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作者：Craig, Ben; Ma, Yiming
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Columbia University
摘要：We examine systemic risk in the interbank market. We first establish that in the German interbank lending market, a few large banks intermediate funding flows between many smaller periphery banks. We then develop a network model in which banks trade off the costs and benefits of link formation. The model is structurally estimated using banks' preferences as revealed by the observed network structure before the Great Financial Crisis. In out-of-sample tests, model estimates based on pre-crisis ...
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作者：Kaiser, Tim; Lusardi, Annamaria; Menkhoff, Lukas; Urban, Carly
作者单位：University of Koblenz & Landau; George Washington University; National Bureau of Economic Research; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Humboldt University of Berlin; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW); Montana State University System; Montana State University Bozeman
摘要：We study the rapidly growing literature on the causal effects of financial education programs in a meta-analysis of 76 randomized experiments with a total sample size of over 160,0 0 0 individuals. Many of these experiments are published in top economics and finance journals. The evidence shows that financial education programs have, on average, positive causal treatment effects on financial knowledge and downstream financial behaviors. Treatment effects are economically meaningful in size, si...
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作者：Benzoni, Luca; Garlappi, Lorenzo; Goldstein, Robert S.; Ying, Chao
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of British Columbia; University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; University of Minnesota System; University of Minnesota Twin Cities; Chinese University of Hong Kong
摘要：We investigate equilibrium debt dynamics for a firm that cannot commit to a future debt policy and is subject to a fixed restructuring cost. We formally characterize equilibria when the firm is not required to repurchase outstanding debt prior to issuing additional debt. For realistic values of issuance costs and debt maturity, the no-commitment policy generates tax benefits that are similar to those obtained by a benchmark policy with commitment. For positive but arbitrarily small issuance co...
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作者：Antill, Samuel
作者单位：Harvard University
摘要：In Chapter 11 bankruptcy cases in the United States, firms are either reorganized, acquired, or liquidated. I show that decisions to liquidate often reduce creditor recovery, costing creditors billions of dollars every year. I exploit the within-district random assignment of bankruptcy judges to estimate a structural model of bankruptcy. I estimate that liquidation is frequently chosen when a reorganization would have maximized total creditor recovery. Liquidations involving 363 sales, in whic...
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作者：Fathollahi, Maryam; Harford, Jarrad; Klasa, Sandy
作者单位：University of Oklahoma System; University of Oklahoma - Norman; University of Washington; University of Washington Seattle; University of Arizona; Fudan University; European Corporate Governance Institute
摘要：Theory predicts that horizontal acquisitions can effectively increase incumbent firms' market power in concentrated industries with high product similarity. Using a novel measure for industry product similarity, we show that in such industries firms' propensity to make horizontal acquisitions is greater and that the acquisitions result in more positive announcement returns for the acquirer and rival firms and in a larger premium paid for the target. Also, the deals harm dependent customer and ...
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作者：Schlingemann, Frederik P.; Stulz, Rene M.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University System of Ohio; Ohio State University; National Bureau of Economic Research; European Corporate Governance Institute
摘要：Publicly traded firms contribute less to total nonfarm employment and GDP now than in the 1970s. Major reasons for this development are the decline of manufacturing, the shift towards more production abroad in manufacturing, and the growth of the service economy as firms providing services are less likely to be listed on exchanges. A firm's stock market capitalization is much less instructive about its employment now than earlier. Market capitalizations have not become systematically less info...
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作者：Gormley, Todd A.; Kaplan, Zachary; Verma, Aadhaar
作者单位：Washington University (WUSTL)
摘要：Fund trades and stock prices vary systematically with the quarterly reporting cycle. Funds accelerate trades that complete the building of existing positions at quarter-end but de-lay trades that initiate the building of new positions until the start of the new quarter. Evidence suggests these trade dynamics are driven by a dual desire to make disclosures more informative about future holdings but avoid disclosing incomplete positions. Con-sistent with disclosure-based motives unrelated to new...
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作者：Chen, Hailiang; Hwang, Byoung-Hyoun
作者单位：University of Hong Kong; Nanyang Technological University
摘要：A large literature in neuroscience and social psychology shows that humans are wired to be meticulous about how they are perceived by others. In this paper, we propose that impression management considerations can also end up guiding the content that investors transmit via word of mouth and inadvertently lead to the propagation of noise. We analyze server log data from one of the largest investment-related websites in the United States. Consistent with our proposition, we find that investors m...
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作者：Choi, Jaewon; Kronlund, Mathias; Oh, Ji Yeol Jimmy
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Yonsei University; Tulane University; Hanyang University
摘要：We find evidence of widespread stale pricing in bond mutual funds and the resulting risks of dilution and fragility. A principal driver of this phenomenon is the high illiquidity of funds' holdings, which makes accurate pricing difficult and provides funds with greater discretion over valuation. Consequently, net asset values (NAVs) are extremely stale and fund returns are predictable over several days and weeks, particularly during market crises. Opportunistic traders withdraw capital from ov...
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作者：Huang, Shiyang; Lee, Charles M. C.; Song, Yang; Xiang, Hong
作者单位：University of Hong Kong; Stanford University; University of Washington; University of Washington Seattle; Hong Kong Polytechnic University
摘要：We re-examine the puzzling pattern of lead-lag returns among economically-linked firms. Our results show that investors consistently underreact to information from lead firms that arrives continuously, while information with the same cumulative returns arriving in discrete amounts is quickly absorbed into price. This finding holds across many different types of economic linkages, including shared-analyst-coverage. We conclude that the aefrog in the pang(FIP) momentum effect is pervasive in co-...
