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作者：Goyal, Amit; Reed, Adam, V; Smajlbegovic, Esad; Soebhag, Amar
作者单位：University of Lausanne; Swiss Finance Institute (SFI); University of North Carolina; University of North Carolina Chapel Hill; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Short sellers are widely known to be informed, which would typically suggest that they demand liquidity. We obtain comprehensive transaction-level data to decompose daily short volume into liquidity-demanding and liquidity-supplying components. Contrary to conventional wisdom, we show that the most informed short sellers are actually liquidity suppliers, not liquidity demanders. They are particularly informative about future returns on news days and trade on prominent cross-sectional return an...
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作者：Berg, Tobias; Burgb, Valentin; Keil, Jan; Puri, Manju
作者单位：Goethe University Frankfurt; Humboldt University of Berlin; Indian School of Business (ISB); Duke University; National Bureau of Economic Research
摘要：Buy Now, Pay Later (BNPL) is a key innovation in consumer payments. It bundles the sale of a product with a subsidized loan, effectively offering lower prices to low-creditworthiness customers. BNPL thereby allows merchants to price-discriminate among customers with different willingness-to-pay. Consistent with a price-discrimination mechanism, we show that BNPL increases sales by 20%, driven by low-creditworthiness customers and products where market power is larger. We find that the benefits...
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作者：Chaudhry, Aditya
作者单位：University System of Ohio; Ohio State University
摘要：I show that prices impact analyst cash flow expectations and argue this impact can partially reconcile subjective beliefs data with asset pricing models in which investors have rational expectations and discount rate variation drives prices. Previous work argues that correlations of biased analyst cash flow expectations with prices and future returns contradict rational models and imply biased investor expectations distort prices. However, using two instrumental variables for price, I find inc...
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作者：Christensen, Kim; Timmermann, Allan; Veliyev, Bezirgen
作者单位：Aarhus University; University of California System; University of California San Diego; University of California System; University of California San Diego
摘要：Corporate earnings announcements unpack large bundles of public information that should, inefficient markets, trigger jumps in stock prices. Testing this implication is difficult in practice, as it requires noisy high- frequency data from after-hours markets, where most earnings announcements are released. Using a unique dataset and anew microstructure noise-robust jump test, we show that earnings announcements almost always induce jumps in the stock price of announcing firms. They also signif...
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作者：Agur, Itai; Ari, Anil; Dell'Ariccia, Giovanni
作者单位：International Monetary Fund
摘要：Lenders can exploit households' payment data to infer their creditworthiness. When households value privacy, they then face a tradeoff between protecting such privacy and attaining better credit conditions. We study how introducing an informationally more intrusive digital payment vehicle affects households' cash use, credit access, and welfare. A tech monopolist controls the intrusiveness of the new payment method and manipulates information asymmetries among households and oligopolistic bank...
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作者：Dagostino, Ramona
作者单位：University of Virginia
摘要：Do federal tax incentives for banks investing in municipal bonds support local governments during recessions? This paper exploits a change in tax benefits for banks purchasing municipal bonds and finds that expanding access to bank financing during recessions increases local governments' debt issuance and employment growth. The estimated job multiplier is 22 jobs per million dollars of spending. There is moderate evidence of mortgage loans being crowded out by banks' increased holdings of muni...
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作者：Sui, Pengfei; Wang, Baolian
作者单位：The Chinese University of Hong Kong, Shenzhen; State University System of Florida; University of Florida
摘要：We examine how stakes affect investor behaviors. In our unique setting, investors trade stocks in real accounts using their own money and simultaneously in a simulated setting. Our real-world within-investor estimation shows that investors exhibit stronger biases and perform worse in higher-stakes real accounts than in lowerstakes simulated accounts. Investors exhibit strong biases in both types of accounts, and the biases in both are strongly positively correlated. Such behavioral consistency...
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作者：Yang, Keer
作者单位：University of California System; University of California Davis
摘要：This paper studies the role of trust in incumbent lenders (banks) as an entry barrier to emerging FinTech lenders in credit markets. The empirical setting exploits the outbreak of the Wells Fargo scandal as a negative shock to borrowers' trust in banks. Using a difference-in-differences framework, I find that increased exposure to the Wells Fargo scandal leads to an increase in the probability of borrowers using FinTech as mortgage originators. Utilizing political affiliation to proxy for the ...
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作者：Kim, Sehoon; Kumar, Nitish; Lee, Jongsub; Oh, Junho
作者单位：State University System of Florida; University of Florida; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Seoul National University (SNU); Hankuk University Foreign Studies
摘要：Firms increasingly borrow via sustainability-linked loans (SLLs), contractually tying spreads to their ESG performance. SLLs vary widely in transparency of disclosure regarding sustainability-related contract details and tend to be issued to borrowers with superior ESG profiles. While high-transparency SLL borrowers maintain this performance, low-transparency SLL borrowers exhibit significantly deteriorating ESG performance after issuance. Both high-and low-transparency borrowers pay substanti...
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作者：Gupta, Arpit; Hansman, Christopher; Mabille, Pierre
作者单位：Emory University; INSEAD Business School
摘要：We show that financial constraints lead to spatial misallocation and contribute to racial disparities in housing and wealth accumulation. Using bunching and difference-in-differences designs, we document that down payment constraints disproportionately limit the ability of Black households to access housing in high-opportunity areas. We build a dynamic life-cycle model to examine the long-term wealth effects of these leverage distortions on group differences in wealth accumulation. Black house...
