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作者：Bird, Andrew; Karolyi, Stephen A.; Ruchti, Thomas G.
作者单位：Carnegie Mellon University
摘要：To mitigate holdup by an informed incumbent lender, a private borrower may publicly share information in order to increase lender competition. Despite proprietary costs, a subset of private borrowers voluntarily share private information in loan and credit underwriting agreements. These borrowers switch lenders at a 16% higher rate and receive lower loan financing costs. For private firms that go public, we analyze changes in the net benefits of information sharing and study the potential esti...
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作者：Foley, Sean; Karlsen, Jonathan R.; Putnins, Talis J.
作者单位：University of Sydney; University of Technology Sydney
摘要：Cryptocurrencies are among the largest unregulated markets in the world. We find that approximately one-quarter of bitcoin users are involved in illegal activity. We estimate that around 76 billion of illegal activity per year involve bitcoin (46% of bitcoin transactions), which is close to the scale of the U.S. and European markets for illegal drugs. The illegal share of bitcoin activity declines with mainstream interest in bitcoin and with the emergence of more opaque cryptocurrencies. The t...
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作者：Harford, Jarrad; Jiang, Feng; Wang, Rong; Xie, Fei
作者单位：University of Washington; University of Washington Seattle; State University of New York (SUNY) System; University at Buffalo, SUNY; Singapore Management University; University of Delaware
摘要：Analysts strategically allocate more effort to portfolio firms that are relatively more important to their careers. Thus, the other firms the analysts cover indirectly affect a firm's information environment. Controlling for analyst and firm characteristics, we find that an analyst makes more accurate, frequent, and informative earnings forecasts and recommendations for firms ranked higher within her portfolio based on proxies for importance to institutions. A firm's relative rank widely varie...
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作者：Dasgupta, Sudipto; Li, Erica X. N.; Yan, Dong
作者单位：Chinese University of Hong Kong; Lancaster University; Center for Economic & Policy Research (CEPR); Stockholm School of Economics
摘要：We model the interaction of financial constraints, capacity constraints, and the response of production and inventory to cost and demand shocks. The model predicts that in response to favorable shocks, financially constrained firms are unable to build inventory as rapidly as are unconstrained firms. However, because the favorable shocks gradually ease the financial constraints, constrained firms continue to build inventory and eventually carry surplus inventory (relative to unconstrained firms...
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作者：Silva, Andre F.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper examines whether banks strategically incorporate their competitors' liquidity mismatch policies when determining their own and the impact of these collective decisions on financial stability. Using a novel identification strategy exploiting the presence of partially overlapping peer groups, I show that banks' liquidity transformation activity is driven by that of their peers. These correlated decisions are concentrated on the asset side of riskier banks and are asymmetric, with mimi...
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作者：Celerier, Claire; Vallee, Boris
作者单位：University of Toronto; Harvard University
摘要：To study the role of talent in finance workers' pay, we exploit a special feature of the French higher education system. Wage returns to talent have been significantly higher and have risen faster since the 1980s in finance than in other sectors. Both wage returns to project size and the elasticity of project size to talent are also higher in this industry. Last, the share of performance pay varies more for talent in finance. These findings are supportive of finance wages reflecting the compet...
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作者：Vestman, Roine
作者单位：Stockholm University
摘要：The stock market participation rate among homeowners is twice as high as among renters. This paper builds a life-cycle portfolio choice model with endogenous housing tenure choice. A stylized form of preference heterogeneity generates a substantial difference in participation rates. A majority of households have a large savings motive and choose to be homeowners and participate. A minority of households have a small savings motive and find it less worthwhile to participate. Fewer of these hous...
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作者：Chao, Yong; Yao, Chen; Ye, Mao
作者单位：University of Louisville; Chinese University of Hong Kong; University of Illinois System; University of Illinois Urbana-Champaign; National Bureau of Economic Research
摘要：Stock exchange operators compete for order flow by setting make fees for limit orders and take fees for market orders. When traders can quote continuous prices, exchange operators compete on total fee, because traders can choose prices that perfectly neutralize any fee division. The 1-cent minimum tick size, however, prevents traders from neutralizing fee division. The nonneutrality of division between make and take fees (1) allows an exchange operator to establish exchanges that differ in fee...
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作者：Schmalz, Martin C.; Zhuk, Sergey
作者单位：University of Michigan System; University of Michigan; Center for Economic & Policy Research (CEPR); European Corporate Governance Institute; University of Vienna
摘要：When Bayesian risk-averse investors are uncertain about their assets' cash flows' exposure to systematic risk, stock prices react to news more in downturns than in upturns, implying higher volatility in downturns and negatively skewed returns. In good times, less desirable assets with low average cash flows and high market risk perform similar to more desirable assets with high average cash flows and low market risk, rendering them difficult to distinguish. However, their performance diverges ...
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作者：Cong, Lin William; Gao, Haoyu; Ponticelli, Jacopo; Yang, Xiaoguang
作者单位：University of Chicago; Renmin University of China; Northwestern University; Center for Economic & Policy Research (CEPR); Chinese Academy of Sciences; Academy of Mathematics & System Sciences, CAS; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS
摘要：We study credit allocation across firms and its real effects during China's economic stimulus plan of 2009-2010. We match confidential loan-level data from the nineteen largest Chinese banks with firm-level data on manufacturing firms. We document that the stimulus-driven credit expansion disproportionately favored state-owned firms and firms with a lower average product of capital, reversing the process of capital reallocation toward private firms that characterized China's high growth before...
