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作者：Hvidberg, Kristoffer Balle
作者单位：University of Copenhagen
摘要：This paper documents how extensive economic education can reduce the risk of getting into financial trouble by comparing people who enter business and economics programs with people who enter other higher education programs. To identify the causal effect, I exploit GPA admission thresholds that quasi-randomize applicants near the thresholds into different higher education programs. I find that admission to an economics program reduces the probability of loan default and delinquency by one half...
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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 ...
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作者：Orlov, Dmitry; Zryumov, Pavel; Skrzypacz, Andrzej
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Rochester; Stanford University
摘要：We study the design of stress tests that provide information about aggregate and idiosyncratic risk in banks' portfolios and impose contingent capital requirements. In the optimal static test, an adverse scenario fails all weak and some strong banks, limiting the stigma of failure. Sequential tests outperform static tests. Under natural conditions, the optimal sequential test consists of a precautionary recapitalization, followed by a scenario that fails only weak banks, similar to TARP in 200...
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作者：Goldsmith-Pinkham, Paul; Gustafson, Matthew T.; Lewis, Ryan C.; Schwert, Michael
作者单位：Yale University; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Colorado System; University of Colorado Boulder
摘要：Municipal bond markets began pricing sea-level rise (SLR) exposure risk in 2013, coinciding with upward revisions to worst-case SLR projections and accompanying uncertainty around these projections. The effect is larger for long-maturity bonds and not solely driven by near-term flood risk. We use a structural model of credit risk to quantify the implied economic impact and distinguish between the effects of underlying asset values and of uncertainty. The SLR exposure premium exhibits a trend d...
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作者：Giacoletti, Marco; Parsons, Christopher A.
作者单位：University of Southern California
摘要：Homeowners who originally bought when marketwide price levels were high (low) fetch high (low) sales prices and rents, even decades later. We study the propagation of reference-dependence to neighboring listings. The spillover reference point effect is about one-half as large as the own reference point effect. Neither house quality nor location appears capable of explaining the result. Using a simple model to provide empirical predictions, we find support for a competition-based mechanism. We ...
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作者：Efing, Matthias; Goldbach, Stefan; Nitsch, Volker
作者单位：Hautes Etudes Commerciales (HEC) Paris; Deutsche Bundesbank; Technical University of Darmstadt; Leibniz Association; Ifo Institut
摘要：Using regulatory data, we study German bank lending in countries targeted by financial sanctions. We find that domestic banks in Germany reduce lending in sanctioned countries, whereas their foreign bank affiliates outside Germany increase lending. In some cases, this is because the bank affiliates' host countries have not imposed sanctions themselves. However, even German bank affiliates in host countries that enact sanctions like Germany increase lending if these host countries lack strong i...
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作者：Fricke, Daniel; Wilke, Hannes
作者单位：Deutsche Bundesbank
摘要：Mutual funds often invest in other funds. In this paper, we analyze the economics behind such cross-fund investments and investigate their financial stability implications. Using granular data for the German fund sector, our main findings are that cross-fund investments (a) are becoming increasingly important over time, (b) were heavily liquidated during March 2020, and (c) display measurable contagion effects. Overall, cross-fund investments can elevate structural fund sector vulnerabilities....
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作者：Babina, Tania; Bernstein, Asaf; Mezzanotti, Filippo
作者单位：Columbia University; University of Colorado System; University of Colorado Boulder; National Bureau of Economic Research; Northwestern University
摘要：We examine innovation following the Great Depression using data on a century's worth of U.S. patents and a difference-in-differences design that exploits regional variation in the crisis severity. Harder-hit areas experienced large and persistent declines in independent patenting, mostly reflecting the disruption in access to finance during the crisis. This decline was larger for young and inexperienced inventors and lower-quality patents. In contrast, innovation by large firms increased, espe...
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作者：Glode, Vincent; Opp, Christian C.
作者单位：University of Pennsylvania; University of Rochester; National Bureau of Economic Research
摘要：We propose a model of strategic renegotiation in which businesses are sequentially interconnected through their liabilities. This financing structure, which we refer to as a credit chain, gives rise to externalities, as each lender's willingness to provide concessions to its borrower depends on how this lender's own liabilities are expected to be renegotiated. We highlight how government interventions aimed at preventing default waves should account for private renegotiation incentives and int...
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作者：Engelberg, Joseph; Henriksson, Matthew; Manela, Asaf; Williams, Jared
作者单位：University of California System; University of California San Diego; University of Tennessee System; University of Tennessee Knoxville; Washington University (WUSTL); Reichman University; State University System of Florida; University of South Florida
摘要：We analyze the partisanship of Commissioners at the SEC and Governors at the Federal Reserve Board. Using recent advances in machine learning, we identify partisan phrases in Congress, such as red tape and climate change, and observe their usage among regulators. Although the Fed has remained relatively nonpartisan throughout our sample period (1930-2019), we find that partisanship among SEC Commissioners rose to an all-time high during the 2010-2019 period, driven by more-partisan Commissione...
