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作者：Lucca, David O.; Nadauld, Taylor; Shen, Karen
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Brigham Young University; Harvard University
摘要：We study the link between the student credit expansion of the past 15 years and the contemporaneous rise in college tuition. To disentangle simultaneity issues, we analyze the effects of increases in federal student loan caps using detailed student-level financial data. We find a pass-through effect on tuition of changes in subsidized loan maximums of about 60 cents on the dollar and of about 20 cents on the dollar for unsubsidized federal loans. The effect is most pronounced for more expensiv...
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作者：Murfin, Justin; Pratt, Ryan
作者单位：Yale University; Brigham Young University
摘要：Finance professionals commonly set prices based on the analysis of recently closed, comparable transactions. Using data on syndicated loans, we exploit the lag between loans' closing dates and their inclusion in a widely used comparables database to identify the effect of past transactions on new transaction pricing. Comparables pricing is an important determinant of individual loan spreads, but a failure to account for overlap in information across loans leads to pricing mistakes. Comparables...
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作者：Dubinsky, Andrew; Johannes, Michael; Kaeck, Andreas; Seeger, Norman J.
作者单位：Columbia University; University of Sussex; Vrije Universiteit Amsterdam
摘要：This paper uses option prices to learn about the equity price uncertainty surrounding information released on earnings announcement dates. To do this, we introduce reduced-form models and estimators to separate price uncertainty about earnings announcements from normal day-to-day volatility. Empirically, we find strong support for the importance of earnings announcements. We find that the anticipated price uncertainty is quantitatively large, varies across time, and is informative about the fu...
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作者：Gathergood, John; Guttman-Kenney, Benedict; Hunt, Stefan
作者单位：University of Nottingham; University of Chicago
摘要：Payday loans are controversial high-cost, short-term lending products, banned in many U.S. states. But debates surrounding their benefits to consumers continue. We analyze the effects of payday loans on consumers by using a unique data set including 99% of loans approved in the United Kingdom over a two-year period matched to credit files. Using a regression discontinuity research design, our results show that payday loans provide short-lived liquidity gains and encourage consumers to take on ...
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作者：Lowry, Michelle; Rossi, Marco; Zhu, Zhongyan
作者单位：Drexel University; Texas A&M University System; Texas A&M University College Station; Monash University
摘要：Strong conflicts of interest exist within investment banks: the investment banking division possesses substantial private information, and the asset management division seeks such information. This raises the question of whether the asset management division benefits from an information advantage on client firms. While prior examinations of advisor bank trading in client firms have focused on stocks and found mixed results, we argue that the options market represents a more attractive venue fo...
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作者：Johnson, Eric J.; Meier, Stephan; Toubia, Olivier
作者单位：Columbia University
摘要：Failing to refinance a mortgage can cost a borrower thousands of dollars. Based on administrative data from a large financial institution, we show that around 50% of borrowers leave thousands of dollars on the table by not refinancing. Survey data indicate that, among all the behavioral factors examined, only suspicion of banks' motives is consistently related to the probability of accepting a refinancing offer. Finally, we report the results of three field experiments showing that enticing of...
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作者：Skrastins, Janis; Vig, Vikrant
作者单位：Washington University (WUSTL); University of London; London Business School
摘要：We exploit a variation in organizational hierarchy induced by a reorganization plan implemented in roughly 2,000 bank branches in India. We do so to investigate how organizational hierarchy affects the allocation of credit. We find that increased hierarchization of a branch induces credit rationing, reduces loan performance, and generates standardization in loan contracts. Additionally, we find that hierarchical structures perform better in environments characterized by a high degree of corrup...
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作者：Stolper, Oscar; Walter, Andreas
作者单位：Philipps University Marburg; Justus Liebig University Giessen
摘要：Homophilyindividuals' affinity for others like themis a powerful principle that governs whose opinions people attend to. Using nearly 2,400 advisory meetings, we find that homophily has a significant positive impact on the likelihood of following financial advice. The increased likelihood of following stems from homophily on gender and age for male clients and from sameness on marital and parental status for female advisees. Moreover, the homophily effect is mitigated by reduced information as...
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作者：Albuquerque, Rui; Brandao-Marques, Luis; Ferreira, Miguel A.; Matos, Pedro
作者单位：Boston College; European Corporate Governance Institute; International Monetary Fund; Universidade Nova de Lisboa; University of Virginia
摘要：We test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data from 64 countries during the period 2005-2014, we find that cross-border M&A activity is associated with subsequent improvements in the governance of nontarget firms when the acquirer country has stronger investor protection than the target country. The effect is more pronounced when the target industry is more competitive. Cross-border M&As are also associa...
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作者：Boyson, Nicole M.; Pichler, Pegaret
作者单位：Northeastern University
摘要：When facing hedge fund activists, target firms often fight back. Targets with agency problems and those confronting the threat of investor coordination frequently engage in hostile resistance by implementing governance changes associated with managerial entrenchment. The market negatively responds to hostile resistance, and unless hedge funds counterresist, these campaigns have worse operating performance, faster activist exit, and fewer mergers than do campaigns without hostile target resista...
