-
作者：Huang, Ruidi; Mayer, Erik J.; Miller, Darius P.
作者单位：Southern Methodist University; University of Wisconsin System; University of Wisconsin Madison
摘要：We test for gender bias in promotions at financial institutions using two central predictions of , ) model: firms with bias will raise the promotion bar for marginally promoted female workers, and incur costs from forgoing efficient employment practices. We find support for both of these predictions using a new nationwide panel of mortgage loan officers and their managers encompassing approximately 72,000 workers from over 1,000 shadow banks from 2014 to 2019. Overall, our findings provide evi...
-
作者：Eldar, Ofer; Grennan, Jillian
作者单位：University of California System; University of California Berkeley; European Corporate Governance Institute
摘要：We exploit the staggered introduction of liability waivers when investors hold stakes in conflicting business opportunities as a shock to venture capital (VC) investment and director networks. After the law changes, we find increases in within-industry VC investment and common directors serving on startup boards. Despite the potential for rent extraction, same-industry startups inside VC portfolios benefit by raising more capital, failing less, and exiting more successfully. VC directors servi...
-
作者：Schlafmann, Kathrin; Setty, Ofer; Vestman, Roine
作者单位：Copenhagen Business School; Tel Aviv University; Stockholm University
摘要：We derive optimal characteristics of contribution rates into defined contribution pension plans based on consumption-savings theory. Contribution rates should increase with age and decrease with the balance-to-income ratio. Using Swedish registry data, we show that on average, individuals save according to those principles. However, almost half of the population behaves hand-to-mouth and does not undo the mandated constant contribution rates. In a quantitative model, designing contribution rat...
-
作者：Landoni, Mattia; Zeldes, Stephen P.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston; Columbia University; National Bureau of Economic Research
摘要：Under standard assumptions, individuals and the government are indifferent between traditional tax-deferred retirement accounts and front-loaded (Roth) accounts. Adding investment fees to this benchmark, individuals are still indifferent, but the government is not. We show that under weak conditions firms charge equal percent fees under both systems, yielding higher dollar fees under Traditional. We estimate that tax deferral increases demand for asset management services by $3.8 trillion, cos...
-
作者：Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav
作者单位：George Washington University; University System of Maryland; University of Maryland College Park
摘要：The large divergence in the returns of top-performing star firms and the rest of the economy is substantially reduced when we account for the mismeasurement of intangible capital. Star firms produce and invest more per dollar in invested capital, have more valuable innovations as measured by the market value of patents, and are as exposed to competitive shocks as nonstars. Star firms have higher markups that are predicted early in their life cycle at a time when they are small. Overall, after ...
-
作者：Darmouni, Olivier; Mota, Lira
作者单位：Columbia University; Massachusetts Institute of Technology (MIT)
摘要：We construct a novel panel data set to provide new evidence on how the largest nonfinancial firms manage their financial assets. Our granular data show that, over the past decade, bond portfolios have grown to be at least as large as cash-like instruments, driven by the meteoric rise of corporate bond holdings. To shed light on the drivers of this growth, we conduct a pair of event studies around the 2017 tax reform and the 2020 liquidity crisis. We find that large holdings of marketable secur...
-
作者：Gelman, Michael; Roussanov, Nikolai
作者单位：University of Delaware; University of Pennsylvania; National Bureau of Economic Research
摘要：Does mental accounting matter for total consumption expenditures? We exploit a unique setting in which individuals exogenously receive a new payment card, without requesting one. Using random variation in the time of receipt, we show that individuals temporarily increase total consumption expenditure by making purchases with the new card without reducing spending on the others. We do not observe a corresponding increase in indebtedness. Total consumption expenditure rises even for the least li...
-
作者：Bianchi, Francesco; Gomez-Cram, Roberto; Kung, Howard
作者单位：Johns Hopkins University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of London; London Business School; Centre for Economic Policy Research - UK
摘要：We use a high-frequency identification approach to document that individual politicians affect asset prices. We exploit the regular flow of viewpoints contained in Congress members' tweets. Supportive (critical) tweets increase (decrease) the stock prices of the targeted firm and the corresponding industry in minutes around the tweet. The bulk of the stock price effects is concentrated in the tweets revealing news about future legislative action. The effects are amplified around committee meet...
-
作者：Bradley, Daniel; Hanousek, Jan; Jame, Russell; Xiao, Zicheng
作者单位：State University System of Florida; University of South Florida; University of Memphis; University of Kentucky
摘要：We examine the value of due diligence recommendations on Reddit's Wallstreetbets (WSB) platform. Before the Gamestop (GME) short squeeze, recommendations are significant predictors of returns and cash-flow news. This predictability is eliminated post-GME. Post-GME, the fraction of reports emphasizing price-pressure or attention-grabbing stocks dramatically increases, and the decline in informativeness is concentrated in these reports. Similarly, retail trade informativeness is particularly str...
-
作者：van Straelen, Eileen
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：I identify the effect of financial constraints on product prices using granular data on home-builder housing developments from the 2006-2009 housing crisis. Builders who experience losses in one area subsequently sell homes in unaffected areas at a discount to raise cash quickly. When builders cut prices, they sell homes faster and builders cut prices more in areas in which price cuts produce larger declines in time-to-sale. Financially constrained firms are more likely to cut prices of homes ...
