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作者：Huang, Pinghsun; Huang, Hsin-Yi; Zhang, Yan
作者单位：National Cheng Kung University; National Taichung University of Science & Technology; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：Using a sample of 3004 US firm-years with foreign sales, we provide the first evidence that a firm's employee treatment score is an important determinant of its fraction of foreign sales hedged with currency-based derivatives. The positive relation between employee treatment rating and currency hedging activity is driven by firms operating in competitive industries, businesses with relatively unique products or assets, and companies adopting aggressive business strategies. These results sugges...
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作者：Parlatore, Cecilia
作者单位：New York University
摘要：I develop a dynamic model of optimal funding to understand why financial assets are used as collateral instead of being sold to raise funds. Firms need funds to invest in risky projects with nonobservable returns. Since holding these assets allows firms to raise these funds, investing firms value the asset more than noninvesting ones. When assets are less than perfectly liquid and investment opportunities are persistent, collateralized debt minimizes asset transfers from investing to noninvest...
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作者：Chhaochharia, Vidhi; Kim, Dasol; Korniotis, George M.; Kumar, Alok
作者单位：University of Miami; United States Department of the Treasury; Office of Financial Research
摘要：This study examines whether mood affects the aggregate state-level macroeconomy through its impact on firm-level decisions. Using sky cloud cover as a proxy for mood, we show that mood affects the economic expectations of small business managers. After relatively sunnier periods, managers have more optimistic expectations, and the component of their expectations related to mood influences hiring and investment decisions. Consequently, mood affects state-level job creation and new business star...
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作者：Hautsch, Nikolaus; Horvath, Akos
作者单位：University of Vienna
摘要：Exploiting Nasdaq order book data and difference-in-differences methodology, we identify the distinct effects of trading pause mechanisms introduced on US stock exchanges after May 2010. We show that the mere existence of such a regulation makes market participants behave differently in anticipation of a pause. Pauses enhance price discovery during the break but have adverse effects on price stability and liquidity after the pause. We find that pauses ultimately do not cool off markets but cau...
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作者：Malamud, Semyon; Zucchi, Francesca
作者单位：Swiss Finance Institute (SFI); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We build a model of endogenous, innovation-driven growth in which innovative firms have costly access to outside financing and hoard cash reserves to maintain financial flexibility. We show that financing frictions slow down Schumpeterian creative destruction by discouraging entry. As a result, financing frictions importantly affect the composition of growth, by reducing the contribution of entrants but spurring the contribution of incumbents. We investigate the net impact of these countervail...
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作者：Pandolfi, Lorenzo; Williams, Tomas
作者单位：University of Naples Federico II; George Washington University
摘要：We analyze how capital flows into the sovereign debt market affect government bond prices, liquidity, and exchange rates. To address endogeneity concerns, we construct a measure of informationless capital Flows Implied by (mechanical) Rebalancings (FIR) in the largest emerging markets local currency government debt index. FIR is associated with higher returns and greater depth in the sovereign debt market after the rebalancings. Also, larger inflows (outflows) are associated with greater curre...
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作者：Bernstein, Asaf; Gustafson, Matthew T.; Lewis, Ryan
作者单位：University of Colorado System; University of Colorado Boulder; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Homes exposed to sea level rise (SLR) sell for approximately 7% less than observably equivalent unexposed properties equidistant from the beach. This discount has grown over time and is driven by sophisticated buyers and communities worried about global warming. Consistent with causal identification of long-horizon SLR costs, we find no relation between SLR exposure and rental rates and a 4% discount among properties not projected to be flooded for almost a century. Our findings contribute to ...
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作者：Andrei, Daniel; Mann, William; Moyen, Nathalie
作者单位：McGill University; University of California System; University of California Los Angeles; University of Colorado System; University of Colorado Boulder
摘要：We show that the relation between aggregate investment and Tobin's g has become remarkably tight in recent years, contrasting with earlier times. We connect this change with the growing empirical dispersion in Tobin's q, which we show both in the cross-section and the time series. To study the source of this dispersion, we augment a standard investment model with two distinct mechanisms related to firms' research activities: innovations and learning. Both innovation jumps in cash flows and the...
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作者：Schneider, Paul
作者单位：Swiss Finance Institute (SFI); Universita della Svizzera Italiana
摘要：This paper introduces a model free decomposition of S&P 500 forward market index returns in terms of realized and implied dispersion, downside, and tail risk using option portfolios. The decomposition lends itself by construction to learn about the different sources of risk in the market return and subsequently to visual and formal diagnosing of asset pricing models. It utilizes a novel conditional frequency analysis on the basis of available options rather than the times series of the S&P 500...
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作者：Wahal, Sunil
作者单位：Arizona State University; Arizona State University-Tempe
摘要：I investigate the profitability and investment premium in stock returns using hand collected data from Moody's Manuals for 1940-1963. Controlling for value, the profitability premium emerges as important in this period. In contrast, there is no reliable relation between investment and returns, regardless of whether investment is measured using growth in total assets or book equity and even after extending the data back to 1926. In spanning regressions, factors constructed from profitability an...
