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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：Schneider, Thomas; Strahan, Philip E.; Yang, Jun
作者单位：University of Oklahoma System; University of Oklahoma - Norman; Boston College; National Bureau of Economic Research; University of Notre Dame
摘要：This paper studies banks' investment in risk management human capital following the Global Financial Crisis and the advent of stress testing. Our results suggest that 'Too Big to Fail' distortions may have weakened large banks' incentive to invest in risk management talent. Stress testing, which focuses on the largest banks, spurred demand for skilled quantitative risk managers, but only narrowly in anticipation of a test and following poor performance on a test. Stress testing does not affect...
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作者：Berk, Jonathan B.; van Binsbergen, Jules H.
作者单位：Stanford University; National Bureau of Economic Research; University of Pennsylvania; Centre for Economic Policy Research - UK
摘要：The change in the cost of capital that results from a divestiture strategy can be closely approximated by a simple function of three parameters: (1) the fraction of socially conscious capital, (2) the fraction of targeted firms in the economy and (3) the return correlation between the targeted firms and the rest of the stock market. When calibrated to current data, we demonstrate that the impact on the cost of capital is too small to meaningfully affect real investment decisions. We then deriv...
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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：Maenhout, Pascal J.; Vedolin, Andrea; Xing, Hao
作者单位：INSEAD Business School; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Boston University; Boston University
摘要：Errors in survey expectations display waves of pessimism and optimism. This paper develops a novel theoretical framework of time-varying beliefs capturing this fact. In our model, dynamic beliefs arise endogenously due to agents' attitude towards alternative models. Decision-maker's distorted beliefs generate countercyclical risk aversion, procyclical portfolio weights, and countercyclical equilibrium asset returns. A calibrated version of our model is shown to jointly match salient features i...
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作者：Gresenz, Carole Roan; Mitchell, Jean M.; Rodriguez, Belicia; Wang, Crystal; Turner, R. Scott; van der Klaauw, Wilbert
作者单位：Georgetown University; Georgetown University; Federal Reserve System - USA; Federal Reserve Bank - New York; Georgetown University; Duke University; Stanford University
摘要：We examine the effect of undiagnosed memory disorders on credit outcomes using individually-matched nationally representative credit reporting and Medicare data. We find effects of early stage disease, years before diagnosis, on a wide range of financial outcomes, including credit card account payment delinquency and amount of delinquent balance, credit utilization among credit card account holders, mortgage delinquency and delinquent balance amount, and credit scores. Effects are pervasive, a...
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作者：Jiang, Erica Xuewei; Zhang, Anthony Lee
作者单位：University of Southern California; University of Chicago
摘要：Houses with higher value uncertainty receive less mortgage credit: mortgages backed by these houses are more likely to be rejected, have higher interest rates, and have lower loan-to-price ratios. The relationship between house value uncertainty and credit availability is driven partly by a classic channel in which uncertainty lowers debt recovery rates, and partly by a novel channel where more uncertain appraisals make regulatory constraints on loan size more likely to bind. We build a struct...
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作者：Dyhrberg, Anne Haubo; Shkilko, Andriy; Werner, Ingrid M.
作者单位：Wilfrid Laurier University; Macquarie University; University System of Ohio; Ohio State University; Centre for Economic Policy Research - UK
摘要：We demonstrate that off-exchange (wholesaler) executions provide significant cost savings to retail investors. Wholesaler concentration has raised regulatory concerns; however, we show that the largest wholesalers offer the lowest costs due to economies of scale. The entry of a new large wholesaler reduces incumbent scale economies, resulting in higher execution costs. Most retail brokers route to multiple wholesalers and actively monitor their performance, rewarding those offering lower execu...
