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作者：Bos, Marieke; Breza, Emily; Liberman, Andres
作者单位：Stockholm School of Economics; Swedish House of Finance; Harvard University; National Bureau of Economic Research; New York University
摘要：We exploit a natural experiment to provide one of the first measurements of the causal effect of negative credit information on employment and earnings. We estimate that one additional year of negative credit information reduces employment by 3 percentage points and wage earnings by $1,000. In comparison, the decrease in credit is only one-fourth as large. Negative credit information also causes an increase in self-employment and a decrease in mobility. Further evidence suggests this cost of d...
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作者：Ghysels, Eric; Horan, Casidhe; Moench, Emanuel
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Center for Economic & Policy Research (CEPR); University of Michigan System; University of Michigan; Deutsche Bundesbank
摘要：A previous literature has documented that bond returns are predicted by macroeconomic information not contained in yields contemporaneously. That literature has mostly relied on final revised, rather than real time macroeconomic data. We show that the use of real time data substantially reduces the predictive power of macro variables for future bond returns as well as the implied countercyclicality of term premiums. We discuss potential interpretations of our results.
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作者：You, Jiaxing; Zhang, Bohui; Zhang, Le
作者单位：Xiamen University; University of New South Wales Sydney; The Chinese University of Hong Kong, Shenzhen
摘要：We study how government control affects the roles of the media as an information intermediary and a corporate monitor. Comparing a large sample of news articles written by state-controlled and market-oriented Chinese media, we find that articles by the market-oriented media are more critical, more accurate, more comprehensive, and timelier than those by the state-controlled media. Moreover, only articles by the market-oriented media have a significant corporate governance impact. Subsample ana...
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作者：Williams, Tomas
作者单位：George Washington University
摘要：This paper uses a natural experiment to show that government access to foreign credit increases private access to credit. I identify a sudden, and unanticipated increase in capital inflows to the sovereign debt market in Colombia, due to a rebalancing in a government bond index by J.P. Morgan. I find that market makers banks in the treasury market reduced their sovereign debt by 7.8 percentage points of assets and increased their credit availability by 4.2 percentage points of assets. Using in...
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作者：Chuprinin, Oleg; Sosyura, Denis
作者单位：University of New South Wales Sydney; Arizona State University; Arizona State University-Tempe
摘要：Using data from individual Census records on the wealth of managers' parents, we find that mutual fund managers from poor families outperform managers from rich families. We argue that managers born poor face higher entry barriers into asset management. Consistent with this view, managers born poor are promoted only if they outperform, while those born rich are more likely to be promoted for reasons unrelated to performance. Overall, we establish a first link between fund managers' family desc...
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作者：Ozdagli, Ali K.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：I show that the stock prices of firms subject to greater information frictions have a weaker reaction to monetary policy. The claim is robust to a broad set of proxies for financial constraints and information frictions. Moreover, I use the Enron accounting scandal and Arthur Andersen's demise as a large exogenous shock, temporarily raising other Andersen clients' information frictions and, thereby, their financial constraints. The scandal's disclosure lowered Andersen's clients' stock price s...
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作者：Ellul, Andrew; Pagano, Marco; Schivardi, Fabiano
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Center for Economic & Policy Research (CEPR); University of Naples Federico II; Luiss Guido Carli University
摘要：Using a firm-level international panel data set, we study if unemployment insurance offered by the government and by firms are substitutes. We exploit cross-country and time-series variation in public unemployment insurance as a shifter of workers' demand for insurance within firms, and family versus nonfamily ownership as a shifter of firms' supply of insurance. Our evidence supports the substitutability hypothesis: employment stability in family firms is greater, and the wage discount larger...
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作者：Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S.
作者单位：Utah System of Higher Education; University of Utah; University of Minnesota System; University of Minnesota Twin Cities; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：We evaluate whether management risk, which arises from investors' uncertainty about management's added value, affects firms' default risks and debt pricing. We find that, regardless of the reason for the turnover, CDS, loan, and bond yield spreads increase at the time of management turnover, when management risk is highest, and decline over the first three years of the new CEO's tenure. The effects increase with prior investor uncertainty about the new management. These results are consistent ...
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作者：Pasquariello, Paolo
作者单位：University of Michigan System; University of Michigan
摘要：Direct government intervention in a market may induce violations of the law of one price in other, arbitrage-related markets. I show that a government pursuing a nonpublic, partially informative price target in a model of strategic market-order trading and segmented dealership generates equilibrium price differentials among fundamentally identical assets by clouding dealers' inference about the targeted asset's payoff from its order flow, to an extent complexly dependent on existing price form...
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作者：Cornaggia, Jess; Cornaggia, Kimberly J.; Israelsen, Ryan D.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Michigan State University; Michigan State University's Broad College of Business
摘要：A common belief held among researchers and policy makers is that regulatory reliance has inflated market demand for credit ratings, despite their decreasing informational value. Advances in information technology, coupled with reputation losses following the subprime crisis, renew the question of whether investors still rely on ratings to assess credit risk. Using Moody's 2010 scale recalibration, which was unrelated to changing issuer fundamentals, we find that ratings still matter to investo...
