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作者：Edwards, Alexander; Todtenhaupt, Maximilian
作者单位：University of Toronto; Norwegian School of Economics (NHH)
摘要：We examine how capital gains taxes affect investment in private start-up (i.e., pre-IPO) firms. Using data on capital raised in individual funding rounds, we estimate the effect of the 2010 SBJA, which implemented a full exemption from federal capital gains tax on the sale of qualified shares. Because of the resulting higher expected after-tax returns, we hypothesize and find evidence consistent with this capital gains tax reduction increasing the amount of investment in start-up firms per fun...
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作者：Delis, Manthos D.; Hasan, Iftekhar; Ongena, Steven
作者单位：Montpellier Business School; Fordham University; Bank of Finland; University of Sydney; University of Zurich; Swiss Finance Institute (SFI); KU Leuven; Centre for Economic Policy Research - UK
摘要：Does democratization reduce the cost of credit? Using global syndicated loan data from 1984 to 2014, we find that democratization has a sizable negative effect on loan spreads: a 1-point increase in the zero-to-ten Polity IV index of democracy shaves at least 19 basis points off spreads, but likely more. Reversals to autocracy hike spreads more strongly. Our findings are robust to the comprehensive inclusion of relevant controls, to the instrumentation with regional waves of democratization, a...
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作者：Acharya, Viral V.; Imbierowicz, Bjorn; Steffen, Sascha; Teichmann, Daniel
作者单位：New York University; Deutsche Bundesbank; Frankfurt School Finance & Management; Goethe University Frankfurt
摘要：We investigate the transmission of central bank liquidity to bank deposits and loan spreads in Europe over the period from January 2006 to June 2010. We find evidence consistent with an impaired transmission channel due to bank risk. Central bank liquidity does not translate into lower loan spreads for high-risk banks for maturities beyond one year, even as it lowers deposit spreads for both highand low-risk banks. This adversely affects the balance sheets of high-risk bank borrowers, leading ...
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作者：Badoer, Dominique C.; Costello, Charles P.; James, Christopher M.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Cornerstone Research; State University System of Florida; University of Florida
摘要：In 2012, the US Department of Labor imposed new disclosure requirements for indirect fees that 401(k) retirement plan service providers earn through revenue sharing agreements with mutual funds. This paper examines the impact of these fee disclosure requirements on the level and structure of fees paid by retirement plans, as well as service providers' ability to price discriminate between plan sponsors of different sophistication. We document that the new disclosure requirements are associated...
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作者：Painter, Marcus
作者单位：University of Kentucky; Saint Louis University
摘要：Counties more likely to be affected by climate change pay more in underwriting fees and initial yields to issue long-term municipal bonds compared to counties unlikely to be affected by climate change. This difference disappears when comparing short-term municipal bonds, implying the market prices climate change risks for long-term securities only. Higher issuance costs for climate risk counties are driven by bonds with lower credit ratings. Investor attention is a driving factor, as the diffe...
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作者：Braggion, Fabio; Manconi, Alberto; Zhu, Haikun
作者单位：Tilburg University; Bocconi University; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：Do credit contractions trigger social unrest? To answer this question, we turn to a natural experiment from 1930s China, where the 1933 U.S. Silver Purchase program acts as a shock to bank lending. We assemble a hand-collected data set of loan contracts between banks and firms, labor unrest episodes, and underground Communist Party penetration. The Sil-ver Purchase shock results in a severe credit contraction, and firms borrowing from banks with a larger exposure to it experience increased lab...
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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：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：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：Gao, Pengjie; Lee, Chang; Murphy, Dermot
作者单位：University of Notre Dame; Korea Advanced Institute of Science & Technology (KAIST); University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：We examine how local newspaper closures affect public finance outcomes for local governments. Following a newspaper closure, municipal borrowing costs increase by 5-11 basis points, costing the municipality an additional $650,000 per issue. This effect is causal and not driven by underlying economic conditions. The loss of government monitoring resulting from a closure is associated with higher government wages and deficits and increased likelihoods of costly advance refundings and negotiated ...
