-
作者：Cornaggia, Kimberly; Xia, Han
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Texas System; University of Texas Dallas
摘要：Many financially distressed students who qualify for federal assistance plans with interest moratorium and principal forgiveness instead accrue interest over long periods of nonpayment. This loan mismanagement is associated with higher delinquency. Mismanagement varies significantly across student gender and race: it is more prominent among male and non-white students. Mismanagement also varies across loan servicers, depending on proxies for student-adverse servicer policies. We consider expla...
-
作者：An, Yu; Song, Zhaogang
作者单位：Johns Hopkins University
摘要：Many of the Federal Reserve's (the Fed's) monetary policy operations involve trading with primary dealers. We find that, for agency MBS, dealers charge 2.5 cents (per $100 face value) higher selling to the Fed than to non-Fed customers. Controlling for the same dealer, same security, and same trading time, this discriminatory pricing likely arises from dealers' market power rather than inventory costs. Further, matching trade size reduces the price differential by more than half, implying that...
-
作者：Indarte, Sasha
作者单位：University of Pennsylvania
摘要：How does creditor health affect the pass-through of monetary policy to households? Using data on the universe of U.S. credit unions, I document that creditor asset losses increase the sensitivity of consumer credit to monetary policy. Identification exploits plausibly exogenous variation in asset losses and high-frequency identification of monetary policy shocks. Weaker lenders can respond more if they face financial frictions that easing alleviates. The estimates imply constraints on monetary...
-
作者：Kruger, Samuel; Maturana, Gonzalo; Nickerson, Jordan
作者单位：University of Texas System; University of Texas Austin; Emory University; University of Washington; University of Washington Seattle
摘要：Following the onset of COVID-19, research production in economics and finance (measured by the posting of working papers) increased by 29%. Production increases were widespread across geographies, job titles, departments, and ages with larger increases in top departments and for people under the age of 35. Men and women both experienced production increases with the exception of women between the age of 35 and 49, who experienced no production gains despite large increases for men in the same ...
-
作者：Antoniou, Constantinos; Li, Frank Weikai; Liu, Xuewen; Subrahmanyam, Avanidhar; Sun, Chengzhu
作者单位：University of Warwick; Singapore Management University; University of Hong Kong; University of California System; University of California Los Angeles; Hong Kong Polytechnic University
摘要：We investigate the link between exchange-traded funds and real investment. Cross-sectionally, higher ETF ownership is associated with an increased sensitivity of real investment to Tobin's q and a heightened ability of stock returns to forecast future earnings. Inclusion of stocks in industry ETFs enhances investment-q sensitivity and implies greater incorporation of earnings information into prices prior to public releases. Greater nonmarket ETF ownership leads to increased (reduced) reliance...
-
作者：Ulrich, Maxim; Florig, Stephan; Seehuber, Ralph
作者单位：Helmholtz Association; Karlsruhe Institute of Technology
摘要：We estimate a model-free term structure of the ex ante dividend risk premium by combining two data sets with different information about future dividends. We aggregate survey forecasts about future dividends for single companies over multiple horizons to construct a term structure of expected S&P 500 dividend growth rates. We use European call and put option prices on the S&P 500 to estimate the term structures of options-implied dividend growth rates and risk-free rates. Applying the method t...
-
作者：LaCour-Little, Michael; Pavlov, Andrey; Wachter, Susan
作者单位：California State University System; California State University Fullerton; Simon Fraser University; University of Pennsylvania
摘要：We identify two issues in the work of . Correcting either reverses the original result. The two changes are to use the correct FHFA conforming loan limits for each county and year and to compare the individual loan amount to that limit correctly. There is no evidence that lenders transfer climate risk by altering loan origination and securitization behavior. None of our results calls into question the value and importance of the O&K model as a test for adverse selection. The question addressed...
-
作者：Hassan, Tarek A.; Hollander, Stephan; van Lent, Laurence; Schwedeler, Markus; Tahoun, Ahmed
作者单位：Boston University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Tilburg University; Frankfurt School Finance & Management; University of London; London Business School
摘要：We construct text-based measures of the primary concerns listed firms associated with the spread of COVID-19 and other epidemic diseases. We identify which firms perceive to lose or gain from a given epidemic and textually decompose the epidemic's effect on the firm's demand and supply. We find that the effects of COVID-19 manifest as a simultaneous shock to demand and supply, with both shocks affecting firms' market valuations in equal measure on average. By contrast, demand-related impacts a...
-
作者：Thakor, Richard T.; Merton, Robert C.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：This paper develops a theory that generates an equilibrium relationship between product complexity, transparency, and trust in firms. Complexity, transparency, and the evolution of trust are all endogenous, and equilibrium transparency is nonmonotonic. The least-trusted firms choose the lowest product complexity, remain opaque, and substitute ex ante third-party verification for information disclosure and trust. Firms with an intermediate level of trust choose an intermediate level of complexi...
-
作者：Fich, Eliezer M.; Harford, Jarrad; Tran, Anh L.
作者单位：Drexel University; University of Washington; University of Washington Seattle; City St Georges, University of London
摘要：A duty of loyalty prohibits fiduciaries from appropriating business opportunities from their companies. Starting in 2000, Delaware, followed by several other states, allowed boards to waive their duty. We show that public firms covered by waiver laws invest less in R&D, produce fewer and less valuable patents, and exhibit abnormally high inventor departures. Remaining innovation activities contribute less to firm value, a fact confirmed by the market reaction when firms reveal their curtailed ...
