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作者：Naaraayanan, S. Lakshmi; Nielsen, Kasper Meisner
作者单位：University of London; London Business School; Copenhagen Business School
摘要：This study examines whether personal liability for corporate malfeasance deters individuals from serving as independent directors. After the introduction of personal liability in India, we find that individuals are deterred from serving on corporate boards. We find stronger deterrence among firms with greater litigation and regulatory risk, higher monitoring costs, and weak monetary incentives. Expert directors are more likely to exit, resulting in 1.16% lower firm value. We further evaluate w...
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作者：Cipriani, Marco; La Spada, Gabriele
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper uses a quasi-natural experiment to estimate the premium for money-likeness. The 2014 Securities and Exchange Commission (SEC) reform of the money market fund (MMF) industry reduced the money-likeness of prime MMFs by increasing their information sensitivity, while leaving government MMFs unaffected. Investors fled from prime to government MMFs, with total outflows exceeding one trillion dollars. Using a differencein-differences design, we estimate the premium for money-likeness to b...
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作者：Alfaro, Laura; Garcia-Santana, Manuel; Moral-Benito, Enrique
作者单位：Harvard University; National Bureau of Economic Research; Barcelona School of Economics; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Banco de Espana
摘要：We explore the real effects of bank-lending shocks and how they permeate the economy through buyer-supplier linkages. We combine administrative data on all Spanish firms with a matched bank-firm-loan dataset of all corporate loans from 2003 to 2013 to estimate firm-specific credit supply shocks for each year. We compute firm-specific measures of exposure to bank lending shocks of customers (upstream propagation) and suppliers (downstream propagation). Our findings suggest that credit supply sh...
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作者：Favara, Giovanni; Ivanov, Ivan; Rezende, Marcelo
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Capital surcharges on global systemically important banks (GSIBs) decrease lending to firms but do not have any real effects. Banks subject to higher surcharges reduce loan commitments relative to other banks and also lower their estimates of firm risk. Firms' total borrowing, however, does not fall, as firms switch to other banks. We establish these results using supervisory data on corporate loans and variation in surcharges in the United States. These results contribute to the debate on the...
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作者：Azar, Jose; Duro, Miguel; Kadach, Igor; Ormazabal, Gaizka
作者单位：University of Navarra; IESE Business School; University of Navarra; IESE Business School; University of Navarra; IESE Business School
摘要：This paper examines the role of the Big Three (i.e., BlackRock, Vanguard, and State Street Global Advisors) on the reduction of corporate carbon emissions around the world. Using novel data on engagements of the Big Three with individual firms, we find evidence that the Big Three focus their engagement effort on large firms with high CO2 emissions in which these investors hold a significant stake. Consistent with this engagement influence being effective, we observe a strong and robust negativ...
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作者：Cieslak, Anna; Pang, Hao
作者单位：Duke University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We propose an approach to identify economic shocks (monetary, growth, and risk premium news) from stock returns and Treasury yield changes, which allows us to study the drivers of asset prices at a daily frequency since the early 1980s. We apply the identification to examine investors' responses to news from the Fed and key macro announcements. We uncover two risk premium shocks-time-varying compensation for discount rate and cash flow news-which have distinct effects on stocks and bonds. Sinc...
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作者：Hagstromer, Bjorn
作者单位：Stockholm University
摘要：The effective bid-ask spread measured relative to the spread midpoint overstates the true effective bid-ask spread in markets with discrete prices and elastic liquidity demand. The average bias is 13%-18% for S&P 500 stocks in general, depending on the estimator used as benchmark, and up to 97% for low-priced stocks. Cross-sectional bias variation across stocks, trading venues, and investor groups can influence research inference. The use of the midpoint also undermines liquidity timing and tr...
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作者：Piskorski, Tomasz; Seru, Amit
作者单位：Columbia University; Stanford University; National Bureau of Economic Research
摘要：We follow a representative panel of millions of consumers in the United States from 2007 to 2017 and document new facts on the long-term effects of the Great Recession. There were about six million foreclosures over this period. Only a quarter of foreclosed households regained homeownership, taking an average four years to do so. This persistent loss of homeownership accounts for most of the decline in the U.S. homeownership rate. Despite massive stimulus and debt relief policies, house prices...
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作者：Miao, Meng; Niu, Guanjie; Noe, Thomas
作者单位：Renmin University of China; Renmin University of China; University of Oxford
摘要：This paper documents the emergence of a large bank loan market in the absence of contracting institutions: the trusted assistant loan market in 19th century China. These loans were legally unenforceable, one-shot loans to poor scholars that funded the costs of assuming lucrative administrative appointments offering ample opportunities for corruption. The trusted assistant loan's distinguishing feature was a legally unenforceable stipulation that the borrower incorporate an agent of the credito...
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作者：Chinco, Alex; Neuhierl, Andreas; Weber, Michael
作者单位：University of Chicago; Washington University (WUSTL); National Bureau of Economic Research
摘要：The anomaly zoo has caused many to question whether researchers are using the right tests of statistical significance. But even if researchers are using the right tests, they will still draw the wrong conclusions from their econometric analyses if they start out with the wrong priors (i.e., if they start out with incorrect beliefs about the ex ante probability of encountering a tradable anomaly, the anomaly base rate). We propose a way to estimate it by combining two key insights: Empirical Ba...
