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作者：Jensen, Thais Laerkholm; Leth-Petersen, Soren; Nanda, Ramana
作者单位：University of Copenhagen; Imperial College London
摘要：We exploit a mortgage reform that differentially unlocked home equity across the Danish population and study how this impacted selection into entrepreneurship. We find that increased entry was concentrated among entrepreneurs whose firms were founded in industries where they had no prior work experience. Nevertheless, we find that marginal entrants benefiting from the reform had higher pre-entry earnings and a significant share of these entrants started longer-lasting firms. Our results are mo...
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作者：Jin, Lawrence J.; Sui, Pengfei
作者单位：California Institute of Technology; The Chinese University of Hong Kong, Shenzhen; The Chinese University of Hong Kong, Shenzhen
摘要：We present a new model of asset prices in which a representative agent has extrapolative beliefs about stock market returns and Epstein-Zin preferences. The model quantitatively explains facts about asset prices, return expectations, and cash-flow expectations. When the agent's beliefs about stock market returns are calibrated to survey expectations of investors, the model generates excess volatility and predictability of stock market returns, a high equity premium, a low and stable risk-free ...
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作者：Khanna, Naveen; Mathews, Richmond D.
作者单位：Michigan State University; Michigan State University's Broad College of Business; University System of Maryland; University of Maryland College Park
摘要：We study competition for startups among VCs with heterogeneous skill. VCs with established skill face two impediments. First, less established VCs compete aggressively for new startups in order to establish a reputation. Second, startups also value reliability in their VCs, which imposes a higher cost on established VCs because they have better outside options. As a result, startups over-experiment by excessively partnering with less established VCs, which crowds out established skill and redu...
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作者：Avramov, Doron; Cheng, Si; Lioui, Abraham; Tarelli, Andrea
作者单位：Reichman University; Chinese University of Hong Kong; Universite Catholique de Lille; EDHEC Business School; Catholic University of the Sacred Heart
摘要：This paper analyzes the asset pricing and portfolio implications of an important barrier to sustainable investing: uncertainty about the corporate ESG profile. In equilibrium, the market premium increases and demand for stocks declines under ESG uncertainty. In addition, the CAPM alpha and effective beta both rise with ESG uncertainty and the negative ESG-alpha relation weakens. Employing the standard deviation of ESG ratings from six major providers as a proxy for ESG uncertainty, we provide ...
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作者：Glode, Vincent; Opp, Christian C.; Sverchkov, Ruslan
作者单位：University of Pennsylvania; University of Rochester; National Bureau of Economic Research; University of Warwick
摘要：We study security issuers' decisions on whether to pool assets when facing counter-parties endowed with market power, as is common in over-the-counter markets. Our analysis reveals how buyers' market power may render the pooling of assets suboptimal - both privately and socially - in particular, when the potential gains from trade are large. Pooling assets then reduces the elasticity of trade volume in the relevant part of the payoff distribution, exacerbating the inefficient rationing associa...
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作者：Li, Jiacui
作者单位：Utah System of Higher Education; University of Utah
摘要：Corporate bond prices are slow to respond to default risk and interest rate shocks, as proxied by firm-level stock returns and Treasury returns, respectively. Furthermore, the under-reaction is risk-specific: bonds with better credit quality underreact more to default risk, while those with worse quality underreact more to interest rates. The under-reactions imply substantial out-of-sample return predictability, and investors appear to be leaving too much money on the table. The results are co...
