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作者：Jin, Dunhong; Kacperczyk, Marcin; Kahraman, Bige; Suntheim, Felix
作者单位：Imperial College London; Centre for Economic Policy Research - UK; University of Oxford; International Monetary Fund
摘要：How can fragility be averted in open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds' net asset values to pass on funds' trading costs to transacting shareholders. Using unique data on investor-level transactions in U.K. corporate bond funds, we show that swing pricing eliminates the first-mover advantage arising from the traditional pricing rule and significan...
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作者：Hvide, Hans K.; Meling, Tom G.
作者单位：University of Bergen; University System of Ohio; Ohio State University
摘要：Using procurement auctions and register data, we find that temporary demand shocks have long-term effects for startups. Startups that win a procurement auction have 20% higher sales and employment and are more profitable than startups that narrowly lose an auction, even several years after the contract work has ended. There are no such effects for mature firms. The effects for startups are large: about 50% of the contract value is transmitted into long-term sales. Our analysis suggests learnin...
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作者：Butler, Alexander W.; Mayer, Erik J.; Weston, James P.
作者单位：Rice University; Southern Methodist University
摘要：We document racial disparities in auto lending. Combining credit bureau records with borrower characteristics, we find that Black and Hispanic applicants' approval rates are 1.5 percentage points lower, even after controlling for creditworthiness. In aggregate, this effect crowds out 80,000 minority loans each year. Results are stronger where racial biases are more prevalent and lending competition is lower. Minority borrowers pay 70-basis-point higher interest rates, but default less ceteris ...
