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作者：Song, Changcheng
作者单位：Singapore Management University; Singapore Management University
摘要：I conduct a field experiment to study the relationship between peoples' misunderstanding of compound interest and their pension contributions in rural China. I find that explaining the concept of compound interest to subjects increased pension contributions by roughly 40%. The treatment effect is larger for those who underestimate compound interest than for those who overestimate compound interest. Moreover, financial education enables households to partially correct their misunderstanding of ...
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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：Glode, Vincent; Opp, Christian C.
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作者：Frenkel, Sivan
作者单位：Tel Aviv University
摘要：I analyze a dynamic model of over-the-counter asset sales in which the seller receives stock-sensitive compensation, and the transaction conveys information about the firm's value. I examine how the market's response to an asset sale feeds back to the seller's decision on the timing and the sale price and analyze the unique pattern of stock prices before and after the sale. The implications of bargaining power, inventories, gains from synergy, and the introduction of a vesting period are discu...
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作者：Baele, Lieven; Bekaert, Geert; Inghelbrecht, Koen; Wei, Min
作者单位：Tilburg University; Columbia University; National Bureau of Economic Research; Ghent University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We identify flight-to-safety (FTS) days for twenty-three countries using only stock and bond returns and a model averaging approach. FTS days comprise less than 2% of the sample and are associated with a 2.7% average bond-equity return differential and significant flows out of equity funds and into government bond and money market funds. FTS represents flights to both quality and liquidity in international equity markets, but mainly a flight to quality in the U.S. corporate bond market. Emergi...
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作者：Ellul, Andrew; Goldstein, Itay; Holden, Craig; Masulis, Ron; Pontiff, Jeffrey; Schoar, Antoinette
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作者：Hua, Jian; Peng, Lin; Schwartz, Robert A.; Alan, Nazli Sila
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Fairfield University
摘要：We present resiliency as a measure of liquidity and assess its relationship to expected returns. We establish a covariance-based measure, RES, that captures opening period resiliency, and use it to find a significant nonresiliency premium that ranges from 33 to 57 basis points per month. The premium persists after accounting for an extensive list of other liquidity-related measures and control variables. The results are significant for both value-weighted and equal-weighted returns, when micro...
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作者：Goldman, Jim
作者单位：University of Toronto
摘要：I document a beneficial effect of the government's participation in product markets. Exploiting the 2008-2009 financial crisis as a natural experiment, I show that federal procurement contracts insulated government contractors' performance from the crisis. By 2009, government contractors had 15% higher market capitalization, had 18% higher capital expenditures, and received 26% more bank credit than did similar firms. This stabilizing effect, in turn, spilled over into neighboring firms. An av...
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作者：Ramcharan, Rodney
作者单位：University of Southern California
摘要：This paper finds that declining bank equity or liquidity reduces liquidation values of bank-owned real estate and accelerates the pace of asset sales. Buyers of these assets earn significant returns for providing liquidity to banks, as prices tend to rebound sharply after sales by illiquid banks. Lower liquidation values also depress the prices of nearby real estate transactions. Policy interventions, such as equity injections and central bank asset purchases, increase liquidation values by pr...
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作者：Duval, Romain; Hong, Gee Hee; Timmer, Yannick
作者单位：International Monetary Fund
摘要：We study the role of financial frictions for productivity. Using a rich cross-country firm-level data, we exploit variation in preexisting exposure to the 2008 global financial crisis to study the post-crisis productivity slowdown. Firms with weaker precrisis balance sheets experienced a highly persistent decline in post-crisis total factor productivity growth relative to their less vulnerable counterparts, accounting for about one-third of the within-firm productivity slowdown. This decline w...
