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作者：Crosignani, Matteo; Macchiavelli, Marco; Silva, Andre F.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; University of Massachusetts System; University of Massachusetts Amherst; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper examines the supply chain effects of the most damaging cyberattack in his-tory so far. The attack propagated from the directly hit firms to their customers, causing a four-fold amplification of the initial drop in profits. These losses were larger for affected customers with fewer alternative suppliers. Internal liquidity buffers and increased bor-rowing, mainly through bank credit lines, helped firms navigate the shock. Nonetheless, the cyberattack led to persistent adjustments to ...
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作者：Escobar, Laura; Pedraza, Alvaro
作者单位：Universidad de La Sabana; The World Bank
摘要：We study the influence from social interactions on equity trading. Using unique data on stock transactions, we exploit the quasi-random assignment of students to classrooms in a financial training program to identify how peer experience affects investor behavior. We find that individuals react more to peer gains than to peer losses. Students enrolled in courses where peers have positive outcomes: (i) are more likely to start trading, (ii) purchase similar stocks as their classmates, and (iii) ...
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作者：Gutierrez, Bryan; Ivashina, Victoria; Salomao, Juliana
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Harvard University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Minnesota System; University of Minnesota Twin Cities; Center for Economic & Policy Research (CEPR)
摘要：In emerging markets, a significant share of corporate loans are denominated in dollars. Using novel data that includes loan-level currency and the cost of credit, in addition to several other transaction-level characteristics, we re-examine the reasons behind dollar credit popularity. We find that a dollar-denominated loan has an interest rate that is 2 percentage points lower per year than a loan in local currency. Expectations of exchange rate movements do not explain this difference. We sho...
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作者：Carvalho, Daniel; Gao, Janet; Ma, Pengfei
作者单位：Indiana University System; Indiana University Bloomington; Georgetown University
摘要：We provide evidence that changes in lender optimism can lead to excessive fluctuations in credit spreads across the credit cycle. Using data on the real estate properties of loan officers originating large corporate loans, we find that credit spreads overreact to sophisti-cated lenders' recent local economic experiences, captured by local housing price growth. These effects are only present when borrowers own real estate assets and during times of greater uncertainty about real estate values, ...
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作者：Vihriala, Erkki
作者单位：Aalto University
摘要：Debt-repayment flexibility should help temporarily liquidity-constrained households but not necessarily households struggling to save. In a natural experiment in which households can apply for free mortgage-repayment flexibility, I find that two-thirds of liquidityconstrained applicants with high-cost debt voluntarily restrict flexibility and forgo, on average, 4,070 EUR of low-cost liquidity. An overconsumption tendency reflecting self-control problems can explain the voluntary liquidity rest...
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作者：van Binsbergen, Jules H.; Boons, Martijn; Opp, Christian C.; Tamoni, Andrea
作者单位：University of Pennsylvania; National Bureau of Economic Research; Tilburg University; Universidade Nova de Lisboa; University of Rochester; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick
摘要：We classify asset pricing anomalies into those exacerbating mispricing (build-up anoma-lies) and those resolving it (resolution anomalies). We estimate the dynamics of price wedges for well-known anomaly portfolios and map them to firm-level mispricings. We find that several prominent anomalies like momentum and profitability further dislocate prices. Multi-factor models designed to eliminate one-month alphas still produce large price wedges. Our estimates yield a novel decomposition of Tobin'...
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作者：Korevaar, Matthijs
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：Do investors reach for yield when interest rates are low and does this behavior affect the housing market? Using the unique setting and data of 18th-century Amsterdam, I show that reach-for-yield behavior of wealthy investors resulted in a large boom and bust in house prices and major changes in rental yields. Exploiting changes in the supply of bonds, I show that investors living off capital income shifted their portfolios towards real estate and other higher-yielding assets when bond yields ...
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作者：Derrien, Francois; Fresard, Laurent; Slabik, Victoria; Valta, Philip
作者单位：Hautes Etudes Commerciales (HEC) Paris; Universita della Svizzera Italiana; University of Bern; University of Geneva; Centre for Economic Policy Research - UK
摘要：Revaluations of industry peers around horizontal acquisitions are negative when targets are private, but positive when they are public. We posit this revaluation spread arises because acquiring managers favor private targets when public firms are overvalued. Targets' ownership status thus conveys information about industry assets' misvaluation and triggers predictable revaluations. Supporting this idea, private acquisitions occur when private targets appear cheaper than public firms based on v...
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作者：Chen, Sophia; Lee, Do
作者单位：International Monetary Fund; New York University
摘要：We show that the TFP growth of European micro, small, and medium-sized firms (SMEs) diverged from large firms after the global financial crisis. The average postcrisis TFP growth of medium-sized, small, and micro firms was, respectively, 1.1, 2.9, and 5.4 percentage points lower than that of large firms. This SME productivity gap is larger for firms with more severe credit supply shocks. The gap is partially attributable to a larger postcrisis reduction in intangible capital at SMEs than at la...
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作者：Howard, Greg; Liebersohn, Jack; Ozimek, Adam
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of California System; University of California Irvine
摘要：Remote work has increased the demand for housing and changed the demand for the location of that housing. Because housing supply is heterogeneous across space and more elastic in the long-run, the effects on rents and populations may differ over time. We use the lens of a spatial housing model with heterogeneous housing supply elasticities to identify the housing and location demand changes from 2020-2022, and show that the same shocks will have different effects in the long run. Even though r...
