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作者：Ruan, Tianyue; Vij, Siddharth
作者单位：University of Hong Kong; University System of Georgia; University of Georgia
摘要：We argue that heightened regulation on large banks contributed to the rise in fragility of smaller banks revealed by the 2023 regional bank crisis. In 2018, regulators restricted Wells Fargo, the third largest U.S. bank, from growing its total assets. We estimate this asset cap led Wells Fargo to give up deposits amounting to 2.2% of aggregate bank deposits. These deposits, primarily uninsured, were reallocated to banks geographically proximate to Wells Fargo, including smaller, less regulated...
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作者：Han, Lina; Huang, Xing; Kadan, Ohad; Wu, Jimmy
作者单位：University of Massachusetts System; University of Massachusetts Amherst; Washington University (WUSTL); Cornell University; Arizona State University; Arizona State University-Tempe; University of Iowa
摘要：We examine the role of race and ethnicity in the mutual fund context at two distinct levels. At the fund manager level, we document a co-racial tilt-funds managed by minority-dominant (White-dominant) teams allocate larger portfolio weights to minority-led (White-led) firms. This tilt is not associated with superior performance. It diminishes as fund managers gain experience, suggesting the presence of inaccurate statistical discrimination. At the investor level, we find that minority-dominant...
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作者：Buss, Adrian; Uppal, Raman; Vilkov, Grigory
作者单位：Frankfurt School Finance & Management; Centre for Economic Policy Research - UK; Universite Catholique de Lille; EDHEC Business School
摘要：To understand the dynamics of investors' asset demands, we develop a general-equilibrium model driven by a single latent variable: heterogeneity in investors' confidence about mean endowment growth. The model predicts persistent heterogeneity in asset demands and concentrated portfolios. Consistent with the data, limited confidence reduces investors' demand elasticities and makes stock prices excessively volatile-driven by latent demand rather than observable characteristics. The underlying ec...
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作者：Bienz, Carsten; Fluck, Zsuzsanna; Thorburn, Karin S.
作者单位：Norwegian School of Economics (NHH); Michigan State University; Norwegian School of Economics (NHH); European Corporate Governance Institute
摘要：Corporate bonds include restrictive covenants that may prevent firms from pursuing valuable growth opportunities ex post and are virtually impossible to renegotiate. We study a common but little-known contractual provision-the defeasance option-which allows issuers to immediately remove all covenants without retiring the bond. Our theoretical model predicts, and our empirical analysis confirms, that defeasance inclusion is more likely when covenants are numerous and issuers face financial cons...
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作者：Segal, Gill; Shaliastovich, Ivan
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Wisconsin System; University of Wisconsin Madison
摘要：We find that high productivity-based macroeconomic uncertainty is associated with greater accumulation of physical capital despite a reduction in investment and valuations. To reconcile this puzzling evidence, we show that uncertainty predicts lower aggregate depreciation of existing capital, which dominates the investment slowdown. We explain these findings by developing a quantitative production-based model in which firms implement precautionary savings through reducing utilization rather th...
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作者：Corgnet, Brice; Kpegli, Yao Thibaut; Magnani, Jacopo
作者单位：Centre National de la Recherche Scientifique (CNRS); emlyon business school; Universite de Pau et des Pays de l'Adour; Norwegian University of Science & Technology (NTNU)
摘要：Our study provides the first causal test of classical and behavioral asset pricing models that incorporate skewness pricing. In line with these models, our experimental markets show that skewness is systematically priced. Our findings also reveal that positively skewed assets available in small supply exhibit negative expected returns, which is consistent with prospect theory, but not with expected utility models. Furthermore, in line with the mechanism underlying prospect theory, we show that...
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作者：Brauning, Falk; Stein, Hillary
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：Using confidential microdata, we show that shocks to primary dealers' constraints have significant effects on the U.S. Treasury securities market. We consider two types of constraints: the supplementary leverage ratio and trading desk value-at-risk constraints. In response to tighter constraints, dealers reduce their Treasury positions, triggering a reduction in aggregate turnover and an increase in dealer intermediation margin. Impaired intermediation also amplifies the yield response to net ...
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作者：Parlasca, Markus; Voss, Paul
作者单位：Vienna University of Economics & Business; Hautes Etudes Commerciales (HEC) Paris
摘要：This paper studies how public information, such as proxy advice, affects shareholder voting and, thus, corporate decision-making. We find that while public information improves the voting decisions of uninformed shareholders, it also induces privately informed shareholders to exit rather than to exercise their voice (vote). As a result, public information impairs information aggregation by voting but improves information aggregation by trading. Overall, public information can undermine corpora...
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作者：Degryse, Hans; Roukny, Tarik; Tielens, Joris
作者单位：KU Leuven; Centre for Economic Policy Research - UK; European Central Bank; National Bank of Belgium
摘要：Investors face reduced incentives to finance technological change that devalues their legacy investments. We formalize this asset overhang and apply our framework to the climate-banking nexus. Leveraging (1) firm-level data on green innovation and diffusion and (2) the sets of product and technology market peers, we implement a shift-share design that identifies banks' credit facilities impacted by green firm activities. We find that green firms imposing an asset overhang across all lenders ar...
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作者：Kubitza, Christian
作者单位：European Central Bank
摘要：I study the effect of bond investor demand on the financing and investment decisions of nonfinancial firms using granular data on the bond transactions of insurance companies. Liquidity inflows from insurance premiums combined with insurers' persistent investment preferences identify bond demand shifts in the secondary market. These raise bond prices and reduce firms' financing costs. In response, firms issue more bonds, especially when they have well-connected bond underwriters. The proceeds ...
