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作者：Cespedes, Jacelly; Parra, Carlos; Sialm, Clemens
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Pontificia Universidad Catolica de Chile; University of Texas System; University of Texas Austin; National Bureau of Economic Research
摘要：Mortgage cramdown enabled bankruptcy judges to discharge the underwater portion of a mortgage in a chapter 13 bankruptcy until the Supreme Court disallowed this practice in 1993. We investigate the impact of mortgage cramdown on household distress exploiting the random assignment of cases to judges. The impact of bankruptcy protection on foreclosures is reduced by more than half after the Supreme Court disallowed cramdown. Our results suggest that large principal reductions considerably decrea...
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作者：Banerjee, Snehal; Davis, Jesse; Gondhi, Naveen
作者单位：University of Michigan System; University of Michigan; University of North Carolina; University of North Carolina Chapel Hill; INSEAD Business School
摘要：Stock prices aggregate investor information about investment opportunities and reflect managerial performance. These dual roles may be in tension: when prices are more informative about investment opportunities, they may be less effective at incentivizing managerial effort. This tradeoff has novel consequences. Lower information costs can lead to both more efficient investment but lower firm value. The principal may strictly prefer to delegate investment to a manager who has no informational a...
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作者：Jiang, Hao; Vayanos, Dimitri; Zheng, Lu
作者单位：Michigan State University; University of London; Centre for Economic Policy Research - UK; London School Economics & Political Science
摘要：We study how passive investing affects asset prices. Flows into passive funds disproportionately raise the stock prices of the economy's largest firms, especially those large firms in high demand by noise traders. Because of this effect, the aggregate market can rise even when flows are entirely due to investors switching from active to passive funds. Intuitively, passive flows increase the idiosyncratic risk of large firms in high demand, which discourages investors from correcting the flows'...
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作者：Fang, Xiang; Liu, Yang; Roussanov, Nikolai
作者单位：University of Hong Kong; University of Pennsylvania; National Bureau of Economic Research
摘要：Do real assets protect against inflation? Stocks' core inflation betas are negative, while their energy betas are positive. Currencies, commodities, and real estate mostly hedge against energy inflation, but not core inflation. These hedging properties are reflected in the prices of inflation risks: only core inflation carries a negative risk premium, and its magnitude is consistent within and across asset classes, uniquely among macroeconomic risk factors. Energy inflation has become more pro...
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作者：Voss, Paul
作者单位：Hautes Etudes Commerciales (HEC) Paris
摘要：According to existing theories, short-term creditors promote corporate governance by responding quickly to new information. I show that this very feature of short-term debt can also undermine corporate governance. Though moderate levels of short-term debt improve the efficacy of blockholder exit and increase blockholders' incentives to engage with the firm, high levels of short-term debt impair governance. In particular, high levels of short-term debt render the threat of exit noncredible, mak...
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作者：Beutel, Johannes; Weber, Michael
作者单位：Deutsche Bundesbank; Purdue University System; Purdue University; National Bureau of Economic Research
摘要：We causally test alternative theories of expectation formation. Using a randomized information experiment we show overreaction is a key feature of individuals' return expectations, and individuals' response to the price-earnings ratio is opposite of academic consensus. Our evidence is inconsistent with standard models of expectation formation, but subjective mental models that deviate from objective benchmarks can jointly explain the updating behavior in the experiment, the link between indivi...
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作者：Schneider, Andres
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：I study the yield curve dynamics in a general equilibrium model with financial intermediaries facing financing constraints. When constraints bind, intermediaries reallocate their portfolios, causing deadweight losses in aggregate consumption, thus affecting savers' marginal utility. Because the yield curve is a forecast of marginal utility, intermediaries' constraints show up, via general equilibrium forces, in long-term yields. I show that the mechanism connecting intermediaries' constraints ...
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作者：Bonelli, Maxime
作者单位：University of London; London Business School
摘要：How does the increased use of data technologies, like machine learning, by financial intermediaries affect the allocation of capital towards innovation? I study this question in the context of startup financing by venture capitalists (VCs). While VCs adopting data technologies become better at screening startups similar to those in historical data, they tilt their investments towards this pool and become concurrently less likely to finance innovative startups that achieve rare major success. P...
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作者：Eisenbach, Thomas M.; Phelan, Gregory
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Williams College
摘要：In March 2020, safe asset markets experienced surprising and unprecedented price crashes. We explain how strategic investor behavior can create such market fragility in a model with investors valuing safety, investors valuing liquidity, and constrained dealers. While safety investors and liquidity investors can form a symbiotic relationship with offsetting trades during times of stress, strategic interactions among liquidity investors harbor the potential for self-fulfilling fragility. When th...
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作者：Uhr, Charline
作者单位：Danish Finance Institute; Aarhus University
摘要：Does the performance of advisors' recommendations influence investors' propensity to seek advice again? I investigate a sample of calls between 10,063 German brokerage clients and financial advisors from 2005-2015. If advisors' recommendations in the initial meeting led to positive (vs. negative) performance, investors are 2.1 times more likely to arrange a second meeting. This effect is driven by the performance of the recommendations the investor decided to follow. Investors with positive pe...
