-
作者：Kruger, Samuel; Maturana, Gonzalo; Nickerson, Jordan
作者单位：University of Texas System; University of Texas Austin; Emory University; University of Washington; University of Washington Seattle
摘要：Following the onset of COVID-19, research production in economics and finance (measured by the posting of working papers) increased by 29%. Production increases were widespread across geographies, job titles, departments, and ages with larger increases in top departments and for people under the age of 35. Men and women both experienced production increases with the exception of women between the age of 35 and 49, who experienced no production gains despite large increases for men in the same ...
-
作者：Thakor, Richard T.; Merton, Robert C.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：This paper develops a theory that generates an equilibrium relationship between product complexity, transparency, and trust in firms. Complexity, transparency, and the evolution of trust are all endogenous, and equilibrium transparency is nonmonotonic. The least-trusted firms choose the lowest product complexity, remain opaque, and substitute ex ante third-party verification for information disclosure and trust. Firms with an intermediate level of trust choose an intermediate level of complexi...
-
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...
-
作者：Kvaerner, Jens Soerlie
作者单位：Tilburg University
摘要：I analyze the inter vivo transfers and bequest decisions of 700,000 individuals during a period when the decision maker receives negative news regarding their life expectancy. The event that initiates the news is a health outcome. Expected mortality increases both the likelihood of transferring wealth to the next generation and the amount transferred. The size of the inter vivo transfer and bequest are positively related to the wealth of the parent and the severity of the diagnosis, regardless...
-
作者：Guo, Feng; Liu, Tingting; Tu, Danni
作者单位：Iowa State University; Southern Illinois University System; Southern Illinois University
摘要：Using novel merger valuation data, we show that firms selected by investment banks as comparable peers are more than twice as likely to later become takeover targets themselves compared to matched control firms. Peer firms not subsequently acquired attract more institutional ownership and analyst coverage, deliver strong operating performance, reduce investments, and increase payouts. Investors are inattentive, though, to peer identification at the time of merger filings' public disclosure. A ...
-
作者：Brown, Gregory W.; Gredil, Oleg R.; Kantak, Preetesh
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Tulane University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We propose and test a framework of private information acquisition and decision timing for asset allocators hiring outside investment managers. Using unique data on due diligence interactions between an institutional allocator and 860 hedge fund managers, we find that the production of private information complements public information. The allocator strategically chooses how much proprietary information to collect, reducing due diligence time by 18 months and improving outcomes. Funds selecte...
-
作者：Arnott, Robert D.; Kalesnik, Vitali; Linnainmaa, Juhani T.
作者单位：Dartmouth College; National Bureau of Economic Research
摘要：Factors display strong cross-sectional momentum that subsumes momentum in industries and other portfolio characteristics. The profits of all these momentum strategies-based on factors, industries, and other characteristics-significantly correlate with each other and therefore likely emanate from the same source. If factors display momentum, so will any set of portfolios with cross-sectional variation in factor loadings. Consistent with factors being at the root of momentum, we find that moment...
-
作者：Chang, Yen-Cheng; Ljungqvist, Alexander; Tseng, Kevin
作者单位：National Taiwan University; Swedish House of Finance; Stockholm School of Economics
摘要：We show that analyst behavior changes in response to a randomly assigned shock that exogenously varies the timeliness and cost of accessing mandatory disclosures in the cross-section of investors: analysts reduce coverage and issue less optimistic, more accurate, less bold, and less informative forecasts. Our evidence indicates that analysts reduce a strategic component of their behavior: the changes are stronger among analysts with more strategic incentives like affiliated or retail-focused a...
-
作者：Bruno, Valentina; Shin, Hyun Song
作者单位：American University; Bank for International Settlements (BIS)
摘要：The strength of the U.S. dollar has attributes of a barometer of dollar credit conditions, with a stronger dollar associated with tighter dollar credit conditions. We find that following dollar appreciation, exporters that are more reliant on dollar-funded bank credit suffer a greater decline in credit and slowdown in exports, including those exporting to the United States. Our findings shed light on the role of the U.S. dollar in the interaction between financial globalization and internation...
-
作者：Kalmenovitz, Joseph
作者单位：University of Rochester
摘要：Building on administrative data and machine-learning models, I develop a firm-specific measure of regulatory intensity: cost of compliance with all federal paperwork regulations. Regulatory intensity increases the cost of goods sold and overhead spending (SGA). It also incentivizes companies to reduce capital investment, hire fewer employees, and lobby more. The effects are particularly strong among financially constrained firms and those with irreversible investment opportunities, suggesting ...
