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作者：Daminato, Claudio; Filippini, Massimo; Haufler, Fabio
作者单位：Lund University; Swiss Federal Institutes of Technology Domain; ETH Zurich; Universita della Svizzera Italiana
摘要：Retirement savings decisions are increasingly mediated by digital technologies that promise to help individuals plan adequately for their retirement. We exploit a natural experiment to show that introducing a digital pension application increases the probability of making a voluntary retirement contribution by 1.8 percentage points, from an average pretreatment contribution rate of 2.8%. Men and higher-income earners are more likely to respond to the app introduction. We then leverage a field ...
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作者：Schneider, Thomas; Strahan, Philip E.; Yang, Jun
作者单位：University of Oklahoma System; University of Oklahoma - Norman; Boston College; National Bureau of Economic Research; University of Notre Dame
摘要：Relative performance evaluation (RPE) intensifies competitive pressure by tying executive compensation to the profits of rivals. We show that these contracts make loan syndication harder by reducing banks' willingness to participate in loans underwritten by banks named in their RPE contracts. Lead arranger banks, which are more frequently named in RPE, hold larger shares of the loans they syndicate, and their borrowers receive smaller and fewer loans and face higher spreads. Our results highli...
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作者：Bisetti, Emilio; Li, Kai; Yu, Jun
作者单位：Hong Kong University of Science & Technology; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; University of Melbourne
摘要：We study the quantitative impact of lender control rights on corporate investment, asset prices, and the aggregate economy. We build a general equilibrium model in which the breaching of a loan covenant (technical default) entails a switch in investment control rights from borrowers to lenders. Lenders optimally choose low-risk projects, thus mitigating borrowers' risk-taking incentives and lowering the cost of equity. This mechanism generates strong macroeconomic effects and mitigates the fin...
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作者：Xu, Qiping; Zwick, Eric
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Chicago
摘要：This paper studies tax-minimizing investment, whereby firms tilt capital purchases toward year-end to reduce taxes. We use this pattern to characterize how taxes affect investment behavior. We exploit variation in firm tax positions from administrative data to confirm that tax minimization causes spikes. Spikes increase when firms face financial constraints or higher option values of waiting. Cumulative investment does not completely reverse after spikes. We develop an investment model with ta...
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作者：Cornaggia, Kimberly; Li, Xuelin; Ye, Zihan
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Columbia University; University of Tennessee System; University of Tennessee Knoxville
摘要：We study financial effects of remote product delivery in the healthcare industry. Exploiting staggered law adoption for identification, we find that telehealth provision redistributes hospital operations and access to capital away from rural communities. As urban telehealth providers acquire rural patients, rural hospitals experience decreased revenue and profit, credit rating downgrades, increased cost of capital, and ultimately risk of closure. Although telehealth reduces travel costs, some ...
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作者：Davis, Jesse; Gondhi, Naveen
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; INSEAD Business School
摘要：Financial markets reveal information that firm managers can utilize when making equity value-enhancing investment decisions. However, for firms with risky debt, such investments are not necessarily socially efficient. Despite this friction, we show that learning from prices improves investment efficiency. This effect is asymmetric, however, as investors learn less about projects that decrease the riskiness of cash flows: efficiency is lower for diversifying investments than for focusing (risk-...
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作者：Amoussou-Guenou, Yackolley; Biais, Bruno; Potop-Butucaru, Maria; Tucci-Piergiovanni, Sara
作者单位：Universite Paris Saclay; CEA; Universite Paris-Pantheon-Assas; Hautes Etudes Commerciales (HEC) Paris; Sorbonne Universite; Centre National de la Recherche Scientifique (CNRS)
摘要：We study consensus in a protocol capturing in a simplified manner the major features of the majority of Proof of Stake blockchains. A committee is formed; one member proposes a block; and the others can check its validity and vote for it. Blocks with a majority of votes are produced. When an invalid block is produced, the stakes of the members who voted for it are slashed. Profit-maximizing members interact with adversaries seeking to disrupt consensus. When slashing is limited, free-riding an...
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作者：Acharya, Viral V.; Engle, Robert; Jager, Maximilian; Steffen, Sascha
作者单位：New York University; Frankfurt School Finance & Management
摘要：A two-sided credit-line channel-relating to drawdowns and repayments-explains the severe drop and partial subsequent recovery in bank stock prices during the COVID-19 pandemic. Banks with greater exposure to undrawn credit lines saw larger stock price declines but performed better outside of crises periods. Despite deposit inflows, high drawdowns led to reduced bank lending, suggestive of capital encumbrance upon drawdowns. Repayments of credit lines unencumbered capital which explains the sto...
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作者：Glode, Vincent; Ordonez, Guillermo
作者单位：University of Pennsylvania
摘要：We model firms' allocation of resources across surplus-creating (ie, productive) and surplus-appropriating (ie, rent-seeking) activities. Our model predicts that industry-wide technological advancements, such as recent progress in data collection and processing, induce a disproportionate and socially inefficient reallocation of resources toward surplus-appropriating activities. As technology improves, firms rely more on appropriation to obtain their profits, thereby endogenously reducing the i...
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作者：Albuquerque, Rui; Cardoso-Costa, Jose Miguel; Faias, Jose Afonso
作者单位：Boston College; Center for Economic & Policy Research (CEPR); Banco de Portugal; Universidade Nova de Lisboa; Universidade Catolica Portuguesa
摘要：The paper uses bids submitted by primary dealer banks at auctions of sovereign bonds to quantify the price elasticity of demand. The price elasticity of demand correlates strongly with the volatility of returns of the same bonds traded in the secondary market but only weakly with their bid-ask spread. It predicts same-bond post-auction returns in the secondary market, even after controlling for pre-auction volatility. The evidence suggests that the price elasticity of demand is associated with...
