-
作者：Dell'Ariccia, Giovanni; Kadyrzhanova, Dalida; Minoiu, Camelia; Ratnovski, Lev
作者单位：International Monetary Fund; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve System Board of Governors; European Central Bank
摘要：We study the composition of bank loan portfolios during the transition of the real sector to a knowledge economy where firms increasingly use intangible capital. Exploiting heterogeneity in bank exposure to the compositional shift from tangible to intangible capital, we show that exposed banks curtail commercial lending and reallocate lending to other assets, such as mortgages. We estimate that the substantial growth in intangible capital since the mid-1980s explains around 30% of the secular ...
-
作者：Gopalan, Radhakrishnan; Hamilton, Barton H.; Kalda, Ankit; Sovich, David
作者单位：Washington University (WUSTL); Indiana University System; Indiana University Bloomington; University of Kentucky
摘要：Using detailed data for U.S. homeowners, we document a negative, nonlinear relation between the loan-to-value ratio (LTV) of homeowners' primary residence and their labor income. Consistent with high LTV individuals experiencing constrained mobility, we find stronger effects among subprime, liquidity- constrained individuals and those living in regions with limited alternative local employment opportunities and strict noncompete law enforcement. Though high LTV individuals are less likely to m...
-
作者：Anand, Amber; Jotikasthira, Chotibhak; Venkataraman, Kumar
作者单位：Syracuse University; Southern Methodist University
摘要：We explore the link between mutual funds and fragility risk in the corporate bond market. We classify a fund's trading style based on its responses to signals of large dealer inventories. Trading style is persistent and the majority of funds demand liquidity. Notably, a subset of funds earn positive alpha by intentionally supplying liquidity during periods of sustained customer selling (with transitory price effects). Liquidity-supplying funds maintain their relative trading style when facing ...
-
作者：Brogaard, Jonathan; Denes, Matthew; Duchin, Ran
作者单位：Utah System of Higher Education; University of Utah; Carnegie Mellon University; Boston College
摘要：This paper provides novel evidence that corporate political influence operates through renegotiations of existing government contracts. Using detailed data on contractual terms and renegotiations around sudden deaths and resignations of local politicians, the estimates show that politically connected firms initially bid low and successfully renegotiate contract amounts, deadlines, and incentives. The effects hold across different industries and contract types, enhance firm value, and persist a...
-
作者：Bhutta, Neil; Hizmo, Aurel
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We test for racial discrimination in the prices charged by mortgage lenders. We construct a unique data set from which we observe the three dimensions of a mortgage's price: the interest rate, discount points, and fees. Although we find statistically significant gaps by race and ethnicity in interest rates, these gaps are offset by differences in discount points. We trace out point-rate schedules and show that minorities and whites face identical schedules, but sort to different locations on t...
-
作者：Jenter, Dirk; Lewellen, Katharina
作者单位：University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); Dartmouth College
摘要：This paper revisits the relationship between firm performance and CEO turnover. Instead of classifying turnovers into forced and voluntary, we introduce performance-induced turnover, defined as turnover that would not have occurred had performance been good. We document a close turnover-performance link and estimate that 38%-55% of turnovers are performance induced. This is significantly more than the number of forced turnovers, though the two types of turnovers are highly correlated. Compared...
-
作者：Ahmad, Muhammad Farooq; de Bodt, Eric; Harford, Jarrad
作者单位：Universite Cote d'Azur; SKEMA Business School; Norwegian School of Economics (NHH); California Institute of Technology; Fudan University; European Corporate Governance Institute
摘要：Cross-border merger activity is growing in importance. We map the global trade network each year from 1989 to 2016 and compare it to cross-border and domestic merger activity. Trade-weighted merger activity in trading partner countries has statistically and economically significant explanatory power for the likelihood that a given country will be in a merger wave state, at both the cross-border and domestic levels, even controlling for its own lagged merger activity. The role of trade as a cha...
-
作者：Bond, Philip; Garcia, Diego
作者单位：University of Washington; University of Washington Seattle; University of Colorado System; University of Colorado Boulder
摘要：We develop a benchmark model to study the equilibrium consequences of indexing in a standard rational expectations setting. Individuals incur costs to participate in financial markets, and these costs are lower for individuals who restrict themselves to indexing. A decline in indexing costs directly increases the prevalence of indexing, thereby reducing the price efficiency of the index and augmenting relative price efficiency. In equilibrium, these changes in price efficiency in turn further ...
-
作者：Bauer, Rob; Ruof, Tobias; Smeets, Paul
作者单位：Maastricht University
摘要：The United Nations' Sustainable Development Goals (SDGs) have created societal and political pressure for pension funds to address sustainable investing. We run two field surveys (n = 1,669, n = 3,186) with a pension fund that grants its members a real vote on its sustainable-investment policy. Two-thirds of participants are willing to expand the fund's engagement with companies based on selected SDGs, even when they expect engagement to hurt financial performance. Support remains strong after...
-
作者：Giglio, Stefano; Maggiori, Matteo; Rao, Krishna; Stroebel, Johannes; Weber, Andreas
作者单位：Yale University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Stanford University; New York University
摘要：We show that housing markets provide information about the appropriate discount rates for valuing investments in climate change abatement. Real estate is exposed to both consumption and climate risk and its term structure of discount rates is downward sloping, reaching 2.6% for payoffs beyond 100 years. We use a tractable asset pricing model that incorporates features of climate change to show that the term structure of discount rates for climate-hedging investments is thus upward sloping but ...
