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作者：Appel, Ian; Fos, Vyacheslav
作者单位：University of Virginia; Boston College; Center for Economic & Policy Research (CEPR)
摘要：The number of short campaigns by hedge funds has dramatically increased over the last two decades. Nearly 80% of campaigns are undertaken by activist hedge funds, particularly those that employ hostile tactics in their long campaigns. Short campaigns are associated with negative abnormal returns of -7%, with aggregate valuation effects similar in magnitude to the gains from long activism campaigns. In contrast to long campaigns, public communication is a critical component of short campaigns. ...
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作者：Kluender, Raymond
作者单位：Harvard University
摘要：Pay-as-you-go contracts reduce minimum purchase requirements, which may increase market participation. This paper randomizes the introduction and price(s) of a novel pay-as-you-go contract to the California auto insurance market, where 17% of drivers are uninsured. The pay-as-you-go contract increases take-up by 10.8 p.p. (89%) and days with coverage by 4.6 days over the 3-month experiment (27%). Demand is relatively inelastic, and pay-as-you-go increases insurance coverage in part by relaxing...
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作者：Gabriel, Stuart; Lutz, Chandler
作者单位：University of California System; University of California Los Angeles; University of North Carolina; University of North Carolina Charlotte
摘要：We measure the causal impact of reductions in benchmark interest rates on the renegotiation and performance of distressed loans, using 2000s subprime mortgages as a laboratory. Subprime borrowers treated with larger benchmark rate reductions benefited from increased debt-renegotiation probabilities and lower debt-service payments. Modification rates were similar among current and delinquent borrowers but higher for real estate investors, highlighting the role of financial acumen in renegotiati...
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作者：Duarte, Victor; Duarte, Diogo; Silva, Dejanir H.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; State University System of Florida; Florida International University; Purdue University System; Purdue University
摘要：We develop an algorithm for solving a large class of nonlinear high-dimensional continuous-time models in finance. We approximate value and policy functions using deep learning and show that a combination of automatic differentiation and Ito's lemma allows for the computation of exact expectations, resulting in a negligible computational cost that is independent of the number of state variables. We illustrate the applicability of our method to problems in asset pricing, corporate finance, and ...
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作者：Gupta, Atul; Howell, Sabrina T.; Yannelis, Constantine; Gupta, Abhinav
作者单位：University of Pennsylvania; National Bureau of Economic Research; University of Pennsylvania; National Bureau of Economic Research
摘要：Amid an aging population and a growing role for private equity (PE) in the care of older adults, this paper studies how PE ownership affects U.S. nursing homes using patient-level Medicare data. We show that PE ownership leads to a patient cohort with lower health risk. However, after instrumenting for the patient-nursing home match, we find that PE ownership increases mortality by 11%. Declines in measures of patient well-being, nurse staffing, and compliance with care standards help to expla...
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作者：Li, Qing; Shan, Hongyu; Tang, Yuehua; Yao, Vincent
作者单位：State University System of Florida; University of Florida; China Europe International Business School; Fordham University; University System of Georgia; Georgia State University
摘要：This paper conducts a textual analysis of earnings call transcripts to quantify climate risk exposure at the firm level. We construct dictionaries that measure physical and transition climate risks separately and identify firms that proactively respond to climate risks. Our validation analysis shows that our measures capture firm-level variations in respective climate risk exposure. Firms facing high transition risk, especially those that do not proactively respond, have been valued at a disco...
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作者：Huang, Ruidi; Mayer, Erik J.; Miller, Darius P.
作者单位：Southern Methodist University; University of Wisconsin System; University of Wisconsin Madison
摘要：We test for gender bias in promotions at financial institutions using two central predictions of , ) model: firms with bias will raise the promotion bar for marginally promoted female workers, and incur costs from forgoing efficient employment practices. We find support for both of these predictions using a new nationwide panel of mortgage loan officers and their managers encompassing approximately 72,000 workers from over 1,000 shadow banks from 2014 to 2019. Overall, our findings provide evi...
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作者：Eldar, Ofer; Grennan, Jillian
作者单位：University of California System; University of California Berkeley; European Corporate Governance Institute
摘要：We exploit the staggered introduction of liability waivers when investors hold stakes in conflicting business opportunities as a shock to venture capital (VC) investment and director networks. After the law changes, we find increases in within-industry VC investment and common directors serving on startup boards. Despite the potential for rent extraction, same-industry startups inside VC portfolios benefit by raising more capital, failing less, and exiting more successfully. VC directors servi...
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作者：Schlafmann, Kathrin; Setty, Ofer; Vestman, Roine
作者单位：Copenhagen Business School; Tel Aviv University; Stockholm University
摘要：We derive optimal characteristics of contribution rates into defined contribution pension plans based on consumption-savings theory. Contribution rates should increase with age and decrease with the balance-to-income ratio. Using Swedish registry data, we show that on average, individuals save according to those principles. However, almost half of the population behaves hand-to-mouth and does not undo the mandated constant contribution rates. In a quantitative model, designing contribution rat...
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作者：Landoni, Mattia; Zeldes, Stephen P.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston; Columbia University; National Bureau of Economic Research
摘要：Under standard assumptions, individuals and the government are indifferent between traditional tax-deferred retirement accounts and front-loaded (Roth) accounts. Adding investment fees to this benchmark, individuals are still indifferent, but the government is not. We show that under weak conditions firms charge equal percent fees under both systems, yielding higher dollar fees under Traditional. We estimate that tax deferral increases demand for asset management services by $3.8 trillion, cos...
