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作者：Li, Sophia Zhengzi; Maug, Ernst; Schwartz-Ziv, Miriam
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; University of Mannheim; European Corporate Governance Institute; Hebrew University of Jerusalem
摘要：This paper analyzes how trading after shareholder meetings changes the composition of the shareholder base. Analyzing daily trades, we find that mutual funds reduce their holdings if their votes are opposed to the voting outcome. Trading volume is high even when stock prices do not change, peaks on the meeting date, and remains high up to four weeks after shareholder meetings. The results support models based on differences of opinion that predict that shareholders' beliefs may diverge more af...
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作者：Bubb, Ryan; Catan, Emiliano M.
作者单位：New York University
摘要：We investigate the structure of mutual funds' corporate governance preferences as revealed by how they vote their shares in portfolio companies. We apply unsupervised learning tools from the machine learning literature to analyze mutual funds' votes and find that a parsimonious two-dimensional model can explain the bulk of mutual fund voting. The dimensions capture competing visions of corporate governance and are related to the leading proxy advisors' recommendations. Cluster analysis shows t...
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作者：Gurun, Umit G.; Wu, Jiabin; Xiao, Steven Chong; Xiao, Serena Wenjing
作者单位：University of Texas System; University of Texas Dallas; University of Oregon
摘要：We examine the recent rise of institutional investment in the single-family home rental market and its implications for renters' welfare. Using institutional mergers to identify local exogenous variation in institutional landlords' scale and market share, we show that rents increase in neighborhoods where both merging firms owned properties (i.e., overlapped neighborhoods) relative to other nonoverlapped neighborhoods. Meanwhile, the crime rate also significantly decreases in overlapped neighb...
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作者：Gryglewicz, Sebastian; Mancini, Loriano; Morellec, Erwan; Schroth, Enrique; Valta, Philip
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Universita della Svizzera Italiana; Swiss Finance Institute (SFI); Swiss Finance Institute (SFI); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Centre for Economic Policy Research - UK; Universite Catholique de Lille; EDHEC Business School; University of Bern
摘要：Theory has recently shown that corporate policies should depend on firms' exposure to short- and long-lived cash flow shocks and the correlation between these shocks. We provide granular estimates of these parameters for Compustat firms using a new filter that uses only cash flow data and the theoretical restrictions of a canonical cash flow model. As predicted by theory, we find that the estimated parameters are strongly related to corporate liquidity and financing choices, that firms with a ...
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作者：Wachter, Jessica A.; Zhu, Yicheng
作者单位：University of Pennsylvania; National Bureau of Economic Research; Hong Kong University of Science & Technology
摘要：Empirical studies demonstrate striking patterns in stock returns related to scheduled macroeconomic announcements. A large proportion of the total equity premium is realized on days with macroeconomic announcements. The relation between market betas and expected returns is far stronger on announcement days as compared with nonannouncement days. Finally, these results hold for fixed-income investments as well as for stocks. We present a model in which agents learn the probability of an adverse ...
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作者：Baron, Matthew; Muir, Tyler
作者单位：Cornell University; University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：We study data on commercial banks and securities firms across multiple countries since 1870. Balance sheet expansion of leveraged intermediaries negatively predicts returns of stocks, bonds, currencies, and housing. The predictability is stronger at shorter horizons, is robust to macroeconomic controls, and holds outside distress periods, in contrast to models featuring nonlinearities during distress. Intermediaries in global financial centers predict international equity returns. A new data s...
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作者：Bartscher, Alina Kristin
摘要：Until the 1970s, U.S. mortgage lenders commonly discounted half of the wife's income in couples' joint mortgage applications. This changed with the introduction of antidiscrimination legislation in the 1970s, providing a natural experiment to study the relaxation of income-related borrowing constraints. I study the effects of the reform by estimating difference-in-differences regressions and solving a simple calibrated life cycle model. I find substantial positive effects of the reform on mort...
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作者：Baker, Scott R.; Kueng, Lorenz; Meyer, Steffen; Pagel, Michaela
作者单位：Northwestern University; National Bureau of Economic Research; Universita della Svizzera Italiana; Centre for Economic Policy Research - UK; University of Southern Denmark; Danish Finance Institute; Columbia University
摘要：Many research papers in household finance utilize annual snapshots of household wealth from administrative data, such as tax registries, to calculate imputed consumption. However, trading costs, unobserved intrayear trades, or unobserved security characteristics may cause measurement error. We document how such errors vary across groups of individuals by income, portfolio characteristics, and wealth and how they are correlated with individual income and balance sheets, asset prices, and the bu...
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作者：Nezafat, Mandi; Schroder, Mark
作者单位：University of Michigan System; University of Michigan; Michigan State University
摘要：We study the role of private information in the equity lending market in a rational expectations model with endogenous loan fees. When all investors are privately informed, an increase in information precision reduces the fee by increasing trade aggressiveness and decreasing demand dispersion. However, when some investors are uninformed, the information asymmetry tends to increase the fee, and, thus, the overall effect of an increase in precision is ambiguous. We show that the fee can be incre...
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作者：Gopal, Manasa; Schnabl, Philipp
作者单位：University System of Georgia; Georgia Institute of Technology; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We document that finance companies and FinTech lenders increased lending to small businesses after the 2008 financial crisis. We show that most of the increase substituted for a reduction in bank lending. In counties in which banks had a larger market share before the crisis, finance companies and FinTech lenders increased their lending more. We find no effect of reduced bank lending on employment, wages, and new business creation by 2016. Our results suggest that finance companies and FinTech...
