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作者：Ivanov, Ivan T.; Kruttli, Mathias S.; Watugala, Sumudu W.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We estimate the effect of carbon pricing policy on bank credit to greenhouse-gas-emitting firms. Our analyses exploit the geographic restrictions inherent in California's cap-and-trade bill and a discontinuity in the embedded free permit threshold of the federal Waxman-Markey cap-and-trade bill. Affected high emission firms face shorter loan maturities, lower access to permanent forms of bank financing, higher interest rates, and higher participation of shadow banks in their lending syndicates...
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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：Davis, Jesse; Gondhi, Naveen
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; INSEAD Business School
摘要：Financial markets reveal information that firm managers can utilize when making equity value-enhancing investment decisions. However, for firms with risky debt, such investments are not necessarily socially efficient. Despite this friction, we show that learning from prices improves investment efficiency. This effect is asymmetric, however, as investors learn less about projects that decrease the riskiness of cash flows: efficiency is lower for diversifying investments than for focusing (risk-...
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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：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：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...
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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...
