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作者：Bena, Jan; Dinc, Serdar; Erel, Isil
作者单位：University of British Columbia; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; National Bureau of Economic Research; University System of Ohio; Ohio State University
摘要：We study how non-financial multinational companies propagate economic declines from their subsidiaries located in countries experiencing an economic downturn to subsidiaries in countries not experiencing one. We find that investment is 18% lower in subsidiaries of these parents relative to the same-industry, same-country subsidiaries of parents that are headquartered in the same parent country but do not have a subsidiary in a country expe-riencing an economic downturn. The employment growth r...
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作者：Pastor, Lubos; Stambaugh, Robert F.; Taylor, Lucian A.
作者单位：University of Chicago; University of Pennsylvania; National Bureau of Economic Research; Centre for Economic Policy Research - UK; National Bank of Slovakia
摘要：Green assets delivered high returns in recent years. This performance reflects unexpect-edly strong increases in environmental concerns, not high expected returns. German green bonds outperformed their higher-yielding non-green twins as the greenium widened, and U.S. green stocks outperformed brown as climate concerns strengthened. Despite that outperformance, we estimate lower expected returns for green stocks than for brown, con-sistent with theory. We estimate expected returns in two ways: ...
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作者：Badarinza, Cristian; Ramadorai, Tarun; Shimizu, Chihiro
作者单位：National University of Singapore; Imperial College London; University of Tokyo; Centre for Economic Policy Research - UK
摘要：We propose a new explanation for the persistence of gravity in international investment flows based on new facts about large cross-border commercial real estate transactions. Buyers in these transactions preferentially match with counterparties from own or proximate countries; such affinity-based matching helps alleviate financial investment frictions. We set up and structurally estimate a model of capital allocation in a decentralized market with an investment friction, which delivers the pri...
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作者：Barry, John W.; Campello, Murillo; Graham, John R.; Ma, Yueran
作者单位：Duke University; Cornell University; National Bureau of Economic Research; University of Chicago
摘要：We use the COVID shock to study the direct and interactive effects of several forms of cor-porate flexibility on short-and long-term real business plans. We find that i) workplace flexibility, namely the ability for employees to work remotely, plays a central role in de-termining firms' employment plans during the health crisis; ii) investment flexibility allows firms to increase or decrease capital spending based on their business prospects in the cri-sis, with effects shaped by workplace fle...
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作者：Blickle, Kristian
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：I study the effects of an increase in the supply of local mortgage credit on house prices by exploiting a natural experiment from Switzerland. In 2008, retail customers migrate deposits from universal banks that are suffering overseas losses to homogeneous and narrowly-local mortgage banks. Using the distance between the two types of banks as an instrument for deposit growth, I show that local mortgage banks increase mortgage lending, which correlates with subsequent house price growth in thei...
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作者：Erel, Isil; Liebersohn, Jack
作者单位：University System of Ohio; Ohio State University; National Bureau of Economic Research; European Corporate Governance Institute; University of California System; University of California Irvine
摘要：New technology promises to expand the supply of financial services to small businesses poorly served by banks. Does it succeed? We study the response of FinTech to financial ser-vices demand created by the introduction of the Paycheck Protection Program. FinTech is disproportionately used in ZIP codes with fewer bank branches, lower incomes, and more minority households, and in industries with fewer banking relationships. It is also greater in counties where the economic effects of the COVID-1...
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作者：Babus, Ana; Parlatore, Cecilia
作者单位：Washington University (WUSTL); New York University
摘要：We study the determinants of asset market fragmentation in a model with strategic in-vestors that disagree about the value of an asset. Investors' choices determine the market structure. Fragmented markets are supported in equilibrium when disagreement between investors is low. In this case, investors take the same side of the market and are willing to trade in smaller markets with a higher price impact to face less competition when trading against a dealer. The maximum degree of market fragme...
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作者：Eisenbach, Thomas M.; Kovner, Anna; Lee, Michael Junho
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We model how a cyber attack may be amplified through the U.S. financial system, focus-ing on the wholesale payments network. We estimate that spillovers of an attack on one of the five most active banks would impair 31% of the network, on average, with some days significantly worse. When other banks respond by liquidity hoarding, forgone pay-ment activity can reach more than 2.5 times daily GDP. A reverse stress test shows attacks on groups of small banks can also impair a significant amount o...
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作者：Craig, Ben; Ma, Yiming
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Columbia University
摘要：We examine systemic risk in the interbank market. We first establish that in the German interbank lending market, a few large banks intermediate funding flows between many smaller periphery banks. We then develop a network model in which banks trade off the costs and benefits of link formation. The model is structurally estimated using banks' preferences as revealed by the observed network structure before the Great Financial Crisis. In out-of-sample tests, model estimates based on pre-crisis ...
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作者：Kaiser, Tim; Lusardi, Annamaria; Menkhoff, Lukas; Urban, Carly
作者单位：University of Koblenz & Landau; George Washington University; National Bureau of Economic Research; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Humboldt University of Berlin; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW); Montana State University System; Montana State University Bozeman
摘要：We study the rapidly growing literature on the causal effects of financial education programs in a meta-analysis of 76 randomized experiments with a total sample size of over 160,0 0 0 individuals. Many of these experiments are published in top economics and finance journals. The evidence shows that financial education programs have, on average, positive causal treatment effects on financial knowledge and downstream financial behaviors. Treatment effects are economically meaningful in size, si...
