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作者：Agarwal, Sumit; Hadzic, Muris; Song, Changcheng; Yildirim, Yildiray
作者单位：National University of Singapore; Singapore Management University; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：Using account-level credit card data from a large Turkish bank, we study the impact of a unique credit card policy that increases minimum payment on consumption and debt repayment. We show that the policy reduces credit card spending and debt, boosts existing debt repayment, and reduces credit card delinquency. The credit card debt of affected consumers falls on average by 50$\%$ two years into the policy's implementation. An increase in minimum payment has a stronger effect than does a decrea...
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作者：Daley, Brendan; Green, Brett; Vanasco, Victoria
作者单位：Johns Hopkins University; Washington University (WUSTL); Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI)
摘要：We investigate the effect of scrutiny (e.g., credit ratings, analyst reports, or mandatory disclosures) on the security design problem of a privately informed issuer. We show that scrutiny has important implications for both the form of security designed and the amount of inefficient retention of cash flows. The model predicts that issuers will design informationally sensitive securities (i.e., levered equity) when scrutiny is sufficiently intense. Otherwise, issuers opt for a standard debt co...
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作者：Garcia-Macia, Daniel; Villacorta, Alonso
作者单位：International Monetary Fund; University of California System; University of California Santa Cruz
摘要：We study the optimality of macroprudential policies in an environment where banks provide liquidity to firms. Informational frictions between banks can cause interbank market freezes, prompting firms to accumulate their own liquid assets. Liquidity hoarding by firms in turn reduces the demand for bank loans and bank profitability, makes interbank market freezes even more likely, and may ultimately trigger a self-fulfilling bad equilibrium. Such liquidity panics provide an additional rationale ...
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作者：Ferreira, Daniel; Li, Jin; Nikolowa, Radoslawa
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; University of London; London Business School; University of Hong Kong; University of London; London School Economics & Political Science; University of London; Queen Mary University London
摘要：We develop a theory of blockchain governance. In our model, the proof-of-work system, the most common set of rules for validating transactions in blockchains, creates an industrial ecosystem with specialized suppliers of goods and services. We analyze the interactions between blockchain governance and the market structure of the industries in the blockchain ecosystem. We show that the proof-of-work system may lead to a situation in which some large firms in the blockchain industrial ecosystem-...
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作者：Liu, Haoyang; Parker, Dean; Ramcharan, Rodney
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; New York University; University of Southern California
摘要：We study the impact of the refinancing channel of monetary policy on very small and medium-sized businesses. Using data covering the near universe of these businesses, we find that increased household refinancing reduces the probability that a business exits or exhausts its debt capacity in the calendar year, as well as 6 years after the first exposure. It also helps younger businesses maintain credit relationships. Financial factors, like business liquidity, as well as local demand dependence...
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作者：de Roux, Nicolas; Limodio, Nicola
作者单位：Universidad de los Andes (Colombia); Bocconi University
摘要：This paper studies the effect of deposit insurance on depositor behavior. Our theoretical framework integrates insights from public and financial economics and predicts that (1) deposit insurance induces bunching at the threshold in the deposit distribution and (2) an increase in the insurance threshold promotes deposit growth, particularly higher for individuals bunching at the initial limit. We exploit a large and unexpected increase in the Colombian insurance together with monthly depositor...
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作者：Heeb, Florian; Kolbel, Julian F.; Paetzold, Falko; Zeisberger, Stefan
作者单位：Massachusetts Institute of Technology (MIT); University of Zurich; University of St Gallen; Radboud University Nijmegen
摘要：We assess how investors' willingness-to-pay (WTP) for sustainable investments responds to the social impact of those investments, using a framed field experiment. While investors have a substantial WTP for sustainable investments, they do not pay significantly more for more impact. This also holds for dedicated impact investors. When investors compare several sustainable investments, their WTP responds to relative, but not to absolute, levels of impact. Regardless of investments' impact, inves...
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作者：Burke, Jeremy; Jamison, Julian; Karlan, Dean; Mihaly, Kata; Zinman, Jonathan
作者单位：University of Southern California; University of Exeter; Northwestern University; RAND Corporation; Dartmouth College
摘要：A randomized encouragement design yields null average effects of a credit builder loan (CBL) on consumer credit scores. But machine learning algorithms indicate the nulls are due to stark, offsetting treatment effects depending on baseline installment credit activity. Delinquency on preexisting loan obligations drives the negative effects, suggesting that adding a CBL overextends some consumers and generates negative externalities on other lenders. More favorably for the market, CBL take-up ge...
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作者：Pavlova, Anna; Sikorskaya, Taisiya
作者单位：University of London; London Business School; Centre for Economic Policy Research - UK
摘要：Benchmarking incentivizes fund managers to invest a fraction of their funds' assets in their benchmark indexes, and such demand is inelastic. We construct a measure of inelastic demand a stock attracts, benchmarking intensity (BMI), computed as its cumulative weight in all benchmarks, weighted by assets following each benchmark. Exploiting the Russell 1000/2000 cutoff, we show that changes in stocks' BMIs instrument for changes in ownership of benchmarked investors. The resultant demand elasti...
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作者：Cassella, Stefano; Golez, Benjamin; Gulen, Huseyin; Kelly, Peter
作者单位：Tilburg University; University of Notre Dame; Purdue University System; Purdue University
摘要：We label the degree to which individuals are more optimistic at long horizons relative to short horizons as the horizon bias. We examine whether time-series variation in the horizon bias can explain the time-series variation in the equity term structure. We use analyst earnings forecasts to measure the degree of the horizon bias in the stock market. Consistent with the intuition from a stylized present value model, we find that periods of above-average horizon bias are associated with negative...
