2022

最新文章

• Partisan residential sorting on climate change risk AI翻译
  作者：Bernstein, Asaf; Billings, Stephen B.; Gustafson, Matthew T.; Lewis, Ryan
  作者单位：University of Colorado System; University of Colorado Boulder; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：Is climate change partisanship reflected in residential decisions? Comparing individual properties in the same zip code with similar elevation and proximity to the coast, houses exposed to sea level rise (SLR) are increasingly more likely to be owned by Republicans and less likely to be owned by Democrats. We find a partisan residency gap for even mod-erately SLR exposed properties of more than 5 percentage points, which has more than doubled over the past six years. Findings are unchanged con...
• Risk-adjusted capital allocation and misallocation AI翻译
  作者：David, Joel M.; Schmid, Lukas; Zeke, David
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of Southern California; University of Southern California
  摘要：We develop a theory linking misallocation, i.e., dispersion in marginal products of capital (MPK), to macroeconomic risk. Dispersion in MPK depends on (i) heterogeneity in firm -level risk and (ii) the magnitude of risk premia. Stock market-based measures imply that risk considerations explain about 25% of MPK dispersion among US firms and rationalize a large persistent component in firm-level MPK, consistent with the micro-level data. Time -varying risk premia lead to countercyclical MPK disp...
• The democratization of investment research and the informativeness of retail investor trading AI翻译
  作者：Farrell, Michael; Green, T. Clifton; Jame, Russell; Markov, Stanimir
  作者单位：University of Wisconsin System; University of Wisconsin Milwaukee; Emory University; University of Kentucky; University of Texas System; University of Texas Dallas
  摘要：We study the effects of social media on the informativeness of retail trading. Our identification strategy exploits the editorial delay between report submission and publication on Seeking Alpha, a popular crowdsourced investment research platform. We find the ability of retail order imbalances to predict the cross-section of stock returns and cash-flow news increases sharply in the intraday post-publication window relative to the pre-publication window. The findings are robust to controlling ...
• Equity tail risk and currency risk premia (vol 143, pg 484, 2022) AI翻译
  作者：Fan, Zhenzhen; Londono, Juan M.; Xiao, Xiao
  作者单位：University of Manitoba; Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Amsterdam
• Patent quality, firm value, and investor underreaction: Evidence from patent examiner busyness * AI翻译
  作者：Shu, Tao; Tian, Xuan; Zhan, Xintong
  作者单位：The Chinese University of Hong Kong, Shenzhen; Tsinghua University; Fudan University
  摘要：This paper attempts to study the causal effect of examiner busyness on patent quality and firm value. Using a broad set of patent quality measures, we find strong evidence that patents allowed by busy examiners exhibit significantly lower quality. Further, examiner busyness of firms' patents negatively predicts the firms' future stock returns, which is consistent with investor underreaction to examiner busyness. Examiners' experience helps attenuate the negative effect of examiner busyness. (c...
• Overallocation and secondary market outcomes in corporate bond offerings AI翻译
  作者：Bessembinder, Hendrik; Jacobsen, Stacey; Maxwell, William; Venkataraman, Kumar
  作者单位：Arizona State University; Arizona State University-Tempe; Southern Methodist University
  摘要：Bond underwriters, lacking Greenshoe options and formal systems to track flipping ac-tivity, have fewer tools than equity underwriters to manage secondary market order flow uncertainty. We show that bond underwriters respond by selectively overallocating some issues to attain net short positions. Overallocations are economically substantive, facilitate the syndicate's price stabilization efforts, and are largely offset in the days after issuance. These issues on average experience more net sel...
• Corporate culture: Evidence from the field AI翻译
  作者：Graham, John R.; Grennan, Jillian; Harvey, Campbell R.; Rajgopal, Shivaram
  作者单位：Duke University; National Bureau of Economic Research; Santa Clara University; Columbia University; Duke University
  摘要：Ninety-two percent of the 1348 North American executives we survey believe that im-proving corporate culture would increase firm value. A striking 84% believe their company needs to improve its culture. But how can that be achieved? Our paper provides some guidance by documenting the following: executives' views on what corporate culture is and how it operates, distinguishing between stated values and everyday norms; the extent to which culture is perceived to influence value creation (product...
• When the local newspaper leaves town: The effects of local newspaper closures on corporate misconduct AI翻译
  作者：Heese, Jonas; Perez-Cavazos, Gerardo; Peter, Caspar David
  作者单位：Harvard University; University of California System; University of California San Diego; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
  摘要：We examine whether the local press is an effective monitor of corporate misconduct. Specifically, we study the effects of local newspaper closures on violations by local facilities of publicly listed firms. After a local newspaper closure, local facilities increase violations by 1.1% and penalties by 15.2%, indicating that the closures reduce firm monitoring by the press. This effect is not driven by the underlying economic conditions, the underlying local fraud environment, or the underlying ...
• International asset pricing with strategic business groups AI翻译
  作者：Massa, Massimo; O'Donovan, James; Zhang, Hong
  作者单位：INSEAD Business School; City University of Hong Kong; Tsinghua University
  摘要：Firms in global markets often belong to business groups. We argue that this feature can have a profound influence on international asset pricing. In bad times, business groups may strategically reallocate risk across affiliated firms to protect core central firms. This strategic behavior induces co-movement among central firms, creating a new intertemporal risk factor. Based on a novel data set of worldwide ownership for 2002-2012, we find that central firms are better protected in bad times a...
• Financing constraints, home equity and selection into entrepreneurship AI翻译
  作者：Jensen, Thais Laerkholm; Leth-Petersen, Soren; Nanda, Ramana
  作者单位：University of Copenhagen; Imperial College London
  摘要：We exploit a mortgage reform that differentially unlocked home equity across the Danish population and study how this impacted selection into entrepreneurship. We find that increased entry was concentrated among entrepreneurs whose firms were founded in industries where they had no prior work experience. Nevertheless, we find that marginal entrants benefiting from the reform had higher pre-entry earnings and a significant share of these entrants started longer-lasting firms. Our results are mo...