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作者：Wang, Jialan; Burke, Kathleen
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Congressional Budget Office
摘要：In 2012, Texas and two municipalities therein adopted regulations governing the payday loan market. Austin and Dallas enacted supply restrictions limiting the loan-to-income ratio and mandating amortization. The state adopted an information disclosure inspired by Bertrand and Morse (2011) presenting the cost and typical usage of payday loans in easy-to-understand terms. We find that the municipal restrictions led to a 61% decline in loan volume in Austin and a 44% decline in Dallas, with the e...
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作者：Haddad, Valentin; Ho, Paul; Loualiche, Erik
作者单位：University of California System; University of California Los Angeles; Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Minnesota System; University of Minnesota Twin Cities
摘要：Booming innovation often coincides with intense speculation in financial markets. Using over a million patents, we document two ways the market valuation of innovation and its economic impact become disconnected during bubbles. Specifically, an innovation raises the stock price of its creator by 40% more than is justified by future outcomes. In contrast, competitors' stock prices move little despite their profits suffering. We develop a theory of investor disagreement about which firms will su...
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作者：Bartram, Sohnke M.; Hou, Kewei; Kim, Sehoon
作者单位：University of Warwick; Centre for Economic Policy Research - UK; University System of Ohio; Ohio State University; State University System of Florida; University of Florida
摘要：We document that localized policies aimed at mitigating climate risk can have unintended consequences due to regulatory arbitrage by firms. Using a difference-in-differences framework to study the impact of the California cap-and-trade program with U.S. plant-level data, we show that financially constrained firms shift emissions and output from California to other states where they have similar plants that are underutilized. By contrast, unconstrained firms do not make such adjustments. Overal...
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作者：Jagannathan, Murali; Jiao, Wei; Karolyi, G. Andrew
作者单位：State University of New York (SUNY) System; Binghamton University, SUNY; Rutgers University System; Rutgers University Camden; Rutgers University New Brunswick; Cornell University
摘要：International equity mutual funds increasingly hire managers from countries linked to their geographic mandate. We show these funds with home-linked managers exhibit a strong bias to invest in stocks of the managers' home countries and attract more flows. Portfolios of stocks from countries in which a fund has a home-field advantage outperform those managed by funds without home-linked managers. We are unable to identify specific sources of an information advantage associated with the home-lin...
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作者：Muller, Karsten
作者单位：National University of Singapore
摘要：This paper estimates the effect of bankruptcy court caseload on access to credit by ex-ploiting firms' plausibly exogenous exposure to the largest recorded drop in court back-log in the United States following the 2005 consumer bankruptcy reform. I show that a drop in court congestion reduces the time firms spend in bankruptcy and increases re-covery values, which is priced into credit spreads and loan maturities. Consistent with a shock to credit supply, less congested courts increase firm le...
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作者：Bernstein, Asaf; Billings, Stephen B.; Gustafson, Matthew T.; Lewis, Ryan
作者单位：University of Colorado System; University of Colorado Boulder; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Is climate change partisanship reflected in residential decisions? Comparing individual properties in the same zip code with similar elevation and proximity to the coast, houses exposed to sea level rise (SLR) are increasingly more likely to be owned by Republicans and less likely to be owned by Democrats. We find a partisan residency gap for even mod-erately SLR exposed properties of more than 5 percentage points, which has more than doubled over the past six years. Findings are unchanged con...
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作者：David, Joel M.; Schmid, Lukas; Zeke, David
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of Southern California; University of Southern California
摘要：We develop a theory linking misallocation, i.e., dispersion in marginal products of capital (MPK), to macroeconomic risk. Dispersion in MPK depends on (i) heterogeneity in firm -level risk and (ii) the magnitude of risk premia. Stock market-based measures imply that risk considerations explain about 25% of MPK dispersion among US firms and rationalize a large persistent component in firm-level MPK, consistent with the micro-level data. Time -varying risk premia lead to countercyclical MPK disp...
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作者：Farrell, Michael; Green, T. Clifton; Jame, Russell; Markov, Stanimir
作者单位：University of Wisconsin System; University of Wisconsin Milwaukee; Emory University; University of Kentucky; University of Texas System; University of Texas Dallas
摘要：We study the effects of social media on the informativeness of retail trading. Our identification strategy exploits the editorial delay between report submission and publication on Seeking Alpha, a popular crowdsourced investment research platform. We find the ability of retail order imbalances to predict the cross-section of stock returns and cash-flow news increases sharply in the intraday post-publication window relative to the pre-publication window. The findings are robust to controlling ...
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作者：Fan, Zhenzhen; Londono, Juan M.; Xiao, Xiao
作者单位：University of Manitoba; Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Amsterdam
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作者：Shu, Tao; Tian, Xuan; Zhan, Xintong
作者单位：The Chinese University of Hong Kong, Shenzhen; Tsinghua University; Fudan University
摘要：This paper attempts to study the causal effect of examiner busyness on patent quality and firm value. Using a broad set of patent quality measures, we find strong evidence that patents allowed by busy examiners exhibit significantly lower quality. Further, examiner busyness of firms' patents negatively predicts the firms' future stock returns, which is consistent with investor underreaction to examiner busyness. Examiners' experience helps attenuate the negative effect of examiner busyness. (c...
