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作者：Agarwal, Sumit; Qian, Wenlan; Seru, Amit; Zhang, Jian
作者单位：National University of Singapore; Stanford University; University of Hong Kong
摘要：Using a comprehensive sample of credit card data from a leading Chinese bank, we show that government bureaucrats receive 16% higher credit lines than non-bureaucrats with similar income and demographics, but their accounts experience a significantly higher likelihood of delinquency and debt forgiveness. Regions associated with greater credit provision to bureaucrats open more branches and receive more deposits from the local government. After staggered corruption crackdowns of provincial-leve...
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作者：Chung, Kee H.; Lee, Albert J.; Rosch, Dominik
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; Sungkyunkwan University (SKKU)
摘要：Using limit order books across all US exchanges, we show that while liquidity for small orders (e.g., the quoted and effective spreads) decreases, liquidity for large orders (e.g., the cumulative depth and the price impact of multiple trades) improves after the implementation of the Tick Size Pilot Program. We find significant spillover effects on liquidity for small and large orders that extend beyond the top of the book. Finally, we show that the pilot program results in an improvement in pr...
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作者：Chalmers, John; Reuter, Jonathan
作者单位：University of Oregon; Boston College; National Bureau of Economic Research
摘要：The benefit of investment advice depends on the quality of advice and the investor's counterfactual portfolio. We use changes in the Oregon University System Optional Retirement Plan to highlight the impact of plan design on the counterfactual portfolios of advice seekers. When brokers are available and target date funds (TDFs) are not, brokers help participants with high predicted demand for advice bear market risk, but they recommend higher-commission options. When brokers are removed and TD...
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作者：Aghamolla, Cyrus; Hashimoto, Tadashi
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Yeshiva University
摘要：We study informational freeriding in a model where agents privately acquire information and then decide when to reveal it by taking an action. Examples of such freeriding are prevalent in financial markets, e.g., the timing of initial public offerings, analysts' forecasts, and mutual funds' investment decisions. The main results show that, in large populations, few agents provide significant information while the vast majority of agents freeride. We highlight the role of uncertainty and market...
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作者：Chabi-Yo, Fousseni; Loudis, Johnathan
作者单位：University of Massachusetts System; University of Massachusetts Amherst; University of Notre Dame
摘要：We derive lower and upper bounds on the conditional expected excess market return that are related to risk-neutral volatility, skewness, and kurtosis indexes. The bounds can be calculated in real time using a cross section of option prices. The bounds require a no-arbitrage assumption, but they do not depend on distributional assumptions about market returns or past observations. The bounds are highly volatile, positively skewed, and fat-tailed. They imply that the term structure of expected e...
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作者：Field, Laura Casares; Souther, Matthew E.; Yore, Adam S.
作者单位：University of Delaware; University of South Carolina System; University of South Carolina Columbia; University of Missouri System; University of Missouri Columbia
摘要：We explore the labor market effects of gender and race by examining board leadership appointments. Prior studies are often limited by observing only hired candidates, whereas the boardroom provides a controlled setting where both hired and unhired candidates are observable. Although diverse (female and minority) board representation has increased, diverse directors are significantly less likely to serve in leadership positions despite possessing stronger qualifications than nondiverse director...
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作者：Islam, Emdad; Zein, Jason
作者单位：Monash University; University of New South Wales Sydney
摘要：One in five U.S. high-technology firms are led by CEOs with hands-on innovation experience as inventors. Firms led by Inventor CEOs are associated with higher quality innovation, especially when the CEO is a high-impact inventor. During an Inventor CEO's tenure, firms file a greater number of patents and more valuable patents in technology classes where the CEO's hands-on experience lies. Utilizing plausibly exogenous CEO turnovers to address the matching of CEOs to firms suggests these effect...
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作者：Kaviani, Mahsa S.; Kryzanowski, Lawrence; Maleki, Hosein; Savor, Pavel
作者单位：University of Delaware; Concordia University - Canada; State University System of Florida; Florida State University; DePaul University
摘要：We find a significant positive relation between changes in policy uncertainty and changes in credit spreads. Macroeconomic conditions, including general uncertainty, do not explain this result, which also holds when we use instrumental variables to address endogeneity issues. The impact of policy uncertainty is greater for firms that operate in regulation-intensive industries, face high tax rates, or are dependent on government spending. It is also stronger for firms that engage in political a...
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作者：Augustin, Patrick; Chernov, Mikhail; Song, Dongho
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); Johns Hopkins University
摘要：Sovereign credit default swap quanto spreads tell us how financial markets view the interaction between a country's likelihood of default and associated currency devaluations (the Twin Ds). A no-arbitrage model applied to the term structure of eurozone quanto spreads can isolate the Twin Ds and can gauge the associated risk premiums. Conditional on the occurrence of default, the true and risk-adjusted one-week probabilities of devaluation are 42% (2%) and 90% (55%) for the core (periphery) cou...
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作者：Hirshleifer, David; Jiang, Danling; DiGiovanni, Yuting Meng
作者单位：University of California System; University of California Irvine; National Bureau of Economic Research; State University of New York (SUNY) System; Stony Brook University; Southwest Jiaotong University; State University System of Florida; University of South Florida
摘要：Existing research has found cross-sectional seasonality of stock returns-the periodic out-performance of certain stocks during the same calendar months or weekdays. We hypothesize that assets' different sensitivities to investor mood explain these effects and imply other seasonalities. Consistent with our hypotheses, relative performance across individual stocks or portfolios during past high or low mood months and weekdays tends to recur in periods with congruent mood and reverse in periods w...
