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作者：Katz, Michael; Lustig, Hanno; Nielsen, Lars
作者单位：National Bureau of Economic Research
摘要：Local stock markets adjust sluggishly to changes in local inflation. When the local rate of inflation increases, local investors subsequently earn lower real returns on local stocks, but not on local bonds or foreign stocks, suggesting that local stock market investors use sticky long-run nominal discount rates that are too low when inflation increases because they are slow to update the inflation expectations in discount rates. Small amounts of stickiness in inflation expectations suffice to ...
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作者：Lou, Xiaoxia; Shu, Tao
作者单位：University of Delaware; University System of Georgia; University of Georgia
摘要：The return premium associated with the Amihud (2002) measure is generally considered a liquidity premium that compensates for price impact. We find that the pricing of the Amihud measure is not attributable to the construction of the return-to-volume ratio intended to capture price impact, but is driven by the trading volume component. Additionally, the high-frequency price impact and spread benchmarks are priced only in January and do not explain the pricing of the trading volume component of...
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作者：Fang, Lily Hua; Huang, Sterling
作者单位：INSEAD Business School; Singapore Management University
摘要：We examine how alumni ties with corporate boards differentially affect male and female analysts' job performance and career outcomes. Connections improve analysts' forecasting accuracy and recommendation impact, but the effect is two to three times as large for men as for women. Connections also contribute to analysts' likelihood of being voted by institutional investors as star analysts, but act as a partial substitute to performance for men, while a complement to performance for women. Our e...
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作者：Ahnert, Toni; Kakhbod, Ali
作者单位：Bank of Canada; Massachusetts Institute of Technology (MIT)
摘要：We propose an amplification mechanism of financial crises based on the information choices of investors. Information acquisition makes investors more likely to act against their prior. Deteriorating public news under an initially strong (weak) prior increases (reduces) the value of private information and induces more (less) information acquisition. Deteriorating public news increases the probability of a crisis, since the initially strong (weak) prior induces no attacks (attacks). This effect...
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作者：Harford, Jarrad; Wang, Cong; Zhang, Kuo
作者单位：University of Washington; University of Washington Seattle; China Europe International Business School; Xiamen University; Xiamen University
摘要：When the fraction of a firm's cash held overseas is greater, its shareholders value that cash lower. This goes beyond a pure tax effect: the repatriation tax friction disrupts the firm's internal capital market, distorting its investment policy. Firms underinvest domestically and overinvest abroad. Our findings are more pronounced when firms are subject to higher repatriation tax rates, higher costs of borrowing, and more agency problems. Overall, our evidence suggests that a combination of ta...
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作者：Bustamante, M. Cecilia; Donangelo, Andres
作者单位：University System of Maryland; University of Maryland College Park; University of Texas System; University of Texas Austin
摘要：This paper studies how expected returns interact with product market competition. The model predicts that (1) competition erodes markups, such that firms are more exposed to systematic risk; (2) the threat of entry by new firms lowers exposure to systematic risk of incumbents; and (3) higher industry aggregate risk represents a barrier to entry, such that riskier industries become less competitive. We provide empirical evidence consistent with these three channels and for an overall negative r...
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作者：Garriga, Carlos; Kydland, Finn E.; Sustek, Roman
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of California System; University of California Santa Barbara; National Bureau of Economic Research; University of London; Queen Mary University London
摘要：Mortgages are long-term loans with nominal payments. Consequently, in incomplete asset markets, monetary policy can affect housing investment and the economy through the cost of new mortgage borrowing and real payments on outstanding debt. These channels, distinct from the traditional real rate channel, are embedded in a general equilibrium model. The transmission mechanism is stronger under adjustable-rate mortgages compared with fixed-rate mortgages. Further, persistent monetary policy shock...
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作者：Ghaly, Mohamed; Viet Anh Dang; Stathopoulos, Konstantinos
作者单位：Lancaster University; University of Manchester; Alliance Manchester Business School
摘要：Firms differ in their dependence on skilled labor and face labor adjustment costs that increase with their workers' skill level. We show that firms with a higher share of skilled workers, and thus less flexibility to adjust their labor demand in response to cash flow shocks, hold more precautionary cash. The effect of labor skills on cash holdings is more pronounced for financially constrained firms and varies with exogenous differences in firing and hiring costs. We address endogeneity concer...
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作者：Landvoigt, Tim
作者单位：University of Texas System; University of Texas Austin
摘要：I use a life-cycle model of housing demand to infer expectations about house prices and home equity requirements for the housing boom of the 2000s from observed household choices. Expectations and credit constraints are separately identified from the intensive and extensive margins of housing demand. The main results are that (1) expected price growth was close to average long-run growth, (2) home equity requirements were lax initially, but tightened after the bust, and (3) subjective uncertai...
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作者：Bena, Jan; Xu, Ting
作者单位：University of British Columbia
摘要：We study how product market competition affects firms' ownership structures using a large sample of closely held firms in eighteen European countries. We show that firms operating in more competitive environments have lower inside ownership and that the stakes of their outside shareholders are more dispersed. These results are explained by competition increasing the need to raise external equity and reducing private control benefits. Our findings suggest that, by changing corporate ownership s...
