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作者：Kargar, Mahyar; Mann, William
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Emory University
摘要：How much do students benefit from student loan subsidies? We investigate this question, exploiting a natural experiment: a demand shock due to the 2011 tightening of credit standards in the PLUS program. We first establish that the Bennett hypothesis is best explained by colleges charging large markups over their marginal costs, rather than by advantageous selection. Then we use our results to estimate that students plausibly capture less than 60 cents of each dollar of resources expended on l...
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作者：Ai, Hengjie; Kiku, Dana; Li, Rui
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Illinois System; University of Illinois Urbana-Champaign; University of Massachusetts System; University of Massachusetts Boston
摘要：We develop an equilibrium model with moral hazard, which arises because some productivity shocks are privately observed by firm managers only. We characterize the optimal contract and its implications for firm size, growth, and managerial pay-performance sensitivity and exploit them to quantify the severity of the moral hazard problem. Our estimation suggests that unobservable shocks are relatively modest and account for about 10% of the total variation of firm output. Nonetheless, moral-hazar...
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作者：Kakhbod, Ali; Loginova, Uliana; Malenko, Andrey; Malenko, Nadya
作者单位：University of California System; University of California Berkeley; University of Michigan System; University of Michigan; Centre for Economic Policy Research - UK; European Corporate Governance Institute
摘要：We study the effectiveness of shareholder engagement, that is, shareholders communicating their views to management. When shareholders and management have different beliefs, each shareholder engages more effectively when other shareholders engage as well. A limited shareholder base can thus prevent effective engagement. However, a limited shareholder base naturally arises under heterogeneous beliefs because investors who most disagree with management do not become shareholders. Passive funds, ...
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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：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：Lin, Tse-Chun; Pursiainen, Vesa
作者单位：University of Hong Kong; National Taiwan University; University of St Gallen; Swiss Finance Institute (SFI)
摘要：Stock returns during the week are negatively associated with the reported incidence of domestic violence during the weekend. This relationship is primarily driven by negative returns. The incidence of domestic violence increases with the magnitude of losses, and the effect increases with local stock market participation. Our findings suggest that negative wealth shocks caused by stock market crashes can affect stress levels within intimate relationships, escalate arguments, and trigger domesti...
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作者：Du, Wenxin; Hebert, Benjamin; Huber, Amy Wang
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - New York; National Bureau of Economic Research; Stanford University
摘要：Violations of no-arbitrage conditions measure the shadow cost of intermediary constraints. Intermediary asset pricing and intertemporal hedging together imply that the risk of these constraints tightening is priced. We describe a forward CIP trading strategy that bets on CIP violations shrinking and show that its returns help identify the price of this risk. This strategy yields the highest returns for currency pairs associated with the carry trade. The strategy's risk substantially contribute...
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作者：Huber, Kilian
作者单位：University of Chicago
摘要：Large-scale shocks directly affect some firms and households and indirectly affect others through general equilibrium spillovers. In this paper, I describe how researchers can directly estimate spillovers using quasi-experimental or experimental variation. I then argue that spillover estimates suffer from distinct sources of mechanical bias that standard empirical tools cannot resolve. These biases are particularly relevant in finance and macroeconomics, where multiple spillover channels and n...
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作者：Agarwal, Sumit; Mukherjee, Abhiroop; Naaraayanan, S. Lakshmi
作者单位：National University of Singapore; Hong Kong University of Science & Technology; University of London; London Business School
摘要：Does financing respond to changes in productive opportunities, even for the world's poor? We answer this question by examining the response of private bank financing to an infrastructure program that brought road access to unconnected Indian villages. This program prioritized roads for villages above specific population thresholds, allowing us to exploit the resultant discontinuities for identification. Using detailed data from a large bank, we find that 75% more villagers get loans, and the a...
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作者：Chakrabarti, Rajashri; Fos, Vyacheslav; Liberman, Andres; Yannelis, Constantine
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Boston College; University of Chicago
摘要：This paper investigates the effects of college tuition on student debt and human capital accumulation. We exploit data from a random sample of undergraduate students in the United States and implement a research design that instruments for realized tuition with relatively large changes to the advertised tuition of students who enrolled at the same school in different cohorts. We find that $5,000 in higher tuition causally reduces the probability of graduating with a graduate degree by 3.1 perc...
