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作者：Giglio, Stefano; Maggiori, Matteo; Stroebel, Johannes; Tan, Zhenhao; Utkus, Stephen; Xu, Xiao
作者单位：Yale University; Stanford University; New York University; Georgetown University; University of Pennsylvania
摘要：We analyze survey data on ESG beliefs and preferences in a large panel of retail investors linked to administrative data on their investment portfolios. The survey elicits investors' expectations of long-term ESG equity returns and asks about their motivations, if any, to invest in ESG assets. We document four facts. First, investors generally expected ESG investments to underperform the market. Between mid-2021 and late-2023, the average expected 10-year annualized return of ESG investments r...
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作者：Avenancio-Leon, Carlos F.; Piccolo, Alessio; Pinto, Roberto
作者单位：University of California System; University of California San Diego; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Lancaster University
摘要：A central finding of the theoretical literature on bargaining is that parties' attitudes towards delay influence bargaining outcomes. However, the ability to endure delays, resilience, is often private information and hard to measure in most real-world contexts. In the context of collective bargaining, we show firms actively attempt to become financially resilient in anticipation of labor negotiations. Firms adjust their financial resilience to respond to the passage of right-to-work laws (RWL...
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作者：Capponi, Agostino; Jia, Ruizhe; Wang, Kanye Ye
作者单位：Columbia University; Stanford University; University of Macau; University of Macau; University of Macau
摘要：The blockchain settlement layer facilitates systematic frontrunning, resulting in inefficient block-space allocation. Private transaction pools can reduce these inefficiencies and enhance welfare. However, full adoption is limited by misaligned incentives between users and validators. Validators are reluctant to forgo rents they earn from frontrunning-referred to as maximal extractable value-leading to a partial adoption equilibrium in which frontrunning persists. Our empirical analysis of Eth...
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作者：Stulz, Rene M.
作者单位：University System of Ohio; Ohio State University; European Corporate Governance Institute
摘要：This paper assesses the contributions of Michael C. Jensen to financial economics and to American business. His work on agency theory is the cornerstone of modern corporate finance. He influenced how American business operates by helping make the internal and external governance of firms more efficient. He changed how knowledge in financial economics is diffused both through the founding of the Journal of Financial Economics and of the Social Science Research Network. I question the claim made...
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作者：Kacperczyk, Marcin; Nosal, Jaromir; Wang, Tianyu
作者单位：Imperial College London; Centre for Economic Policy Research - UK; Boston College; Tsinghua University
摘要：We study the impact of global volatility on the equity portfolio flows of institutional investors worldwide. Aggregate equity allocations of institutional investors decrease during periods of high volatility, both in developed and, even more strongly, in emerging markets. Our granular portfolio-level data allows us to uncover disaggregated investor responses that are an order of magnitude larger than aggregate estimates, and are dominated by discretionary (investor-driven) component of flows. ...
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作者：Wallskog, Melanie
作者单位：Duke University
摘要：How do workplace social connections shape everyday entrepreneurship? Using comprehensive data on millions of American workers across the economy, I find three key patterns. First, entrepreneurial coworkers inspire and teach entrepreneurship: individuals are more likely to become entrepreneurs after working with coworkers who previously led young businesses. Second, these effects predominantly occur within demographic groups, perpetuating lower entrepreneurship rates for women and Black America...
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作者：Ahnert, Toni; Hoffmann, Peter; Monnet, Cyril
作者单位：European Central Bank; Centre for Economic Policy Research - UK; University of Bern; Study Center Gerzensee
摘要：We propose a model of lending, payments choice, and privacy in the digital economy. While digital payments enable merchants to sell goods online, they reveal information to their lender. Cash guarantees anonymity, but limits distribution to less efficient offline venues. In equilibrium, merchants trade off the efficiency gains from online distribution (with digital payments) and the informational rents from staying anonymous (with cash). While new technologies can reduce the privacy concerns a...
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作者：Chen, Huaizhi; Evans, Richard; Sun, Yang
作者单位：University of Notre Dame; University of Virginia; Brandeis University
摘要：Using a panel of self-declared benchmarks, we examine funds' use of mismatched benchmarks over time. Mismatching is high at the beginning of our sample (45 % of TNA in 2008), consistent with prior studies, but declines significantly over time (27 % in 2020), driven by existing specialized funds changing benchmarks to match their style. Market forces including investor learning, institutional governance, market competition, and product positioning all play a role in benchmark correction decisio...
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作者：Cassella, Stefano; Chen, Te-Feng; Gulen, Huseyin; Liu, Yan
作者单位：Tilburg University; Hong Kong Polytechnic University; Purdue University System; Purdue University; Tsinghua University
摘要：We propose a latent-variables approach to recover extrapolative beliefs from asset prices. We estimate a present-value model of the price-dividend ratio of the market that embeds both return extrapolation and cash-flow extrapolation, alongside discount rates and rational expectations of dividend growth. This approach allows us to measure extrapolation bias without having to rely on survey data, and it inherently guarantees that the researcher focuses on a set of beliefs that matter for price f...
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作者：Jaremski, Matthew; Richardson, Gary; Vossmeyer, Angela
作者单位：Utah System of Higher Education; Utah State University; National Bureau of Economic Research; Tsinghua University; Claremont Colleges; Claremont Graduate University; Claremont McKenna College; National Bureau of Economic Research
摘要：A nationwide panic forced President Roosevelt to declare a banking holiday in March 1933. The government reopened banks sequentially using a process that sent noisy signals about banks' health. New microdata reveals that the public responded to these signals. Deposits at rapidly reopened banks rebounded quicker than at comparable or stronger banks that reopened even a few days later. The stigma of late reopening shifted funds from stigmatized to lauded banks and among communities that they ser...
