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作者：Krueger, Philipp; Sautner, Zacharias; Starks, Laura T.
作者单位：University of Geneva; Swiss Finance Institute (SFI); Frankfurt School Finance & Management; University of Texas System; University of Texas Austin
摘要：According to our survey about climate risk perceptions, institutional investors believe climate risks have financial implications for their portfolio firms and that these risks, particularly regulatory risks, already have begun to materialize. Many of the investors, especially the long-term, larger, and ESG-oriented ones, consider risk management and engagement, rather than divestment, to be the better approach for addressing climate risks. Although surveyed investors believe that some equity ...
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作者：Duchin, Ran; Gao, Zhenyu; Shu, Haibing
作者单位：University of Washington; University of Washington Seattle; Chinese University of Hong Kong; Shanghai Jiao Tong University
摘要：Using a unique setting in China, where the geographic distance between collective firms and local governments is highly persistent because of legal restrictions on land ownership and mobility, we investigate the role of government involvement in small firms. In our analysis of survey responses, we find that weaker government involvement, measured by greater distance from government, is associated with higher firm autonomy and reduced taxes, protectionism, and anticompetitive behavior. In our a...
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作者：Stein, Luke C. D.; Yannelis, Constantine
作者单位：Babson College; University of Chicago
摘要：This paper studies how access to financial services among a previously unbanked group affects human capital, labor market, and wealth outcomes. We use novel data from the Freedman's Savings Bank-created following the American Civil War to serve free Blacks-employing an instrumental variables strategy exploiting the staggered rollout of bank branches. Families with accounts are more likely to have children in school, be literate, work, and have higher occupational income, business ownership, an...
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作者：Eaton, Charlie; Howell, Sabrina T.; Yannelis, Constantine
作者单位：University of California System; University of California Merced; New York University; University of Chicago
摘要：We study how private equity buyouts create value in higher education, a sector with opaque product quality and intense government subsidy. With novel data on 88 private equity deals involving 994 schools, we show that buyouts lead to higher tuition and per-student debt. Exploiting loan limit increases, we find that private equity-owned schools better capture government aid. After buyouts, we observe lower education inputs, graduation rates, loan repayment rates, and earnings among graduates. N...
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作者：Juelsrud, Ragnar E.; Nenov, Plamen T.
作者单位：Norges Bank; BI Norwegian Business School
摘要：We study dividend payouts when banks face coordination-based rollover crises. Banks in the model can use dividends to both risk shift and signal their available liquidity to shortterm lenders, thus, influencing the lenders' actions. In the unique equilibrium both channels induce banks to pay higher dividends than in the absence of a rollover crisis. In our model banks exert an informational externality on other banks via the inferences and actions of lenders. Optimal dividend regulation that c...
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作者：Bai, John (Jianqiu); Fairhurst, Douglas; Serfling, Matthew
作者单位：Northeastern University; Washington State University; University of Tennessee System; University of Tennessee Knoxville
摘要：We exploit the adoption of U.S. state-level labor protection laws to study the effect of employment protection on corporate investment rates and sales growth. We find that, following the adoption of these laws, capital expenditures as a percentage of book assets decrease, resulting in slower sales growth. Our findings are consistent with theories predicting that greater employment protection discourages investment by making projects more irreversible. Supporting this channel, following negativ...
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作者：Gofman, Michael; Segal, Gill; Wu, Youchang
作者单位：University of Rochester; University of North Carolina; University of North Carolina Chapel Hill; University of Oregon
摘要：We examine empirically and theoretically the relation between firms' risk and distance to consumers in a production network. We document two novel facts: firms farther away from consumers have higher risk premiums and higher exposure to aggregate productivity. We quantitatively explain these findings using a general equilibrium model featuring a multilayer production process. The economic force is vertical creative destruction, that is, positive productivity shocks to suppliers devalue custome...
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作者：Chu, Yongqiang; Deng, Saiying; Xia, Cong
作者单位：University of North Carolina; University of North Carolina Charlotte; Southern Illinois University System; Southern Illinois University; University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent; Central University of Finance & Economics
摘要：Exploiting staggered interstate banking deregulation as exogenous shocks to bank geographic expansion, we examine the causal effect of geographic diversification on systemic risk. Using the gravity-deregulation approach, we find that bank geographic diversification leads to higher systemic risk measured by the change in conditional value at risk (CoVaR) and financial integration (Logistic(. Furthermore, we document that geographic diversification affects systemic risk via its impact on asset s...
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作者：Daniel, Naveen D.; Li, Yuanzhi; Naveen, Lalitha
作者单位：Drexel University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：In this study, we take a comprehensive look at asymmetry in pay for luck, which is the finding that CEOs are rewarded for good luck, but are not penalized to the same extent for bad luck. Our main takeaway, which is based on over 200 different specifications, is that there is no asymmetry in pay for luck. Our finding is important given that the literature widely accepts the idea of asymmetry in pay for luck and typically points to this as evidence of rent extraction.
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作者：Levi, Yaron; Welch, Ivo
作者单位：University of Southern California; University of California System; University of California Los Angeles
摘要：Our paper explores whether a symmetric plain or an asymmetric down-beta is a better hedging measure (Roy 1952; Markowitz 1959). Unlike Ang, Chen, and Xing (2006) and Lettau, Maggiori, and Weber (2014), we find that the prevailing plain market beta is the better predictor, even for crashes. It also predicts the subsequent down-beta (i.e., beta measured only on days when the stock market had declined) better than down-beta itself. Stocks with higher down-betas ex ante also do not earn higher ave...
