomized experiments with a total sample size of over 160,0 0 0 individuals. Many of these experiments are published in top economics and finance journals. The evidence shows that financial education programs have, on average, positive causal treatment effects on financial knowledge and downstream financial behaviors. Treatment effects are economically meaningful in size, si...
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作者：Han, Yufeng; Huang, Dashan; Huang, Dayong; Zhou, Guofu
作者单位：University of North Carolina; University of North Carolina Charlotte; Singapore Management University; University of North Carolina; University of North Carolina Greensboro; Washington University (WUSTL)
摘要：We find that expected return is related to trading volume positively among underpriced stocks but negatively among overpriced stocks. As such, trading volume amplifies mispricing. Our results are robust to alternative mispricing and trading volume measures, alternative portfolio formation methods, and controlling for variables that are known to have amplification effects on mispricing. By attributing trading volume to investor disagreement, we show that our results are consistent with the rece...
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作者：An, Jiafu; Hou, Wenxuan; Lin, Chen
作者单位：University of Aberdeen; University of Portsmouth; Shanghai Lixin University of Accounting & Finance; University of Edinburgh; University of Hong Kong
摘要：We study the impact of an epidemic disease on modern financial development by exploiting geographic variations in the precolonial survival conditions of the TseTse fly, which transmits an epidemic disease that is harmful to humans and fatal to livestock in Africa. Using newly georeferenced data, we discover that firms and households in regions historically more exposed to the epidemic disease have less access to external financing today. Exploring the channels, we find that people in historica...
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作者：Bertomeu, Jeremy; Marinovic, Ivan; Terry, Stephen J.; Varas, Felipe
作者单位：Washington University (WUSTL); Stanford University; Boston University; National Bureau of Economic Research; Duke University
摘要：S C Firm managers likely have more information than outsiders. If managers strategically conceal information, market uncertainty will increase. We develop a dynamic corporate disclosure model, estimating the model using the management earnings forecasts of US public companies. The model, based on the buildup of reputations by managers over time, matches key facts about forecast dynamics. We find that 80% of firms strategically manage information, that managers have superior information around ...
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作者：Benzoni, Luca; Garlappi, Lorenzo; Goldstein, Robert S.; Ying, Chao
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of British Columbia; University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; University of Minnesota System; University of Minnesota Twin Cities; Chinese University of Hong Kong
摘要：We investigate equilibrium debt dynamics for a firm that cannot commit to a future debt policy and is subject to a fixed restructuring cost. We formally characterize equilibria when the firm is not required to repurchase outstanding debt prior to issuing additional debt. For realistic values of issuance costs and debt maturity, the no-commitment policy generates tax benefits that are similar to those obtained by a benchmark policy with commitment. For positive but arbitrarily small issuance co...
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作者：Karnaukh, Nina; Vokata, Petra
作者单位：University System of Ohio; Ohio State University
摘要：We find that 30-minute changes in bond yields around scheduled Federal Open Market Committee (FOMC) announcements are predictable with the pre-FOMC Blue Chip profes-sionals' revisions in GDP growth forecasts. A positive pre-FOMC GDP growth revision pre-dicts a contractionary policy news shock (positive change in bond yields), a negative GDP growth revision predicts an expansionary policy news shock (negative change in bond yields). Failing to account for this predictability biases the estimate...
