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作者：Hilt, Eric; Jaremski, Matthew; Rahn, Wendy
作者单位：Wellesley College; University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; National Bureau of Economic Research
摘要：We study the effects of the Liberty Bond drives of World War I on financial intermediation in the 1920s and beyond. Using panel data on US counties, and an instrument that captures differences in the approaches used to market the bonds, we find that higher Liberty Bond subscription rates led to an increase in investment banks and a contraction in commercial bank assets. We also find that in the late 1930s, individuals residing in states where Liberty Bond subscription rates had been higher wer...
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作者：Bartlett, Robert; Morse, Adair; Stanton, Richard; Wallace, Nancy
作者单位：University of California System; University of California Berkeley; University of California System; University of California Berkeley
摘要：U.S. fair-lending law prohibits lenders from making credit determinations that disparately affect minority borrowers if those determinations are based on characteristics unrelated to creditworthiness. Using an identification under this rule, we show risk-equivalent Lat-inx/Black borrowers pay significantly higher interest rates on GSE-securitized and FHA-insured loans, particularly in high-minority-share neighborhoods. We estimate these rate differences cost minority borrowers over $450 millio...
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作者：Armstrong, Christopher; Nicoletti, Allison; Zhou, Frank S.
作者单位：University of Pennsylvania
摘要：Employing a novel control function regression method that accounts for the endogenous matching of banks and executives, we find that equity portfolio vega, the sensitivity of ex-ecutives' equity portfolio value to their firms' stock return volatility, leads to systemic risk that manifests during subsequent economic contractions but not expansions. We further find that vega encourages systemically risky policies, including maintaining lower com-mon equity Tier 1 capital ratios, relying on more ...
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作者：Ermolov, Andrey
作者单位：Fordham University
摘要：I study the sufficiency of macroeconomic information to explain the time-variation in sec -ond moments of stock and bond returns, with a particular attention to stock-bond correla-tions. I propose an external habit model supplemented with realistic non-Gaussian funda-mentals estimated solely from macroeconomic data. Intertemporal smoothing and precau-tionary savings effects - driven by consumption shocks - combine with a time-varying co-variance between consumption and inflation to generate la...
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作者：Eaton, Gregory W.; Guo, Feng; Liu, Tingting; Officer, Micah S.
作者单位：Oklahoma State University System; Oklahoma State University - Stillwater; Iowa State University; Loyola Marymount University
摘要：Using unique data, this paper examines investment banks' choice of peers in comparable companies analysis in mergers and acquisitions. We find strong evidence that product mar-ket space is amongst the most important factors in peer selection, but Standard Industrial Classification (SIC) codes, particularly three and four digit codes, do a poor job of catego-rizing related firms in this setting. Banks strategically select large, high growth peers with high valuation multiples, factors that are ...
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作者：Bond, Philip; Zeng, Yao
作者单位：University of Washington; University of Washington Seattle; University of Pennsylvania
摘要：We examine voluntary disclosure decisions when firms are uncertain about audience preferences and are risk averse. In contrast to classic unraveling results, some firms remain silent in equilibrium. Silence is safer than disclosure; silence reduces the sensitivity of a firm's payoff to audience preferences. Increases in firm (audience) risk-aversion reduce (increase) disclosure. Our model explains why some firms do not disclose earnings breakdowns, executive compensation, or Environmental, Soc...
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作者：Hutton, Amy; Shu, Susan; Zheng, Xin
作者单位：Boston College; University of British Columbia
摘要：Does enhanced regulatory transparency facilitate alignment of private and public enforcement? Utilizing the SEC's 2004 decision to publicly disclose its comment letters, we explore the actions of the SEC and shareholder litigants. We find the two parties converge more on enforcement targets after the public disclosure. The increased alignment is attributable to public scrutiny of SEC oversight enhancing regulator incentives and reducing regulatory capture, and to shareholder plaintiffs gaining...
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作者：Liu, Hong; Tang, Xiaoxiao; Zhou, Guofu
作者单位：Washington University (WUSTL); University of Texas System; University of Texas Dallas
摘要：The Federal Open Market Committee (FOMC) meetings are among the most important economic events. We propose a novel method to recover the FOMC risk premium and drift sizes. Empirically, we find that for the 192 meetings from 1996 to 2019, the FOMC risk premium varies across meetings, from 1 to 326 basis points (bps) with an average of 45 bps. We obtain an out-of-sample R 2 of 7.51% when using the recovered FOMC premium to predict the meeting returns around the announcement. The average predicte...
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作者：Barrios, John M.; Hochberg, Yael, V; Yi, Hanyi
作者单位：Washington University (WUSTL); Rice University; Boston College; National Bureau of Economic Research
摘要：We utilize the staggered arrival of Uber and Lyft-large sources of on-demand, platform enabled gig opportunities-in U.S. cities to examine the effect of the arrival of flexible gig work opportunities on new business formation. The introduction of gig opportunities is associated with an increase of-5% in the number of new business registrations in the local area, and a correspondingly-sized increase in small business lending to newly registered businesses. Internet searches for entrepreneurship...
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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...
