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作者：Kronlund, Mathias; Pool, Veronika K.; Sialm, Clemens; Stefanescu, Irina
作者单位：Tulane University; Vanderbilt University; University of Texas System; University of Texas Austin; National Bureau of Economic Research; Federal Reserve System - USA
摘要：We examine the effects of a 2012 regulatory reform that mandated fee and performance disclosures for the investment options in 401(k) plans. We show that participants became significantly more attentive to expense ratios and short-term performance after the reform. The disclosure effects are stronger among plans with large average contributions per participant and are weaker for plans with many investment options. Additionally, these results are not driven by secular changes in investor behavi...
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作者：Vokata, Petra
作者单位：University System of Ohio; Ohio State University
摘要：Recent complex financial products sold to households contradict the basic premise of canonical innovation theories: Financial innovation benefits its adopters. In my 2006-2015 sample of over 28,0 0 0 yield enhancement products (YEP), the securities offer attractive yields but negative returns. The products lose money both ex ante and ex post due to their embedded fees. On average, YEPs charge 6-7% in annual fees and subsequently lose 6- 7% relative to risk-adjusted benchmarks. Simple and cheap...
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作者：Sokolov, Konstantin
作者单位：University of Memphis
摘要：I examine blockchain congestion episodes caused by more than 4,400 triggers for ran-somware attacks over a two-year period. When demand for settlement exceeds blockchain capacity, blockchain users engage in fee competition to prioritize their transaction set-tlement. A typical surge in ransomware activity causes transaction fees to increase by 2.1% and up to 28% in extreme cases. Consistent with theory literature, some users forgo blockchain settlement when transaction fees increase. An event ...
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作者：Green, Daniel; Liu, Ernest
作者单位：Harvard University; Princeton University
摘要：Multiple borrowing-when borrower obtains overlapping loans from multiple lenders-is a common phenomenon in many credit markets. We build a tractable, dynamic model of multiple borrowing and show that, because overlapping creditors can impose default externalities on each other, expanding financial access by introducing more lenders can backfire. Capital allocation is distorted away from the most productive uses. Entrepreneurs choose inefficient endeavors with low returns to scale. These proble...
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作者：Pastor, L'ubos; Stambaugh, Robert F.; Taylor, Lucian A.
作者单位：University of Chicago; University of Pennsylvania; National Bureau of Economic Research; Centre for Economic Policy Research - UK; National Bank of Slovakia
摘要：We model investing that considers environmental, social, and governance (ESG) criteria. In equilibrium, green assets have low expected returns because investors enjoy holding them and because green assets hedge climate risk. Green assets nevertheless outperform when positive shocks hit the ESG factor, which captures shifts in customers' tastes for green products and investors' tastes for green holdings. The ESG factor and the market portfolio price assets in a two-factor model. The ESG investm...
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作者：Crosignani, Matteo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：I develop a model where the sovereign debt capacity depends on the capitalization of do-mestic banks. Low-capital banks optimally tilt their government bond portfolio toward do-mestic securities, linking their destiny to that of the sovereign. If the sovereign risk is sufficiently high, low-capital banks lend less to the productive sector to further increase their holdings of domestic government bonds, lowering sovereign yields. In this case, a government that regulates bank capital faces a tr...
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作者：Brown, Gregory; Harris, Robert; Hu, Wendy; Jenkinson, Tim; Kaplan, Steven N.; Robinson, David T.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Virginia; University of Oxford; University of Chicago; National Bureau of Economic Research; Duke University
摘要：Private equity performance, both for buyouts and venture capital, has been highly cyclical: periods of high fundraising have been followed by periods of low performance. Despite this seemingly predictable variation, we find modest gains, at best, to pursuing realistic, investable strategies that time capital commitments to private equity. This occurs, in part, because investors can only time their commitments to funds; they cannot time when commitments are called or when investments are exited...
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作者：Kuchler, Theresa; Pagel, Michaela
作者单位：New York University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：We use data from an online financial service to show that many consumers fail to stick to their self-set debt paydown plans. This behavior is best explained by present bias. Our empirical approach is informed by a parsimonious model showing that the sensitivity of spending to paycheck receipt reflects a present-biased agents short-run impatience, and that this sensitivity is reduced by available resources only for agents who are aware (sophisticated) of their future impatience. Classifying use...
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作者：Kargar, Mahyar
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：I show that the composition of the financial sector has important asset pricing implications beyond the health of the aggregate financial sector. To assess the impact of massive balance sheet adjustments within the intermediary sector during the Great Recession and resolve conflicting asset pricing evidence, I propose a dynamic asset pricing model with heterogeneous intermediaries facing financial frictions. Asset flows between intermediaries are quantitatively important for both the level of ...
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作者：Hellmann, Thomas; Schure, Paul; Vo, Dan H.
作者单位：University of Oxford; University of Victoria; California Lutheran University
摘要：We analyze the funding of start-up companies across financing rounds, focusing on the dynamic interactions between angel investors and venture capitalists. Using unique data from British Columbia, Canada, we show that angels and venture capitalists are dynamic substitutes. This substitutes pattern applies across the performance range of companies. It is less pronounced for serial angels. An instrumental variable analysis, based on available investor tax credits, suggests that the substitutes p...
