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作者：Aiello, Darren J.
作者单位：Brigham Young University
摘要：Financially constrained mortgage servicers destroyed substantial MBS investor value during the financial crisis through their management of delinquent mortgages. Servicers advance to investors monthly payments missed by borrowers. In order to minimize this obligation to extend financing to distressed borrowers, constrained servicers aggressively pursued foreclosures and modifications at the expense of investors, borrowers, and future mortgage performance. When agency frictions between the serv...
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作者：Belo, Frederico; Gala, Vito D.; Salomao, Juliana; Vitorino, Maria Ana
作者单位：INSEAD Business School; Pacific Investment Management Company, LLC; University of Minnesota System; University of Minnesota Twin Cities; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：What are the economic determinants of a firm's market value? We answer this question through the lens of a generalized neoclassical model of investment with quasi-fixed labor and three heterogeneous capital inputs. We estimate the structural model using firm-level data on US firms and find that, on average and depending on the industry, installed labor force accounts for 14-21% of firms' market value, physical capital accounts for 30-40%, knowledge capital accounts for 20-43%, and brand capita...
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作者：Chen, Deqiu; Ma, Yujing; Martin, Xiumin; Michaely, Roni
作者单位：University of International Business & Economics; Hong Kong Polytechnic University; Washington University (WUSTL); University of Hong Kong; European Corporate Governance Institute
摘要：Using the introduction of high-speed rail (HSR) as an exogenous shock to costs of information acquisition, we show reductions in information-acquisition costs lead to (i) a significant increase in information production, evidenced by a higher frequency of analysts visiting portfolio firms and (ii) improvement in output quality, manifested in higher forecast accuracy and better recommendations. The effect is more pronounced for firms with information that is difficult to produce. Importantly, m...
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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：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：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...
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作者：Eaton, Gregory W.; Green, T. Clifton; Roseman, Brian S.; Wu, Yanbin
作者单位：Oklahoma State University System; Oklahoma State University - Stillwater; Emory University; State University System of Florida; University of Florida
摘要：We study brokerage platform outages to examine the impact of retail investors on financial markets. We contrast outages at Robinhood, which caters to inexperienced investors, with outages at traditional retail brokers. For stocks with high retail interest, we find that neg-ative shocks to Robinhood investor participation are associated with reduced market order imbalances, increased market liquidity, and lower return volatility, whereas the opposite relations hold following outages at traditio...
