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作者：Irani, Rustom M.; Iyer, Rajkamal; Meisenzahl, Ralf R.; Peydro, Jose-Luis
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Imperial College London; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Center for Economic & Policy Research (CEPR)
摘要：We investigate the connections between bank capital regulation and the prevalence of lightly regulated nonbanks (shadow banks) in the U.S. corporate loan market. For identification, we exploit a supervisory credit register of syndicated loans, loan-time fixed effects, and shocks to capital requirements arising from surprise features of the U.S. implementation of Basel III. We find that less-capitalized banks reduce loan retention, particularly among loans with higher capital requirements and a...
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作者：Cohn, Jonathan; Nestoriak, Nicole; Wardlaw, Malcolm
作者单位：University of Texas System; University of Texas Austin; University System of Georgia; University of Georgia
摘要：This paper presents evidence of a large, persistent decline in establishment-level workplace injury rates after private equity (PE) buyouts of publicly traded U.S. firms. We find that firms experience fewer OSHA safety violations after buyouts and that a larger decline in injury rates is associated with an increased probability of exit via IPO. Employment reductions after buyouts are concentrated in relatively low-injury-risk establishments. Overall, our results suggest that buyouts improve wo...
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作者：Babina, Tania; Jotikasthira, Chotibhak; Lundblad, Christian; Ramadorai, Tarun
作者单位：Columbia University; Southern Methodist University; University of North Carolina; University of North Carolina Chapel Hill; Imperial College London; Center for Economic & Policy Research (CEPR)
摘要：We evaluate the impacts of tax policy on asset returns using the U.S. municipal bond market. In theory, tax-induced ownership segmentation limits risk sharing, creating downward-sloping regions of the aggregate demand curve for the asset. In the data, cross-state variation in tax privilege policies predicts differences in in-state ownership of local municipal bonds; the policies create incentives for concentrated local ownership. High tax privilege states have muni bond yields that are more se...
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作者：Jegadeesh, Narasimhan; Mangipudi, Chandra Sekhar
作者单位：Emory University
摘要：Recent evidence indicates that market model alphas are stronger predictors of mutual fund flows than alphas with other models. Some recent papers have interpreted this evidence to mean that CAPM is the best asset pricing model, but some others have interpreted it as evidence against investor sophistication. We evaluate the merits of these mutually exclusive interpretations. We show that no tenable inference about the validity of any asset pricing model can be drawn from this evidence. Rejectin...
