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作者：Gomez-Cram, Roberto; Yaron, Amir
作者单位：University of London; London Business School; University of Pennsylvania; National Bureau of Economic Research; Bank of Israel
摘要：Macrofinance term structure models rely too heavily on the volatility of expected inflation news as a source for variations in nominal bond yield shocks. We develop and estimate a model featuring inflation nonneutrality and preference shocks. The stochastic volatility of inflation and consumption govern bond risk premiums movements, whereas preference shocks generate fluctuations in real rates. The model accounts for key bond market features without resorting to an overly dominating expected i...
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作者：Winton, Andrew; Yerramilli, Vijay
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Houston System; University of Houston
摘要：Banks face liquidity and capital pressures that favor selling off the loans they originate, but loan sales undermine their monitoring incentives. A bank's loan default history is a noisy measure of its past monitoring choices, which can serve as a reputation mechanism to incentivize current monitoring. In equilibrium, higher reputation banks monitor (weakly) more intensively; if retention is credible, they generally retain less of the loans they originate. Monitoring is difficult to sustain in...
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作者：Fahlenbrach, Rudiger; Rageth, Kevin; Stulz, Rene M.
作者单位：Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Swiss Finance Institute (SFI); European Corporate Governance Institute; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：Firms with greater financial flexibility should be better able to fund a revenue shortfall resulting from the COVID-19 shock and benefit less from policy responses. We find that firms with high financial flexibility within an industry experience a stock price drop that is 26%, or 9.7 percentage points, lower than those with low financial flexibility. This differential return persists as stock prices rebound. Firms more exposed to the COVID-19 shock benefit more from cash holdings. No evidence ...
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作者：Medina, Paolina C.
作者单位：Texas A&M University System; Texas A&M University College Station
摘要：This paper studies the direct and indirect effects of nudging, by means of a field experiment with a financial management platform in Brazil. Reminders for upcoming credit card payments reduced credit card late-payment fees by 14%, but increased overdraft fees in checking accounts by 9%. The unintended effect is concentrated in users with a history of overdraft use. These users experienced a net increase of 5% in total fees, while the rest experienced savings of 15%. The results provide clear ...
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作者：Chopra, Yakshup; Subramanian, Krishnamurthy; Tantri, Prasanna L.
作者单位：Washington University (WUSTL); Indian School of Business (ISB)
摘要：We examine the Indian bank asset quality review, which doubled the declared loan delinquency rate. Relative economic stability during the exercise and the absence of a capital backstop together make it unique. We find that the expected reduction in information asymmetry does not automatically lead to the recapitalization of banks by markets. The consequent undercapitalization leads to underinvestment and risk-shifting through zombie lending. The impact flows to the real economy through borrowe...
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作者：Cheng, Ing-Haw; Severino, Felipe; Townsend, Richard R.
作者单位：Dartmouth College; University of California System; University of California San Diego
摘要：Do deals with debt collectors alleviate consumer financial distress? Using new data linking court and credit registry records, we examine civil collection lawsuits where consumers can settle out of court. Random assignment of judges with different styles generates exogenous variation in the likelihood of settlement negotiations. We find that settlements increase financial distress relative to going to court, likely by draining consumers of liquidity. The effect is stronger among less financial...
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作者：DeMarzo, Peter M.; Frankel, David M.; Jin, Yu
作者单位：Stanford University; Shanghai University of Finance & Economics
摘要：A privately informed seller seeks to liquidate a portfolio to raise cash. Each asset's liquidity thus depends on the impact of its sale on the value of the entire portfolio. We demonstrate the importance of cross-signaling and derive sufficient conditions for a liquidity pecking order that determines the order of sale. For assets backed by a common pool, liquidity naturally aligns with seniority. Finally, we extend the portfolio liquidation game to consider security design and demonstrate the ...
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作者：Adams, Renee B.; Kraussl, Roman; Navone, Marco; Verwijmeren, Patrick
作者单位：University of Oxford; European Corporate Governance Institute; University of Luxembourg; Stanford University; University of Technology Sydney; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Melbourne
摘要：We provide evidence that culture is a source of pricing bias. In a sample of 1.9 million auction transactions in 49 countries, paintings by female artists sell at an unconditional discount of 42.1%. The gender discount increases with measures of country-level gender inequality-even in artist fixed effects regressions. Our results are robust to accounting for potential gender differences in art characteristics and their liquidity. Evidence from two experiments supports the argument that women's...
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作者：Koetter, Michael; Popov, Alexander
作者单位：Otto von Guericke University; Deutsche Bundesbank; European Central Bank
摘要：We study how political party turnover after German state elections affects banks' lending to the regional government. We find that between 1992 and 2018, party turnover at the state level leads to a sharp and substantial increase in lending by local savings banks to their home-state government. This effect is accompanied by an equivalent reduction in private lending. A statistical association between political party turnover and government lending is absent for comparable cooperative banks tha...
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作者：Beck, Thorsten; Da-Rocha-Lopes, Samuel; Silva, Andre F.
作者单位：City St Georges, University of London; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; Universidade Nova de Lisboa; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We analyze the credit supply and real effects of bank bail-ins by exploiting the unexpected failure and subsequent resolution of a major Portuguese bank. Using loan-level data, we show that while firms more exposed to the bail-in suffered a significant contraction of credit at the intensive margin, they were on average able to compensate for the supply-driven shock. However, affected SMEs experienced a binding reduction of funds available through credit lines, and those with lower internal liq...
