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作者：Bond, Philip; Levit, Doron
作者单位：University of Washington; University of Washington Seattle
摘要：We study the equilibrium effects of the S dimension of ESG under imperfect competition. ESG policies are pledges made by firms that constrain managers to treat their stakeholders better than market conditions alone dictate. Moderate policies limit market power and prompt managers to be more competitive; aggressive polices backfire, both for adopting firms and intended beneficiaries. In contrast to the shareholder primacy paradigm, competition in ESG policies under the stakeholder capitalism pa...
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作者：Hou, Ai Jun; Jonsson, Sara; Li, Xiaoyang; Ouyang, Qinglin
作者单位：Stockholm University; Deakin University
摘要：We use Swedish administrative data to study the role of unemployment risk in salaried employees' decisions to become entrepreneurs. Using the 2001 relaxation of Sweden's last-in-first-out (LIFO) dismissal rule as an exogenous shock to unemployment risk, we find that employees facing increased unemployment risk are more likely to become entrepreneurs. The effect is more pronounced for employees with longer tenure, as they were newly exposed to greater unemployment risk. When we track entreprene...
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作者：Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas
作者单位：Goethe University Frankfurt; Purdue University System; Purdue University; National Bureau of Economic Research
摘要：We study how investors respond to inflation combining a customized survey experiment with trading data at a time of historically high inflation. Investors' beliefs about the stock return-inflation relation are very heterogeneous in the cross section and on average too optimistic. Moreover, many investors appear unaware of inflation-hedging strategies despite being otherwise well-informed about prevailing inflation rates and asset returns. Consequently, whereas exogenous shifts in inflation exp...
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作者：Aiello, Darren; Bernstein, Asaf; Kargar, Mahyar; Lewis, Ryan; Schwert, Michael
作者单位：Brigham Young University; University of Colorado System; University of Colorado Boulder; University of Illinois System; University of Illinois Urbana-Champaign; National Bureau of Economic Research; University of Pennsylvania
摘要：We study how state pension windfalls affect property prices near state borders, where theory suggests real estate reflects the value of additional public resources. Windfalls, representing a source of state revenue about half the size of total taxes, provide economically significant and plausibly exogenous variation in fiscal conditions. We find that each dollar of pension asset returns increases border house prices by approximately two dollars, suggesting that governments allocate additional ...
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作者：Cong, Lin William; Mayer, Simon
作者单位：Cornell University; National Bureau of Economic Research; Carnegie Mellon University
摘要：We model the competition between digital forms of fiat money and private digital money. Countries digitize their currencies-by upgrading existing or launching new payment systems (including CBDCs)-to compete with foreign fiat currencies and private digital money. A pecking order emerges: less dominant currencies digitize earlier, reflecting a first-mover advantage; dominant currencies delay digitization until they face competition; the weakest currencies forgo digitization. However, delayed di...
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作者：Huang, Wenqian; Ranaldo, Angelo; Schrimpf, Andreas; Somogyi, Fabricius
作者单位：Bank for International Settlements (BIS); University of Basel; Centre for Economic Policy Research - UK; Northeastern University
摘要：We devise a simple model of liquidity demand and supply to study dealers' liquidity provision in currency markets. Drawing on a globally representative data set of currency trading volumes, we show that at times when dealers' intermediation capacity is constrained the cost of liquidity provision increases disproportionately relative to dealer-intermediated volume. Consequently, the otherwise strong and positive relation between liquidity costs and trading volume diminishes significantly when d...
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作者：Edelen, Roger M.; Fong, Kingsley Y. L.; Han, Jingyi
作者单位：Virginia Polytechnic Institute & State University; University of New South Wales Sydney
摘要：We study the impact of disclosure and inattention on the decision to retain fee-based financial advice using a two-tiered natural regulatory experiment. Increased salience in fee disclosure raises the drop rate for advice, implying improved attention - particularly for relatively sophisticated investors. However, a novel auto-drop requirement for inattentive investors generates far more drops, implying limited attention despite salient disclosure - particularly for the unsophisticated. Contrar...
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作者：Flammer, Caroline; Giroux, Thomas; Heal, Geoffrey M.
作者单位：Columbia University; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Institut Polytechnique de Paris; ENSAE Paris
摘要：We study biodiversity finance-the use of private capital to finance biodiversity conservation and restoration-which is a new practice in sustainable finance. First, we provide a conceptual framework that lays out how biodiversity can be financed by pure private capital and blended financing structures. In the latter, private capital is blended with public or philanthropic capital, whose aim is to de-risk private capital investments. The main element underlying both types of financing is the mo...
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作者：Chen, Huaizhi
作者单位：University of Notre Dame
摘要：I show that as a portfolio's value concentration increases, actively managed portfolios predictably trim large positions, maintaining a level of practical diversification. This rebalancing channel is concentrated at thresholds implied by regulatory guidelines and by a fund's own risk management histories. Since larger stocks are typically held widely and in large weights, they experience a coordinated contrarian trading demand that originates from this form of risk management. Diversification ...
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作者：Pelizzon, Loriana; Subrahmanyam, Marti G.; Tomio, Davide
作者单位：Goethe University Frankfurt; Universita Ca Foscari Venezia; New York University; New York University; University of Virginia
摘要：We explore whether Quantitative Easing (QE) negatively affected the functioning of the treasury market. Focusing on the arbitrage between European sovereign bonds and their futures contracts, we show that the scarcity of treasuries created by QE led to a disconnect between the prices of identical assets. We identify three channels: reduced bond market liquidity, increased funding costs in the repo market, and a higher cost of carry. A change in a policy instrument allows us to identify scarcit...
