-
作者：Armantier, Olivier; Foncel, Jerome; Treich, Nicolas
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Universite de Lille; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; INRAE
摘要：We study insurance and portfolio decisions, two opposite risk retention tradeoffs. Using household level data, we identify the first joint determinants (e.g. subjective expectations, risk attitude) and frictions (e.g. liquidity constraints, financial literacy) in the literature. We also find key differences between the two decisions. Notably, contrary to economic intuition, risky asset holding and insurance coverage both increase with wealth. We show that this apparent puzzle is driven in part...
-
作者：Monacelli, Tommaso; Quadrini, Vincenzo; Trigari, Antonella
作者单位：Bocconi University; University of Southern California
摘要：We study the importance of financial markets for (un)employment fluctuations in a model with matching frictions where firms borrow under limited enforcement. Borrowing affects employment through a 'debt bargaining channel': higher debt improves the bargaining po-sition of employers with workers and increases the incentive to hire. We estimate the model structurally and find that the debt bargaining channel accounts for 26 percent of unemployment fluctuations. We find empirical support for the ...
-
作者：Huh, Yesol; Kim, You Suk
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We study optimal securitization in the agency mortgage-backed securities (MBS) market. Many MBS are traded in the liquid to-be-announced (TBA) market, which however induces adverse selection due to cheapest-to-deliver pricing. We find that lenders pool high-value loans separately and trade them in a less liquid market. We estimate a model of MBS pooling and trading to study welfare implications of pooling policies. TBA market structure produces a trade-off between efficiency and equity; broade...
-
作者：Carlin, Bruce; Umar, Tarik; Yi, Hanyi
作者单位：Rice University; Boston College
摘要：Permissive laws deputize financial professionals to screen for misbehavior without pro-viding explicit incentives. These are very common in financial markets. To evaluate their effectiveness, we exploit the staggered adoption of the 2016 Model Act provisions intended to curb elder abuse. We find a drop in reports of abuse by financial professionals to the Department of Treasury and, separately, in financial crimes against the elderly as mon-itored by the FBI. The effect is stronger where the e...
-
作者：Gormley, Todd A.; Gupta, Vishal K.; Matsa, David A.; Mortal, Sandra C.; Yang, Lukai
作者单位：Washington University (WUSTL); University of Alabama System; University of Alabama Tuscaloosa; Northwestern University; National Bureau of Economic Research; Texas A&M University System; Texas A&M International University
摘要：In 2017, The Big Three institutional investors launched campaigns to increase gender diversity on corporate boards. We estimate that their campaigns led American corporations to add at least 2.5 times as many female directors in 2019 as they had in 2016. Firms increased diversity by identifying candidates beyond managers' existing networks and by placing less emphasis on candidates' executive experience. Firms also promoted more female directors to key board positions, indicating firms' respon...
-
作者：Huang, Xing; Ivkovic, Zoran; Jiang, John Xuefeng; Wang, Isabel Yanyan
作者单位：Washington University (WUSTL); Michigan State University; Michigan State University; Michigan State University
摘要：We examine the role of first impressions in angel investor decision-making. Video stills of entrepreneurs pitching on the Shark Tank show and in Startup Battlefield competitions yield six measures of first impressions of entrepreneurs' facial traits and two principal components: one that captures general ability and the other that contrasts charm and managerial ability. We find positive associations between both components and the like-lihood of entrepreneurs receiving an investment offer or w...
-
作者：Goncalves, Andrei S.; Leonard, Gregory
作者单位：University System of Ohio; Ohio State University; University of North Carolina; University of North Carolina Chapel Hill
摘要：Recent evidence indicates the value premium declined over time. We argue this decline happened because book equity, BE, is no longer a good proxy for fundamental equity, F E, defined as the present value of cash flows under a common discount rate across firms. Specifically, we estimate F E for public US firms over time and find that the premium asso-ciated with the fundamental-to-market ratio, F E /ME , subsumes the BE /ME premium and has been relatively stable while the cross-sectional correl...
-
作者：Nagel, Stefan; Xu, Zhengyang
作者单位：University of Chicago; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Leibniz Association; Ifo Institut; City University of Hong Kong
摘要：We examine subjective risk premia implied by return expectations of individual investors and professionals for portfolios of stocks, bonds, currencies, and commodity futures. While in-sample predictive regressions with realized excess returns suggest that objective risk premia vary countercyclically with business-cycle and asset-valuation measures, subjective risk premia extracted from survey data are largely acyclical. Out-of-sample forecasts of ex -cess returns exhibit a similar lack of cycl...
-
作者：Chen, Zilin; Da, Zhi; Huang, Dashan; Wang, Liyao
作者单位：Southwestern University of Finance & Economics - China; University of Notre Dame; Singapore Management University; Hong Kong Baptist University
摘要：We construct a monthly presidential economic approval rating (PEAR) index from 1981 to 2019, by averaging ratings on the president's handling of the economy across various national polls. In the cross-section, stocks with high betas to changes in the PEAR index significantly under-perform those with low betas by 1.00% per month in the future, on a risk-adjusted basis. The low PEAR beta premium persists up to one year, and is present in various sub-samples and even in other G7 countries. PEAR b...
-
作者：Gokkaya, Sinan; Liu, Xi; Stulz, Rene M.
作者单位：University System of Ohio; Ohio University; University System of Ohio; Ohio State University; University System of Ohio; Miami University; National Bureau of Economic Research; European Corporate Governance Institute
摘要：We open the black box of the M&A decision process by examining whether specialized M&A staff, who perform a wide range of acquisition-related functions, improve acquisi-tion performance. We find that the presence and the quality of specialized M&A staff is one of the most economically important determinants of acquisition performance. We ex-plore mechanisms through which specialized M&A staff improve acquisition performance and investigate why only less than half of US firms employ such staff....
