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作者：Cong, Lin William; Li, Ye; Wang, Neng
作者单位：Cornell University; University System of Ohio; Ohio State University; Columbia University; National Bureau of Economic Research
摘要：We develop a dynamic model of a platform economy where tokens serve as a means of payment among platform users and are issued to finance investment in platform productivity. Tokens are optimally rewarded to platform owners when token supply (normalized by productivity) is low and burnt to boost franchise value when the normalized supply is high. Although token price is determined in a liquid market, the platform's financial constraint generates an endogenous token issuance cost that causes und...
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作者：Boyarchenko, Nina; Kovner, Anna; Shachar, Or
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Centre for Economic Policy Research - UK
摘要：We evaluate the impact of the Federal Reserve corporate credit facilities (PMCCF and SMCCF) on corporate bond markets. Conditions in primary markets improve once the facilities are announced, particularly for issuers that need to refinance before 2022. Issuance accelerates before spreads normalize. The secondary market points to a causal role for the facilities, with a differential impact on eligible issues and a significant effect of direct bond purchases, but less so for purchases through ET...
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作者：Titman, Sheridan; Wei, Chishen; Zhao, Bin
作者单位：University of Texas System; University of Texas Austin; Singapore Management University; Thammasat University
摘要：We identify a group of suspicious firms that use stock splits, perhaps along with other activities, to artificially inflate their share prices. Following the initiation of suspicious splits, share prices temporarily increase, and subsequently decline below their presplit levels. Using account level data, we find that small retail investors acquire shares in firms initiating suspicious splits, while more sophisticated investors accumulate positions before suspicious split announcements and sell...
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作者：Pedersen, Lasse Heje
作者单位：Copenhagen Business School
摘要：I present closed-form solutions for prices, portfolios, and beliefs in a model where four types of investors trade assets over time: naive investors who learn via a social network, fanatics possibly spreading fake news, and rational short- and long-term investors. I show that fanatic and rational views dominate over time, and their relative importance depends on their following by influencers. Securities markets exhibit social network spillovers, large effects of influencers and thought leader...
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作者：Barry, John W.; Campello, Murillo; Graham, John R.; Ma, Yueran
作者单位：Duke University; Cornell University; National Bureau of Economic Research; University of Chicago
摘要：We use the COVID shock to study the direct and interactive effects of several forms of cor-porate flexibility on short-and long-term real business plans. We find that i) workplace flexibility, namely the ability for employees to work remotely, plays a central role in de-termining firms' employment plans during the health crisis; ii) investment flexibility allows firms to increase or decrease capital spending based on their business prospects in the cri-sis, with effects shaped by workplace fle...
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作者：Babus, Ana; Parlatore, Cecilia
作者单位：Washington University (WUSTL); New York University
摘要：We study the determinants of asset market fragmentation in a model with strategic in-vestors that disagree about the value of an asset. Investors' choices determine the market structure. Fragmented markets are supported in equilibrium when disagreement between investors is low. In this case, investors take the same side of the market and are willing to trade in smaller markets with a higher price impact to face less competition when trading against a dealer. The maximum degree of market fragme...
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作者：Eisenbach, Thomas M.; Kovner, Anna; Lee, Michael Junho
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We model how a cyber attack may be amplified through the U.S. financial system, focus-ing on the wholesale payments network. We estimate that spillovers of an attack on one of the five most active banks would impair 31% of the network, on average, with some days significantly worse. When other banks respond by liquidity hoarding, forgone pay-ment activity can reach more than 2.5 times daily GDP. A reverse stress test shows attacks on groups of small banks can also impair a significant amount o...
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作者：Han, Yufeng; Huang, Dashan; Huang, Dayong; Zhou, Guofu
作者单位：University of North Carolina; University of North Carolina Charlotte; Singapore Management University; University of North Carolina; University of North Carolina Greensboro; Washington University (WUSTL)
摘要：We find that expected return is related to trading volume positively among underpriced stocks but negatively among overpriced stocks. As such, trading volume amplifies mispricing. Our results are robust to alternative mispricing and trading volume measures, alternative portfolio formation methods, and controlling for variables that are known to have amplification effects on mispricing. By attributing trading volume to investor disagreement, we show that our results are consistent with the rece...
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作者：Payzan-LeNestour, Elise; Woodford, Michael
作者单位：University of New South Wales Sydney; Columbia University
摘要：How do people record information about the outcomes they observe in their environ-ment? Building on a well-established neuroscientific framework, we propose a model in which people are hampered in their perception of outcomes that they expect to seldom encounter. We provide experimental evidence for such outlier blindness and discuss how it provides a microfoundation for neglected tail risk by investors in financial markets. (c) 2021 Elsevier B.V. All rights reserved.
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作者：Colonnelli, Emanuele; Lagaras, Spyridon; Ponticelli, Jacopo; Prem, Mounu; Tsoutsoura, Margarita
作者单位：University of Chicago; Centre for Economic Policy Research - UK; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; National Bureau of Economic Research; Universidad del Rosario; Cornell University
摘要：We study how the disclosure of corrupt practices affects the growth of firms involved in illegal interactions with the government using randomized audits of public procurement in Brazil. On average, firms exposed by the anti-corruption program grow larger after the audits, despite experiencing a decrease in procurement contracts. We manually collect new data on the details of thousands of corruption cases, through which we uncover a large heterogeneity in our firm-level effects depending on th...
