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作者：Frattaroli, Marc
作者单位：Swiss Finance Institute (SFI); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne
摘要：I study a protectionist anti takeover law introduced in 2014 that covers a subset of all firms in the economy. The law decreased affected firms' likelihood of becoming the target of a merger or acquisition and had a negative impact on shareholder value. There is no evidence that management of those firms subsequently altered firm policies in its interest. Investment, employment, wages, profitability, and capital structure remain unchanged. The share of annual CEO compensation consisting of equ...
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作者：Zentefis, Alexander K.
作者单位：Yale University
摘要：I present a model in which bank net worth determines both loan market competition and monetary transmission to firm borrowing rates. In the model, banks are local monopolists for borrowers near them. When they are flush with equity, banks expand their lending, compete for customers at the edges of their markets, and pass through changes in the monetary policy rate to their loan rates. When they lose substantial equity, banks consolidate, retreat from rivalry, and frustrate monetary transmissio...
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作者：Badoer, Dominique C.; Costello, Charles P.; James, Christopher M.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Cornerstone Research; State University System of Florida; University of Florida
摘要：In 2012, the US Department of Labor imposed new disclosure requirements for indirect fees that 401(k) retirement plan service providers earn through revenue sharing agreements with mutual funds. This paper examines the impact of these fee disclosure requirements on the level and structure of fees paid by retirement plans, as well as service providers' ability to price discriminate between plan sponsors of different sophistication. We document that the new disclosure requirements are associated...
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作者：Chakraborty, Indraneel; Goldstein, Itay; MacKinlay, Andrew
作者单位：University of Miami; University of Pennsylvania; Virginia Polytechnic Institute & State University
摘要：The US Federal Reserve purchased both agency mortgage-backed securities (MBS) and Treasury securities to conduct quantitative easing. Using micro-level data, we find that banks benefiting from MBS purchases increase mortgage origination, compared with other banks. At the same time, these banks reduce commercial lending and firms that borrow from these banks decrease investment. The effect of Treasury purchases is different: either positive or insignificant in most cases. Our results suggest th...
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作者：Choi, Yong Seok; Doshi, Hitesh; Jacobs, Kris; Turnbull, Stuart M.
作者单位：University of Houston System; University of Houston
摘要：We introduce a top-down no-arbitrage model for pricing structured products. Losses are described by Cox processes whose intensities depend on economic variables. The model provides economic insight into the impact of structured products on financial institutions' risk exposure and systemic risk. We estimate the model using CDO data and find that spreads decrease with higher interest rates and increase with volatility and leverage. Volatility is the primary determinant of variation in tranche s...
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作者：Painter, Marcus
作者单位：University of Kentucky; Saint Louis University
摘要：Counties more likely to be affected by climate change pay more in underwriting fees and initial yields to issue long-term municipal bonds compared to counties unlikely to be affected by climate change. This difference disappears when comparing short-term municipal bonds, implying the market prices climate change risks for long-term securities only. Higher issuance costs for climate risk counties are driven by bonds with lower credit ratings. Investor attention is a driving factor, as the diffe...
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作者：Braggion, Fabio; Manconi, Alberto; Zhu, Haikun
作者单位：Tilburg University; Bocconi University; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：Do credit contractions trigger social unrest? To answer this question, we turn to a natural experiment from 1930s China, where the 1933 U.S. Silver Purchase program acts as a shock to bank lending. We assemble a hand-collected data set of loan contracts between banks and firms, labor unrest episodes, and underground Communist Party penetration. The Sil-ver Purchase shock results in a severe credit contraction, and firms borrowing from banks with a larger exposure to it experience increased lab...
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作者：Agarwal, Sumit; Qian, Wenlan; Seru, Amit; Zhang, Jian
作者单位：National University of Singapore; Stanford University; University of Hong Kong
摘要：Using a comprehensive sample of credit card data from a leading Chinese bank, we show that government bureaucrats receive 16% higher credit lines than non-bureaucrats with similar income and demographics, but their accounts experience a significantly higher likelihood of delinquency and debt forgiveness. Regions associated with greater credit provision to bureaucrats open more branches and receive more deposits from the local government. After staggered corruption crackdowns of provincial-leve...
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作者：Chung, Kee H.; Lee, Albert J.; Rosch, Dominik
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; Sungkyunkwan University (SKKU)
摘要：Using limit order books across all US exchanges, we show that while liquidity for small orders (e.g., the quoted and effective spreads) decreases, liquidity for large orders (e.g., the cumulative depth and the price impact of multiple trades) improves after the implementation of the Tick Size Pilot Program. We find significant spillover effects on liquidity for small and large orders that extend beyond the top of the book. Finally, we show that the pilot program results in an improvement in pr...
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作者：Chalmers, John; Reuter, Jonathan
作者单位：University of Oregon; Boston College; National Bureau of Economic Research
摘要：The benefit of investment advice depends on the quality of advice and the investor's counterfactual portfolio. We use changes in the Oregon University System Optional Retirement Plan to highlight the impact of plan design on the counterfactual portfolios of advice seekers. When brokers are available and target date funds (TDFs) are not, brokers help participants with high predicted demand for advice bear market risk, but they recommend higher-commission options. When brokers are removed and TD...
