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作者：Sachdeva, Kunal; Silva, Andre F.; Slutzky, Pablo; Xu, Billy Y.
作者单位：University of Michigan System; University of Michigan; Federal Reserve System - USA; Federal Reserve System Board of Governors; University System of Maryland; University of Maryland College Park; University of Rochester
摘要：This paper examines the effects of targeted credit rationing by banks on firms likely to generate negative externalities. We exploit an initiative of the U.S. Department of Justice, labeled Operation Choke Point, which compelled banks to limit relationships with firms in controversial industries. Using supervisory loan-level data, we show that, as intended, targeted banks reduced lending and terminated relationships with affected firms. However, most of these firms fully substituted credit thr...
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作者：Mukharlyamov, Vladimir; Sarin, Natasha
作者单位：Georgetown University; Yale University
摘要：This paper provides empirical evidence of a well-known theoretical concern that market failures in two-sided markets are hard to identify and correct. We study the reactions of banks, merchants, and consumers to Dodd-Frank's Durbin Amendment that lowered interchange fees on debit card transactions. Banks recouped a significant portion of their losses by charging consumers for products that they previously provided for free on the subsidized side of the two-sided market. The accelerated adoptio...
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作者：Kim, Olivia S.; Parker, Jonathan A.; Schoar, Antoinette
作者单位：Harvard University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Using financial account data linking small businesses to their owner households, we examine how business owners' consumption responded to changes in business revenues during the COVID-19 crisis. In the first two months following the National Emergency, business revenues declined by 40 percent, largely driven by national factors rather than local infection rates or policies. However, the pass-through of revenue losses to owner consumption was limited: each dollar of revenue loss resulted in onl...
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作者：Decressin, Yann; Kaplan, Steven N.; Sorensen, Morten
作者单位：University of Chicago; University of Chicago; National Bureau of Economic Research; Dartmouth College
摘要：Using more than 4900 personality assessments, we study changes in the characteristics of CEOs and top executives since 2001. The same four factors explain roughly half of the variation in executive characteristics in this larger sample of assessments as in Kaplan and Sorensen (2021). In later years, CEO candidates have shown declining general ability, are increasingly execution-oriented, less interpersonal, less charismatic, and less creative-strategic, and many of these differences persist fo...
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作者：Pastor, Lubos; Stambaugh, Robert F.; Taylor, Lucian A.
作者单位：University of Chicago; University of Pennsylvania; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We estimate financial institutions' portfolio tilts related to U.S. stocks' environmental, social, and governance (ESG) characteristics. From 2012 to 2023, ESG-related tilts consistently total about 6% of the investment industry's assets and rise from 17% to 27% of institutions' total portfolio tilts. Significant ESG tilts arise from the choice of stocks held and, especially, the weights on stocks held. The largest institutions tilt increasingly toward green stocks, while other institutions an...
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作者：Green, Daniel; Vallee, Boris
作者单位：Harvard University; Harvard University; INSEAD Business School
摘要：We study whether exit policies by financial institutions have financial and real consequences on the firms they target, using bank coal exit policies as a laboratory. In contrast to theories assuming high capital substitutability, we find large effects of these policies. Bank exit policies negatively affect both the financing and operation of coal assets. Substitution to other sources and providers of capital appears to be limited. Coal power plants owned by firms exposed to exit policies are ...
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作者：Bosshardt, Joshua; Kakhbod, Ali; Kermani, Amir
作者单位：Federal Housing Finance Agency; National Bureau of Economic Research
摘要：We analyze the trade-offs of having intermediaries originate government-sponsored enterprise (GSE) mortgages using proprietary GSE data. We first find evidence of lenders pricing for observable and unobservable default risk independently of the GSEs. We then develop and estimate a model of competitive lending in which lenders have skin-in-the-game and conduct additional screening beyond the GSEs' criteria. Lenders reduce costs via screening but also charge markups. On net, interest rates are h...
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作者：Jiang, Zhengyang; Richmond, Robert J.; Zhang, Tony
作者单位：Northwestern University; National Bureau of Economic Research; New York University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We attribute variation in the strength of the U.S. dollar and its covariance with other currencies to economic primitives using a global asset demand system. We take global investor savings, asset supply, and monetary policy as exogenous primitives, and show how these variables explain dollar exchange rate behavior. Prior to the global financial crisis, global savings and demand shifts explain dollar depreciation, whereas post-crisis they explain dollar appreciation. Interest rates and cross-b...
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作者：Ma, Yueran; Shleifer, Andrei
作者单位：University of Chicago; National Bureau of Economic Research; Harvard University
摘要：The analysis of corporate governance begins with a central feature of modern capitalism - the separation of ownership and control in large corporations - first empirically documented by Berle and Means (1932). Such separation entails several agency problems reflecting conflicts between managers and shareholders, such as selfdealing by managers, low effort, consumption of perquisites, and excessive growth and diversification. Berle and Means saw self-dealing as the central agency problem and st...
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作者：Li, Bin; Rossi, Alberto G.; Yan, Xuemin (Sterling); Zheng, Lingling
作者单位：Wuhan University; Georgetown University; Lehigh University; Renmin University of China
摘要：We construct real-time machine learning strategies based on a universe of fundamental signals. The out-of-sample performance of these strategies is economically meaningful and statistically significant, but considerably weaker than those documented by prior studies that use curated sets of signals as predictors. Strategies based on a simple recursive ranking of each signal's past performance also yield substantially better out-of-sample performance. We find qualitatively similar results when e...
