-
作者：Smolyansky, Michael
作者单位：Federal Reserve System - USA
摘要：Can policies directed at the banking sector in one jurisdiction spill over and affect real economic activity elsewhere? To investigate this question, I exploit changes in tax rates on bank profits across US states. Banks respond by reallocating small business lending to otherwise unaffected states. Moreover, counties in non-tax-changing states that have more exposure to treated banks experience greater changes in lending, which in turn impacts local employment. The findings demonstrate that po...
-
作者：Agarwal, Sumit; He, Jia; Sing, Tien Foo; Song, Changcheng
作者单位：National University of Singapore; Nankai University; National University of Singapore; Singapore Management University
摘要：We use a large housing transaction data set in Singapore to study whether real estate agents use information advantages to buy houses at bargain prices. Agents bought their own houses at prices that are 2.54% lower than comparable houses bought by other buyers. Consistent with information asymmetries, agent buyers have more information advantages in less informative environments, and agent buyers are more likely to buy houses from agent sellers. Agent discounts are from both cherry picking and...
-
作者：Bennedsen, Morten; Tsoutsoura, Margarita; Wolfenzon, Daniel
作者单位：University of Copenhagen; INSEAD Business School; Cornell University; National Bureau of Economic Research; Columbia University
摘要：We use detailed information on individual absent spells of all employees in 4140 firms in Denmark to show large differences in average absenteeism across firms. Using employees who switch firms, we decompose days absent into an individual component (e.g., motivation, work ethic) and a firm component (e.g., incentives, corporate culture). We find the firm component explains 50%-60% of the difference in absenteeism across firms, with the individual component explaining the rest. We present sugge...
-
作者：Moreira, Alan; Muir, Tyler
作者单位：University of Rochester; University of California System; University of California Los Angeles
摘要：A long-term investor who ignores variation in volatility gives up the equivalent of 2.4% of wealth per year. This result holds for a wide range of parameters that are consistent with US stock market data, and it is robust to estimation uncertainty. We propose and test a new channel, the volatility composition channel, for how investment horizon interacts with volatility timing. Investors respond substantially less to volatility variation if the amount of mean reversion in returns disproportion...
-
作者：Heimer, Rawley; Simsek, Alp
作者单位：Boston College; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Does the provision of leverage to retail traders improve market quality or facilitate socially inefficient speculation that enriches financial intermediaries? We evaluate the effects of 2010 regulations that cap leverage in the U.S. retail foreign exchange market. Using three unique data sets and a difference-in-differences approach, we document that the leverage-constraint reduces trading volume by 23%, alleviates high-leverage traders' losses by 40%, and reduces brokerages' operating capital...
