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作者：Guceri, Irem; Albinowski, Maciej
作者单位：University of Oxford; University of Oxford
摘要：We exploit a natural experiment in which two very similar investment subsidies were implemented in the same country, two years apart: once during a period of economic stability, and once during a period of very high uncertainty. Using rich administrative data, we find that, under low uncertainty, tax incentives have strong positive effects on average investment. Under high uncertainty, however, the story is different: there is vast heterogeneity in responses, with the firms that are sheltered ...
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作者：Carey, Mark; Gordy, Michael B.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We offer a model and evidence showing that private debtholders play a key role in setting the endogenous asset value threshold below which corporations declare bankruptcy. As predicted by the model, we find that the recovery rate at emergence from bankruptcy on all of the firm's debt taken together is increasing in the pre-bankruptcy share of private debt in all debt. We further find evidence consistent with a two-threshold model in which private debtholders force default in some cases and sha...
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作者：Griffin, John M.; Kruger, Samuel; Maturana, Gonzalo
作者单位：University of Texas System; University of Texas Austin; Emory University
摘要：Ten years after the financial crisis, the central question of what explains the rise and fall in house prices remains unresolved. We provide a unified framework to examine four excess credit supply variables and three speculation variables that have been proposed in the literature. Credit supply variables, particularly subprime share and worse originator share, strongly relate to future zip-code-level house price changes in the boom and bust, whereas none of the speculation variables consisten...
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作者：Alfaro, Laura; Garcia-Santana, Manuel; Moral-Benito, Enrique
作者单位：Harvard University; National Bureau of Economic Research; Barcelona School of Economics; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Banco de Espana
摘要：We explore the real effects of bank-lending shocks and how they permeate the economy through buyer-supplier linkages. We combine administrative data on all Spanish firms with a matched bank-firm-loan dataset of all corporate loans from 2003 to 2013 to estimate firm-specific credit supply shocks for each year. We compute firm-specific measures of exposure to bank lending shocks of customers (upstream propagation) and suppliers (downstream propagation). Our findings suggest that credit supply sh...
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作者：Favara, Giovanni; Ivanov, Ivan; Rezende, Marcelo
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Capital surcharges on global systemically important banks (GSIBs) decrease lending to firms but do not have any real effects. Banks subject to higher surcharges reduce loan commitments relative to other banks and also lower their estimates of firm risk. Firms' total borrowing, however, does not fall, as firms switch to other banks. We establish these results using supervisory data on corporate loans and variation in surcharges in the United States. These results contribute to the debate on the...
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作者：Piskorski, Tomasz; Seru, Amit
作者单位：Columbia University; Stanford University; National Bureau of Economic Research
摘要：We follow a representative panel of millions of consumers in the United States from 2007 to 2017 and document new facts on the long-term effects of the Great Recession. There were about six million foreclosures over this period. Only a quarter of foreclosed households regained homeownership, taking an average four years to do so. This persistent loss of homeownership accounts for most of the decline in the U.S. homeownership rate. Despite massive stimulus and debt relief policies, house prices...
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作者：Miao, Meng; Niu, Guanjie; Noe, Thomas
作者单位：Renmin University of China; Renmin University of China; University of Oxford
摘要：This paper documents the emergence of a large bank loan market in the absence of contracting institutions: the trusted assistant loan market in 19th century China. These loans were legally unenforceable, one-shot loans to poor scholars that funded the costs of assuming lucrative administrative appointments offering ample opportunities for corruption. The trusted assistant loan's distinguishing feature was a legally unenforceable stipulation that the borrower incorporate an agent of the credito...
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作者：Barro, Robert J.; Liao, Gordon Y.
作者单位：Harvard University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We derive an options-pricing formula from recursive preferences and estimate rare disaster probability. The new options-pricing formula applies to far out-of-the-money put options on the stock market when disaster risk dominates, the size distribution of disasters follows a power law, and the economy has a representative agent with a constant-relative-risk-aversion utility function. The formula conforms with options data on the Standard & Poor's (S&P) 500 Index from 1983 to 2018 and for analog...
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作者：Silvers, Roger
作者单位：Utah System of Higher Education; University of Utah
摘要：This study tests whether cooperation between securities regulators influences global mar-ket integration. I measure cooperation using arrangements between securities regulators that enable enhanced cross-border enforcement, better regulatory decisions, and reduced compliance obligations for cross-border activities. These arrangements-formed at different times for different country pairs-are associated with an 11% increase in cross-border in-vestment. I find similar increases using other proxie...
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作者：Cao, Sean Shun; Fang, Vivian W.; Lei, Lijun (Gillian)
作者单位：University System of Georgia; Georgia State University; University of Minnesota System; University of Minnesota Twin Cities; University of North Carolina; University of North Carolina Greensboro
摘要：This paper provides first evidence of negative peer disclosure (NPD), an emerging corporate strategy to publicize adverse news of industry peers on social media. Consistent with NPDs being implicit positive self-disclosures, disclosing firms experience a two-day abnormal return of 1.6-1.7% over the market and industry. Further exploring the benefits and costs of such disclosures, we find that NPD propensity increases with the degree of product market rivalry and technology proximity and disclo...
