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作者：Birru, Justin; Gokkaya, Sinan; Liu, Xi; Stulz, Rene
作者单位：University System of Ohio; Ohio State University; University System of Ohio; Ohio University; University System of Ohio; Miami University; National Bureau of Economic Research
摘要：Following the Global Settlement, analysts extensively use a top pick designation allowing for greater granularity of information among buy recommended stocks, but conflicts of interest can potentially influence this designation. Examining a novel sample of top picks, we find that a calendar-time portfolio of top picks generates an abnormal performance of 17.6% per year. Top picks have greater investment value than do buy recommendations and alternative analyst investment strategies. Both insti...
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作者：Bernstein, Shai; Townsend, Richard R.; Xu, Ting
作者单位：Harvard University; National Bureau of Economic Research; University of California System; University of California San Diego; University of Toronto
摘要：Using proprietary data from AngelList Talent, we study how startup job seekers' search and application behavior changed during the COVID-19 downturn. We find that workers shifted their searches and applications away from less-established startups and toward more-established ones, even within the same individual over time. At the firm level, this shift was not offset by an influx of new job seekers. Less-established startups experienced a relative decline in the quantity and quality of applicat...
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作者：Gryglewicz, Sebastian; Mayer, Simon; Morellec, Erwan
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Carnegie Mellon University
摘要：How much of a loan should a lender retain, and how do loan sales affect loan performance? We address these questions in a model in which a lender originates loans that it can sell to investors. The lender reduces default risk through screening at origination and monitoring after origination, but is subject to moral hazard. The optimal lender-investor contract can be implemented by requiring the lender to initially retain a share of the loan that it gradually sells to investors, rationalizing l...
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作者：Agarwal, Sumit; Ghosh, Pulak; Li, Jing; Ruan, Tianyue
作者单位：National University of Singapore; Indian Institute of Management (IIM System); Indian Institute of Management Bangalore; Singapore Management University
摘要：We study how consumer spending responds to digital payments, using the differential switch to digital payments across consumers induced by the sudden 2016 Indian Demonetization for identification. Digital payment use rose by 2.94 percentage points and monthly spending increased by 2.38% for an additional 10 percentage points in prior cash dependence. Spending remained elevated even when cash availability recovered. Robustness analyses show that the spending response is not driven by purchase s...
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作者：Appel, Ian; Fos, Vyacheslav
作者单位：University of Virginia; Boston College; Center for Economic & Policy Research (CEPR)
摘要：The number of short campaigns by hedge funds has dramatically increased over the last two decades. Nearly 80% of campaigns are undertaken by activist hedge funds, particularly those that employ hostile tactics in their long campaigns. Short campaigns are associated with negative abnormal returns of -7%, with aggregate valuation effects similar in magnitude to the gains from long activism campaigns. In contrast to long campaigns, public communication is a critical component of short campaigns. ...
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作者：Kluender, Raymond
作者单位：Harvard University
摘要：Pay-as-you-go contracts reduce minimum purchase requirements, which may increase market participation. This paper randomizes the introduction and price(s) of a novel pay-as-you-go contract to the California auto insurance market, where 17% of drivers are uninsured. The pay-as-you-go contract increases take-up by 10.8 p.p. (89%) and days with coverage by 4.6 days over the 3-month experiment (27%). Demand is relatively inelastic, and pay-as-you-go increases insurance coverage in part by relaxing...
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作者：Gabriel, Stuart; Lutz, Chandler
作者单位：University of California System; University of California Los Angeles; University of North Carolina; University of North Carolina Charlotte
摘要：We measure the causal impact of reductions in benchmark interest rates on the renegotiation and performance of distressed loans, using 2000s subprime mortgages as a laboratory. Subprime borrowers treated with larger benchmark rate reductions benefited from increased debt-renegotiation probabilities and lower debt-service payments. Modification rates were similar among current and delinquent borrowers but higher for real estate investors, highlighting the role of financial acumen in renegotiati...
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作者：Duarte, Victor; Duarte, Diogo; Silva, Dejanir H.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; State University System of Florida; Florida International University; Purdue University System; Purdue University
摘要：We develop an algorithm for solving a large class of nonlinear high-dimensional continuous-time models in finance. We approximate value and policy functions using deep learning and show that a combination of automatic differentiation and Ito's lemma allows for the computation of exact expectations, resulting in a negligible computational cost that is independent of the number of state variables. We illustrate the applicability of our method to problems in asset pricing, corporate finance, and ...
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作者：Gupta, Atul; Howell, Sabrina T.; Yannelis, Constantine; Gupta, Abhinav
作者单位：University of Pennsylvania; National Bureau of Economic Research; University of Pennsylvania; National Bureau of Economic Research
摘要：Amid an aging population and a growing role for private equity (PE) in the care of older adults, this paper studies how PE ownership affects U.S. nursing homes using patient-level Medicare data. We show that PE ownership leads to a patient cohort with lower health risk. However, after instrumenting for the patient-nursing home match, we find that PE ownership increases mortality by 11%. Declines in measures of patient well-being, nurse staffing, and compliance with care standards help to expla...
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作者：Li, Qing; Shan, Hongyu; Tang, Yuehua; Yao, Vincent
作者单位：State University System of Florida; University of Florida; China Europe International Business School; Fordham University; University System of Georgia; Georgia State University
摘要：This paper conducts a textual analysis of earnings call transcripts to quantify climate risk exposure at the firm level. We construct dictionaries that measure physical and transition climate risks separately and identify firms that proactively respond to climate risks. Our validation analysis shows that our measures capture firm-level variations in respective climate risk exposure. Firms facing high transition risk, especially those that do not proactively respond, have been valued at a disco...
