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作者：Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav
作者单位：George Washington University; University System of Maryland; University of Maryland College Park
摘要：The large divergence in the returns of top-performing star firms and the rest of the economy is substantially reduced when we account for the mismeasurement of intangible capital. Star firms produce and invest more per dollar in invested capital, have more valuable innovations as measured by the market value of patents, and are as exposed to competitive shocks as nonstars. Star firms have higher markups that are predicted early in their life cycle at a time when they are small. Overall, after ...
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作者：Darmouni, Olivier; Mota, Lira
作者单位：Columbia University; Massachusetts Institute of Technology (MIT)
摘要：We construct a novel panel data set to provide new evidence on how the largest nonfinancial firms manage their financial assets. Our granular data show that, over the past decade, bond portfolios have grown to be at least as large as cash-like instruments, driven by the meteoric rise of corporate bond holdings. To shed light on the drivers of this growth, we conduct a pair of event studies around the 2017 tax reform and the 2020 liquidity crisis. We find that large holdings of marketable secur...
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作者：Gelman, Michael; Roussanov, Nikolai
作者单位：University of Delaware; University of Pennsylvania; National Bureau of Economic Research
摘要：Does mental accounting matter for total consumption expenditures? We exploit a unique setting in which individuals exogenously receive a new payment card, without requesting one. Using random variation in the time of receipt, we show that individuals temporarily increase total consumption expenditure by making purchases with the new card without reducing spending on the others. We do not observe a corresponding increase in indebtedness. Total consumption expenditure rises even for the least li...
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作者：Bianchi, Francesco; Gomez-Cram, Roberto; Kung, Howard
作者单位：Johns Hopkins University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of London; London Business School; Centre for Economic Policy Research - UK
摘要：We use a high-frequency identification approach to document that individual politicians affect asset prices. We exploit the regular flow of viewpoints contained in Congress members' tweets. Supportive (critical) tweets increase (decrease) the stock prices of the targeted firm and the corresponding industry in minutes around the tweet. The bulk of the stock price effects is concentrated in the tweets revealing news about future legislative action. The effects are amplified around committee meet...
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作者：Bradley, Daniel; Hanousek, Jan; Jame, Russell; Xiao, Zicheng
作者单位：State University System of Florida; University of South Florida; University of Memphis; University of Kentucky
摘要：We examine the value of due diligence recommendations on Reddit's Wallstreetbets (WSB) platform. Before the Gamestop (GME) short squeeze, recommendations are significant predictors of returns and cash-flow news. This predictability is eliminated post-GME. Post-GME, the fraction of reports emphasizing price-pressure or attention-grabbing stocks dramatically increases, and the decline in informativeness is concentrated in these reports. Similarly, retail trade informativeness is particularly str...
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作者：van Straelen, Eileen
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：I identify the effect of financial constraints on product prices using granular data on home-builder housing developments from the 2006-2009 housing crisis. Builders who experience losses in one area subsequently sell homes in unaffected areas at a discount to raise cash quickly. When builders cut prices, they sell homes faster and builders cut prices more in areas in which price cuts produce larger declines in time-to-sale. Financially constrained firms are more likely to cut prices of homes ...
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作者：Goyal, Amit; Welch, Ivo; Zafirov, Athanasse
作者单位：Swiss Finance Institute (SFI)
摘要：Our paper reexamines whether 29 variables from 26 papers published after , as well as the original 17 variables, were useful in predicting the equity premium in-sample and out-of-sample as of the end of 2021. Our samples include the original periods in which these variables were identified, but end later. More than one-third of these new variables no longer have empirical significance even in-sample. Of those that do, half have poor out-of-sample performance. A small number of variables still ...
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作者：Doshi, Hitesh; Kumar, Praveen
作者单位：University of Houston System; University of Houston
摘要：We analyze effects of tacit collusion in a dynamic general equilibrium model of oligopolistic sectors with capital investment and real frictions. Through their effects on equilibrium- and off-equilibrium stock prices, fundamental shocks affect incentives for defection from tacit collusion, amplifying the interaction between the real economy and financial markets as well as firms' risk exposure. The model implies ambiguous relationship between industry concentration and equity returns depending...
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作者：Dooley, John M.; Gallagher, Emily A.
作者单位：Washington University (WUSTL); University of Colorado System; University of Colorado Boulder
摘要：Little is known about the motivations and outcomes of sellers in remunerated markets for human materials. We exploit dramatic growth in the U.S. blood plasma industry to shed light on the sellers of plasma. Sellers tend to be young and liquidity-constrained with low incomes and limited access to traditional credit. Plasma centers absorb demand for nontraditional credit. After a plasma center opens nearby, demand for payday loans falls by over 13% among young borrowers. Meanwhile, foot traffic ...
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作者：Freyberger, Joachim; Hoeppner, Bjoern; Neuhierl, Andreas; Weber, Michael
作者单位：University of Bonn; Washington University (WUSTL); University of Chicago
摘要：We propose a simple and computationally attractive method to deal with missing data in in cross-sectional asset pricing using conditional mean imputations and weighted least squares, cast in a generalized method of moments (GMM) framework. This method allows us to use all observations with observed returns; it results in valid inference; and it can be applied in nonlinear and high-dimensional settings. In simulations, we find it performs almost as well as the efficient but computationally cost...
