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作者：Baghai, Ramin P.; Silva, Rui C.; Ye, Luofu
作者单位：Stockholm School of Economics; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Universidade Nova de Lisboa; University of London; London Business School
摘要：We study how the human capital embedded in teams is affected by, and reallocated through, corporate bankruptcies. After a bankruptcy, U.S. inventors produce fewer and less impactful patents. Moreover, teams become less stable. Consequently, compared to inventors that rely less on teamwork, the performance of team inventors deteriorates more. These findings point to the loss of team-specific human capital as a cost of resource reallocation through bankruptcy. Acquisitions by industrial firms an...
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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 ...
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作者：Blickle, Kristian; Brunnermeier, Markus; Luck, Stephan
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Princeton University
摘要：We study the run on the German banking system in 1931 to understand whether depositors anticipate which banks will fail in a major financial crisis. We find that deposits decline by around 20% during the run. There is an equal outflow of retail and nonfinancial wholesale deposits from both failing and surviving banks. In contrast, we find that interbank deposits almost exclusively decline for failing banks. Our evidence suggests that banks are better informed about which fellow banks will fail...
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作者：Cornaggia, Kimberly; Li, Xuelin; Ye, Zihan
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Columbia University; University of Tennessee System; University of Tennessee Knoxville
摘要：We study financial effects of remote product delivery in the healthcare industry. Exploiting staggered law adoption for identification, we find that telehealth provision redistributes hospital operations and access to capital away from rural communities. As urban telehealth providers acquire rural patients, rural hospitals experience decreased revenue and profit, credit rating downgrades, increased cost of capital, and ultimately risk of closure. Although telehealth reduces travel costs, some ...
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作者：Acharya, Viral V.; Engle, Robert; Jager, Maximilian; Steffen, Sascha
作者单位：New York University; Frankfurt School Finance & Management
摘要：A two-sided credit-line channel-relating to drawdowns and repayments-explains the severe drop and partial subsequent recovery in bank stock prices during the COVID-19 pandemic. Banks with greater exposure to undrawn credit lines saw larger stock price declines but performed better outside of crises periods. Despite deposit inflows, high drawdowns led to reduced bank lending, suggestive of capital encumbrance upon drawdowns. Repayments of credit lines unencumbered capital which explains the sto...
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作者：Han, Munhee; Kim, Sanghyun (Hugh); Nanda, Vikram K.
作者单位：Texas Tech University System; Texas Tech University; Wilfrid Laurier University; University of Texas System; University of Texas Dallas
摘要：We argue that institutional brokerage networks facilitate liquidity provision and mitigate the price impact of large non-information-motivated trades. Using commissions, we map trading networks of mutual funds (institutions) and their brokers. Central funds (institutions) tend to outperform their peripheral counterparts in terms of return gap (execution shortfall). This outperformance is more pronounced when funds experience large outflows and for large trades in less liquid stocks. Central br...
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作者：Dooley, John M.; Gallagher, Emily A.
作者单位：Washington University (WUSTL); University of Colorado System; University of Colorado Boulder
摘要：Little is known about the motivations and outcomes of sellers in remunerated markets for human materials. We exploit dramatic growth in the U.S. blood plasma industry to shed light on the sellers of plasma. Sellers tend to be young and liquidity-constrained with low incomes and limited access to traditional credit. Plasma centers absorb demand for nontraditional credit. After a plasma center opens nearby, demand for payday loans falls by over 13% among young borrowers. Meanwhile, foot traffic ...
