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作者：Kacperczyk, Marcin; Peydro, Jose-Luis
作者单位：Imperial College London; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Luiss Guido Carli University
摘要：We study how firm-level carbon emissions affect bank lending and real outcomes in a sample of global firms with syndicated loans. We exploit bank-level climate commitments as firm-level shocks to lending relationships, using firms' prior credit exposures to identify credit supply effects. Firms with higher emissions that previously borrowed from committed banks receive less bank credit. Evidence from lending volumes, prices, and within-firm-time loan-level data indicates a supply-side shift aw...
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作者：Cohen, Lauren H.; Gurun, Umit G.; Ozel, N. Bugra
作者单位：Harvard University; National Bureau of Economic Research; University of Texas System; University of Texas Dallas
摘要：We find widespread evidence that firms avoid overtime payments by strategically assigning managerial titles. Exploiting the exemption threshold under the Fair Labor Standards Act (FLSA), we find managerial titles increase almost fivefold just above the overtime pay cutoff, including suspect listings, such as Director of First Impressions for a role equivalent to Front-Desk Clerk. Avoidance is higher when firms have more bargaining power and are financially constrained. It is also more common i...
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作者：Agarwal, Vikas; Aragon, George O.; Nanda, Vikram; Wei, Kelsey
作者单位：University System of Georgia; Georgia State University; Arizona State University; Arizona State University-Tempe; University of Texas System; University of Texas Dallas
摘要：Stocks expected to be sold by distressed mega hedge funds (MHFs) face anticipatory institutional selling and increased short interest. However, no evidence of anticipatory trading is found in stocks held by nondistressed MHFs, distressed non-MHFs, or stocks confidentially held by distressed MHFs, suggesting that public portfolio disclosure by large and closely followed distressed investors, and not common investment signals, drives anticipatory trading. Distressed MHFs with greater exposure to...
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作者：He, Li; Whited, Toni M.; Guo, Ran
作者单位：Indiana University System; Indiana University Bloomington; University of Michigan System; University of Michigan; National Bureau of Economic Research; Shanghai Jiao Tong University
摘要：We examine how relative performance evaluation (RPE) affects industry competition-a question relevant for corporate boards interested in incentivizing executives. Using U.S. airline data, we estimate a dynamic game of competition between heterogeneous firms in an oligopolistic market, with managers incentivized by RPE contracts. While RPE can induce a firm to compete more intensely by smoothing compensation, it also amplifies a firm's cost efficiency relative to its peers and can weaken compet...
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作者：Jegadeesh, Narasimhan; Luo, Jiang; Subrahmanyam, Avanidhar; Titman, Sheridan
作者单位：Emory University; Nanyang Technological University; University of California System; University of California Los Angeles; University of Texas System; University of Texas Austin; National Bureau of Economic Research
摘要：Stock returns exhibit reversals at short horizons but slowly transition to momentum over longer horizons. To help understand this pattern, we develop a multiperiod model with short- and long-horizon noise traders, and active investors who underreact to information they do not themselves produce. The model accords with the transition from reversals to momentum and yields the following novel predictions: (a) attenuated reversals after earnings announcements, (b) a negative relation between month...
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作者：Bellon, Aymeric
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：This paper shows that private equity (PE) ownership, in private-to-private buyouts, leads to a reduction in pollution when the target company faces high potential liabilities for polluting. Conversely, PE-backed firms increase pollution when environmental liability risks are low, as shown by a novel natural experiment that reduced these risks for projects located on federal land. Exploiting specific PE deals within the energy industry, I find that PE governance is the main driver of the result...
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作者：Bourveau, Thomas; Breuer, Matthias; Stoumbos, Robert
作者单位：University of Oxford; Goethe University Frankfurt; ESSEC Business School
摘要：We study the influence of bounded rationality on companies' disclosure to investors in new industries. Using a historical example of a new industry, we document that several companies initially withheld their earnings, despite external capital needs and investor information demands. However, almost all these companies started disclosing shortly thereafter. Interpreted through the lens of a disclosure model featuring level-$ k $ thinking, these patterns suggest that limited strategic thinking o...
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作者：Agarwal, Vikas; Jiang, Wei; Luo, Yuchen; Zou, Hong
作者单位：University System of Georgia; Georgia State University; Emory University; Oakland University; University of Hong Kong
摘要：During the 2020-2021 AAPI Hate, mutual funds led by female managers perceived as East Asian underperformed relative to other female managers. This effect is stronger in states with higher anti-Asian animus, among more actively managed funds, and when these managers hold sole or senior roles. Factors concurrent with COVID-19, including childcare challenges, concerns for overseas families, marketplace and workplace discrimination, and exposure to the Chinese economy, cannot explain the effect. U...
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作者：Borchert, Lea; De Haas, Ralph; Kirschenmann, Karolin; Schultz, Alison
作者单位：Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); University of Mannheim; KU Leuven; Johannes Gutenberg University of Mainz
摘要：We study how terminated correspondent banking relationships affect international trade. Drawing on firm-level export data from emerging Europe, we show that when local banks lose access to correspondent services, their corporate clients, especially small- and medium-sized enterprises, experience significant export declines. Firms only partially offset lost exports with higher domestic sales, resulting in lower total revenues and employment. Other firms cease operations entirely. These firm-lev...
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作者：Capponi, Agostino; Jia, Ruizhe
作者单位：Columbia University; Stanford University
摘要：We show that the infrastructure of decentralized exchanges subjects liquidity providers (LPs) to a tragedy of the commons. Liquidity providers lack incentives to exit liquidity pools to prevent arbitrage losses, as these are collectively shared, while withdrawal costs are borne individually. Arbitrage rents primarily flow to validators as infrastructure fees, with the median arbitrageur transferring 96% of profits. Proposed solutions-speed technology, alternative sequencing rules, and flexible...
