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作者：De Simone, Lisa; Piotroski, Joseph D.; Tomy, Rimmy E.
作者单位：Stanford University; University of Chicago
摘要：We examine whether an anticipated reduction in future repatriation taxes affects the amount of cash U.S. multinationals hold overseas. We find that the expected benefits of a repatriation tax reduction are positively associated with accelerated accumulations of global cash holdings once Congress proposed legislation. Additional tests examining domestic and foreign corporations, voluntary disclosures of foreign cash, and corporate payout behavior support our conclusion that observed increases i...
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作者：Gomes, Joao F.; Grotteria, Marco; Wachter, Jessica A.
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：A growing literature shows that credit indicators forecast aggregate real outcomes. While researchers have proposed various explanations, the economic mechanism behind these results remains an open question. In this paper, we show that a simple, frictionless model explains empirical findings commonly attributed to credit cycles. Our key assumption is that firms have heterogeneous exposures to underlying economy-wide shocks. This leads to endogenous dispersion in credit quality that varies over...
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作者：Athreya, Kartik; Mustre-del-Rio, Jose; Sanchez, Juan M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Federal Reserve System - USA; Federal Reserve Bank - Kansas City; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：Using proprietary panel data, we show that many U.S. consumers experience financial distress (35% when distress is defined by having debt in severe delinquency, e.g.) at some point in their lives. However, most distress events are concentrated on a much smaller proportion of consumers in persistent trouble: fewer than 10% of borrowers account for half of all distress events. These facts can be largely accounted for in a straightforward extension of a workhorse model of unsecured debt with info...
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作者：Bird, Andrew; Karolyi, Stephen A.; Ruchti, Thomas G.
作者单位：Carnegie Mellon University
摘要：To mitigate holdup by an informed incumbent lender, a private borrower may publicly share information in order to increase lender competition. Despite proprietary costs, a subset of private borrowers voluntarily share private information in loan and credit underwriting agreements. These borrowers switch lenders at a 16% higher rate and receive lower loan financing costs. For private firms that go public, we analyze changes in the net benefits of information sharing and study the potential esti...
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作者：Foley, Sean; Karlsen, Jonathan R.; Putnins, Talis J.
作者单位：University of Sydney; University of Technology Sydney
摘要：Cryptocurrencies are among the largest unregulated markets in the world. We find that approximately one-quarter of bitcoin users are involved in illegal activity. We estimate that around 76 billion of illegal activity per year involve bitcoin (46% of bitcoin transactions), which is close to the scale of the U.S. and European markets for illegal drugs. The illegal share of bitcoin activity declines with mainstream interest in bitcoin and with the emergence of more opaque cryptocurrencies. The t...
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作者：Harford, Jarrad; Jiang, Feng; Wang, Rong; Xie, Fei
作者单位：University of Washington; University of Washington Seattle; State University of New York (SUNY) System; University at Buffalo, SUNY; Singapore Management University; University of Delaware
摘要：Analysts strategically allocate more effort to portfolio firms that are relatively more important to their careers. Thus, the other firms the analysts cover indirectly affect a firm's information environment. Controlling for analyst and firm characteristics, we find that an analyst makes more accurate, frequent, and informative earnings forecasts and recommendations for firms ranked higher within her portfolio based on proxies for importance to institutions. A firm's relative rank widely varie...
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作者：Dasgupta, Sudipto; Li, Erica X. N.; Yan, Dong
作者单位：Chinese University of Hong Kong; Lancaster University; Center for Economic & Policy Research (CEPR); Stockholm School of Economics
摘要：We model the interaction of financial constraints, capacity constraints, and the response of production and inventory to cost and demand shocks. The model predicts that in response to favorable shocks, financially constrained firms are unable to build inventory as rapidly as are unconstrained firms. However, because the favorable shocks gradually ease the financial constraints, constrained firms continue to build inventory and eventually carry surplus inventory (relative to unconstrained firms...
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作者：Silva, Andre F.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper examines whether banks strategically incorporate their competitors' liquidity mismatch policies when determining their own and the impact of these collective decisions on financial stability. Using a novel identification strategy exploiting the presence of partially overlapping peer groups, I show that banks' liquidity transformation activity is driven by that of their peers. These correlated decisions are concentrated on the asset side of riskier banks and are asymmetric, with mimi...
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作者：Celerier, Claire; Vallee, Boris
作者单位：University of Toronto; Harvard University
摘要：To study the role of talent in finance workers' pay, we exploit a special feature of the French higher education system. Wage returns to talent have been significantly higher and have risen faster since the 1980s in finance than in other sectors. Both wage returns to project size and the elasticity of project size to talent are also higher in this industry. Last, the share of performance pay varies more for talent in finance. These findings are supportive of finance wages reflecting the compet...
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作者：Vestman, Roine
作者单位：Stockholm University
摘要：The stock market participation rate among homeowners is twice as high as among renters. This paper builds a life-cycle portfolio choice model with endogenous housing tenure choice. A stylized form of preference heterogeneity generates a substantial difference in participation rates. A majority of households have a large savings motive and choose to be homeowners and participate. A minority of households have a small savings motive and find it less worthwhile to participate. Fewer of these hous...
