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作者：Kocher, Martin G.; Lucks, Konstantin E.; Schindler, David
作者单位：University of Vienna; University of Gothenburg; University of Munich; Tilburg University
摘要：One explanation for overpricing on asset markets is a lack of traders' self-control. We implement the first experiment to address the causal relationship between self-control and systematic overpricing on financial markets. Our setup detects some of the channels through which low individual self-control could transmit into irrational exuberance in markets. Our data indicate a large direct effect of reduced self-control on market overpricing. Low self-control traders report stronger emotions af...
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作者：Begenau, Juliane; Salomao, Juliana
作者单位：Stanford University; National Bureau of Economic Research; University of Minnesota System; University of Minnesota Twin Cities
摘要：Data from U.S. public firms show that in booms large firms finance with debt and payout equity, whereas small firms issue both equity and debt. Therefore, large firms generally substitute between debt and equity financing over the business cycle, whereas small firms adhere to a procyclical financing policy for debt and equity. We explain these cyclical financing patterns quantitatively using a heterogeneous firm model with endogenous firm dynamics. We find that cross-sectional differences in i...
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作者：Boyson, Nicole M.; Pichler, Pegaret
作者单位：Northeastern University
摘要：When facing hedge fund activists, target firms often fight back. Targets with agency problems and those confronting the threat of investor coordination frequently engage in hostile resistance by implementing governance changes associated with managerial entrenchment. The market negatively responds to hostile resistance, and unless hedge funds counterresist, these campaigns have worse operating performance, faster activist exit, and fewer mergers than do campaigns without hostile target resista...
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作者：Badoer, Dominique C.; Demiroglu, Cem
作者单位：University of Missouri System; University of Missouri Columbia; Koc University
摘要：Mandated public dissemination of over-the-counter transactions in corporate debt securities via the TRACE system dramatically reduces the average short-term market reaction to rating downgrades by both issuer-paid and investor-paid rating agencies. Ratings become relatively more accurate predictors of default and more sensitive to innovations in credit spreads after the introduction of dissemination. However, in transparent markets, they provide no significant information about future defaults...
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作者：Celerier, Claire; Matray, Adrien
作者单位：University of Toronto; Princeton University
摘要：This paper studies how financial inclusion affects wealth accumulation. Exploiting the U.S. interstate branching deregulation between 1994 and 2005, we find that an exogenous expansion of bank branches increases low-income household financial inclusion. We then show that financial inclusion fosters household wealth accumulation. Relative to their unbanked counterparts, banked households accumulate assets in interest-bearing accounts, invest more in durable assets, such as vehicles, have a bett...
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作者：Iyer, Rajkamal; Laerkholm Jensen, Thais; Johannesen, Niels; Sheridan, Adam
作者单位：Imperial College London; University of Copenhagen
摘要：We study the impact of too-big-to-fail (TBTF) guarantees on the market for retail deposits. Exploiting information about all personal deposit accounts in Denmark and salient changes to the deposit insurance limit, we provide evidence that systemically important banks successfully retain and attract uninsured deposits in a crisis at the expense of other banks even as they differentially lower their interest rates. The funding shock suffered by nonsystemic banks causes a decrease in their lendin...
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作者：Maturana, Gonzalo; Nickerson, Jordan
作者单位：Emory University; Boston College
摘要：This paper studies the role of workplace peers in the transmission of information pertinent to an important household financial decision: the mortgage refinancing choice. Exploiting commonalities in teaching schedules of school teachers in Texas to identify peer groups, we find that refinancing activity among teachers' peers increases their likelihood of refinancing by 20.7%. The effect of peers increases with the potential savings realized upon refinancing and is stronger among younger teache...
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作者：Acharya, Viral V.; Eisert, Tim; Eufinger, Christian; Hirsch, Christian
作者单位：Reserve Bank of India; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Navarra; IESE Business School; Deutsche Bundesbank
摘要：Launched in Summer 2012, the European Central Bank's (ECB) Outright Monetary Transactions (OMT) program indirectly recapitalized European banks through its positive impact on periphery sovereign bonds. However, the stability reestablished in the banking sector did not fully translate into economic growth. We document zombie lending by banks that remained weakly capitalized even post-OMT. In turn, firms receiving loans used these funds not to undertake real economic activity, such as employment...
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作者：Ao, Mengmeng; Li, Yingying; Zheng, Xinghua
作者单位：Xiamen University; Hong Kong University of Science & Technology
摘要：This paper introduces a newapproach to constructing optimal mean-variance portfolios. The approach relies on a novel unconstrained regression representation of the mean-variance optimization problem combined with high-dimensional sparse-regression methods. Our estimated portfolio, under a mild sparsity assumption, controls for risk and attains the maximum expected return as both the numbers of assets and observations grow. The superior properties of our approach are demonstrated through compre...
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作者：Hou, Kewei; van Dijk, Mathijs A.
作者单位：University System of Ohio; Ohio State University; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Many studies report that the size effect in the cross-section of stock returns disappeared after the early 1980s. This paper shows that its disappearance can be attributed to negative shocks to the profitability of small firms and positive shocks to big firms. After adjusting for the price impact of profitability shocks, we find a robust size effect in the cross-section of expected returns after the early 1980s. Our results highlight the importance of in-sample cash-flow shocks in understandin...
