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作者：de Silva, Tim; Thesmar, David
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Analyst forecasts outperform econometric forecasts in the short run but underperform in the long run. We decompose these differences in forecasting accuracy into analysts' information advantage, forecast bias, and forecast noise. We find that noise and bias strongly increase with forecast horizon, while analysts' information advantage decays rapidly. A noise increase with horizon generates a mechanical reversal in the sign of the error-revision (Coibion-Gorodnichenko) regression coefficient at...
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作者：Matta, Rafael; Perotti, Enrico
作者单位：SKEMA Business School; Universite Cote d'Azur; University of Amsterdam; Centre for Economic Policy Research - UK
摘要：The classic view assumes banks prioritize immediate repayment by selling assets until default. We endogenize run frequency and study how general settlement rules trade off liquidity provision net of fire sale losses against induced run incentives. Panic runs are eliminated when all illiquid assets are sold under orderly resolution, but liquidity provision in a run is minimal. When suspension after some fire sales is followed by immediate liquidation, run frequency falls then rises in suspensio...
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作者：Bacher, Annika
作者单位：BI Norwegian Business School
摘要：Single women invest less in risky assets than do single men. This paper analyzes the determinants of the gender investment gap based on a structural life-cycle framework. The model can rationalize the gender investment gap without gender heterogeneity in preferences. Rather, lower deterministic income and larger household sizes shift the composition of single women toward poorer households that invest less risky (composition effect). Additionally, future outcomes of both variables (which canno...
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作者：Almeida, Heitor; Ersahin, Nuri; Fos, Vyacheslav; Irani, Rustom M.; Kronlund, Mathias
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; National Bureau of Economic Research; Southern Methodist University; Boston College; Centre for Economic Policy Research - UK; European Corporate Governance Institute
摘要：Previous research shows that incentives to meet short-term earnings targets can cause firms to increase share buybacks, leading to cuts in investments and employment. Using plant-level census data, we find that incentives to engage in earnings-per-share- motivated buybacks result in lower productivity at both the plant and firm level. We attribute this productivity drop to two mechanisms: reduced investment in productivity- augmenting technology, and inefficient allocation of resources across ...
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作者：Dey, Aiyesha; Starkweather, Austin; White, Joshua T.
作者单位：Harvard University; University of Tennessee System; University of Tennessee Knoxville; Vanderbilt University
摘要：We study how Institutional Shareholder Services (ISS) affect firms' engagement with shareholders. Our analyses exploit a quasi-natural experiment using say-on-pay voting outcomes near a threshold that triggers ISS to review engagement activities. Firms receiving ISS treatment exhibit swift and substantive increases in extensive and intensive margins of engagement, especially when their boards have higher agency conflicts and directors are more likely to lose voting support from ISS. Increases ...
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作者：Khomyn, Marta; Putnins, Talis; Zoican, Marius
作者单位：University of Adelaide; University of Technology Sydney; University of Calgary; University of Toronto
摘要：We analyze how ETFs compete. Drawing on a new model and empirical analysis, we show that ETF secondary market liquidity plays a key role in determining fees. More liquid ETFs for a given index charge higher fees and attract short-horizon investors who are more sensitive to liquidity than to fees. Higher turnover from these investors sustains the ETF's high liquidity, allowing the ETF to extract a rent through its fee, and creating a first-mover advantage. Liquidity segmentation through cliente...
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作者：Pinter, Gabor; Wang, Chaojun; Zou, Junyuan
作者单位：Bank for International Settlements (BIS); University of Pennsylvania; INSEAD Business School
摘要：We show that larger trades incur lower trading costs in government bond markets (size discount), but costs increase in trade size after controlling for client identity (size penalty). The size discount is driven by the cross-client variation of larger traders obtaining better prices, consistent with theories of trading with imperfect competition. The size penalty, driven by the within-client variation, is larger for corporate bonds, during major macroeconomic surprises and during COVID-19. The...
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作者：Dai, Liang; Luo, Dan; Yang, Ming
作者单位：The Chinese University of Hong Kong, Shenzhen; The Chinese University of Hong Kong, Shenzhen; Chinese University of Hong Kong; University of London; University College London; University of London; University College London
摘要：We find that disclosing bank-specific information reallocates systemic risk, but whether it mitigates systemic bank runs depends on the nature of information disclosed. Disclosure reveals banks' resilience to adverse shocks and shifts systemic risk from weak to strong banks. Yet, only disclosure of banks' exposure to systemic risk can mitigate systemic bank runs because it shifts systemic risk from more vulnerable banks to those less vulnerable. Disclosure of banks' idiosyncratic shortfalls of...
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作者：Gathergood, John; Olafsson, Arna
作者单位：University of Nottingham; Danish Finance Institute; Copenhagen Business School; Centre for Economic Policy Research - UK
摘要：Why do individuals pay debt interest when they could use their savings to pay down the debt? We explore why individuals cohold debt and savings using detailed and highly disaggregated daily-level data on household finances. We find that coholding mostly occurs in short spells within the month and the level of coholding is typically modest. Periods of coholding are not associated with shocks at the individual level. We show that mental accounting has a role to play in explaining coholding, in p...
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作者：Pankratz, Nora M. C.; Schiller, Christoph M.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Arizona State University; Arizona State University-Tempe
摘要：This paper examines how physical climate exposure affects firm performance and global supply chains. We document that heat at supplier locations reduces the operating income of suppliers and their customers. Further, customers respond to perceived changes in suppliers' exposure: when suppliers' realized exposure exceeds ex ante expectations, customers are 7% more likely to terminate supplier relationships. Consistent with experience-based learning, this effect increases with signal strength an...
