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作者：Adelino, Manuel; Ferreira, Miguel A.; Giannetti, Mariassunta; Pires, Pedro
作者单位：Duke University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Universidade Nova de Lisboa; Stockholm School of Economics
摘要：We show that production networks are important for the transmission of unconventional monetary policy. Firms with bonds eligible for purchase under the European Central Bank's Corporate Sector Purchase Program act as financial intermediaries by extending additional trade credit to their customers. The increase in trade credit is pronounced from core countries to periphery countries and for financially constrained customers. Customers then increase investment and employment in response to the i...
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作者：Huck, John R.
作者单位：University of Wisconsin System; University of Wisconsin Milwaukee
摘要：This paper investigates the psychological effects from stock market returns. Using an FBI database of over 55 million daily reported crime incidents across the United States, crime is proposed as a measure of psychological well-being. The evidence suggests that stock returns affect the well-being of not only investors but also noninvestors. Specifically, a contemporaneous negative (positive) relationship between daily stock market returns and violent crime rates is found for investors (noninve...
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作者：Gokkaya, Sinan; Liu, Xi; Pool, Veronika Krepely; Xie, Fei; Zhang, Jinfan
作者单位：University System of Ohio; Ohio University; University System of Ohio; Miami University; Vanderbilt University; University of Delaware; European Corporate Governance Institute; The Chinese University of Hong Kong, Shenzhen
摘要：Combining novel data on analyst employment history and mutual fund commission payments, we show that client funds generate higher returns on stocks for which they have access to research by industry expert analysts. The outperformance is greater when funds are more important clients and cannot be attributed to tipping. Client funds place modestly higher weights on stocks covered by industry expert analysts and allocate more commissions to brokers providing such coverage. For identification, we...
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作者：Easley, David; O'Hara, Maureen
作者单位：Cornell University; Cornell University
摘要：We develop a model of psychological-games-played-on-a-network to demonstrate a role for endogenously determined, rationally chosen ethics. Our analysis produces sharp results about contagion of nonethical or ethical behavior and the possible equilibrium configurations of each type of behavior. We find, and quantify, critical densities for clusters of each type of behavior that determine everything about contagion. We introduce society as a third player to investigate ethical failures as extern...
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作者：Naaraayanan, S. Lakshmi; Wolfenzon, Daniel
作者单位：University of London; London Business School; Columbia University; National Bureau of Economic Research
摘要：We compare the investment of standalone firms across regions after a positive shock to the investment opportunities generated by a large-scale highway development project. We show that the standalones' investment sensitivity is lower in regions with a higher density of business groups in the local area. We investigate mechanisms driving our results and find support for a financing mechanism whereby banks allocate capital preferentially to group-affiliated firms in responding to the increase in...
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作者：Carre, Sylvain; Klossner, Damien
作者单位：Universite PSL; Universite Paris-Dauphine; Swiss National Bank (SNB)
摘要：We characterize the interaction between banks' liquid assets purchases and deposit issuance decisions. Using global games, we derive a liquidity multiplier: the amount of deposits a bank can create when endowed with one additional unit of liquid asset to maintain a given level of liquidity risk. In our central theorem, we prove it is larger than unity. This entails that banks have a special role in enhancing liquidity provision, multiplying liquid assets into a larger quantity of deposits. Our...
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作者：Agarwal, Vikas; Ren, Honglin; Shen, Ke; Zhao, Haibei
作者单位：University System of Georgia; Georgia State University; Renmin University of China; Lehigh University
摘要：Open-end mutual funds can use redemption in kind to satisfy investor redemptions by delivering securities instead of cash. We find that funds that reserve their rights to redeem in kind experience less redemption after poor performance. Evidence from actual in-kind transactions reveals several unique mechanisms for redemption in kind to mitigate fund runs, including the delivery of more illiquid stocks and stocks with greater tax overhang. Funds suffer less from the adverse impact of outflows ...
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作者：Jeffers, Jessica S.
作者单位：Hautes Etudes Commerciales (HEC) Paris
摘要：This paper examines how labor mobility restrictions like noncompete agreements affect firms' investment decisions. Using matched employee-employer data from LinkedIn, I show that increases in the enforceability of noncompete agreements lead to widespread declines in employee departures, specifically in knowledge-intensive occupations. Established firms that rely more on these knowledge-intensive occupations increase their investment rate in physical capital. However, new firm entry in correspo...
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作者：Braggion, Fabio; von Meyerinck, Felix; Schaub, Nic
作者单位：Tilburg University; University of Zurich; WHU - Otto Beisheim School of Management
摘要：We analyze how individual investors respond to inflation. We introduce a unique data set containing information on local inflation and security portfolios of more than 2,000 clients of a German bank between 1920 and 1924, covering the German hyperinflation. We find that individual investors buy fewer (sell more) stocks when facing higher local inflation. This effect is more pronounced for less sophisticated investors. Moreover, we document a positive relation between local inflation and forgon...
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作者：Cai, Xinni; Jiang, Fuxiu; Kang, Jun-Koo
作者单位：University of International Business & Economics; Renmin University of China; Nanyang Technological University
摘要：Using Chinese data, we examine whether synchronous remote board meetings, which facilitate status equalization among directors and alleviate their pressure for conformity, affect board monitoring effectiveness. We find that compared to face-to-face meetings, synchronous remote meetings are associated with directors' better meeting attendance behavior, a higher likelihood of director dissent on monitoring-related proposals, higher forced CEO turnover-performance sensitivity, and more effective ...
