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作者：Gofman, Michael; Wu, Youchang
作者单位：University of Rochester; University of Oregon
摘要：We construct a sample of over 20 0,0 0 0 supply chains between 2003 and 2018 to conduct a chain-based analysis of trade credit. Our study uncovers novel stylized facts about trade credit both within and across supply chains. More upstream firms borrow more from suppliers, lend more to customers, and hold more net trade credit. This upstreamness effect in trade credit is weaker for more profitable firms and for longer chains. Firms in more central or more profitable chains provide more net trad...
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作者：Cipriani, Marco; Guarino, Antonio; Uthemann, Andreas
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; University of London; University College London; Bank of Canada; University of London; London School Economics & Political Science
摘要：We develop a new methodology to estimate the impact of a financial transaction tax (FTT) on financial market outcomes. In our sequential trading model, there are price-elastic noise and informed traders. We estimate the model through maximum likelihood for a sample of 60 NYSE stocks in 2017. We quantify the effect of introducing an FTT given the param-eter estimates. An FTT increases the proportion of informed trading, improves information aggregation, but lowers trading volume and welfare. Fo...
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作者：Martynova, Natalya; Perotti, Enrico; Suarez, Javier
作者单位：Deutsche Bundesbank; University of Amsterdam
摘要：We analyze the strategic interaction between undercapitalized banks and a supervisor in a recovery and resolution framework in which early recapitalizations can prevent later dis-orderly failures. Capital forbearance emerges because reputational, political, economic and fiscal costs undermine supervisors' commitment to publicly resolve the banks that miss the request to privately recover. Under a weaker resolution threat, banks' incentives to re-cover are lower and supervisors may end up havin...
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作者：Ma, Song; Murfin, Justin; Pratt, Ryan
作者单位：Yale University; National Bureau of Economic Research; Cornell University; Brigham Young University
摘要：Across a broad range of equipment types and industries, we document a pattern of local capital reallocation from older firms to younger firms. Start-ups purchase a disproportionate share of old physical capital previously owned by more mature firms. The evidence is consistent with financial constraints driving differential demand for vintage capital. The local supply of used capital influences start-up entry, job creation, investment choices, and growth, particularly when capital is immobile. ...
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作者：Liberti, Jose; Sturgess, Jason; Sutherland, Andrew
作者单位：DePaul University; Northwestern University; University of London; Queen Mary University London; Massachusetts Institute of Technology (MIT)
摘要：We use the introduction of a U.S. commercial credit bureau to study when lenders adopt voluntary information sharing technology and the resulting consequences for competition and credit access. Our results suggest that lenders trade off access to new markets against heightened competition for their own borrowers. Lenders that initially do not adopt lose borrowers to competitors that do, which ultimately compels them to adopt and leads to the formation of an information sharing system. Access t...
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作者：Mangrum, Daniel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper estimates the impact of requiring high school students to complete personal finance education on federal student loan repayment behavior after college. I merge student loan borrowing and repayment data from the College Scorecard with data from the Integrated Postsecondary Education Data System on counts of high school graduates enrolling in college from different states. I estimate the causal effect of personal finance education mandates by relating the change in the share of univer...
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作者：Bialkowski, Jedrzej; Dang, Huong Dieu; Wei, Xiaopeng
作者单位：University of Canterbury
摘要：Motivated by the extremely low level of the CBOE VIX accompanied by the high level of U.S. economic policy uncertainty in the period of late 2016 to the end of 2017, we exam-ine the factors affecting the relationship between market volatility and economic policy uncertainty in the United States and the United Kingdom. Our analysis shows that low-quality political signals, higher opinion divergence among investors, and exceptional equity market performance consistently weaken the positive relat...
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作者：Anton, Miguel; Azar, Jose; Gine, Mireia; Lin, Luca X.
作者单位：University of Navarra; IESE Business School; University of Navarra; IESE Business School; University of Navarra; Universite de Montreal; HEC Montreal
摘要：Diversified acquirer shareholders can profit from value-destroying acquisitions not only through their target stakes, but also through stakes in non-merging rival firms. Announcement losses are largely mitigated for the average acquirer shareholder when accounting for wealth effects on their rival stakes. Ownership by acquirer shareholders in non-merging rivals is negatively associated with deal quality and positively associated with deal completion. Funds with more rival ownership are more li...
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作者：Jegadeesh, Narasimhan; Wu, Yanbin
作者单位：Emory University; State University System of Florida; University of Florida
摘要：Closing auction volume steadily increased over the last decade, and it reached a peak of about 10% of the total trading volume in 2019. We examine the price impact and resiliency of closing auctions, and we compare closing auction liquidity in Nasdaq and the NYSE. The NYSE offers more depth. In both exchanges, it takes about 3-5 days for the temporary component of the price impact to fully dissipate. Trading strategies that exploit this price impact and its reversals are significantly profitab...
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作者：Lerner, Josh; Mao, Jason; Schoar, Antoinette; Zhang, Nan R.
作者单位：Harvard University; National Bureau of Economic Research; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Massachusetts Institute of Technology (MIT)
摘要：Using previously unexplored custodial data, we examine alternative investment vehicles (AVs) in private equity (PE) funds over the last four decades. By 2017, AVs reached 40% of all PE commitments. Average AV performance matches the PE market, but underperforms the main funds of the partnerships sponsoring the AVs. Limited partners (LPs) with better past performance invest in AVs with better average performance, even after conditioning on the general partners' (GPs') past records. This result ...
