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作者：Zambrana, Rafael; Zapatero, Fernando
作者单位：University of Notre Dame; Boston University
摘要：Management companies assign some portfolio managers to run funds within a single in-vestment objective (i.e., specialists), and others to run funds across several investment ob-jectives (i.e., generalists). Our results show that funds achieve higher performance when they appoint superior pickers as specialists and market timers as generalists. We argue that these decisions are the result of a better match of manager mandates with the way information is collected and processed in each investmen...
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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：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：Liberman, Andres; Paravisini, Daniel; Pathania, Vikram
摘要：We show that high-cost debt exacerbates financial constraints by affecting lenders' per-ception of credit risk. Using data from a high-cost lender in the UK, we show that high-cost credit reduces applicants' credit score and future bank credit even though it does not affect future debt repayment. These effects are not present among borrowers who are al -ready tagged as high risk at application, consistent with high-cost credit affecting lenders' beliefs about borrowers' creditworthiness. The r...
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作者：Akey, Pat; Heimer, Rawley Z.; Lewellen, Stefan
作者单位：University of Toronto; Boston College; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Powerful politicians can interfere with the enforcement of regulations. As such, expected political interference can affect constituents' behavior. Using rotations of Senate committee chairs to identify variation in political power and expected regulatory relief, we study powerful politicians' effect on consumer lending to communities protected by fair-lending regulations. We find a 7.5% reduction in credit access to minority neighborhoods in states with new committee chairs. Larger reductions...
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作者：Barahona, Ricardo; Driessen, Joost; Frehen, Rik
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Tilburg University
摘要：We study the link between beta predictability and the price of risk. An investor who desires exposure to a certain risk factor needs to predict what next period's beta will be. We use a simple model to show that an ambiguity averse agent's demand is lower when betas are hard to predict, leading to a reduction in risk premiums. We test the implications for downside betas and VIX betas. We find that they have economically and statistically small prices of risk once we account for the fact that a...
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作者：Michaely, Roni; Rossi, Stefano; Weber, Michael
作者单位：University of Geneva; Bocconi University; University of Chicago; National Bureau of Economic Research
摘要：Contrary to signaling models' central predictions, changes in the level of cash flows do not empirically follow changes in dividends. We use the Campbell (1991) decomposition to construct cash-flow and discount-rate news from returns and find the following: (1) both dividend changes and repurchase announcements signal changes in cash-flow volatility (in opposite directions); (2) larger cash-flow volatility changes come with larger announcement returns; and (3) neither discount-rate news, nor t...
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作者：Bloomfield, Matthew J.
作者单位：University of Pennsylvania
摘要：A 2006 rule change in the United States mandated that publicly traded firms provide more detailed disclosures about executives' compensation plans. In response to the new disclosure requirements, Cournot firms with large market shares add revenue-based pay to their CEOs' pay packages. This change in pay practices coincides with a shift towards more aggressive product market equilibria, characterized by greater production expenditures and lower margins. Jointly, these patterns are consistent wi...
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作者：Favara, Giovanni; Gao, Janet; Giannetti, Mariassunta
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Indiana University System; Indiana University Bloomington; Stockholm School of Economics; Centre for Economic Policy Research - UK; European Corporate Governance Institute
摘要：Better access to debt markets mitigates the effects of uncertainty on corporate policies. We establish this result using the staggered introduction of anti-recharacterization laws in US states. These laws enhanced firms' ability to borrow by strengthening creditors' rights to repossess collateral pledged in special purpose vehicles. After the passage of the laws, firms that face more uncertainty hoard less cash and increase payouts, leverage, and investment in intangible assets. Our findings s...
