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作者：Ersahin, Nuri; Irani, Rustom M.; Waldock, Katherine
作者单位：Michigan State University; University of Illinois System; University of Illinois Urbana-Champaign; Georgetown University
摘要：We examine entrepreneurial activity following the staggered adoption of modern-day fraudulent transfer laws in the United States. These laws strengthen unsecured creditors' rights and are particularly important for entrepreneurs whose personal assets commingle with the firm's. Using administrative data from the U.S. Census Bureau, we document declines in startup entry-particularly among riskier entrants-and closures of existing firms after these laws pass. Firm financial data shows that entrep...
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作者：Cai, Jinghan; He, Jibao; Jiang, Wenxi; Xiong, Wei
作者单位：University of Scranton; Shenzhen Stock Exchange (SZSE); Chinese University of Hong Kong; Princeton University; National Bureau of Economic Research
摘要：To dampen trading frenzy in the stock market, the Chinese government tripled the stamp tax for stock trading on May 30, 2007. The greatly increased trading cost triggered a migration of the trading frenzy from the stock market to the warrant market, which was not subject to the stamp tax. This migration exacerbated a price bubble in the warrant market. Our analysis of investor account data uncovers not only large inflows of new investors to the warrant market but also greatly intensified tradi...
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作者：Li, Lei; Li, Yi; Macchiavelli, Marco; Zhou, Xing (Alex)
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Liquidity restrictions on investors, like the redemption gates and liquidity fees introduced in the 2016 money market fund (MMF) reform, are meant to improve financial stability. However, we find evidence that such liquidity restrictions exacerbated the run on prime MMFs during the COVID-19 crisis. Our results indicate that gates and fees could generate strategic complementarities among investors in crisis times. Severe outflows from prime MMFs led the Federal Reserve to intervene with the Mon...
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作者：Liao, Li; Wang, Zhengwei; Xiang, Jia; Yan, Hongjun; Yang, Jun
作者单位：Tsinghua University; DePaul University; Indiana University System; Indiana University Bloomington
摘要：Using data from a major online peer-to-peer lending platform, we document that, due to time pressure, investors appear to focus on interest rates and only partially account for credit ratings in their decisions. The effect is stronger for mobile-based investors than for PC-based ones. Our evidence suggests that this variation is caused by the difference in information content on the interfaces rather than differences in the devices' physical attributes per se. Investors improve their decisions...
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作者：[Anonymous]
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作者：Cookson, Gordon; Jenkinson, Tim; Jones, Howard; Martinez, Jose Vicente
作者单位：University of Oxford; University of Connecticut
摘要：Individuals increasingly buy mutual funds via online platforms, whose best-buy recommendations heavily influence flows. As intermediaries of mutual funds, platforms provide none of the unobservable interaction or intangible benefits of brokers, and so allow clean tests of the determinants, influence, and value of their fund recommendations. Using unique U.K. data, we find that platforms favor own-brand funds and those paying them a higher commission share. Investors discount own-brand recommen...
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作者：Donangelo, Andres
作者单位：University of Texas System; University of Texas Austin
摘要：This paper quantifies the relative importance of labor-induced operating leverage at explaining the value premium. I extend a traditional variance decomposition methodology using labor shares to disentangle labor leverage from the value premium and from the value spread and from the variation in profitability levels and growth. My extended decomposition shows that labor leverage explains approximately 50% of the value premium, whereas profitability and growth-based mechanisms explain the other...
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作者：Luo, Jiang; Subrahmanyam, Avanidhar; Titman, Sheridan
作者单位：Nanyang Technological University; University of California System; University of California Los Angeles; University of Texas System; University of Texas Austin
摘要：We develop a model in which overconfident investors overestimate their own signal quality but are skeptical of others' Investors who are initially uninformed believe that early-informed investors have learned little, leading the former investors to provide excess liquidity, which, in turn, causes underreaction and short-run momentum. Skeptical investors can also react to stale information, causing momentum, followed by reversals. Hence, skepticism generates both momentum and reversals; the lat...
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作者：Chaieb, Ines; Errunza, Vihang; Langlois, Hugues
作者单位：University of Geneva; Swiss Finance Institute (SFI); McGill University; Hautes Etudes Commerciales (HEC) Paris
摘要：We develop a new global asset pricing model to study how illiquidity interacts with market segmentation and investability constraints in 42 markets. Noninvestable stocks that can only be held by foreign investors earn higher expected returns compared to freely investable stocks due to limited risk sharing and higher illiquidity. In addition to the world market premium, on average, developed and emerging market noninvestables earn an annual unspanned local market risk premium of 1.17% and 9.04%...
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作者：Dangl, Thomas; Zechner, Josef
作者单位：Technische Universitat Wien; Vienna University of Economics & Business
摘要：This paper shows that short debt maturities commit equityholders to leverage reductions when refinancing expiring debt in low-profitability states. However, shorter maturities lead to higher transaction costs since larger amounts of expiring debt need to be refinanced. We show that this trade-off between higher expected transaction costs against the commitment to reduce leverage in low-profitability states motivates an optimal maturity structure of corporate debt. Since firms with high costs o...
