-
作者：Reher, Michael
作者单位：University of California System; University of California San Diego
摘要：I show how financial intermediaries affect rental housing quality and affordability by sup-plying real estate investors with financing for quality improvement projects (i.e., renova-tions). First, I document a historic surge in improvement activity since the Great Recession. Then, using exogenous variation generated by a 2015 change in regulatory capital require-ments, I find that a reallocation of bank credit toward improvement projects accounts for 24% of quality improvements since 2015. The...
-
作者：Ramachandran, Lakshmi Shankar; Tayal, Jitendra
作者单位：University System of Ohio; Case Western Reserve University; University System of Ohio; Ohio University
摘要：Motivated by the theory of demand-based option pricing in imperfect markets, we examine the relation between short-sale constraints and equity option returns, conditional on the level of mispricing in the underlying stock. We report a monotonic relation between various measures of short-sale constraints and delta-hedged returns of put options on overpriced stocks. This relation is robust to controls for firm attributes and limits to arbitrage proxies. Our findings suggest that while investors ...
-
作者：Gonzalez-Uribe, Juanita; Reyes, Santiago
作者单位：University of London; London School Economics & Political Science; Inter-American Development Bank
摘要：Why is high-growth entrepreneurship scarce in developing countries? Does this scarcity reflect firm capabilities constraints? We explore these questions using as a laboratory an accelerator in Colombia that selects participants using scores from randomly assigned judges and offers them training, advice, and visibility but no cash. Exploiting exogenous differences in judges' scoring generosity, we show that alleviating constraints to firm capabilities unlocks innovative entrepreneurs' potential...
-
作者：Benetton, Matteo; Fantino, Davide
作者单位：University of California System; University of California Berkeley; European Central Bank; Bank of Italy
摘要：We exploit an allocation rule set by the ECB for the first series of TLTROs to study the effects of targeted monetary policy on banks' credit supply to firms. Combining transaction level data from the Italian credit register and an instrumental variable identification strategy, we find that targeted longer-term central bank liquidity decreased rates and increased loan amounts, also avoiding some unintended consequences of untargeted measures, such as carry-trade strategies and risk shifting. W...
-
作者：Augustin, P.; Chernov, M.; Schmid, L.; Song, D.
作者单位：McGill University; University of California System; University of California Los Angeles; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of Southern California; Center for Economic & Policy Research (CEPR); Johns Hopkins University
摘要：Since the global financial crisis, interest rate swap rates, which represent future uncollateralized interbank borrowing, have fallen below maturity-matched Treasury rates. This is surprising, because US Treasuries, which are deemed expensive because of superior liquidity and safety, should produce yields that are lower than those of swap rates. We show, by no-arbitrage, that sovereign default risk explains negative swap spreads even without frictions such as balance sheet constraints, conveni...
-
作者：Koijen, Ralph S. J.; Koulischer, Francois; Nguyen, Benoit; Yogo, Motohiro
作者单位：University of Chicago; National Bureau of Economic Research; University of Luxembourg; European Central Bank; Bank of France; Princeton University
摘要：Using security-level holdings for all euro-area investors, we study portfolio rebalancing during the quantitative easing program from March 2015 to December 2017. Foreign investors outside the euro area accommodated most of the Eurosystem's purchases. Duration, government credit, and corporate credit risk did not get concentrated in particular regions or investor sectors. We estimate a demand system for government bonds by instrumental variables to relate portfolio rebalancing to yield changes...
-
作者：Ben-Rephael, Azi; Choi, Jaewon; Goldstein, Itay
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; University of Illinois System; University of Illinois Urbana-Champaign; Yonsei University; University of Pennsylvania
摘要：Several measures of credit-market booms are known to precede downturns in real economic activity. We offer an early indicator for all known measures of credit booms. Our measure is based on intra-family flow shifts towards high-yield bond mutual funds. It predicts indicators such as growth in financial intermediary balance sheets, increase in shares of high-yield bond issuers, and downturns of various measures of credit spreads. It also directly predicts the business cycle by positively predic...
-
作者：O'Hara, Maureen; Zhou, Xing (Alex)
作者单位：Cornell University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We examine the microstructure of liquidity provision in the COVID-19 corporate bond liquidity crisis. During the two weeks leading up to Federal Reserve System interventions, volume shifted to liquid securities, transaction costs soared, trade-size pricing inverted, and dealers, particularly non-primary dealers, shifted from buying to selling, causing dealers' inventories to plummet. Liquidity provisions in electronic customer-to-customer trading increased, though at prohibitively high costs. ...
-
作者：Koch, Andrew; Panayides, Marios; Thomas, Shawn
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Cyprus
摘要：We investigate the relation between common institutional ownership of the firms in an industry and product market competition. We find that common ownership is neither robustly positively related with industry profitability or output prices nor is it robustly negatively related with measures of nonprice competition, as would be expected if common ownership reduces competition. This conclusion holds regardless of industry classification choice, common ownership measure, profitability measure, n...
-
作者：Gopalan, Radhakrishnan; Gormley, Todd A.; Kalda, Ankit
作者单位：Washington University (WUSTL); Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We show that firms take more (but not necessarily excessive) risks when one of their di-rectors experiences a corporate bankruptcy at another firm where they concurrently serve as a director. This increase in risk-taking is concentrated among firms where the director experiences a shorter, less-costly bankruptcy and where the affected director likely exerts greater influence and serves in an advisory role. The findings show that individual direc-tors, not just CEOs, can influence a wide range ...
