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作者：Frank, Murray Z.; Sanati, Ali
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Shanghai Jiao Tong University; American University
摘要：Considerable research tackles the aggregate impact of debt financing. We show that equity is more important for firm growth than generally understood. A dollar of equity issuance is associated with an extra of real assets, whereas a dollar of debt issuance is associated with an extra . Firms issue equity first, then increase real assets, and, finally, issue debt while repurchasing equity. We explain this sequence using a model in which debt is tax preferred relative to equity but is subject to...
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作者：Di Maggio, Marco; Yao, Vincent
作者单位：Harvard University; National Bureau of Economic Research; University System of Georgia; Georgia State University
摘要：We study the personal credit market using unique individual-level data covering fintech and traditional lenders. We show that fintech lenders acquire market share by lending first to higher-risk borrowers and then to safer borrowers, and rely mainly on hard information to make credit decisions. Fintech borrowers are significantly more likely to default than neighbor individuals with the same characteristics borrowing from traditional financial institutions. Furthermore, they tend to experience...
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作者：Saidi, Farzad; Streitz, Daniel
作者单位：Boston University; University of Bonn; Centre for Economic Policy Research - UK; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Copenhagen Business School
摘要：This paper documents a link between bank concentration and markups in nonfinancial sectors. We exploit concentration-increasing bank mergers and variation in banks' market shares across industries and show that higher credit concentration is associated with higher markups and that high-market-share lenders charge lower loan rates. We argue that this is due to the greater incidence of competing firms sharing common lenders that induce less aggressive product market behavior among their borrower...
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作者：Agrawal, Ashwini; Hacamo, Isaac; Hu, Zhongchen
作者单位：University of London; London School Economics & Political Science; Indiana University System; Indiana University Bloomington
摘要：Rank-and-file employees are becoming increasingly critical for many firms, yet we know little about how their employment dynamics matter for stock prices. We analyze new data from the individual CV's of public company employees and find that rank-and-file labor flows can be used to predict abnormal stock returns. Accounting data and survey evidence indicate that workers' labor market decisions reflect information about future corporate earnings. Investors, however, do not appear to fully incor...
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作者：Bednarek, Peter; te Kaat, Daniel Marcel; Ma, Chang; Rebucci, Alessandro
作者单位：Deutsche Bundesbank; University of Groningen; Fudan University; Johns Hopkins University; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：We study how capital flows affects German cities' GDP growth depending on the state of their real estate markets. Identification exploits a policy framework assigning refugees to cities on a quasi-random basis and variation in nondevelopable area for the construction of an exposure measure to real estate market tightness. We estimate that the most exposed cities to real estate market tightness grew at least 1.9 percentage points more than the least exposed ones, cumulatively, from 2009 to 2014...
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作者：Kalmenovitz, Joseph
作者单位：Drexel University
摘要：I study how promotion incentives within the public sector affect financial regulation. I assemble individual data for all SEC enforcement attorneys between 2002 and 2017, including enforcement cases, salaries, and ranks. Consistent with tournament model, attorneys with stronger promotion incentives are involved in more enforcement, especially against severe misconduct, and in tougher settlement terms. For identification, I rely on cross-sectional tests within offices and ranks and on exogenous...
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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 ...
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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...
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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...
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作者：Kini, Omesh; Williams, Ryan; Yin, Sirui
作者单位：University System of Georgia; Georgia State University; University of Arizona; University System of Ohio; Miami University
摘要：Using hand-collected data on CEO noncompete agreements (NCAs), we find that NCAs are less common when CEOs expect to incur greater personal costs from reduced job mobility and more common when firms expect to suffer greater economic harm if departing CEOs leave to work for a competitor. Additionally, turnover-performance sensitivity is stronger when CEOs have NCAs. Finally, total compensation and incentive pay are higher if CEOs have more enforceable NCAs. Our identification strategy exploits ...
