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作者：Koijen, Ralph S. J.; Lee, Hae Kang; Van Nieuwerburgh, Stijn
作者单位：University of Chicago; University of South Carolina System; University of South Carolina Columbia; Columbia University
摘要：We study aggregate lapsation risk in the life insurance sector. We construct two lapsation risk factors that explain a large fraction of the common variation in lapse rates of the 30 largest life insurance companies. The first is a cyclical factor that is positively correlated with credit spreads and unemployment, while the second factor is a trend factor that correlates with the level of interest rates. Using a novel policy -level database from a large life insurer, we examine the heterogenei...
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作者：Brogaard, Jonathan; Gerasimova, Nataliya; Rohrer, Maximilian
作者单位：Utah System of Higher Education; University of Utah; BI Norwegian Business School; Norwegian School of Economics (NHH)
摘要：This paper provides novel evidence that female politicians increase the proportion of US government procurement contracts allocated to women -owned firms. For identification, we use a regression discontinuity design on a sample of mixed -gender elections in the US House of Representatives. The effect grows over female representative's tenure and concentrates in female representatives who are on powerful congressional committees. Changes in the pool of and behavior by government contractors can...
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作者：Ha, Sangeun; Ma, Fangyuan; Zaldokas, Alminas
作者单位：Copenhagen Business School; Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen); Hong Kong University of Science & Technology
摘要：We examine how executive compensation can be designed to facilitate product market collusion. We look at the 2013 decision to close several regional offices of the U.S. Department of Justice, which lowered antitrust enforcement for firms located near these closed offices. We argue this made collusion more appealing to shareholders, and find that these firms increased the sensitivity of executive pay to local rivals' performance, consistent with rewarding the managers for colluding with them. T...
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作者：Bogle, David A.; Campbell, Gareth; Coyle, Christopher; Turner, John D.
作者单位：Queens University Belfast; Queens University Belfast
摘要：Why did shareholder liability disappear? We address this question by looking at its use by British insurance companies until its complete disappearance. We explore three possible explanations for its demise: (1) regulation and government-provided policyholder protection meant that it was no longer required; (2) it had become de facto limited; and (3) shareholders saw an opportunity to expunge something they disliked when insurance companies grew in size. Using hand-collected archival data, our...
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作者：Spaenjers, Christophe; Steiner, Eva
作者单位：University of Colorado System; University of Colorado Boulder; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Using granular data on U.S. hotel investments over the past two decades, we show that industry-specialist PE firms achieve higher net income from operations and higher capital gains from sale than generalist PE firms for comparable properties. Those results are driven by specialists implementing more and larger cost savings without compromising revenues. Fundamentally, specialists utilize their hotel-specific operating expertise to produce superior performance outcomes. We show that specialist...
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作者：Deng, Jun; Pan, Huifeng; Yan, Hongjun; Yang, Liyan
作者单位：University of International Business & Economics; DePaul University; University of Toronto
摘要：We analyze two insider-trading regulations recently introduced by the Securities and Exchange Commission: mandatory disclosure and cooling-off period. The former requires insiders disclose trading plans at adoption, while the latter mandates a delay period before trading. These policies affect investors' trading profits, risk sharing, and hence their welfare. If the insider has sufficiently large hedging needs, in contrast to the conventional wisdom from sunshine trading, disclosure reduces th...
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作者：Baldauf, Markus; Frei, Christoph; Mollner, Joshua
作者单位：University of British Columbia; University of Alberta; Northwestern University
摘要：We study the optimal execution problem in a principal-agent setting. A client contracts to purchase from a dealer. The dealer hedges, buying from the market, creating temporary and permanent price impact. The client chooses a contract, which specifies payment as a function of market prices; hidden action precludes conditioning on the dealer's hedging trades. We show the first-best benchmark is theoretically achievable with an unrestricted contract set. We then consider weighted-average-price c...
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作者：Meyer, Steffen; Uhr, Charline
作者单位：Aarhus University; Danish Finance Institute
摘要：We investigate individual investors' decisions under time-varying ambiguity (VVIX) using plausibly exogenous forced mutual fund liquidations at a German brokerage. Investors reinvest 87% of forced liquidations when the refund occurs on a day of low ambiguity and 0% when it occurs on a day of high ambiguity. Instead of reinvesting, investors become inert and keep the refund in their cash holdings. The effect reverses approximately six months after the liquidation. If investors reinvest, they de...
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作者：Ersahin, Nuri; Giannetti, Mariassunta; Huang, Ruidi
作者单位：Southern Methodist University; Stockholm School of Economics; Swedish House of Finance
摘要：We show that trade credit flows increase when a firm in a production network becomes a less reliable supplier due to an operating shock. Affected firms extend more trade credit when their customers have lower switching costs or expect more disruption. Suppliers that are more dependent on the affected firms facilitate the trade credit extension. However, when financial constraints at the affected firms and their suppliers prevent the increase in trade credit, customers sever their relationships...
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作者：Pellegrino, Bruno; Zheng, Geoffery
作者单位：Columbia University; New York University; NYU Shanghai
摘要：An important strand of research in macro-finance investigates which factors impede enterprise investment, and what is their aggregate economic cost. In this paper, we make two contributions to this literature. The first contribution is methodological: we introduce a novel framework to calibrate macroeconomic models with firm -level distortions using enterprise survey micro-data. The core of our innovation is to explicitly model the firms' decisions to report in the survey the distortions they ...
