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作者：Danielsson, Jon; Valenzuela, Marcela; Zer, Ilknur
作者单位：University of London; London School Economics & Political Science; Pontificia Universidad Catolica de Chile; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We investigate the effects of financial risk cycles on business cycles, using a panel spanning 73 countries since 1900. Agents use a Bayesian learning model to form their beliefs about risk. We construct a proxy of these beliefs and show that perceived low risk encourages risk-taking, augmenting growth at the cost of accumulating financial vulnerabilities, and, therefore, a reversal in growth follows. The reversal is particularly pronounced when the low-risk environment persists and credit gro...
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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：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：Argyle, Bronson; Nadauld, Taylor; Palmer, Christopher
作者单位：Brigham Young University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We show that search frictions in credit markets affect accepted interest rates and loan sizes and distort consumption. Using data on car loan applications and originations not intermediated by car dealers, we isolate quasi-exogenous variation in both the costs and benefits to searching for credit. After identifying lender-specific policies that price risk discontinuously, we study the differential response to offered interest rates by borrowers who face high and low search costs. High-search-c...
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作者：Abel, Andrew B.; Panageas, Stavros
作者单位：University of Pennsylvania; National Bureau of Economic Research; University of California System; University of California Los Angeles
摘要：For a firm that cannot raise external funds, cash on hand serves as precautionary saving. We derive a closed-form expression for the target level of cash on hand in the presence of persistent cash flows. Contrary to conventional wisdom, a mean-preserving increase in the volatility of cash flow can decrease this target. Over the set of admissible parameter values, the average impact of volatility on the target is zero. Endogenous selection, reflecting termination of firms that run out of cash, ...
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作者：Ilhan, Emirhan; Krueger, Philipp; Sautner, Zacharias; Starks, Laura T.
作者单位：National University of Singapore; University of Geneva; Swiss Finance Institute (SFI); Frankfurt School Finance & Management; University of Texas System; University of Texas Austin
摘要：Through a survey and analyses of observational data, we provide systematic evidence that institutional investors value and demand climate risk disclosures. The survey reveals the investors have a strong demand for climate risk disclosures, and many actively engage their portfolio firms for improvements. Empirical analyses of holdings data corroborate this evidence by showing a significantly positive association between climate-conscious institutional ownership and better firm-level climate ris...
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作者：Derrien, Francois; Kecskes, Ambrus; Nguyen, Phuong-Anh
作者单位：Hautes Etudes Commerciales (HEC) Paris; York University - Canada; York University - Canada
摘要：Firms in younger labor markets produce more innovation. We establish this by instrumenting the current labor force with historical births in each local labor market in the United States. Analyses of firms and inventors allow us to rule out unobservable heterogeneity across local labor markets and firms, life cycles, and other effects. Corporate innovation in younger labor markets reflects the innovative characteristics of younger labor forces, and its market value is higher. Younger workers as...
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作者：Mabille, Pierre
作者单位：INSEAD Business School
摘要：This paper documents an unprecedented decrease in young homeownership since the Great Recession driven by regions with high house prices. Using a panel of U.S. metro areas, I calibrate an equilibrium spatial macro-finance model with overlapping generations of mobile households. The dynamics of regional housing markets is explained by an aggregate credit contraction with heterogeneous local impacts rather than by local shocks. Lower millennial income and wealth amplify its effect. The impact of...
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作者：Gallagher, Emily A.; Billings, Stephen B.; Ricketts, Lowell R.
作者单位：University of Colorado System; University of Colorado Boulder; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：How does household exposure to a natural disaster affect higher education investments? Using variation in flooding from Hurricane Harvey (2017), we find that college-aged adults from flooded blocks in Houston are 7% less likely than counterparts to have student loans after Harvey, with larger effects in areas with more potential first-generation students. We find a similar relative decline in enrollment at more exposed Texas universities and colleges and a shift toward majors with higher expec...
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作者：Giannetti, Mariassunta; Jotikasthira, Chotibhak
作者单位：Stockholm School of Economics; Southern Methodist University
摘要：We conjecture that mutual funds with large shares of outstanding bond issues are more inclined to internalize the negative price spillovers of fire sales and thus sell their holdings in those issues, to a lower extent, when they experience redemptions. We provide evidence consistent with this conjecture and further show that ownership concentration limits bonds' exposures to flow-induced fire sales. We exploit variation in negative spillovers arising from the Fed's SMCCF to confirm the economi...
