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作者：Gabriel, Stuart; Iacoviello, Matteo; Lutz, Chandler
作者单位：University of California System; University of California Los Angeles; Federal Reserve System - USA; Federal Reserve System Board of Governors; U.S. Securities & Exchange Commission (SEC)
摘要：We investigate the impact of Great Recession policies in California that substantially increased lender pecuniary and time costs of foreclosure. We estimate that the California Foreclosure Prevention Laws (CFPLs) prevented 250,000 California foreclosures (a 20% reduction) and created $300 billion in housing wealth. The CFPLs boosted mortgage modifications and reduced borrower transitions into default. They also mitigated foreclosure externalities via increased maintenance spending on homes tha...
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作者：Bianchi, Daniele; Buchner, Matthias; Hoogteijling, Tobias; Tamoni, Andrea
作者单位：University of London; Queen Mary University London; University of Warwick; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark
摘要：In this note we revisit the empirical results in after correcting for using information not available at the time the forecast was made. Although we note a decrease in out-of-sample , the revised analysis confirms that bond excess return predictability from neural networks remains statistically and economically significant.
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作者：Cai, Ye; Xu, Jin; Yang, Jun
作者单位：Santa Clara University; Virginia Polytechnic Institute & State University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：Corporate donations to charities affiliated with the board's independent directors (affiliated donations) are large and mostly undetected due to lack of formal disclosure. Affiliated donations may impair independent directors' monitoring incentives. CEO compensation is on average 9.4% higher at firms making affiliated donations than at other firms, and it is much higher when the compensation committee chair or a large fraction of compensation committee members are involved. We find suggestive ...
