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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：Dottling, Robin; Rola-Janicka, Magdalena
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Imperial College London
摘要：We analyze optimal carbon pricing under financial constraints and endogenous climate-related transition and physical costs. The socially optimal emissions tax may be above or below a Pigouvian benchmark, depending on the strength of physical climate impacts on pledgeable resources. We derive necessary conditions for emissions taxes alone to implement a constrained-efficient allocation, and show a cap-and-trade system may dominate emissions taxes because it can be designed to have a less advers...
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作者：Brugler, James; Comerton-Forde, Carole
作者单位：University of Melbourne
摘要：Dark pools can restrict access for specific trader types. We compare execution outcomes between dark pools that restrict high frequency trader access and those that do not. We find that trades executed in dark pools with more access restrictions have less order flow information leakage, adverse selection risk and post-trade order imbalances than trades in less restricted pools. Evidence from exogenous dark pool closures demonstrates that these differences are causal. The ability to segment ord...
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作者：Andrei, Daniel; Hasler, Michael
作者单位：McGill University; University of Neuchatel
摘要：We model how investor learning about monetary-policy transmission impacts asset prices. In an asset-pricing model, investors learn from realized inflation surprises how effectively monetary policy steers future inflation. Downward revisions in perceived effectiveness raise expected inflation persistence, increasing return volatility and risk premia. These effects intensify when policy deviates significantly from neutral or monetary-transmission uncertainty is high. We estimate the model using ...
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作者：Gao, Janet; Kim, Yongseok; Sevilir, Merih
作者单位：Georgetown University; Tulane University; European School of Management & Technology
摘要：We examine the survival prospects, employment profiles, and patient outcomes at private equity (PE)-acquired hospitals. Target hospitals maintain their survival rates while significantly reducing employment and wage expenditures. The number of core medical workers drops temporarily, but returns to its pre-acquisition level in the long run. However, administrative job and wage cuts persist over the long term, particularly at previously nonprofit hospitals. Using proprietary insurance claims dat...
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作者：Hu, Yunzhi; Varas, Felipe
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of Texas System; University of Texas Dallas
摘要：Intermediaries reduce agency problems through monitoring, but credible monitoring requires sufficient retention until the loan matures. We study credit markets when intermediaries cannot commit to retention. Two structures are examined: investors lending alongside an all-equity bank and investors lending through the bank via short-term debt. With a commitment to retention, they are equivalent. Without commitment, the all-equity bank sells loans and reduces monitoring over time. Short-term debt...
