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作者：Ellul, Andrew; Pagano, Marco; Scognamiglio, Annalisa
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Center for Economic & Policy Research (CEPR); European Corporate Governance Institute; University of Naples Federico II; University of Naples Federico II
摘要：We establish that the labor market helps discipline asset managers via the impact of fund liquidations on their careers. Using hand-collected data on 1,948 professionals, we find that top managers working for funds liquidated after persistently poor relative performance suffer demotion coupled with a significant loss in imputed compensation. Scarring effects are absent when liquidations are preceded by normal relative performance or involve mid-level employees. Seen through the lens of a model...
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作者：Haliassos, Michael; Jansson, Thomas; Karabulut, Yigitcan
作者单位：Goethe University Frankfurt; Center for Economic & Policy Research (CEPR); Sveriges Riksbank; Frankfurt School Finance & Management; Goethe University Frankfurt
摘要：We use unique administrative data and a quasi-field experiment of exogenous allocation in Sweden to estimate medium- and longer-run effects of peoples' exposure to financially literate neighbors on their financial behavior. We contribute evidence of (1) a causal impact of exposure and of a social multiplier of financial knowledge and (2) unfavorable distributional aspects of externalities. Exposure promotes saving in private retirement accounts and stockholding, especially when neighbors have ...
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作者：Glode, Vincent; Opp, Christian C.
作者单位：University of Pennsylvania
摘要：Over-the-counter (OTC) markets attract substantial trading volume despite exhibiting frictions absent in centralized limit-order markets. We compare the efficiency of OTC and limit-order markets when traders' expertise is endogenous. We show that asymmetric access to counterparties in OTC markets yields increased rents from expertise acquisition for a few well-connected core traders. When the existence of gains to trade is uncertain, traders' higher expertise in OTC markets can improve allocat...
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作者：Bircan, Cagatay; De Haas, Ralph
作者单位：European Bank of Reconstructon & Development; European Bank of Reconstructon & Development; Centre for Economic Policy Research - UK; Tilburg University
摘要：We exploit historically determined variation in local credit markets to identify the impact of bank lending on innovation across Russian firms. We find that deeper credit markets increase firms' use of bank credit, their adoption of new products and technologies, and their productivity growth. This relationship is more pronounced in industries farther from the technological frontier, more exposed to import competition, and that export more. These impacts are also stronger for firms near histor...
