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作者：Dutordoir, Marie; Strong, Norman C.; Sun, Ping
作者单位：University of Manchester; Alliance Manchester Business School; University of Liverpool
摘要：Announcements of stock-financed mergers and acquisitions (M&As) may attract short sell-ing of bidder shares by merger arbitrageurs. We hypothesize that bidders with higher short-selling potential include a higher proportion of cash in their M&A payments to miti-gate stock price declines resulting from arbitrage short sales. Consistent with this hypoth-esis, we find that the ex ante net lending supply of bidder shares has a positive impact on the percentage of cash in public target payments. Fu...
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作者：Looney, Adam; Yannelis, Constantine
作者单位：Utah System of Higher Education; University of Utah; Brookings Institution; University of Chicago; National Bureau of Economic Research
摘要：This paper studies the link between credit availability and student loan repayment using administrative federal student loan data. We demonstrate that policy-driven changes in credit available to high-default institutions explain almost all of the historical time-series variation in defaults. Between 1981 and 1988, eligibility for federal loans was expanded, leading to the entry of institutions with borrowers more likely to default. From 1988 to 1992, credit access was tightened, leading to th...
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作者：Arnold, Marc; Pelster, Matthias; Subrahmanyam, Marti G.
作者单位：University of St Gallen; University of Paderborn; New York University
摘要：This paper investigates how individual attention triggers influence financial risk-taking based on a large sample of trading records from a brokerage service that sends standardized push messages on stocks to retail investors. By exploiting the data in a difference-indifferences (DID) setting, we find attention triggers increase investors' risk-taking. Our DID coefficient implies attention trades carry, on average, a 19 percentage-point-higher leverage than non-attention trades. We provide a b...
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作者：Liu, Hongqi; Peng, Cameron; Xiong, Wei A.; Xiong, Wei
作者单位：The Chinese University of Hong Kong, Shenzhen; University of London; London School Economics & Political Science; Shenzhen Stock Exchange (SZSE); Princeton University
摘要：The success of behavioral economics has led to a new challenge: many biases offer ob-servationally similar predictions for a targeted financial anomaly. To tame this bias zoo, we combine subjective survey responses with observational data to propose a new ap-proach, one that is robust to question-specific biases introduced through surveys. We il-lustrate this approach by administering a nationwide survey of Chinese retail investors to elicit their trading motives. In cross-sectional regression...
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作者：Agrawal, Ashwini; Gonzalez-Uribe, Juanita; Martinez-Correa, Jimmy
作者单位：University of London; London School Economics & Political Science; Copenhagen Business School; Danish Finance Institute
摘要：A large theoretical literature studies the effects of creditor control during bankruptcy proceedings on firm outcomes. Empirical work in this area mainly examines reforms to creditor control rights during liquidation. In this paper, we use administrative microdata and exploit a legal reform in Denmark to provide the first causal estimates of creditor empowerment in reorganization-the complementary bankruptcy procedure to liquidation. We find that the Danish reform led to a sharp decline in liq...
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作者：Diamond, William; Landvoigt, Tim
作者单位：University of Pennsylvania; University of Pennsylvania
摘要：We develop a general equilibrium model in which households' mortgage leverage is de-termined by supply and demand forces, where the price of credit impacts the quantity of leverage households choose. Mortgages are supplied by financial intermediaries, who offer households a menu of mortgage contracts whose pricing varies with intermediaries' eq-uity capital. In the model, growth in the demand for safe assets that replicates the falling interest rates in the 20 0 0s causes an empirically realis...
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作者：Gao, Pengjie; Lee, Chang; Murphy, Dermot
作者单位：University of Notre Dame; Korea Advanced Institute of Science & Technology (KAIST); University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：We study the effect of the US Affordable Care Act (ACA) on healthcare borrowing costs. The ACA provides insurance subsidies to low-income enrollees. States could accept funding to expand Medicaid, although many declined, citing the cost burden. The ACA significantly reduced healthcare yields after a favorable 2012 Supreme Court ruling. Furthermore, hospital investment spending increased, and investment-cash flow sensitivities decreased. The yield effect was double in Medicaid expansion states,...
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作者：Tsang, Albert; Yang, Nan; Zheng, Lingyi
作者单位：Hong Kong Polytechnic University
摘要：This paper tests a theory conjecturing that cross-listing can insulate firms from potential hostile takeovers owing to the increased cost concern of bidders. We find a significant and positive relation between the corporate control threat and the likelihood that firms cross list in a foreign country. Firms facing takeover threats are more likely to choose hosting countries with greater accounting differences from the US GAAP. Subsample evidence suggests that cross-listing is more likely to be ...
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作者：Armona, Luis; Chakrabarti, Rajashri; Lovenheim, Michael F.
作者单位：Stanford University; Federal Reserve System - USA; Federal Reserve Bank - New York; Cornell University; National Bureau of Economic Research; Leibniz Association; Ifo Institut
摘要：For-profit providers have become an important fixture of US higher education markets. Students who attend for-profit institutions take on more educational debt and are more likely to default on their student loans than those attending similarly-selective public schools. Because for-profits tend to serve students from more disadvantaged backgrounds, it is important to isolate the causal effect of for-profit enrollment on student debt and repayment outcomes as well as the educational and labor m...
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作者：Bai, Hang; Zhang, Lu
作者单位：University of Connecticut; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：A dynamic stochastic general equilibrium model with recursive utility, search frictions, and capital accumulation is a good start to forming a unified theory of asset prices and business cycles. The model reproduces an equity premium of 4.27% per annum, a stock market volatility of 12.42%, and an average interest rate of 1.97%, while retaining plausible business cycle dynamics. The equity premium and stock market volatility are strongly countercyclical, whereas the interest rate and consumptio...
