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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：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：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：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 ...
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作者：Chen, Jie; Su, Xunhua; Tian, Xuan; Xu, Bin
作者单位：University of Leeds; Norwegian School of Economics (NHH); Tsinghua University
摘要：We find strong evidence that when a firm's customer base is more concentrated, the firm's CEO receives more risk-taking incentives in her compensation package. This finding is robust to numerous alternative measures, alternative specifications, alternative subsamples, and different attem pts that mitigate endogeneity concerns. Further, the positive effect of customer concentration on CEO risk-taking incentive provision is more prominent when the CEO is more reluctant to take risks, when the fi...
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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
摘要：We find that an option-based equity tail risk factor is priced in the cross section of currency returns; more exposed currencies offer a low risk premium because they hedge against equity tail risk. A portfolio that buys currencies with high equity tail beta and shorts those with low beta extracts the global component in the tail factor. The estimated price of risk of this novel global factor is consistently negative in currency carry and momentum portfolios, and in portfolios of other asset c...
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作者：DeFusco, Anthony A.; Nathanson, Charles G.; Zwick, Eric
作者单位：Northwestern University; University of Chicago; National Bureau of Economic Research
摘要：Using data on 50 million home sales from the last U.S. housing cycle, we document that much of the variation in volume came from the rise and fall in speculation. Cities with larger speculative booms have larger price booms, sharper increases in unsold listings as the market turns, and more severe busts. We present a model in which predictable price increases endogenously attract short-term buyers more than long-term buyers. Short-term buyers amplify volume by selling faster and destabilize pr...
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作者：Di Maggio, Marco; Kermani, Amir; Ramcharan, Rodney; Yao, Vincent; Yu, Edison
作者单位：Harvard University; National Bureau of Economic Research; University of California System; University of California Berkeley; University System of Georgia; Georgia State University; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Using new employer-employee matched data, this paper investigates the impact of uncertainty, as measured by idiosyncratic stock market volatility, on individual outcomes. We find that firms provide at best partial insurance to their workers. Increased firm-level uncertainty reduces total compensation, especially variable pay, and workers reduce their durable goods consumption in response. Such shocks also lead to greater financial fragility among lower-income earners. Constructing a new county...
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作者：Albertus, James F.; Glover, Brent; Levine, Oliver
作者单位：Carnegie Mellon University; University of Wisconsin System; University of Wisconsin Madison
摘要：We estimate a dynamic model, featuring agency conflicts and a stochastic tax reform arrival, to evaluate how the change from a worldwide to territorial tax system, enacted under the Tax Cuts and Jobs Act (TCJA), affects foreign investment. Although a worldwide system imposes a higher tax liability on foreign income, we show it encourages excess foreign investment by depressing the opportunity cost of capital. In our estimated model, the TCJA reduces foreign investment by 15.6% on average, with...
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作者：Gredil, Oleg R.; Kapadia, Nishad; Lee, Jung Hoon
作者单位：Tulane University; Vanderbilt University
摘要：We examine the ability of ratings and market-based measures to predict defaults. Although market-based measures are more accurate at horizons up to one year, ratings comple-ment market-based measures and are not redundant in predicting defaults across hori-zons. Market-based measures differ from ratings in that they respond to both cash-flow and discount-rate news, while ratings respond primarily to cash-flow news, which is more informative of future defaults. Ratings ignore transitory shocks ...
