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作者：Koijen, Ralph S. J.; Yogo, Motohiro
作者单位：University of Chicago; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Princeton University
摘要：This special issue originates from a dual submission conference with the NBER Insurance Working Group and the Corporate Finance Program in 2020. It brings a broader perspective on important frictions in insurance markets, including trust between insurers and policyholders, conflicts of interest among brokers, suboptimal policyholder behavior, and risk-based capital regulation. Several developments in the economy and the academic literature have provided an impetus for new perspectives, includi...
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作者：Hvide, Hans K.; Meling, Tom G.
作者单位：University of Bergen; University System of Ohio; Ohio State University
摘要：Using procurement auctions and register data, we find that temporary demand shocks have long-term effects for startups. Startups that win a procurement auction have 20% higher sales and employment and are more profitable than startups that narrowly lose an auction, even several years after the contract work has ended. There are no such effects for mature firms. The effects for startups are large: about 50% of the contract value is transmitted into long-term sales. Our analysis suggests learnin...
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作者：Gennaioli, Nicola; La Porta, Rafael; Lopez-de-Silanes, Florencio; Shleifer, Andrei
作者单位：Bocconi University; Bocconi University; National Bureau of Economic Research; Universite Cote d'Azur; SKEMA Business School; Harvard University
摘要：We assemble homeowner insurance claims from 28 independently operated country subsidiaries of a multinational insurance firm. We propose a new insurance model, in which consumers can make invalid claims and firms can deny valid claims, as is common in the data. In the model, trust and honesty shape equilibrium insurance contracts, disputes, and claim payments, especially when disputes are too small for courts. We test the model by investigating claim incidence, dispute, rejection, and payment,...
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作者：Deng, Yinglu; Liao, Li; Yu, Jiaheng; Zhang, Yu
作者单位：Tsinghua University; Massachusetts Institute of Technology (MIT); Peking University
摘要：We use a unique quasi-experiment-spillovers from the imposition of purchase restrictions on local housing to nearby unregulated cities-to study the effects of out-of-town housing demand on house prices and consumer spending. While these restrictions effectively stymied the surge in local house prices, they induced capital flight and sharp abnormal increases in house prices in nearby unregulated cities. The effect of the house price increases on consumer spending is positive in the aggregate, b...
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作者：Christoffersen, Peter; Jacobs, Kris; Pan, Xuhui (Nick)
作者单位：University of Toronto; University of Houston System; University of Houston; University of Oklahoma System; University of Oklahoma - Norman
摘要：Both large oil price increases and decreases are associated with deteriorating economic conditions. The projection of the state price density (SPD) onto oil returns estimated from oil futures and option prices displays a U-shaped pattern. Because investors assign high state prices to large negative and large positive oil returns, the U-shaped SPD may steepen in either tail when economic conditions deteriorate. The positive return region of the SPD is more closely related to economic conditions...
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作者：Butler, Alexander W.; Mayer, Erik J.; Weston, James P.
作者单位：Rice University; Southern Methodist University
摘要：We document racial disparities in auto lending. Combining credit bureau records with borrower characteristics, we find that Black and Hispanic applicants' approval rates are 1.5 percentage points lower, even after controlling for creditworthiness. In aggregate, this effect crowds out 80,000 minority loans each year. Results are stronger where racial biases are more prevalent and lending competition is lower. Minority borrowers pay 70-basis-point higher interest rates, but default less ceteris ...
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作者：Boleslavsky, Raphael; Hennessy, Christopher A.; Kelly, David L.
作者单位：University of Miami; University of London; London Business School
摘要：We establish limitations to the usage of direct revelation mechanisms (DRMs) by corporations seeking decision-relevant information in economies with securities markets. In this environment, posting a DRM increases the informed agent's outside option: if the agent rejects the DRM, he convinces the market he is uninformed, and he can aggressively trade with low price impact, thereby generating large (off-equilibrium) trading gains. This endogenous outside option may make using a DRM to screen un...
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作者：Ouazad, Amine; Kahn, Matthew E.
作者单位：Universite de Montreal; HEC Montreal; University of Southern California
摘要：Using the government-sponsored enterprises' sharp securitization rules, this paper provides evidence that, in the aftermath of natural disasters, lenders are more likely to approve mortgages that can be securitized, thereby transferring climate risk. The identification strategy uses the time-varying conforming loan limits above which the government-sponsored enterprises do not securitize mortgages. Natural disasters lead to more securitization right below the limit, suggesting an increased opt...
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作者：Karpoff, Jonathan M.; Schonlau, Robert; Suzuki, Katsushi
作者单位：University of Washington; University of Washington Seattle; Colorado State University System; Colorado State University Fort Collins; Hitotsubashi University
摘要：Shareholder perks are in-kind gifts or purchase discounts that disproportionately reward small shareholders. Data from Japanese firms indicate that firms initiating perk programs attract individual retail shareholders and experience increases in share values. We find support for three channels by which perks increase firm value: an increase in share liquidity, a decrease in the equity cost of capital, and signaling to investors. A fourth channel, by which perks help to market the firm's produc...
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作者：Dettling, Lisa J.; Hsu, Joanne W.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Howard University
摘要：This paper examines how minimum wages affect lender and borrower interactions with consumer credit markets. We find that higher state minimum wages increase the supply of unsecured credit, reduce payday loan usage, decrease delinquency, and increase credit scores. Overall, minimum wages reduce borrowing costs and have positive spillover effects on disposable income and liquidity. A back-of-the-envelope of the cost savings indicates that higher minimum wages increase disposable income by 1.3% m...
