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作者：Li, Sida; Wang, Xin; Ye, Mao
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Nanyang Technological University; National Bureau of Economic Research
摘要：We model competition for liquidity provision between high-frequency traders (HFTs) and slower execution algorithms (EAs) designed to minimize investors' transaction costs. Under continuous pricing, EAs dominate liquidity provision by using aggressive limit orders to stimulate HFTs' market orders. Under discrete pricing, HFTs dominate liquidity provision if the bid-ask spread is binding at one tick. If the tick size (minimum price variation) is not binding, EAs choose between stimulating HFTs a...
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作者：Lin, Chen; Ma, Chicheng; Sun, Yuchen; Xu, Yuchen
作者单位：University of Hong Kong; University of International Business & Economics; Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen)
摘要：The telegraph was introduced to China in the late 19th century, a time when China also saw the rise of modern banks. Based on this historical context, this paper documents the importance of information technology in banking development. We construct a data set on the distributions of telegraph stations and banks across 287 prefectures between 1881 and 1936. The results show that the telegraph significantly expanded banks' branch networks in terms of both number and geographic scope. The effect...
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作者：Dou, Winston Wei; Taylor, Lucian A.; Wang, Wei; Wang, Wenyu
作者单位：University of Pennsylvania; Queens University - Canada; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：How efficient is corporate bankruptcy in the United States? Two frictions, asymmetric in-formation and conflicts of interest among creditors, can cause several inefficiencies: ex-cess liquidation, excess continuation, and excess delay. We find large bankruptcy ineffi-ciencies, mainly due to excess delay. Eliminating information asymmetries would increase average total payouts by 4%, and eliminating conflicts of interest would increase them by 18% more. Without these frictions, 14% more cases w...
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作者：Kahle, Kathleen; Stulz, Rene M.
作者单位：University of Arizona; University System of Ohio; Ohio State University; European Corporate Governance Institute; National Bureau of Economic Research; University of Pennsylvania
摘要：The average annual inflation-adjusted amount paid out through dividends and repurchases by public industrial firms is more than three times larger from 20 0 0 to 2019 than from 1971 to 1999. We find that an increase in aggregate corporate income accounts for 37% of the increase in aggregate annual payouts, and an increase in the payout rate accounts for 63%. Firms have higher payout rates in the 20 0 0s not only because they are older, larger, and have more free cash flow, but also because the...
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作者：Flammer, Caroline
作者单位：Boston University
摘要：I examine corporate green bonds, whose proceeds finance climate-friendly projects. These bonds have become more prevalent over time, especially in industries where the environment is financially material to firm operations. I show that investors respond positively to the issuance announcement, a response that is stronger for first-time issuers and bonds certified by third parties. The issuers improve their environmental performance post-issuance (i.e., higher environmental ratings and lower CO...
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作者：Stroebel, Johannes; Wurgler, Jeffrey
作者单位：New York University
摘要：We survey 861 finance academics, professionals, and public sector regulators and policy economists about climate finance topics. They identify regulatory risk as the top climate risk to businesses and investors over the next five years, but they view physical risk as the top risk over the next 30 years. By an overwhelming margin, respondents believe that asset prices underestimate climate risks rather than overestimate them. We also tabulate opinions about the expected correlation between grow...
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作者：Bordalo, Pedro; Gennaioli, Nicola; Kwon, Spencer Yongwook; Shleifer, Andrei
作者单位：University of Oxford; Bocconi University; Bocconi University; Harvard University; Harvard University
摘要：We introduce diagnostic expectations into a standard setting of price formation in which investors learn about the fundamental value of an asset and trade it. We study the interaction of diagnostic expectations with learning from prices and speculation (buying for resale). With diagnostic (but not with rational) expectations, these mechanisms lead to price paths exhibiting three phases: initial underreaction, then overshooting (the bubble), and finally a crash. With learning from prices, the m...
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作者：Begley, Taylor A.; Purnanandam, Amiyatosh
作者单位：Washington University (WUSTL); University of Michigan System; University of Michigan
摘要：A B S T R A C T The incidence of misselling, fraud, and poor customer service by retail banks is significantly higher in areas with higher proportions of poor and minority borrowers and in areas where government regulation promotes an increased quantity of lending. Specifically, low-to-moderate-income (LMI) areas targeted by the Community Reinvestment Act have significantly worse outcomes, and this effect is larger for LMI areas with a high minority population share. The results highlight an u...
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作者：Cahn, Christophe; Girotti, Mattia; Landier, Augustin
作者单位：European Central Bank; Bank of France; Hautes Etudes Commerciales (HEC) Paris
摘要：We analyze how public information on past entrepreneurial failure affects entrepreneurs' ability to borrow and start new ventures. We exploit a policy shock from 2013 in France, which eliminated a widely used means of public reporting to banks of the identity of en-trepreneurs involved in past corporate liquidations. We find that the elimination of this flag increases failed entrepreneurs' probability of starting a new business by at least 19%. Restarters create companies that have a higher pr...
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作者：Armstrong, Will J.; Cardella, Laura; Sabah, Nasim
作者单位：Texas Tech University System; Texas Tech University; Massachusetts System of Public Higher Education; Framingham State College
摘要：We examine the effects of investor disagreement on price discovery using a recurring public information event in the highly liquid crude oil futures market, a market free of short sale constraints. We show that prices reflect positive news within one-half second of trading but continue to drift for five minutes when news is negative. Evidence suggests the drift arises from a systematic surge in buying pressure that impedes the price discovery process when news is negative. Our results are cons...
