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作者：Pugsley, Benjamin Wild; Sahin, Aysegul
作者单位：University of Notre Dame; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：The entry rate of U.S. employer businesses has declined for more than 30 years. We use a novel dynamic decomposition framework to show that regardless of its causes, the direct effects of the continued decline in the entry rate and its delayed effects on the firm age distribution together play a major role in the slowing of trend employment growth and the emergence of jobless recoveries. We identify changing demographic structure of the population and increased import competition as leading fa...
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作者：Gropp, Reint; Mosk, Thomas; Ongena, Steven; Wix, Carlo
作者单位：Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Otto von Guericke University; Goethe University Frankfurt; Swiss Finance Institute (SFI); University of Zurich; KU Leuven; Center for Economic & Policy Research (CEPR)
摘要：We study the impact of higher capital requirements on banks' balance sheets and their transmission to the real economy. The 2011 EBA capital exercise is an almost ideal quasi-natural experiment to identify this impact with a difference-in-differences matching estimator. We find that treated banks increase their capital ratios by reducing their risk-weighted assets, not by raising their levels of equity, consistent with debt overhang. Banks reduce lending to corporate and retail customers, resu...
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作者：Stolper, Oscar; Walter, Andreas
作者单位：Philipps University Marburg; Justus Liebig University Giessen
摘要：Homophilyindividuals' affinity for others like themis a powerful principle that governs whose opinions people attend to. Using nearly 2,400 advisory meetings, we find that homophily has a significant positive impact on the likelihood of following financial advice. The increased likelihood of following stems from homophily on gender and age for male clients and from sameness on marital and parental status for female advisees. Moreover, the homophily effect is mitigated by reduced information as...
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作者：Balduzzi, Pierluigi; Reuter, Jonathan
作者单位：Boston College; National Bureau of Economic Research
摘要：The use of target date funds (TDFs) as default options in 401(k) plans increased sharply following the Pension Protection Act of 2006. We document large differences in the realized returns and ex ante risk profiles of TDFs with similar target retirement dates. Analyzing fund-level data, we find evidence that this heterogeneity reflects strategic risk-taking by families with low market share, especially those entering the TDF market after 2006. Analyzing plan-level data, we find little evidence...
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作者：Jorion, Philippe; Schwarz, Christopher
作者单位：University of California System; University of California Irvine
摘要：Researchers have long known about backfill bias in hedge fund databases. The most common treatments include either retaining all backfilled returns or truncating a fixed number of returns from each return series. However, we show that truncation largely preserves backfilled returns and document that either of these backfill treatments can lead to biased empirical findings, including cross-sectional results. Thus, our findings show that the best practice for empirical tests is to remove returns...
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作者：Parise, Gianpaolo; Peijnenburg, Kim
作者单位：Universite Catholique de Lille; EDHEC Business School; Tilburg University
摘要：This paper provides evidence of how noncognitive abilities affect financial distress. In a representative panel of households, we find that people in the bottom quintile of noncognitive abilities are 10 times more likely to experience financial distress than those in the top quintile. We provide evidence that this relation largely arises from worse financial choices and lack of financial insight by low-ability individuals and reflects differential exposure to income shocks only to a lesser deg...
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作者：Calzolari, Giacomo; Colliard, Jean-Edouard; Loranth, Gyongyi
作者单位：European University Institute; University of Bologna; Hautes Etudes Commerciales (HEC) Paris; University of Vienna
摘要：Supervision of multinational banks (MNBs) by national supervisors suffers from coordination failures. We show that supranational supervision solves this problem and decreases the public costs of an MNB's failure, taking its organizational structure as given. However, the MNB strategically adjusts its structure to supranational supervision. It converts its subsidiary into a branch (or vice versa) to reduce supervisory monitoring. We identify the cases in which this endogenous reaction leads to ...
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作者：De Simone, Lisa; Piotroski, Joseph D.; Tomy, Rimmy E.
作者单位：Stanford University; University of Chicago
摘要：We examine whether an anticipated reduction in future repatriation taxes affects the amount of cash U.S. multinationals hold overseas. We find that the expected benefits of a repatriation tax reduction are positively associated with accelerated accumulations of global cash holdings once Congress proposed legislation. Additional tests examining domestic and foreign corporations, voluntary disclosures of foreign cash, and corporate payout behavior support our conclusion that observed increases i...
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作者：Gomes, Joao F.; Grotteria, Marco; Wachter, Jessica A.
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：A growing literature shows that credit indicators forecast aggregate real outcomes. While researchers have proposed various explanations, the economic mechanism behind these results remains an open question. In this paper, we show that a simple, frictionless model explains empirical findings commonly attributed to credit cycles. Our key assumption is that firms have heterogeneous exposures to underlying economy-wide shocks. This leads to endogenous dispersion in credit quality that varies over...
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作者：Athreya, Kartik; Mustre-del-Rio, Jose; Sanchez, Juan M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Federal Reserve System - USA; Federal Reserve Bank - Kansas City; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：Using proprietary panel data, we show that many U.S. consumers experience financial distress (35% when distress is defined by having debt in severe delinquency, e.g.) at some point in their lives. However, most distress events are concentrated on a much smaller proportion of consumers in persistent trouble: fewer than 10% of borrowers account for half of all distress events. These facts can be largely accounted for in a straightforward extension of a workhorse model of unsecured debt with info...
