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作者：Ouazad, Amine; Kahn, Matthew E.
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作者：Orame, Andrea; Ramcharan, Rodney; Robatto, Roberto
作者单位：European Central Bank; Bank of Italy; University of Southern California; University of Wisconsin System; University of Wisconsin Madison
摘要：We show that widely used macroprudential regulations that rely on historical cost accounting (HCA) to insulate banks' balance sheets from financial market volatility significantly affect the transmission of monetary policy onto bank lending. Using detailed supervisory data from Italian banks, we find that HCA mutes the transmission of quantitative easing and other monetary policies that affect the long end of the yield curve, weakening the effectiveness of interventions aimed at reducing firm ...
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作者：Ouimet, Paige; Simintzi, Elena; Ye, Kailei
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Centre for Economic Policy Research - UK
摘要：We show a negative effect of opioid prescriptions on subsequent individual employment among employers in our sample using doctor-opioid-prescribing propensity as our instrument. This finding has implications for firms that must now contend with lower local labor supply. We find a negative relationship between opioid prescriptions and subsequent establishment growth. However, firms respond to labor shortages by investing more in technology, replacing the relatively scarcer labor with capital, e...
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作者：Hansman, Christopher; Hong, Harrison; Jiang, Wenxi; Liu, Yu-Jane; Meng, Juan-Juan
作者单位：Emory University; Columbia University; Chinese University of Hong Kong; Peking University
摘要：There is causal evidence that mortgage credit expansions increase house prices. Does an expansion of margin lending increase stock prices? Because unconstrained arbitrageurs are more important for pricing stocks than homes, the impact is not obvious. Tests are limited because sizable shocks to margin lending are rare. We examine a major Chinese margin-lending expansion between 2010 and 2015. Institutional holding, regression discontinuity, and event study evidence-exploiting the rollout of mar...
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作者：Pan, Guangqian; Pan, Zheyao; Xiao, Kairong
作者单位：University of Sydney; Macquarie University; Columbia University
摘要：We quantify the cost of pledging collateral for small businesses by exploiting a regulatoryquirk of the SBA disaster lending program in which firms are exempt from posting collateralif their loan size is below a threshold. Firms bunch their loans below the threshold,and the resultant distortion in the loan size distribution reveals the magnitude of thecollateral cost. The collateral cost is substantial and varies across collateral types, businesssectors, and collateral laws in ways consistent ...
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作者：Acharya, Viral V.; Parlatore, Cecilia; Sundaresan, Suresh
作者单位：New York University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Columbia University
摘要：We examine the optimal financing of infrastructure when governments can expropriate rents from private sector firms that manage infrastructure. While private firms need incentives to implement projects well, governments need incentives to limit expropriation. This double moral hazard limits the willingness of outside investors to fund infrastructure projects. Optimal financing contracts involve government guarantees to investors against project failure to incentivize the government to agree no...
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作者：Beaumont, Paul; Hebert, Camille; Lyonnet, Victor
作者单位：McGill University; University of Toronto
摘要：Firms enter new sectors by either building on their resources or buying existing companies. Using French administrative data, we propose a measure of human capital distance between a firm and a sector of entry. Using a shift-share instrument, we show that firms build in close sectors and buy in distant sectors in terms of human capital distance. Firms build by hiring new workers, which becomes increasingly costly in distant sectors as it requires not only hiring more workers but also having mo...
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作者：Artavanis, Nikolaos; Lee, Brian Jonghwan; Panageas, Stavros; Tsoutsoura, Margarita
作者单位：Louisiana State University System; Louisiana State University; Emory University; University of California System; University of California Los Angeles; National Bureau of Economic Research; Washington University (WUSTL); Centre for Economic Policy Research - UK; European Corporate Governance Institute
摘要：We study the corporate-loan pricing decisions of a major, systemic bank during the Greek financial crisis. A unique aspect of our data set is that we observe both the actual interest rate and the break-even rate (BE rate) of each loan, as computed by the bank's own loan-pricing department (in effect, the loan's marginal cost). We document that low-BE-rate (safer) borrowers are charged significant markups, whereas high-BE-rate (riskier) borrowers are charged smaller and even negative markups. W...
