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作者：Mustre-del-Rio, Jose; Sanchez, Juan M.; Mather, Ryan; Athreya, Kartik
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：When a macroeconomic shock arrives, variation in household balance sheet health (captured by the presence of financial distress, or FD) leads to differential access to credit and hence a distribution in consumption responses. As we document, though, over the past two recessions, households in prior FD also experienced macroeconomic shocks more intensely than others, leading to a distribution of shock severity. Quantifying the importance of each dimension of heterogeneity (FD or shock severity)...
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作者：Mezza, Alvaro; Ringo, Daniel; Sommer, Kamila
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper provides novel evidence that increased student loan debts, caused by rising tuitions, increase borrowers' demand for additional consumer debt, while simultaneously restricting their ability to access it. The net effect of student loan debt on consumer borrowing varies by market, depending on whether the supply or demand channel dominates. In loosely underwritten credit markets, increased student loan debt causes borrowing to increase, while in tightly underwritten markets, increased...
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作者：Atanassov, Julian; Julio, Brandon; Leng, Tiecheng
作者单位：University of Nebraska System; University of Nebraska Lincoln; University of Oregon; Harbin Institute of Technology
摘要：We use close gubernatorial elections as a quasi-natural experiment to document a positive effect of political uncertainty on firm-level R&D. This finding is in contrast to the existing literature documenting a negative impact of political uncertainty on capital investment. We examine potential mechanisms and find that our results are consistent with the growth option view of R&D investment. The effect is stronger for politically sensitive and high-tech industries.The results are robust to diff...
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作者：Barrot, Jean-Noel; Martin, Thorsten; Sauvagnat, Julien; Vallee, Boris
作者单位：Hautes Etudes Commerciales (HEC) Paris; Bocconi University; Frankfurt School Finance & Management; Harvard University
摘要：We investigate the labor market effects of a loan guarantee program targeting French SMEs during the financial crisis. Exploiting differences in regional treatment intensity in a border discontinuity design, we uncover a central trade-off for such interventions. While the program has a positive impact on workers' employment and earnings trajectories that translates into positive aggregate employment effects, it dampens the worker reallocation toward more productive firms that happens following...
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作者：Jansen, Mark; Phalippou, Ludovic; Noe, Thomas
作者单位：Utah System of Higher Education; University of Utah; University of Oxford
摘要：We propose a security design model in which a potential acquirer approaches a firm with a value-add plan. The target has a single owner, who possesses private information: he alone knows whether his firm is compatible with the plan. The owner agrees that the acquirer will add value but believes that the value-add will not be as much as what the acquirer expects. Although the acquirer can choose any monotone limited liability security to offer along with cash, we show that, under general condit...
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作者：Couts, Spencer J.; Goncalves, Andrei S.; Rossi, Andrea
作者单位：University of Southern California; University System of Ohio; Ohio State University; University of Arizona
摘要：Funds investing in illiquid assets report returns with spurious autocorrelation. Consequently, investors need to unsmooth these funds' returns when evaluating their risk exposures. We show that funds with similar investments share a common source of spurious autocorrelation not fully resolved by traditional unsmoothing methods and thereby leading to underestimation of systematic risk. Thus, we propose a generalized unsmoothing technique and apply it to hedge funds and private commercial real e...
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作者：Pohl, Walter; Schmedders, Karl; Wilms, Ole
作者单位：Norwegian School of Economics (NHH); International Institute for Management Development (IMD); University of Hamburg; Tilburg University
摘要：Modern asset pricing models combine recursive preferences with complex dynamics for the underlying consumption process. The existence of solutions is for many of these models an unsettled question. This paper introduces a novel technique to prove existence and nonexistence, as well as uniqueness for models with recursive preferences. The approach applies to many models of interest, including those with long-run consumption risks, with stochastic volatility and jumps, with time-varying consumpt...
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作者：Gu, Ran; Peng, Cameron; Zhang, Weilong
作者单位：University of Essex; University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; University of Cambridge
摘要：When members of the same household have different risk preferences, whose preference matters more for investment decisions and why? We propose an intrahousehold model that aggregates individual preferences at the household level as a result of bargaining. We structurally estimate the model, analyze the determinants of bargaining power, and find a significant gender gap. Gender differences in individual characteristics, as well as gender effects, partially explain the gap. These patterns hold b...
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作者：Gao, Meng; Huang, Jiekun
作者单位：University of Connecticut; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Information production by shareholders is essential for proxy voting to produce efficient outcomes. We propose a stock return-based measure to capture informed voting. Our measure, the vote alpha, quantifies the extent to which a shareholder votes in the direction that the market perceives as value increasing. Using data on mutual funds' proxy voting records, we find that the vote alpha exhibits persistence. Our main result shows that the voting pattern of high vote alpha funds positively pred...
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作者：Gao, Janet; Wang, Wenyu; Wu, Yufeng
作者单位：Georgetown University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University System of Ohio; Ohio State University
摘要：How does firm-specific human capital shape careers in the finance industry? We build a dynamic model where workers accumulate portable and nonportable (firm-specific) human capital and learn about their match quality with employers. Estimating the model using granular data on M&A advisory bankers, we show that a large fraction of bankers' human capital is nonportable, ranging from 12% to 46% across different firm types. Bankers make a dynamic trade-off between portability and returns on human ...
