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作者：Johnson, William C.; Karpoff, Jonathan M.; Yi, Sangho
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作者：Heath, Davidson; Macciocchi, Daniele; Michaely, Roni; Ringgenberg, Matthew C.
作者单位：Utah System of Higher Education; University of Utah; University of Miami; University of Hong Kong; European Corporate Governance Institute
摘要：Passively managed index funds now hold over 30 of U.S. equity fund assets; this shift raises fundamental questions about monitoring and governance. We show that, relative to active funds, index funds are less effective monitors: (a) they are less likely to vote against firm management on contentious governance issues; (b) there is no evidence they engage effectively publicly or privately; and (c) they promote less board independence and worse pay-performance sensitivity at their portfolio comp...
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作者：Benmelech, Efraim; Guren, Adam; Melzer, Brian T.
作者单位：Northwestern University; National Bureau of Economic Research; Boston University; Dartmouth College
摘要：We introduce and quantify a new channel through which the housing market affects household spending: the home purchase channel. Households spend on average $8,000 more on home-related durables and home improvements in the 2 years following a home purchase. Expenditures on nondurables and durables unrelated to the home remain unchanged or decrease modestly. The home purchase channel played a substantial role in the Great Recession, accounting for one-third of the decline in spending on home-rel...
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作者：Hacamo, Isaac; Kleiner, Kristoph
作者单位：Indiana University System; Indiana University Bloomington
摘要：Do social networks help firms recruit talented managers? In our setting, firms are randomly connected to prospective young managers through former employees. Under a discrete choice model, we find networks increase the likelihood firms hire high-ability managers, while having no effect on the hiring rate of low-ability managers. Effects are greatest for nonlocal firms, strong ties, and peers living in the same neighborhood. Survey evidence suggests social networks promote recruitment by provid...
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作者：Akbari, Amir; Carrieri, Francesca; Malkhozov, Aytek
作者单位：Ontario Tech University; McGill University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We show that constraints on using leverage for foreign positions can act as an international investment barrier. Guided by an international CAPM with leverage constraints, we use observed stock prices to measure the variation in the magnitude and the implicit cost of such cross-border funding barriers. Our measure helps explain the dynamics of global market integration and, in particular, its reversals documented in the literature, but not explained by other international investment barriers. ...
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作者：Efing, Matthias; Hau, Harald; Kampkoetter, Patrick; Rochet, Jean-Charles
作者单位：Hautes Etudes Commerciales (HEC) Paris; University of Geneva; Swiss Finance Institute (SFI); Eberhard Karls University of Tubingen
摘要：We argue that risk sharing motivates the bankwide structure of bonus pay. In the presence of financial frictions that make external financing costly, the optimal contract between shareholders and employees involves some degree of risk sharing whereby bonus pay partially absorbs negative earnings shocks. Using payroll data for 1.26 million employee-years in all functional divisions of Austrian, German, and Swiss banks, we uncover several empirical patterns in bonus pay that are difficult to rat...
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作者：Dannhauser, Caitlin D.; Hoseinzade, Saeid
作者单位：Villanova University; Suffolk University
摘要：This paper examines whether ETFs are a unique source of corporate bond fragility. Relative to mutual funds, ETFs cater to high-liquidity-demand investors, facilitate positive feedback strategies, and transmit outflows to corporate bonds via near-proportional trading. Comparing yield spread changes of bonds from the same issuer, we show that ETFs create flow-induced pressure during the Taper Tantrum, a period of market turmoil. Redemptions used to maintain the relative price efficiency of the l...
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作者：Foroughi, Pouyan; Marcus, Alan J.; Nguyen, Vinh; Tehranian, Hassan
作者单位：York University - Canada; Boston College; University of Hong Kong
摘要：Firms in the same networks tend to have similar corporate governance practices. However, disentangling peer effects, where governance practices propagate from one firm to another, from selection effects, where firms with similar preferences self-select into linked groups, is difficult to do. Studying board-interlocked firms, we utilize the staggered adoption of universal demand laws across states to identify and estimate causal peer effects in governance policies. We find support for the exist...
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作者：Gurun, Umit G.; Wu, Jiabin; Xiao, Steven Chong; Xiao, Serena Wenjing
作者单位：University of Texas System; University of Texas Dallas; University of Oregon
摘要：We examine the recent rise of institutional investment in the single-family home rental market and its implications for renters' welfare. Using institutional mergers to identify local exogenous variation in institutional landlords' scale and market share, we show that rents increase in neighborhoods where both merging firms owned properties (i.e., overlapped neighborhoods) relative to other nonoverlapped neighborhoods. Meanwhile, the crime rate also significantly decreases in overlapped neighb...
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作者：Bartscher, Alina Kristin
摘要：Until the 1970s, U.S. mortgage lenders commonly discounted half of the wife's income in couples' joint mortgage applications. This changed with the introduction of antidiscrimination legislation in the 1970s, providing a natural experiment to study the relaxation of income-related borrowing constraints. I study the effects of the reform by estimating difference-in-differences regressions and solving a simple calibrated life cycle model. I find substantial positive effects of the reform on mort...
