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作者：DeAngelo, Harry; Goncalves, Andrei S.; Stulz, Rene M.
作者单位：University of Southern California; University of North Carolina; University of North Carolina Chapel Hill; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：Most firms deleverage from their historical peak market-leverage (ML) ratios to near-zero ML, while also markedly increasing cash balances to high levels. Among 4,476 nonfinancial firms with five or more years of post-peak data, median ML is 0.543 at the peak and 0.026 at the later trough, with a six-year median time from peak to trough and with debt repayment and earnings retention accounting for 93.7% of the median peak-to-trough decline in ML. The findings support theories in which firms de...
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作者：Danielsson, Jon; Valenzuela, Marcela; Zer, Ilknur
作者单位：University of London; London School Economics & Political Science; Universidad de Chile; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We study the effects of stock market volatility on risk-taking and financial crises by constructing a cross-country database spanning up to 211 years and across 60 countries. Prolonged periods of low volatility have strong in-sample and out-of-sample predictive power over the incidence of banking crises and can be used as a reliable crisis indicator, whereas volatility itself does not predict crises. Low volatility leads to excessive credit buildups and balance sheet leverage in the financial ...
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作者：Hirshleifer, David; Hsu, Po-Hsuan; Li, Dongmei
作者单位：University of California System; University of California Irvine; National Bureau of Economic Research; University of Hong Kong; University of South Carolina System; University of South Carolina Columbia
摘要：We propose that innovative originality is a valuable organizational resource and that owing to limited investor attention and skepticism of complexity, greater innovative originality may be undervalued. We find that firms' innovative originality strongly predicts higher, more persistent, and less volatile profitability and higher abnormal stock returns, findings that are robust to extensive controls. The return predictive power of innovative originality is stronger for firms with higher valuat...
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作者：Gine, Xavier; Kanz, Martin
作者单位：The World Bank
摘要：We study the credit market impact and real effects of one of the largest borrower bailouts in history, enacted by the government of India against the backdrop of the 2007-2008 financial crisis. We find that the bailout led to a significant reallocation of credit and greater defaults, but had no offsetting positive effect on productivity, wages, or consumption. Post-program loan performance deteriorates faster in districts with greater program exposure, an effect that is not driven by greater r...
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作者：Han, Song; Keys, Benjamin J.; Li, Geng
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Pennsylvania; National Bureau of Economic Research
摘要：This paper explores the dynamics of unsecured credit supply over the recent credit cycle and around the passage of the CARD Act. We examine a unique data set of over 200,000 credit card mail solicitations to a representative sample of households and introduce credit card offers as a direct, informative measure of supply of such credit. Contrasting personal credit card offer dynamics before and after the passage of the CARD Act with those of personal loans, auto loans, and corporate credit card...
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作者：Gete, Pedro; Reher, Michael
作者单位：IE University; Harvard University
摘要：We show that a contraction of mortgage supply after the Great Recession has increased housing rents. Our empirical strategy exploits heterogeneity in MSAs' exposure to regulatory shocks experienced by lenders over the 2010-2014 period. Tighter lending standards have increased demand for rental housing, leading to higher rents, depressed homeownership rates and an increase in rental supply. Absent the credit supply contraction, annual rent growth would have been 2.1 percentage points lower over...
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作者：Ibert, Markus; Kaniel, Ron; Van Nieuwerburgh, Stijn; Vestman, Roine
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作者：Berton, Fabio; Mocetti, Sauro; Presbitero, Andrea F.; Richiardi, Matteo
作者单位：University of Turin; Collegio Carlo Alberto; European Central Bank; Bank of Italy; International Monetary Fund; University of Oxford; University of Oxford; Collegio Carlo Alberto
摘要：We analyze the heterogeneous employment effects of financial shocks using a rich data set of job contracts, matched with the universe of firms and their lending banks in one Italian region. To isolate the effect of the financial shock, we construct a firm-specific time-varying measure of credit supply. The preferred estimate indicates that the average elasticity of employment to a credit supply shock is 0.36. Adjustment affects both the extensive and the intensive margins and is concentrated a...
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作者：Schumacher, David
作者单位：McGill University
摘要：In their foreign portfolio allocations, international mutual funds overweight industries that are comparatively large in their domestic stock market. Aggregate excess foreign industry allocations are sizeable, on average amounting to over 100% for the largest domestic industries. While this foreign industry bias partly reflects familiarity-based motives, a large body of evidence on investment and performance patterns is, on the whole, remarkably consistent with a specialized learning motive co...
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作者：Bayer, Patrick; Ferreira, Fernando; Ross, Stephen L.
作者单位：Duke University; National Bureau of Economic Research; University of Pennsylvania; University of Connecticut
摘要：This paper examines racial and ethnic differences in high-cost mortgage lending in seven diverse metropolitan areas from 2004 to 2007. Controlling for credit score and other risk factors, AfricanAmerican and Hispanic borrowers are 103% and 78% more likely to receive high-cost mortgages for home purchases. Alarge part of the increase is attributable to sorting across lenders (55%-65%), and this, in turn, can be largely accounted for by the lender's ex post foreclosure risk. The remaining within...
